Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    7. Coinsmart vs Coinbase:...

    Coinsmart vs Coinbase: Fees, Security and more

    Coinsmart Review Canada
    3.1
    3.1/5

    Read Disclaimer

    Coinbase Review
    4.0
    4/5

    CoinSmart and Coinbase are two of the leading crypto exchanges in Canada. So in this article, we compare these two crypto exchanges considering crypto availability, trading fees, security, usability, and much more. Our findings and conclusions are based on extensive research and first-hand experience with both platforms.

    Coinsmart vs. Coinbase: Verdict

    We picked Coinbase as the overall winner and best cryptocurrency exchange in this comparison as it offers more features and products and is easier to use.

    Coinsmart Logo

    Pros

    Cons

    Coinbase Logo

    Pros

    Cons

    Coinsmart vs Coinbase: Unique Features

    Unique Features of CoinSmart

    SmartPay

    coinsmart smartpay

    Smartpay is a feature that enables businesses to invoice their customers and receive crypto payments during their checkout process

    To receive payment with SmartPay, all a user needs to do is include their Smartpay payment link in the invoice sent to the customer. The customer will make the crypto payment via the link. Smartpay automatically converts the cryptocurrency received to fiat currency. The fiat currency is wired instantly to the recipient’s account. 

    Smartpay users save up to 2.5% in transaction fees when compared to credit card payments. Chargebacks are also impossible with crypto payments received using Smartpay. Crypto and fiat currencies accepted by SmartPay include AUD, CAD, EUR BTC ETH, USDT, USDC, LTC DOGE, and SOL.

    CoinSmart Premium

    This is a cryptocurrency Over-the-Counter trading desk offered by CoinSmart to businesses and crypto investors that are willing to trade CAD 25,000 or more on the trading platform

    CoinSmart Premium gives these customers access to hundreds of supported currencies, deeper liquidity pools, same-day accounts settlements, rapid KYC/AML verifications, and exclusive market insights. 

    CoinSmart Premium is publicly traded, regulated, and licensed by the Ontario Securities Commission. It is also the only OTC desk in Canada that allows users to fund their account with up to $1 million through online bill payment with zero fees.

    Unique Features of Coinbase

    Unique Features of Coinbase

    Coinbase homepage

    The Coinbase Card is a prepaid Visa debit card that enables Coinbase cryptocurrency exchange customers to pay for goods and services with cryptocurrencies directly from their Coinbase account balance. It is accepted globally anywhere Visa cards are accepted. 

    Every user of the crypto exchange is eligible for the Coinbase Card and no credit checks or other requirements are required. 

    Coinbase Card holders earn free crypto rewards whenever they pay for goods and services with the card. Users have the option of selecting the asset they want to earn rewards in. Rewards can also be earned in altcoins. 

    The card costs about $5 and can be delivered within 5 business days. There is no monthly or annual fee for holding the card. Users who lose their card can instantly deactivate the card or contact Coinbase Customer service via phone call to do so.

    Coinbase Earn

    This is a Coinbase feature that enables Coinbase users to earn cryptocurrencies while learning about them. When a user enrolls for Coinbase learn they are expected to watch videos about cryptocurrencies, after which they will be required to take a quiz. Once the quiz is completed they will be rewarded with a bit of the exact cryptocurrency studied. The content provided in Coinbase Earn is only for educational purposes they do not constitute investment or financial advice. 

    To be eligible for the learning reward, the Coinbase user must reside in eligible countries listed on the Coinbase website. The user is also required to: verify their personal information, complete photo verification, and have only one Coinbase account. They must also meet the internal fraud and compliance-related criteria set by the cryptocurrency exchange. 

    Coinbase Users who refer others to the program through their referral link can earn more crypto on certain learning rewards.

    Winner in Unique Features

    Both cryptocurrency exchange platforms offer quality features, however, Coinbase wins here as it offers more unique products than Coinsmart.

