Security Compliance
NDAX keeps its digital assets in cold storage using Ledger Vault, although they do not state the percentage. Ledger is a big name in the cryptocurrency space, known for making secure hardware wallets.
When signing up to NDAX, you are forced to enable two-factor authentication. Most crypto exchanges will leave this optional, but we think everybody should do it, so we like this mandatory policy.
Additionally, when you wish to change your details such as your email, address, phone number etc, NDAX requires you to submit a selfie with a handwritten note outlining the request.
VirgoCX offers $1 Million in crime insurance coverage with Coinbase Custody. Should the exchange be compromised, VirgoCX could potentially refund any customers’ stolen coins.
VirgoCX’s crypto assets are held in cold storage with Coinbase Custody and only a small amount are kept on the platform for trading. All fiat assets are held with their Canadian banking partner, though it is not mentioned who the partner is. However, we always recommend transferring all the funds to your own Canadian crypto wallet.
VirgoCX takes an extra step in security by offering $1 million in crime insurance coverage with Coinbase Custody and only keeps a small amount of assets on the platform for trading. NDAX also maintains high security standards, with 95% of its digital assets kept in cold storage. However, there isn't information available about NDAX providing insurance for its users' assets.
Regulatory Compliance
NDAX is registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations.
VirgoCX is registered with FINTRAC and PIPEDA. Therefore, it is fully compliant in Canada. VirgoCX also has regular audits which prove that its reserves exist.
NDAX and VirgoCX are registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), demonstrating their commitment to maintaining financial transparency and preventing money laundering activities. Furthermore, VirgoCX is also compliant with PIPEDA (Personal Information Protection and Electronic Documents Act), ensuring the protection of users' personal information.
Customer support
NDAX provides a knowledge centre on its website. Articles here answer some of the most common questions. They also have a live chat function, which is handy when you need a quick answer. You can also email them for support. Confusingly, NDAX lists its phone number on its contact page, which is rare for a crypto exchange to do. We weren’t sure if this meant they had phone support, so we reached out via email to ask. They got back to us a very impressive 20 minutes later to let us know that they only have email support. So that’s that. Still, that’s the fastest response we’ve seen.
If you need help, you can contact VirgoCX’s support team via email or live chat 24/7. They also offer multi-language support. Not many exchanges offer live chat.
VirgoCX has a slight edge in terms of customer support. They offer 24/7 support through email or live chat, and also offer multi-language support. NDAX, on the other hand, provides support via email and phone, with some complaints about slow response times.
Conclusion
Both NDAX and VirgoCX offer solid platforms for cryptocurrency trading, with user-friendly interfaces, good security measures, and compliance with Canadian regulations. However, NDAX stands out as the better option due to its robust security measures and its competitive trading fee structure. Although VirgoCX has a broader offering of cryptocurrencies, the slightly simpler fee structure of NDAX makes it a more attractive option for users, especially for those who value cost-effectiveness and simplicity over variety.
VirgoCX now boasts support for over 60 cryptocurrencies, giving Canadian traders a wider variety of options. The exchange has also introduced a tiered rewards program, allowing users to enjoy up to 90% off on spreads, making trading more affordable. Furthermore, VirgoCX enhances security by utilizing Coinbase Custody for safeguarding assets and offering insurance coverage. These updates make it a strong contender in the Canadian market, appealing to both novice and experienced traders when compared to other exchanges.
We recommend choosing NDAX over VirgoCX for your cryptocurrency trading needs. By opting for NDAX through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither NDAX nor VirgoCX meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
