VirgoCX Fees Detailed Explanation: How Much Does It Cost to Trade Crypto On VirgoCX?

VIRGOCX

Today we will be concentrating on VirgoCX fees. We will look at the costs paid when making use of VirgoCX’s most famous products so you may have an idea of what to expect in terms of pricing from the platform.

VirgoCX is a Canada-based cryptocurrency trading platform that places more importance on security and compliance. The company was founded in the year 2018 and has continued to promote the secure custody and storage of cryptocurrency for its customers.

It is a prestigious trading platform for crypto assets, aimed at simplifying trading and empowering users with advanced technology, excellent liquidity, and the highest levels of security.

In the first half of 2021, the Canadian regulated company was able to achieve a record-breaking increase in the number of trades and users with a total sum of over 300 million Canadian dollars.

What Is VirgoCX fees?

Normally, large cryptocurrency trading and deposit rates on crypto platforms are high and may limit your gains; but, the customers of VirgroCX have no such worry because expenses of both trading and deposit are waived.

Significantly, VirgoCX grants low fees and more importantly, it is completely transparent to its clients. The platform’s fully regulated service has no deposit fees and quick fiat payout.

Where it concerns cryptocurrency platforms, VirgoCX has one of the lowest fee rates, and its fee structure is open for all to see and straight to the point.

As a matter of fact, fees are charged on each trade, they may quickly sum up to a large amount; therefore, traders consider their expenses when choosing an Exchange.

Trading platform

First of all, it is important to differentiate between ‘Transactions’ and ‘Trades’ before going into the costs of trading on the platform.

Transactions 

Deposit or withdrawal of assets from a client’s Account is called a transaction. Transactions are irreversible; VirgoCX cannot help in reversing transactions, once deposit or withdrawal is made to an invalid wallet address or wrong address it will result in an indefinite loss of funds. 

Trades

VirgoCX operates under a broker-dealer model, that is; users will trade with the Canadian company, not with other users. Trades are irreversible.

VirgoCX charges no trading costs, deposits are free and asserts that they offer a more favorable spread and pricing compared to other top platforms where buying prices are concerned. But do keep in mind that spreads change constantly, so do not expect the same rate. 

Trades which have taken place are charged at the ‘then-current trading costs’, they are collected in the settlement fee for a particular trade. Transaction fees of each and every transaction, that includes current trading fees, are displayed on the Exchange website and shown to the user before completing trade.

Buying and Selling

VirgoCX’s smallest trade size differs depending on the trading pair. Below is a list of trading pairs, alongside their minimum trade sizes.

Trading Pairs    Minimum trade sizes
USDC/USDT   5 USDT
PAX/USDT    5 USDT
EURS/CAD    5 CAD
ETH/BTC   0.001 BTC
BTC/USDT   5 USDT

It is possible to trade both traditional and cryptocurrencies on the VirgoCX platform immediately after your account has been approved and funded. 

The trading function can be categorized into two: 

Quick Trade

For instance, it allows you to buy and sell Bitcoin and Ethereum at the current market price easily. This option is specifically made for beginner traders who place modest to medium-sized orders.

If you want to buy a crypto coin, scroll to the Dashboard and click on Quick Trade. Fill in the amount of CAD you wish to spend on buying BTC or the quantity of Bitcoin you wish to purchase. Double check the number and when you think it’s okay, click “Proceed” to finish the transaction.

Advanced Trade

Advanced Trade is made for experienced traders, as it comes with technical analysis, charting tools, limit order, recent transaction history and all.

How you can use Advanced Trade

With Advanced Trade, there are more possibilities for buying and selling for experienced traders. You can double check real time market deals before placing limit orders with Advanced Trade.

Steps to take when placing a limit order:

  1. You will be directed to the Advanced Trading page when you log into your account and click on “Advanced trade”;
  2.  At the upper left corner of the screen, you can pick the trading pair you wish to use;
  3. Once you have filled in your limit price and the quantity of currency you want to exchange, click on the Buy/Sell link to place your trade.

OTC Desk 

VirgoCX’s OTC Desk allows direct market access to cryptocurrencies with great price execution to facilitate the trading of large block transactions above $30,000 Canadian dollars with 24/7 institutional liquidity for cryptocurrency.

VirgoCX gives its clients access to a large pool of crypto and traditional money, thereby linking the traditional financial services and the cryptocurrency markets.

To ensure direct access to the market and great price execution for cryptocurrency, VirgoCX also collected liquidity from a range of different sources. 

By taking each large block order through their liquidity pools, customers can save money on their market orders. As a result, OTC account managers and trade desk assistants are reachable 24/7 to lend a hand to institutions with larger orders.

OTC Direct

Virgo clients who are connected to Virgo OTC Direct can achieve large block trades immediately. Institutional customers can also have access to the broker’s simplified process, which enables efficient execution and flexible post-trade settlements.

OTC Chat Broker

To be able to perform large block transactions, institutions have access to customized services. Firm’s trade request will be handled by the OTC Chat Broker trade team at VirgoCX.

VirgoCX’s OTC request for quote (RFQ) system has attracted institutional and high net worth customers because it guarantees a crypto trading platform that is of a professional standard.

