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- 2023 Coinsmart Review Canada:...
2023 Coinsmart Review Canada: Features & More
Luis Clark
- URL: https://www.coinsmart.com/
- Headquarter: Toronto, CA
- Year Founded: 2018
- Platform App: Desktop/Mobile
- No. of Cryptos: 16
- Fiats Available: CAD/USD/EUR
- Withdraw Method: Interac E-transfer/Wire Transfer/Crypto
- Payment Method: Interac E-transfer/Wire Transfer/Crypto/Debit &Credit Cards
Our Opinion
As a cryptocurrency enthusiasts, our mission was to try all different exchanges in different countries. We tested the exchange feature to give a more exhaustive review and opinion. And we concluded that CoinSmart is one of the best cryptocurrency exchanges in Canada that provide easy access to crypto trading and digital currencies using Canadian dollars. Coinsmart is rated number five in the list of the best crypto exchanges for Canadians. While cryptocurrencies such as Bitcoin and Ethereum have been around for a while, CoinSmart’s popularity skyrocketed in recent years.
Digital currencies may be the way of the future, or they may fade away as quickly as they have gained popularity. What is clear is that Canadians now have access to a bitcoin platform that is suitable for both novice and experienced traders. CoinSmart offers quick verification, an easy-to-understand interface, a high level of security, and the ability to fund your account using various fiat currencies.
CoinSmart is an all-in-one cryptocurrency platform and needs greater attention. You can purchase Bitcoin, Litecoin, Ethereum, Bitcoin Cash, EOS, Stellar Lumens, Tether, and Cardano. CoinSmart has features such as enterprise-grade security, assets locked up in cold storage, and reporting capabilities to make trading easier. Serious traders even have advanced charting and order books! CoinSmart also has low fees and a range of same-day funding alternatives, allowing consumers to start immediately.
An Overview of Coinsmart
CoinSmart is a Toronto-based cryptocurrency exchange that serves crypto customers across the globe. Jeremy Koven and Justin Hartzman founded it. They wanted to create a trustworthy exchange that was user-friendly and accessible to Canadians.
CoinSmart is the result, a crypto exchange with quick verification, a user-friendly interface, bank-grade security, and fiat currencies (funding options). For experienced, high-volume, advanced traders, they also provide more advanced options.
The CoinSmart mobile app has many features that customers love, including SmartTrade, which makes trading simple and has trading fees of just 0.2%. To keep your assets safe at all times, the app includes security measures such as fingerprint login and two-factor authentication.
The company that runs the CoinSmart exchange, Simply Digital Technologies Inc., is a Money Service Business that is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINCEN has also granted them permission to operate in the United States. Although it is simple to open an account, CoinSmart’s systems run checks to detect things like fraudulent dates.
To begin this CoinSmart review, let’s take a closer look at CoinSmart’s trading experience, payment methods, fees, cryptocurrencies, security, and account management, among others, to get a better idea of what they have to offer.
Pros
- Most affordable trading fees (0.2%).
- Trade spreads are narrow (3%).
- Customer service is available 24 hours a day, seven days a week via phone, live chat, and email.
- Most cryptocurrency assets are kept in cold storage and are insured for up to $100 million.
- For serious traders, a robust advanced trading platform is available.
- A comprehensive guarantee that covers deposit processing times.
- For the majority of users, account verification is instantaneous.
- CoinSmart app and easy-to-use online platform.
- Deposits made the same day.
- It's simple to swap two altcoins for a low fee (0.3%).
- Simple trading interface paired with 24/7 customer support.
- It accepts 16 different cryptocurrencies.
- Credit and debit card deposits are accepted.
- Registered Money Services Business with FINTRAC.
- Residents of other countries can use it.
Cons
- If you deposit less than $2,000, INTERAC e-transfer deposits cost 1.5%.
- Mining costs range from $0.50 to $10 for cryptocurrency withdrawals.
- Fiat deposits made with a credit or debit card can cost up to 6%.
Key Features of Coinsmart
- SmartGuarantee: Fee will be credited if time frame suggested are not respected.
- SmartTrade: You can trade from one coin to another, without having to trade to Bitcoin or Ethereum first.
- SmartSupport: CoinSmart is the only Canadian crypto exchange that provides 24/7 support for all your questions.
- SmartSecurity: CoinSmart is able to prevent fraud by running a comprehensive identity verification process that is able to detect fake addresses and dates of birth using a database offered by data collection agencies.
- Advanced Trade: You can place customized orders using their order book functionality.
- GetSmart Hub: Your destination for cryoto knowledge & learning tools.
