Security Compliance
Netcoins utilizes the services of Bitrank and QLUE to stay compliant by monitoring wallet addresses and transactions for fraud and connections to criminal enterprises.
Two-factor authentication is available to help keep your account secure.
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.
When it comes to the security of user assets, both platforms prioritize safety. Netcoins is backed by BIGG Digital Assets, adding a layer of trust. However, detailed information about their method of storing customers' funds is not publicly available. In contrast, VirgoCX showcases its commitment by offering $1 Million in crime insurance coverage with Coinbase Custody and ensuring the majority of its assets are in cold storage. This gives VirgoCX a slight edge in the security arena.
Regulatory Compliance
Netcoins is fully regulated in Canada. It is registered as a Money Services Business (MSB) with FINTRAC. Since Netcoins is also owned by Bigg Digital Assets, a publicly traded company, you can be sure that Netcoins is a safe exchange.
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.
Both exchanges operate under the watchful eye of Canadian federal organizations, ensuring their operations remain within the confines of the law. Netcoins is registered as a Money Services Business with FINTRAC, confirming its commitment to abide by the country's financial regulations. Similarly, VirgoCX is registered with FINTRAC and PIPEDA, reinforcing its compliance in Canada. Both platforms exemplify their dedication to maintaining a transparent and compliant trading environment, under the regulatory framework set by the Canadian government.
Customer support
Netcoins has excellent customer support with an impressive 85% excellent customer service reviews on Trustpilot with a 4.5-star rating. Netcoins offers email support, live chat and phone support, which is rare for crypto exchanges.
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.
Netcoins has carved a niche for itself with its exceptional support, offering 24/7 live chat, email, and even phone support – a rarity in the crypto world. This robust system is evident in their prompt email response times. VirgoCX doesn't lag, offering 24/7 live chat and email support with multi-language assistance. Both exchanges prioritize their customers, but Netcoins' phone support gives it a slight advantage.
Conclusion
While both Netcoins and VirgoCX have their strengths, Netcoins emerges as the winner in this comparison. Its blend of superior client support, especially with the unique phone support feature, coupled with its long-standing reputation in the Canadian market since the early days of Bitcoin ATMs, gives it an edge. Both platforms are undoubtedly reliable and user-friendly, but for those seeking a comprehensive support system, Netcoins might be the preferable choice.
We recommend choosing Netcoins over VirgoCX for your cryptocurrency trading needs. By opting for Netcoins through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Netcoins 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.
