Review by, Joe
Are you a Canadian, like me? If you are then you would probably want to use a Canadian Bitcoin exchange right? When in doubt, go local. CaVirtEx has been around for a while, since 2011 in fact, and has served its purpose fairly well. I’ve used it a few times, only to exchange small amounts of Bitcoin however, so I cannot speak to whether or not it is good for larger amounts. The transactions went through fine and I was laughing my $50 (.5 BTC at the time) straight to the bank. Then the Bitcoin peak hit and I was crying my way to the computer to get more Bitcoin, but I digress. I got the money put into my CaVirtEx account quickly, and the withdrawal was fairly quick, or as quick as a bank transaction can be, I suppose.
They offer the usual security features such as two-factor authentication and browser activation, although those have been shown to be a tad bit lacking in today’s internet world. They also offer Litecoin trading which is awesome if you’re into Altcoins like I am. Bitcoin deposits take 4 confirmations before they show up in your account, which, despite taking a bit of time, makes sense. If you don’t know much about bitcoin, basically confirmations are “blocks” that appear on top of the block that your transaction is in, which makes it harder to invalidate your transaction. Litecoin deposits take 6 confirmations before they appear in your account, again for security reasons.
Now, this is all well and good, and it sounds like a decent exchange for Canadians, however, I would be weary when trying to exchange/store large amounts of funds on CaVirtEx. Unfortunately, a while back, the exchange was hacked. Although no Bitcoins were stolen, the hackers did manage to get ahold of a database containing Hashed user passwords and 2FA keys. They immediately shut down the exchange afterwards and was only brought up again after they were bought out by Coin Setters, another Bitcoin exchange operating on Wall Street. Although they seem fairly trustworthy, I would still be fairly careful when trading with them. The same should be said for any Bitcoin exchange not managed by you, or any time that you do not have direct access to your coins. So just, take precautions when trading with Bitcoin in general.
The site itself looks alright, if a bit dated. They have their price highs, lows, and their volume of trades daily/weekly. They also have an order book that contains open trades of users, the regular shebang for Bitcoin exchanges. I have no qualms with the way the website is setup or maintained, it looks fairly nice. The buy/sell process is fairly simple, just input the amount of Bitcoin you want to buy/sell, input the price in CAD, and you have successfully made your order. It’s your average Bitcoin exchange, no issues, no unnecessary fireworks, just simple, to the point trading.
All in all CaVirtEx is a decent, not great, but decent Bitcoin exchange that should serve your needs if you’re looking a Canadian Bitcoin exchange. They have a fairly simple setup that should be easy to get started with. They have a good track record when it comes to users funds, and so far they haven’t Goxx’ed out on us yet and taken all our Bitcoins. However, I will say this. They have been hacked in the past, so I would warn users thinking about trading with them to use strong passwords/passphrases, and to not store any large amounts of Bitcoin on their website, or any online website for that matter. Cautions should always be used when you do not have direct access to your coins/private keys, so always be weary when storing any amount of Bitcoin online.
For CaVirtEx, I give them 1 thumb up, simply because of the previous hack. Had any Bitcoin been stolen, they would not get any thumbs up. However they seem decent enough.