VirgoCX OTC Clients

  1. Institutions: VirgoCX permits institutional investors to invest in cryptocurrencies in a flexible way. It allows institutions to access the market easily with the digital system and chat brokering alternatives. Flexible settlements permit clients to obtain funds from tier 1 banks when needed, plus speedy execution of transactions.
  2. Trading Firms: Trading companies make use of VirgoCX platform’s extreme liquid CAD/USDT off/on ramps, exclusive to trading businesses gain from the OTC desk by being able to hedge risk efficiently. For that reason, users are able to hedge additional risks and increase their cryptocurrency trading methods through assistance to settle their transactions.
  3. Miners: VirgoCX OTC enables cryptocurrency mining companies to make full use of their working capital by decreasing their requirements. So that their clients are able to hedge and pay expenditures, they perform speedy settlement for customers.
  4. High-Net-Worth Individuals: Virgocx’s high-net-worth clients receive VIP treatment in terms of having access to a complete picture of cryptocurrency markets.

Prices

Each crypto coin’s price is available in full display, along with the asset’s worth, so that users may know the pricing before buying.

Maybe a customer wants to buy Crypto Coin, they could do it in these easy steps: 

  • Open an account with VirgoCX and go through the verification process and verify your identity;
  • Quickly fund your account using an Interac e-Transfer or a wire transfer;
  • With no trading fees, you can buy crypto coins in a few minutes at the best price possible.

VirgoCX deposit fees and withdrawal fees

It’s free using wire transfers or Interac e-Transfer to deposit Canadian dollars. Interac e-Transfer enables clients to fund their accounts fast and trade different types of cryptocurrencies, which includes Litecoin, Bitcoin, Ethereum, USDC, Dogecoin, and others, within a few minutes of funding their account.

Deposits done in US Dollars are also free, however, the minimum of deposit is $500. On the other hand, Withdrawals done by Wire Transfer carry a charge of 0.5% with a minimum of $500, but withdrawal amount is limitless. 

Finally, all cryptocurrency deposits are free, and the processing time is almost immediately. Talking about withdrawal costs, each cryptocurrency has its own withdrawal charge and minimum withdrawal amount.

For instance, Bitcoin (BTC) has a withdrawal cost of 0.0003 BTC and a minimum withdrawal amount of 0.0015 BTC, while Ethereum (ETH) has a withdrawal charge of 0.0035 ETH and a minimum withdrawal amount of 0.05 ETH. 

Trading commissions are totally free. Take note that VirgoCX accepts just two currencies: Canadian and US dollars. For now, other traditional currencies aren’t supported.

Visit the ViegoCX Fees and Funds page to get more information on their other crypto coins and their fees

How to deposit and withdraw

After logging into your account, on the main dashboard select the ‘Fund’ icon on the left margin. From here you will be able to pay in money into your account.

Fund account with Canadian Dollars

To deposit into your account with the Interac e-Transfer, take these steps:  

1: To start, login into your Canadian Financial Institution’s online banking site;

2: login your VirgoCX account, click on “Fund” at the left side of dashboard, then “Interac e-Transfer”, copy the supplied information to complete your banking transaction;

3: Click on the copy icon on the right side of each entry then paste it into your banking system. Trying to retype may result in mistakes. 

Making a deposit into your account through a wire transfer is as easy as you clicking “Wire Transfer” and then following the instructions on the screen to be able to complete the Wire transfer successfully.

To withdraw Canadian Dollars

Click on “Fund” at the left hand side of your account dashboard, scroll to Canadian Dollar Withdrawal and click on “Wire Transfer” to withdraw using wire transfer. Then click on “Confirm”. It will take about 1 to 3 working days for the funds to be processed and transferred into your bank account.

Fiat rejection

Transactions that; are not authorized, involve a third-party, exceed relevant limitations and any other behavior that go against the VirgoCX’s terms of service may result in rejection fees.

Fiat Rejection Fees:

Deposit rejection fee for CAD wire/EFT is $40 CAD.

Deposit rejection fee for USD wire/EFT/ACH is $40 US.

Withdrawal rejection fee for CAD wire/EFT is $40 CAD.

WithdrawL rejection fee for USD wire/EFT/ACH is $40 USD

Rejection fee for Interac E-transfers (both deposit and withdrawal) is $10 CAD.

Foreign exchange

VirgoCX makes foreign currency exchanges very simple, they are at least 5 times less costly than the banks and are said to have the most favourable prices in the crypto industry. The minimum cost for this service is $20,000 CAD.

You can get in touch with Virgo for a no-obligation exchange rate quote. After you have locked in your spot exchange rate, you will receive a trade confirmation before making your cash transfer to secure your rate. 

To start, transfer your funds through wire or bank transfer; the changed funds are then sent to your bank account.

VirgoCX security 

VirgoCX is one of the most secure and safe trading platforms available on the Canadian market. It has no history of hacking, evaluates new crypto coins before admitting them on its platform, and abides strictly to laws and regulations which makes trading and the exchange process as safe as possible. 

The company uses the most recent advancements in contemporary technology, completes private audits, and keeps the highest possible technological standards available in the industry in order to protect any personal data and maintain confidentiality of the trade.

All in all, VirgoCX platform’s fee structuring is transparent and easy to understand thereby making investing on it’s platform easy, it guarantees commission-free trading and depositing, and low fees for withdrawals and purchases, which makes it unique.

Individual traders and institutional traders can both buy, sell and  trade Bitcoin and other major digital currencies by utilizing VircoCX’s high-performance trading platform safely and securely.

Besides competitive pricing, liquidity, and institutional-grade custodianship, individual and institutional clients can also trade traditional currencies and cryptocurrencies with a FINTRAC licensed Money Services Business.

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