Cryptocurrencies Available on Coinsmart
Our CoinSmart review highlights that is one of the best cryptocurrency trading platforms in Canada. You can buy, sell, and exchange a limited number of digital currencies with CoinSmart. The following is a list with the most traded coins and tokens available:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Dash (DASH)
- EOS
- Ethereum (ETH)
- Litecoin (LTC)
- NEO
- QCAD
- Ripple (XRP)
- Stellar (XLM)
Coinsmart Fees
CoinSmart has the lowest trading costs of any crypto platform in Canada, at 0.20% (Trading Fees: 0.20% for single trade and 0.30% for double trade). And the savings mount up quickly: if you trade $100,000 in Bitcoin in a year (buying and selling $25,000 twice), you’ll save $800 in trading costs versus a 1% exchange ($200 vs. $1,000).
When you trade between fiat currencies (or Bitcoin) and another cryptocurrency, it’s called a single trade (e.g., trading Canadian dollars for Dogecoin)
When you trade between two cryptocurrencies that are not Bitcoin, a double trade occurs (e.g., Solana for Dogecoin).
Spreads are the gap between the Buy and Sell prices. CoinSmart offers razor-thin spreads, allowing you to trade more frequently while keeping more money in your pocket.
Most deposits are free, whereas fiat withdrawals cost 1%, and crypto withdrawals cost a fraction of that. Deposits by debit and credit card can cost up to 6%, which is hefty but not out of line with the rest of the industry. Instead, you can avoid fees by depositing your funds through INTERAC e-transfer or bank transfer. Interac e-Transfer is a service provided by Interac Corporation that allows you to transfer money between your personal and corporate accounts at participating Canadian banks and other financial institutions.
Funding Fees
- Interac e-Transfer: 1.5% fee on $100 – $1,999, 0% fee on $2,000+ (Processing same day as received)
- Bank wire: 0% fee (Processing same day as received)
- Bank draft: 0% fee (Processing same day as received)
- Credit/debit cards: Up to 6% fee (Processing immediate)
Coinsmart Withdrawal fees
- Electronic funds transfer: 1% fee ($15 min)
- Bank wire: 1% fee ($15 min)
Crypto Withdrawal Fees
- Bitcoin: 0.00025
- Ethereum: 0.01
- Litecoin: 0.001
- XRP: 0.002
- Tether: 25.00
- Bitcoin Cash: 0.0001
- EOS: 0.0005
- Stellar: 0.00003
- Cardano: 0.30%
Payment Methods
Interac e-Transfer, bank wire transfer, electronic fund transfer, cryptocurrency, and bank draft are all options for funding your new account. You can also purchase cryptocurrency with a credit card.
Coinsmart Security
So is Coinsmart safe? Yes, very much. CoinSmart has a 95% cold storage policy, which means that at least 95% of its users’ cryptocurrency is kept offline. This makes a significant difference in terms of securing users’ crypto assets from hackers and criminals, and hence, dealing with CoinSmart is nearly risk-free.
CoinSmart is a legitimate company in Canada. 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. CoinSmart strictly adheres to all Canadian legislation since FINTRAC and the Ontario Securities Commission (OSC) supervise and monitor CoinSmart.
CoinSmart is also Canada’s sole publicly-traded company (cryptocurrency exchange) and hence, is subject to more financial scrutiny than any other platform. CoinSmart is a safe site to trade because the amount of financial information they must submit for their annual audit is staggering, making any financial fraud or wrongdoing nearly impossible. With all of this in mind, CoinSmart is undoubtedly one of Canada’s most secure crypto exchanges, if not the most secure.
Opening a Binance Account
CoinSmart makes it simple to get started.
You can register (with a $30 incentive) and complete the necessary registration information (name, date of birth, phone number, email address, and address).
The platform uses Equifax to provide “instant verification,” which implies you can generally begin trading within minutes.
You can upload certain documents to have it done manually if they are unable to verify your identity immediately:
- A copy of your government-issued id (front and back)
- A selfie of you holding the same ID & a piece of paper with the words “CoinSmart” and the date written on it.
- A copy of your name and address on a recent utility bill
- This documentation is needed to meet the Ontario Securities Commission’s Know Your Customer (KYC) requirements.
Step 1: Go to the CoinSmart homepage and click “Create an Account” in the top right corner. It will take you to a registration page where you must create an account and provide an email address.
Step 2: Verify your email address
Step 3: After you log in, you will have to set up 2-factor authentication (2FA) security for the CoinSmart account you created
Step 4: During the identity verification stage, Know Your Customer (KYC) users will be asked for some personal information and a copy of a government-issued ID. Then, you’ll be asked for your phone number.
Step 5: You will be required to take a live selfie-and complete a brief questionnaire. The form will inquire about your profession as well as the purpose of the account you are creating.