    Coinsmart vs Coinbase: Cryptocurrencies Available

    Cryptocurrencies Available on Coinsmart 

    CoinSmart supports 16 cryptocurrencies. This includes BTC, BCH, ETH, LTC, XLM, EOS, DOGE, DOT, USDC, ADA, SHIB, LINK, UNI, SOL, AVAX, and MATIC. 

    Cryptocurrencies Available on Coinbase 

    There are over 150 cryptocurrencies available on Coinbase. This includes BTC, ETH, SOL, DOGE, USDT, BUSD, USDC, BNB, ADA, XRP, AVAX, MATIC, etc.

    Winner in Crypto Availability

    Coinbase is the winner in crypto availability as it offers more digital assets.

    CoinSmart vs Coinbase: Can You Buy and Sell NFTs on Coinbase?

    Yes, users can buy and sell NFTs on Coinbase via the Coinbase NFT marketplace. To buy and sell NFTs on Coinbase you need to download the Coinbase Wallet either through the browser extension or the mobile app and follow the on-screen instructions. The NFT trading platform features NFTs like Bored APE, Mutant APE, and CryptoPunks.

    Winner in NFTs Availability

    Coinbase wins here as Coinsmart does not support NFTs currently.

    Bitbuy vs. Binance: CoinSmart vs Coinbase: Fees

    CoinSmart Fees

    Coinsmart Funding Fees

    CoinSmart charges 0.20% for single trades and 0.30% for double trades. Deposit fees get up to 6% depending on the payment method used. The withdrawal fee is 1% for all channels. Crypto withdrawals have different fees based on the network.

    Coinbase Fees

    Coinbase charges transactions using a pricing tier taker and maker fee model.

    Pricing Tier: $0 – $10K

    • Taker Fee: 0.60%
    • Maker Fee: 0.40%

    Pricing Tier: $10K – $50K

    • Taker Fee: 0.40%
    • Maker Fee: 0.25%

    Pricing Tier: $50K – $100K

    • Taker Fee: 0.25%
    • Maker Fee: 0.15%

    Pricing Tier: $100K – $1M

    • Taker Fee: 0.20%
    • Maker Fee: 0.10%

    Pricing Tier: $1M – $15M

    • Taker Fee: 0.18%
    • Maker Fee:0.08%

    Pricing Tier: $15M – $75M

    • Taker Fee: 0.16%
    • Maker Fee: 0.06%

    Pricing Tier: $75M – $250M

    • Taker Fee: 0.12%
    • Maker Fee: 0.03%

    Pricing Tier: $250M – $400M

    • Taker Fee: 0.08%
    • Maker Fee: 0.00%

    Pricing Tier: $400M+

    • Taker Fee: 0.05%
    • Maker Fee: 0.00%

    Stable Pairs

    • Taker Fee: 0.001%
    • Maker Fee: 0.00%

    Fiat Deposit and Withdrawal Fees

    ACH

    • Deposit Fee: Free
    • Withdrawal Fee: Free

    Bank Wire (USD)

    • Deposit Fee: USD 10
    • Withdrawal Fee: USD 25

    SEPA (EUR)

    • Deposit Fee: EUR 0.15
    • Withdrawal Fee: EUR 0.15

    Swift (GBP)

    • Deposit Fee: Free
    • Withdrawal Fee: GBP 1

    Winner in Fees

    CoinSmart wins because it offers its users more reasonable fees than Coinbase.

    CoinSmart vs Coinbase: Payment Methods

    CoinSmart Payment Methods

    The exchange supports 3 payment methods: Interac e-transfer, bank wire, and credit/debit card

    Coinbase Payment Methods

    Coinbase supports 2 payment methods for Canadian users; PayPal and debit cards.

    Winner in Payment Methods

    CoinSmart is the winner here as it offers more payment methods than Coinbase. Also, Coinbase does not support bank transfers in Canada.

    Coinsmart vs Coinbase: Security

    CoinSmart Security

    CoinSmart is registered in Canada with FINTRAC as a Money Service Business.

