Security Compliance
To secure your Uphold account, you can enable two-factor authentication.
Uphold trading platform utilizes cold storage for your safety.
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.
Uphold implements industry-leading security measures, including two-factor authentication and stringent physical and network safeguards. On the other hand, VirgoCX takes security a notch higher by providing a $1 million crime insurance coverage with Coinbase Custody and storing most of its crypto assets in cold storage. Hence, from a security standpoint, VirgoCX appears to have a slight edge over Uphold.
Regulatory Compliance
Uphold is fully regulated in the USA. They are compliant with the Office of Foreign Assets Control (OFAC) and record keeping regulations with the Bank Secrecy Act (BSA). It's Canadian-friendly as well.
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.
Uphold is is compliant with Canadian laws, being registered with FINTRAC. Conversely, VirgoCX, headquartered in Ontario, is fully compliant with Canadian laws, being registered with FINTRAC and PIPEDA, and offers a secure and regulated platform for Canadians.
Customer support
Uphold has good reviews about their customer service teams. They offer help centres on their website and within the app.
You can contact Uphold’s customer support via their online ticketing system on their website.
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.
Uphold provides round-the-clock email support and a comprehensive FAQ section. In contrast, VirgoCX offers 24/7 support via email or live chat and extends multi-language support, providing a more personalized assistance experience.
Conclusion
Both Uphold and VirgoCX offer compelling features to crypto enthusiasts, making this a closely contested comparison. However, taking into account the vast array of supported assets, user-friendly interface, and high mobile app ratings, Uphold slightly edges out as the preferred choice. Still, for Canadian users preferring a local, fully compliant platform, VirgoCX remains a formidable option.
Uphold sets itself apart by offering an international debit card with cashback rewards and no foreign transaction fees, which is a big advantage for global traders. However, for Canadians, it's important to note that direct bank deposits and withdrawals aren't currently supported. Instead, Canadians can use credit or debit cards for trading, though credit card transactions come with a 3.99% fee. This limitation may make other exchanges more appealing for users who prefer traditional banking methods.
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 Uphold over VirgoCX for your cryptocurrency trading needs. By opting for Uphold through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Uphold 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.