Step 6: After you’ve finished the verification procedure, you’ll need to go over the user agreements and double-check a few more items. These inquiries will focus on your financial situation, prior understanding of the cryptocurrency market, and risk tolerance.
You are now ready to trade after completing the verification process. To start trading and investing, you will need to make a deposit.
To fund your newly created CoinSmart account, click the “Start Trading” icon. SEPA or Wire Transfer are both options for depositing fiat. You can also buy cryptocurrency with a credit card.
Select the SEPA payment option if you want to deposit EUR. Take note of the deposit minimums and maximums. There are no deposit costs, and processing takes the same amount of time.
You can ask CoinSmart for a record of all your account activities. Within 5 business days, they will email you a CSV file. From the day you start your account, the CSV file will contain all your account activities (deposits and withdrawals and transactions).
If you want to close your account, ensure you have taken out all your money (fiat or crypto) from your account. Then contact one of the customer service representatives, and they would take care of the rest. You can contact them through live chat or email. (support@coinsmart.com).
Trading Experience on Coinsmart
CoinSmart has doubled down on reassuring features and policies for new customers, with an emphasis on making crypto accessible.
SmartGuarantee
The SmartGuarantee system at CoinSmart provides a flawless customer experience whether customers want to purchase, sell, or trade cryptocurrencies. It has a number of features, including:
- Deposits are made available in the account on the day they are received
- Requests for processing Fiat withdrawal done within five working days.
- Same-day accounts verification processing.
Similarly, if a deposit is not credited on the same day, the user’s account will be credited for the deposit cost under SmartGuarantee. If the user’s fiat withdrawal request is not processed within five business days, a withdrawal fee will be charged. Finally, if a user’s account verification is not completed the same day it is submitted, the deposit charge on the user’s first deposit will be waived.
CoinSmart is a user-friendly platform with a focus on accessibility for investors of all types and levels of experience.
Smart Trade
SmartTrade has a buy/sell interface that is clear and intuitive, making it a great place to start for novice crypto enthusiasts. The advanced trading platform, which includes charting, market books, and live positions, is available to experienced traders. Users can choose from a number of order types, such as market order options for trading at the most current dominating rates, limit order, and stop order options.
Finally, premium traders have access to customized Over-The-Counter (OTC) trading services aimed at major corporations and individual users with orders valued more than or equivalent to USD 25,000. They get a personal account manager, dedicated account representative, lower fees, and customized pricing based on order size and volume.
Through our practical knowledge CoinSmart offers its customer support services to all users, including 24/7 omnichannel support, regardless of which option is chosen (email, phone, or live chat).
Coinsmart Customer Support
CoinSmart provides customer service by phone, live chat, and email 24 hours a day, 7 days a week, and their customer service representatives are truly helpful rather than merely reading off a script. However, phone and live chat assistance are only available to registered customers, so if you have a question for CoinSmart, the only way to get a response is to register. Customer support is available 24/7 via phone, live chat and emai
Here are several methods to contact Coinsmart’s customer service department:
Contact them at support@coinsmart.com.
Toll-free: (855) 390-2646
Assistance Page: Support icon within the app via the “FAQ” page
For swift assistance, CoinSmart promptly addresses help requests through social media platforms like Facebook, Twitter, LinkedIn, Instagram, Discord, and YouTube. However, the fastest response can be obtained by utilizing the live chat feature within the app.
Coinsmart's GetSmart Hub
Discover the joy of learning with CoinSmart. As a leader in accessibility, CoinSmart offers instructional tools for all levels of bitcoin expertise through its GetSmart program, empowering members with comprehensive trading knowledge.
Final Thoughts
We determined through our tests that Coinsmart is one of the best cryptocurrency exchanges in Canada. It offers exceptional customer service, and charges very minimal fees to make trading as easy as possible. It offers more convenience to Canadian users, with deposit and withdrawal methods for Canadians including bank transfer, interac e-transfer, and wire transfer.
CoinSmart (SMRT), as a publicly-traded crypto platform, is also subject to stringent financial rules, ensuring that it is a safe place to invest. While CoinSmart may not have as many cryptocurrencies as other exchanges, it does support some fo the most popular and well-known ones.
CoinSmart is a multifunctional cryptocurrency exchange that allows customers to trade on the go via their mobile app, which is currently only available for iOS. There are several more options within the exchange, one of which is the “learn and earn” section. It’s a great offer to earn crypto in exchange for learning about the assets you’ll be trading. In addition, although other exchanges are ambiguous about their fees and how trading works, CoinSmart makes everything clear.
Our extensive analysis of the Canadian Crypto Exchanges doesn’t stop here. You can also read our best crypto exchange Canada Guide to find an alternative to Coinsmart, or in alternative you can check out our page with the full list of cryptocurrency exchanges available to Canadians.
