Coinsmart Review: The Pros and Cons of This Canadian Cryptocurrency Exchange

Due to its limited coins, high fees and spreads, we don’t recommend this Coinsmart for Canadians at this time. The deposit fees for CoinSmart are immaculate, to say the least. If you’re putting a reasonable amount of money in and funding your account via wire transfer, you have no fees to worry about!

All Deposits are in your account the same day we receive them. Buy and sell Litecoin, Bitcoin Cash, Cardano, Stellar and more with CoinSmart. We are constantly adding digital currencies to our platform. CoinSmart is not affiliated with any investment advisor, broker, or third party and will never ask you for access to your account.Read more here. Matthew joined the Loans Canada writing team in 2021 while was finishing up a Bachelor’s degree at the University of Saskatchewan.

More often than not, it gets overshadowed by its competitors – large and established crypto platforms that have been in the industry for a longer period of time. While this might be something that you’d come to expect with most reliable crypto exchanges out there, to this day, it’s still a notable benefit that warrants at least mentioning. Beginner-friendliness is something that many cryptocurrency exchanges try to focus on, especially nowadays.

coinsmart review canada

We have all the bells and whistles of a truly advanced trading platform. Experienced traders can use limit orders, stop loss and real time charting. CoinSmart https://forex-reviews.org/ is the easiest to use cryptocurrency trading platform. Buy and sell bitcoin and other digital currencies quickly and easily on desktop and mobile.

CoinSmart Review: Best Crypto Exchange in Canada?

If you say you make $50k per year but deposit $100k, then that is a red flag. CoinSmart is suitable for Canadian and European residents. You can deposit both Canadian and US dollars into your account as well as Euros.

  • We assessed 18 platforms across 60 variables and 1080+ data points.
  • It uses plenty of cartoon-like icons, large fonts, and bright colours which makes it the cutest Canadian crypto exchange we’ve seen.
  • Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor.

It was only just recently that QuadrigaCX (previously Canada’s largest) went under due to lack of liquidity and a number of other questionable factors. Coinsmart is another Toronto based exchange and they have offices in the city. Education Blockchain and crypto education is where it all starts. Technical storage or access that is used exclusively for anonymous statistical purposes. I was supplied with a short response time when dealing with a locked account issue.

OTC Trading

Bitbuy has 25 cryptocurrencies on offer compared to CoinSmart’s 16, and our opinion is that both companies could benefit from expanding their crypto catalogues. Another popular choice for Canadians when it comes to trading crypto is Bitbuy, and we set out to see how CoinSmart measures up. CoinSmart has attractive fees and promises same-day transactions.

If you want to use CoinSmart to get Dogecoin for Stellar Lumens, for example, you’ll pay a 0.3% commission fee. Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Well, that’s for now and I do hope that they continue to prove they deserve their customers’ trust. At OCryptoCanada, we like to give people knowledge to become aware and catch up in the cryptocurrency industry. Cryptocurrency will be one of the main medium exchanges in the future.

Then, you will receive an email from “Simply Digital Technologies” with a request to make a transfer. A spread is the difference between the highest price a buyer is willing to pay and the lowest price a seller is willing to sell . They’ll also be able to tell when suspicious activity is detected on your account.

What made me interested in CoinSmart?

Compared to other exchanges, CoinSmart has reasonable fees, making it all the more appealing for investors to buy Bitcoin. The dashboard allows you to deposit funds and see cryptocurrency prices and trends. After you deposit funds, the dashboard reveals a SmartTrade section. Click on buy or sell and choose the cryptocurrency you want to transact. Investors who want a simple and secure trading platform can find it in CoinSmart.

coinsmart review canada

When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. The best way to avoid this is to move your crypto to a private wallet such as a hardware wallet for safekeeping. This way only you can access your crypto, provided you keep your private keys safe. It uses plenty of cartoon-like icons, large fonts, and bright colours which makes it the cutest Canadian crypto exchange we’ve seen.

Crypto withdrawal fees

In short, if you’re worried about CoinSmart fees, you can rest assured – they’re very competitive, and are towards the lower-end of the spectrum, cryptocurrency exchange-wise. When it comes to CoinSmart fees, things are actually quite decent! Specifically, trading fees on the platform range from coinsmart review 0,2% up to 0,3%, depending on the number of trades made. User CoinSmart reviews will tell you that the process with CoinSmart is rather similar, as well. The exchange is registered with FINTRAC, and thus, employs all of the KYC and AML (Anti-Money Laundering) checks towards all of its users.

If you’re new to the world of trading crypto and are considering CoinSmart as your preferred exchange, this review will help you understand their offering. It also usesBitGo, an institutional digital currency custodian for crypto market leaders, to store its assets. Wealthsimple Crypto is great for traditional investors looking to diversify their portfolios with crypto. It offers an easy-to-use interface to enable beginners and buy-and-hold investors to quickly and easily buy Bitcoin, Ethereum, and 55+ other cryptocurrencies. Fiat deposits are free for transfer amounts over $2,500, and you can fund your Netcoins account with CAD or USD using Bank wire or Interact e-Transfer. They also offer an help desk with FAQs and articles for everything related to your account.

CoinSmart Compliance in Canada

CoinSmart offers a total of two withdrawal methods for fiat, which is somewhat typical when compared to other exchanges. I’ve noticed that Canadian-based exchanges prefer to pay using Interac e-Transfer or wire transfers over anything else. Bank wire transfers start at $10,000 and go up to $50,000, with no fees charged. With credit or debit cards, you can transfer funds in the range of $100 to $5,000.

While it is a much higher fee than international exchanges such as Bitstamp, it is the same as other Canadian exchanges that offer card funding. In this Coinsmart review, we will attempt to answer that question. We will give you everything that you need to know about the exchange including their security protocols, funding, fees, trading technology and customer support. Opening my CoinSmart account was a very simple process, and it’s the same thing you would experience with most cryptocurrency exchanges in Canada.

Specifically, most user CoinSmart reviews would likely agree that the fees worth emphasizing the most are those of transactions. While all exchanges do have deposit and withdrawal fees, as well, in many cases, these aren’t as impactful or notable as the former ones. Well, if something were to happen to your cryptocurrencies stored on the exchange, the insurance would likely cover your losses, depending on a few different variables. This is a major factor as far as the reliability of an exchange is concerned! At the same time, it’s something that only centralized platforms can offer to their users, too. The fees and processing time for Canadian and European customers vary.

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