Now with Credit/VISA Debit Card payments, you can use different currencies to purchase a variety of crypto. With our Instant Verification process, your account can be verified within a few minutes. CoinSmart provides 24/7 support via phone, live chat, and email. In order to trade OTC, users will need to go to the “CS Premium” page and sign up to get started. Enter your credit card details, acknowledge that you have read and agree to the T&C and Privacy Policy coinsmart review and then click “Next”.

The Trustpilot Experience

Their fees are somewhat in line with industry standards but are not a selling point of using the exchange. 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.

Obtaining a hard wallet can help make your assets virtually unhackable. Coinsmart also works with a data analytics company, Chainaalysis, to help detect uncertain wallet addresses and to assist in preventing crypto-related scams. Once your account is verified, you’re ready to start buying and selling your digital currencies.

Access over 45 popular coins and altcoins and staking to earn interest. Yes, CoinSmart has delisted Ripple XRP, and you can no longer trade it on the platform. Finally, you must set up Google 2 Factor Authentication and enter a 6-digit code anytime you log in to your account.

Finally, we’ll answer some frequently asked questions about CoinSmart. To kick things off, we will start with a basic overview of CoinSmart. Coinsmart provides a focused but somewhat limited selection of crypto assets. You can submit a support ticket or use CoinSmart’s live chat function directly on their website.

Deep liquidity is necessary for making large trades and preventing high spreads. CoinSmart does have an OTC Desk, so if you are debating whether to make a large trade with CoinSmart, you have that option. Even more disappointing, the app failed to save our progress and repeatedly redirected us to the beginning. While CoinSmart is making strides with its app, there’s still room for improvement in terms of user experience and reliability. After that, you’ll have to upload a selfie by following the on-screen prompts.

CoinSmart vs Bitbuy

• They are compliant with all the regulatory standards of FINTRAC.
• Verification can help ensure real people are writing the reviews you read on Trustpilot.
• Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners.
• If you want to trade more than C$25,000, CoinSmart has a tailored solution known as CoinSmart Premium.

If you are going to be funding with CAD, you will be charged 2.5% for a Bank Draft as well as Interac. They will also be introducing credit card and Flexepin funding with 10% and 3% fees respectively. A cryptocurrency exchange designed to bridge the gap between traders with experience and those who don’t have experience. Their objective is to make crypto accessible, reliable, and user-friendly. Coinsmart is a Canadian cryptocurrency exchange dedicated to breaking down the barriers of the complex crypto world.

Opening an account

Once you have completed the verification process, you are ready to start trading. A single trade is between a fiat currency and another cryptocurrency, e.g., when you trade CAD for ETH. It may also occur when you trade between two crypto coins, and one of the coins is BTC. The app has security features like fingerprints and 2FA to help keep your crypto assets safe.

Coinsmart Review 2022 – Best Canadian Exchange?

Customer service wise Kraken is also great as mentioned before — offering live chat most times of the day and relatively quick standard email inquiry replies. Currently the only unique thing about Coinsmart is it’s publicly traded in Canada and has the easiest/best integration with Canadian banks compared to other platforms. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Bonus Links For Canadians

CoinSmart’s unique features, low trading fees, and high-level security measures make it a fantastic option for users worldwide. CoinSmart offers many notable features that make crypto trading accessible to all users. They have upgraded their exchange platform with reassuring features and notable policies to give users an amazing trading experience. CoinSmart offers services to certain countries and makes its app available only within the physical borders of those nations.

All fees considered, Coinsmart had a total Bitcoin purchase fee of 2.51%(12th overall). The total Bitcoin selling fee was 1.69%(9th overall) and the Bitcoin spread was 2.82% (14th overall). In our test of 18 platforms, Coinsmart is expensive and not the cheapest option for Canadians to buy Bitcoin and cryptocurrencies. The platform combines multiple layers of asset protection, including extensive cold storage for user funds, 2-Factor Authentication, regular security audits, and withdrawal whitelisting.

For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market.

CoinSmart offers a simple to use exchange for beginners entering the crypto space while also delivering advanced features for the more seasoned crypto investor. Several Canadian cryptocurrency exchange platforms operate and have similar functions as CoinSmart. They maintain a 95% cold storage security policy, which means 95% of the crypto assets on Coinsmart are held offline, and this makes them less likely to be compromised.

• 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.
• Our deposit took less than five minutes to arrive in our CoinSmart account, which is fast.
• There appears to be a reasonable range of cryptocurrency assets available on Coinsmart which is mostly in line with other Canada based exchanges.
• You currently only have an EFT and a Wire option which take about 1-5 business days to arrive.
• Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies involves a high level of risk.

CoinSmart Key Features

To send your crypto assets to your bank account, you first have to sell your coins. Select the token you want to transfer and click the sell button. Once you have received the profit, click the Wallet tab and then select Fiat. For CAD you can send money either through a wire transfer or an EFT.

It has free deposits and several of the most popular cryptocurrencies. There is an Express Trade option for quick crypto swaps and an advanced option for different order types and more advanced trading tools. The Advanced Trade app is designed with experienced traders in mind, offering essential tools like charting, order book data, and a variety of order types, including limit orders. This platform provides a robust trading experience, giving users access to the data they need to make informed decisions. The SmartGuarantee feature ensures that all deposits are credited to your account on the same day they are received. In order to withdraw cash, the process takes up to five business days before the transaction is complete.