VirgoCX vs. Kraken: What Works Better For Canadians in 2024

Security Compliance

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.

Kraken keeps 95% of users’ funds in cold storage. All account information is encrypted, their servers are locked in cages under 24/7 surveillance by armed guards. 

To help secure your Kraken account you can use two-factor authentication. You will receive an email notifying you of any withdrawal, and there is an account timeout for added protection.

VirgoCX has insurance of up to $1 Million via Coinbase Custody and keeps a majority of its assets in cold storage. Kraken also keeps 95% of its digital assets in cold storage, uses encryption for all account information, and runs a bug bounty program to encourage the identification of potential security risks. Both platforms also offer two-factor authentication for added account security.

Regulatory Compliance

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. 

Kraken is fully compliant with US regulations. The exchange is independently audited to show that customers’ funds are properly held. Canadians can use the platform as well.

VirgoCX is fully compliant with Canadian laws, being registered with both FINTRAC and PIPEDA. These regulatory bodies ensure the company adheres to all necessary financial transactions and personal information protection guidelines. On the other hand, Kraken is available to Canadians (except certain services in Ontario), but the details regarding their specific compliance with Canadian federal laws are not mentioned.

Customer support

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.

Kraken offers a 24/7 live chat and email support. It also offers a good amount of learning documentation and helpful articles on its website. Unfortunately, many people say Kraken has poor customer support with tickets taking a long time to be resolved if ever.

VirgoCX offers 24/7 customer support through live chat and email, even providing multi-language support. On the other hand, Kraken also offers 24/7 live chat and email support, along with phone support for users in the USA, UK, and EU.

Conclusion

While both VirgoCX and Kraken are robust and reliable platforms for trading cryptocurrencies, VirgoCX stands out as the better option for Canadians due to several reasons. It's a platform specifically tailored for Canadians with a wide variety of cryptocurrencies, it offers instant processing for Interac transactions, and it's fully compliant with Canadian federal laws. While Kraken also offers a broad crypto selection and good support, its deposit and withdrawal fees and lack of specific information about compliance with Canadian laws make VirgoCX a more appealing choice.

We recommend choosing VirgoCX over Kraken for your cryptocurrency trading needs. By opting for VirgoCX through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither VirgoCX nor Kraken 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.