See how CoinSmart Compares with Other Canadian Crypto Exchanges:
FAQ
Most frequent questions and answers
Yes, CoinSmart is a 100% risk-free bitcoin investment platform. They follow a 95% cold storage policy to keep customers’ coins safe and secure, are regulated by the OSC, and are a FINTRAC-registered Money Services Business.
CoinSmart is also publicly traded, which means they’re subjected to intense financial scrutiny; as a result, they have the legal duty to have their financials audited by a third-party business at least once a year. This, together with CoinSmart’s other security policies, makes it one of the most secure Canadian crypto exchanges to invest with.
The miners present a transaction to be included in a block when it is broadcasted to the blockchain. The transaction receives one confirmation when it appears in a block.
The number of confirmations for the transaction increases with each additional block. To avoid the possibility of double-spending, funds are not credited until a certain number of confirmations have been received.
This varies depending on the cryptocurrency. Depending on the speed of the blockchain, each block is found at a different rate. For example, a block is found every 10 minutes on average with Bitcoin, and CoinSmart requires three confirmations before crediting a client’s account, which takes about 30 minutes.
Yes, CoinSmart’s crypto assets are housed by BitGo, a reputable cryptocurrency custodian whose wallets are insured for $100 million by Lloyd’s of London.
Yes, CoinSmart is a great exchange for a number of reasons: it has minimal fees, excellent customer service, and is a simple, safe trading site.
Withdrawing money from your account is a simple process. All you have to do is follow these easy instructions:
- Tap the currency you want to withdraw from the main page. At the bottom, tap the red “Withdraw” button, then “Enter Withdraw Information.”
- Tap “Submit” after entering your wallet address (or scanning your QR code) and the withdrawal amount.
- In the email from CoinSmart, click the confirmation link. The transaction will take a couple of minutes to confirm on the blockchain before being transferred to your external wallet.
- With CoinSmart, fiat withdrawals are subject to a 1% fee charged, while crypto withdrawals are subject to the withdrawal fees as mentioned earlier (under section fees).
CoinSmart is designed for those who have never used cryptocurrency before. It is aimed at beginners, but it also has chart tools that can help even the most experienced bitcoin traders.
No. CoinSmart provides a wallet for you to use.
You can fund your account using bank wire transfers, e-wallets, credit cards, bank draft, and debit cards.
CoinSmart is beneficial to Canadians because it provides quick identity verification and a range of funding options in Canadian dollars with quick deposit times.
CoinSmart stock is listed on the NEO Exchange if you’re interested in purchasing it.
CoinSmart is obliged to report to the Canada Revenue Agency (CRA) as a Money Services Business registered with FINTRAC (CRA). However, CoinSmart is only obligated to report transactions over $10,000 to the CRA. Transactions under that amount are exempt from reporting to the CRA.
CoinSmart may be used to purchase Dogecoin. To do so, go into your account, go to the main panel, scroll down to Dogecoin, and click buy.
Ripple is no longer supported by CoinSmart (XRP). Following regulatory issues with the Securities and Exchange Commission (SEC) in the United States and the Ontario Securities Commission (OSC) in Canada, many Canadian exchanges ceased offering Ripple.
Yes, you can store your crypto assets in CoinSmart crypto wallets, including ETH, BTC, AVAX, SOL, and others.
They take pride in providing a world-class customer experience at CoinSmart. Your account can be validated in a matter of minutes using their Instant Verification method.
If they are unable to validate your account immediately, they will ask you to provide additional information. Your account will be validated as soon as possible when they receive the information, usually within an hour or two. It may take up to 12 hours for them to check and verify your documents on rare occasions.
You may make extra money by referring people to CoinSmart.
You both get $15 CAD if a friend registers an account using your referral code or link and deposits at least $100. Within 5 business days, the referral bonus is credited.
CoinSmart is headquartered in Toronto, Ontario, Canada. It has operations in Canada as well as a number of European nations.
CoinSmart provides a number of customer service solutions. The CoinSmart FAQ page is the first place users should look. The most common issues users encounter and their solutions are listed on the FAQ page. If a user’s issue is not resolved by looking through the FAQs, they can contact customer service directly by email or live chat. The customer support form is simple to complete: the user states the problem they’re having and is given a ticket number.
CS Premium is an OTC (over-the-counter) trading desk for institutional and big volume ($25,000+) investors. Each user who qualifies for CS Premium is assigned a premium account manager who assists them in executing their major deals on a one-to-one basis. VIP access to all CoinSmart events is available to CS Premium account users.
It is a resource that people of all levels of experience may benefit from. It offers a series of introductory articles for newcomers to the cryptocurrency sector and more in-depth comparisons for more experienced traders.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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