This is probably also the cheapest if you happen to have crypto on hand. Assuming that you are funding in Bitcoin, you will hit the Bitcoin wallet and then select the Deposit button. Given that Coinsmart is a MSB that is regulated by FINTRAC, they are required to complete compulsory KYC on their users. This means that they need to confirm your identity and address in order to let you start trading.
This expeditious approach means that users can start trading almost immediately after signing up. CoinSmart operates as a dynamic cryptocurrency exchange platform, offering a range of services to facilitate the buying, selling, and trading of various cryptocurrencies. For investors and traders interested in more advanced buying and selling options, you can look to the advanced trading tab. With charts powered by TradingView and a relatively sleek layout, it should prove to be a more than satisfactory trading interface. The markets are very easy to navigate, the queued and filled orders are clearly displayed, and the order book is front and center (though that could be frustrating to those who don’t use it to trade).
CoinSmart Currencies & Deposit Methods
The content contained on the HelloSafe.ca website is for information purposes and does not replace that of professional advisors. Although continually updated, the information here may differ from what appears on the providers’ sites. Coinsmart currently holds a Trustpilot rating of 4.2 out of 5, based on 368 user reviews. User reputation is solid, backed by a strong rating on Trustpilot and consistent positive feedback regarding Coinsmart’s reliability and support quality. For Canadian residents prioritizing regulated, secure, and well-structured exchanges, I consider Coinsmart robust compared to most alternatives.
CoinSmart vs. Bitbuy vs. NDAX vs. Wealthsimple Crypto
Coinsmart applies a fee structure that is fairly straightforward and transparent compared to many crypto exchanges. The platform charges 0.20% per trade when buying or selling with Canadian dollars, and 0.30% for crypto-to-crypto transactions. These commissions are at the lower end for regulated Canadian exchanges, making Coinsmart competitive if you are trading spot crypto pairs.
Written by the company
The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Simply select the cryptocurrency you wish to buy/sell/exchange, open your wallet and click “Buy”, “Sell”, or “Exchange”. CoinSmart is a FINTRAC and OSC-regulated crypto exchange based in Toronto. New Shakepay users get a $5 welcome bonus if they sign up with a Shakepay referral code and trade at least $100 in cryptocurrency.
Where is my money and why is the app not working
- Canada has some of the most stringent regulations in place for user security, so immediately, knowing that CoinSmart is Canadian founded and based in Toronto is a positive.
- Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos.
- Hard to say what the problem was, but being locked out of your account because of a survey that won’t process is not something you want from your broker.
- This CoinSmart review covers how it works, assets offered, fees, pros and cons, whether it is safe, and how it compares to competitors like Bitbuy, NDAX, and Wealthsimple Crypto.
Those are the coinsmart review real key pros that make Coinsmart something special — the rest of what they say is largely just marketing that every exchange has — like 2fa security features, cold storage, etc. The funds reflect immediately in your trading account, but $5,000 is the maximum deposit. Besides offering the main coins such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash, CoinSmart also offers altcoins. You can purchase coins such as Doge, Shibu Inu, Cardano, Solana and several others. Regarding customer service/support, you can contact CoinSmart via email or their 24×7 chat on the platform.
- Coinsmart has included a “Get Smart” section which is their educational portal.
- As per the ‘security’ section on its website, it is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business.
- This insurance adds a further layer of trust, complementing their cold storage and security practices.
- Gemini Space Station, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has secured Nasdaq as a strategic investor as it moves forward with plans for a New York listing this week, …
- These commissions are at the lower end for regulated Canadian exchanges, making Coinsmart competitive if you are trading spot crypto pairs.
If you reside in Canada yourself, using a Canadian exchange can really add to the reliability factor of the entire ordeal. Essentially, for every new trader who signs up with your referral code and funds $100, both of you will get $25 credited to your accounts. It will take 5 business days from the date of funding for the commission to show up in your account. This also only counts for fiat deposits and not those that are made with crypto. These fees appear pretty reasonable compared to the other Canadian crypto exchanges. While it is slightly higher than Coinsquare’s advanced trade fees, it is less than the flat rated fees on exchanges such as BitBuy.
Once you have selected your coin, enter the amount you want to purchase. The minimum amount of CAD you must spend is $64.72, and the maximum number is $25,886. After you have entered in your amount, select the address where the crypto will be sent. You can either send them to your CoinSmart wallet or to an external wallet. If this your first purchase, enter in the details for your debit/credit card. Click the email link and enter the text code to access the Verification page.
Since CoinSmart leans towards Canadian users, the main fiat currency supported by the exchange is CAD (Canadian Dollar). Because the exchange is fairly new, it is not available in most countries. Outside of Canada and the U.S., Coinsmart is available in approximately 40 countries.
Secondly, the advanced trading platform still requires some improvement especially as it pertains to the order form functionality. There are only three types of orders that you can place and none of these have options around order life. This is perhaps what most seasoned cryptocurrency traders are used to. It is a standard trading platform with market books, charting, live positions and more bespoke order form functionality. Then, for those traders who would like a great deal more functionality with their trading, you have the advanced trading platform.
Even some of the most popular crypto exchanges such as Binance and Crypto.com have fallen victim to hacks. NDAX is also a good option for Canadians and offers low trading fees, staking and an easy to use platform. CoinSmart and any other crypto exchange can track where you have received and sent crypto. Crypto transfers are recorded on the blockchain and are public. The information available includes time and date, amount sent and both “to” and “from” wallets. CoinSmart does not offer staking or crypto Visa cards, but it does have other features such as SmartPay, which allows you to invoice anyone and get paid in crypto.
For deposits
This will require you to sign-up for CS Premium, the exchanges service for premium traders which typically facilitates trades of CAD$25,000 or more. Coinsmart is not an anonymous exchange, but don’t let that freak you out if you prefer to trade incognito. The company is regulated by FINTAC, and Equifax verifies user accounts, which helps prevent fraudulent trades. In this Coinsmart review, we’ll learn more about this unique cryptocurrency exchange.