    It uses BitGo a cold storage provider to store the bulk of its crypto assets. BitGo is insured by Lloyd’s of London for $100million.

    CoinSmart also uses Chainalysis to view all transactions entering the exchange. It analysis the risk level of the funds entering the exchange to determine if it has been mixed with an illegal or high-risk environment online. If the transaction falls short it is flagged for review.

    CoinSmart users can also protect their Coinsmart accounts by enabling two-factor authentication.

    Coinbase Security

    Coinbase Security

    98% of users’ crypto assets on Coinbase, as well as, customer data and sensitive data are stored in cold storage offline. Asides from being stored in cold storage, the data are also secured with AES-256 encryption and copied into FIOS 140 hardware. 

    All Coinbase users’ keys are also AES-256 encrypted. 

    Users can also protect their accounts with two-factor authentication. They can also activate address whitelisting. 

    Coinbase users who do not trade often can store their crypto deposits in the Coinbase Vault. The vault requires multi-email approval to start withdrawal. These withdrawals are delayed for 48 hours. This will give the account holder enough time to detect and cancel any withdrawal that they did not authorize.

    Winner in Security

    Even though Coinbase has been hacked in the past, it wins in security because it has a lot of industry leading security measures in place to ensure that users' assets are safe.

    CoinSmart vs Coinbase: Earn/Staking Rewards

    Coinbase Earn/Staking Rewards

    This crypto exchange offers staking rewards and Defi yield of up to 5.75% APY via the Coinbase Earn platform, which supports up to 10 cryptocurrencies in both earning methods.

    Winner in Earn/Staking Rewards

    Coinbase wins. CoinSmart does not offer any staking program at the moment.

    CoinSmart vs Coinbase: Usability

    CoinSmart Usability

    CoinSmart’s trading interface offers a simple design that creates a soft landing for new crypto traders who want to buy and sell digital assets. It also offers tools that advanced traders may benefit from like price charting, live positions, and market books.

    Coinbase Usability

    This exchange is best for beginners and it’s very easy to use. Users can execute simple buy and sell orders in seconds. It also caters to experienced traders looking to buy crypto via Coinbase Pro.

    Winner in Usability

    Coinbase wins in usability as it is easier to use when compared to CoinSmart and offers better-advanced trading features for expert users.

    CoinSmart Customer service

    Coinsmart Customer Support

    CoinSmart customers who have complaints can contact the support team by submitting a ticket or using the chat feature on the website. The support team can also be reached via their official email: support@coinsmart.com. 

    It also has a comprehensive FAQ section and a knowledge base where users can find answers to common problems they may encounter while using the platform.

    Coinbase Customer Service

    The Coinbase Customer service team can be contacted via the live chat feature and phone support.

    Coinbase users can also get updates regarding Coinbase products on their official Twitter handles. For security reasons, Coinbase does not offer account-specific support on Twitter.

    Winner in Customer Service

    Coinsmart wins in customer service. Its customer service is faster and more reliable than that of Coinbase.

    Conclusion: Final Verdict

    CoinSmart and Coinbase both offer Canadians compelling crypto platforms. However, Coinbase comes up on top as the platform is more established and offers more features for users who want more out of the crypto space beyond simple buy and sell orders.

    Overall Winner

    Coinbase with a 4/5 rating.

    FAQ

    Most frequent questions and answers

    CoinSmart is regulated in all of Canada but Binance faces regulatory issues in Ontario.

    This depends on if you’re an expert trader or newbie. Some platforms like Coinbase are great for both while others like Binance are better suited for advanced traders.

    Yes, however, you cannot use bank account transfers if you opt to use Coinbase.

    Coinbase is arguably the safest high-volume exchange.

    Bitstamp, CoinSmart, and Binance are some of the cheapest cryptocurrency exchanges.

    CoinSmart has a wider global reach than Bitbuy, however, both exchanges are quite similar in their offerings.