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Best Coin Exchange » VirtEx
VirtEx
User rating
Our Rating

VirtEx

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    Company name
  • Company: VirtEx
    Founded: 2011
  • Server location
  • Server Location: CA
  • Company's turnover in dollars
  • Turnover: $76.9 Million
  • Mobile version
  • Mobile version: No
  • BTC price
  • Current BTC price: -
  • Available currencies
  • Currencies: CAD
  • Withdrawal fee
  • Fee: From 0.5%
  • Withdrawal time
  • Time: 3 day
  • Application programming interface
  • API: Yes
  • Support via
  • Support: Phone call, Tickets, Email

VirtEx Review

 

The largest exchange in Canada started its business in the middle of 2011 and also became the first exchange in the country. Canada is considered as a a Bitcoin-friendly country where the first Bitcoin ATM was launched as well. Their domain name was registered back in 2 June 2011 under the name of Paul Scovri. It is unknown is it a real person or just a fake name as it figures just as a domain registrant in the search engines.

VirtEx is an online exchange where you can sell and buy Bitcoins & Litecoins with Canadian Dollars (CAD). Unfortunately, we did not have a chance to test these service ourselves as VirtEx services only Canadian citizens and residents. It is their policy which eliminates international risks. Therefore, Canadians can deposit funds by various methods: Bitcoin, Litecoin, Direct Withdraw, Bill Payment, QuickBT Online, Wire Transfer and withdraw funds via: Bitcoin, Litecoin, Direct Deposit. Bitcoin and Litecoin transfers are instant while transfers involving banking institutions may take from 3 to 5 business days.

All customer funds are held at Canadian financial institutions. All funds are safe and held in the same currency the customer deposited them.

VirtEx does their server backups hence they can rollback their database if any suspicious trading activity is seen. All accounts and balances may be restored.

Virtex uses a nice browser identification what prevents unauthorized browsers from accessing your account. The same method is used by some banks.

The exchange took additional efforts like physically securing their servers and their systems are programmed in a way to prevent SQL injections. Also, the outage action plan has been arranged where the conversation with the users will take place via emailing and a new web address may be provided for continued operations. Their website uses cold storage which is a safe and secure methods against the hackers. Cold storage – where the Bitcoins are transferred into an offiline wallet address while the digital currency need to be accessed by the computer that has never been connected to the Internet. It is done with USB keys which means the wallets will not be hacked. VirtEx exchange exports 80% of the holdings to cold storage. The other 20% are kept on VirtEx server to cover day to day Bitcoin withdrawals. It takes a bit more than one person to withdraw funds from cold storage hence large withdrawals may take a bit more time to appear in your account.

However, the fees at this exchange are huge – 1.5% for both reseller and buyer. It almost impssible to make profit on such exchange if you are a trader. The only winner would be CAVirtex in such situation. The Bitcoin withdrawal fee was reduced to 0.0005 which makes more sense as the Bitcoin rate is fallen down a bit. Very long waiting times to get Level 1 verification that may take over a month.

All in all, an average Bitcoin exchange but only available for Canadian users which rules out most of the Bitcoin users from using this exchange.

We liked:

- Decent withdrawal fee
- Strong user protection
- Various deposit methods
- Cold storage

We weren’t so sure about:

- The owners of the website
- Turnover

We hated:

- Withdrawal takes ages
- Service provided only for Canadian users

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1 Comments
  • May 5, 2014

    This site definitely works.. was able to transfer funds to and fro without incident. Glad to see a Canadian alternative for all this Bitcoin stuff. Site will grow in time, needs more buyers for sure. Peace

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