Here’s some awesome news for Canadians. VirtEx, Canada’s first and largest Bitcoin exchange just started accepting Litecoin for LTC/CAD (Canadian dollars) and BTC/LTC trading.
Our site will be going down at 9:30am(MST) for approximately 2 hours to upgrade and launch LTC/CAD and BTC/LTC trading!!!
— CaVirtex (@cavirtex) February 19, 2014
While VirtEx is a relatively small exchange when compared to the likes of Mt. Gox and Bitstamp, it’s the most widely-used exchange in Canada and has generally positive reviews.
“I’m Canadian and a big fan of Virtex. They’ve been nothing but professional in all their dealings with me and they’ve always been eager to help when there were problems.This bodes well for LTC uptake.”
-“gibzeez” from reddit
The site already has a large Litecoin trade volume, and if users use a VirtEx debit card, they can convert LTC to fiat using Canadian ATMs.
However, the service isn’t without issues. VirtEx charges a high 3% fee (used to be 6%), and their “Know Your Customer” policy requires verification that can take months. As a result, some Canadians have turned to alternatives like Vault of Satoshi, which has speedy verification but even higher fees, and CoinTrader, which has lower fees and faster verification, but doesn’t offer Litecoin and only accepts US Dollars (somewhat ironic for a Canadian exchange).
Still, many Canadians don’t seem to mind VirtEx’s problems, believing that their professional service makes up for issues such as high fees.
“Really expensive on the fees, but I guess that’s the price you have to pay for a company that’s pioneering bitcoin trade in Canada, pressuring the govt to outline proper guidelines for handling it, and has yet to do a single thing to lose the trust of its clients.
And I’m ok with that.”
-“Turtlecupcakes” on reddit