At VirgoCX, we take a proactive approach to compliance with all applicable laws and regulations. Together with our dedication to providing secure crypto trading services to Canadian residents, we will implement various adjustments and security updates to our platform. Here are some new features of our platform:
- Account Appropriateness Questionnaire
- Statement and Policy Signing
- Client Limit
- Trade Confirmation
- Transaction Confirmation
- Monthly and Annual Statement
Account Appropriateness Questionnaire
To further safeguard investors’ assets and limit their exposure to loss, VirgoCX has launched the Account Appropriateness Questionnaire. These questions are meant to help us determine the level of our client's knowledge and experience in crypto assets and whether they are suitable for trading them. The questionnaire is comparable to banks and other financial institutions' questions when they take on new clients. In addition, this questionnaire aims to ensure that as a Canadian resident, you are aware of the risks involved in trading crypto assets.
All new and existing clients will need to complete the questionnaire to start/continue using VirgoCX’s services. All responses will be kept confidential.
What questions will I be asked?
For verified users, you will be prompted to fill out the questionnaire when you log in to your VirgoCX account.
For new users, you will be prompted to fill out the questionnaire after the submission of the User Profile.
- How many years of experience do you have in trading stocks, futures, options, and other derivatives?
- How many years of experience do you have in trading crypto-assets (cryptocurrencies)?
- How would you rate your knowledge of crypto-assets?
- Investing in crypto assets is inherently risky. Of the assets you deposit to your VirgoCX account, how much investment loss are you willing to accept?
- What is your net worth (total financial assets minus total liabilities)?
- What is your net income (averaged over the two most recent years)?
- Will any source of funds be borrowed (e.g. loan or credit card advance that is not repaid in full within the next billing cycle)?
What if I failed the Account Appropriateness Questionnaire?
- If you are an existing verified client who failed the questionnaire, your account will be restricted. You will only be limited to sell and withdraw your assets.
- If you are a new client who failed the questionnaire, you will not be able to open an account with us.
- Clients who failed the questionnaire can retake the questionnaire after 90 days.
- However, if you strongly believe you chose the wrong answer on your first attempt, you can follow the instructions and change your answer to resubmit it.
Client Limit
Client limits are a safety net that may reduce your exposure to loss from market volatility by limiting the amount of money you can lose over a given period. We will determine your client limit based on your answers to Account Appropriateness Questionnaire.
How does it work?
- When the client limit is close to being triggered, clients will receive an email notification.
- When the client limit is triggered, clients will receive an email notification and a pop-up notification about the warning.
** Please note that the client limit can be changed by contacting support@virgocx.ca.
For example, based on one client’s Account Appropriateness Questionnaire, their client limit is 20%, and their portfolio is worth $10,000. When a sudden market drop happened and caused their assets to lose almost 15% in value, their portfolio will be now worth $8,500. They will be notified via email. However, suppose the market gets worse and their portfolio has lost 20% in value (now worth $8,000 left or lower). In that case, they will receive an email notification and a pop-up notification about this event.
The client limit is only a warning; no further action will be required, and you can do whatever you think is necessary.
Statement and Policy Signing
VirgoCX's Terms of Service, Privacy Policy, Risk Statement and Relationship Disclosure will pop up after clients have completed their Account Appropriateness Questionnaire. Clients are required to sign all the latest statements and policies during the onboarding procedure. When there are newer versions of policy signing statements, clients will be directed to the signing section. Users can download the statement and policies that they have signed in the eDocument area of the PC and App.
Trade Confirmation
When an order is placed on the VirgoCX platform and it is executed, a trade confirmation will be generated automatically, and it will include the client’s name, timestamp as well as all the necessary information about this trade. The trade confirmation is available for download in the eDocument area of the PC and App.
Transaction Confirmation
A transaction confirmation will be generated when a transaction is completed. It includes all crypto transactions and fiat deposits/withdrawal records. The transaction confirmation is available for download in the eDocument area of the PC and App.
Monthly and Annual Statement
A monthly and annual statement will be available for download at the end of each month under the eDocument section. Email notifications will be sent out to our clients. The statement will include all account activity records, performance data, and balance/fees records.
If you have any concerns, please email support@virgocx.ca.
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