A Coinsmart Review for 2022
Coinsmart is a Canadian cryptocurrency exchange dedicated to breaking down the barriers of the complex crypto world. They offer simple solutions, learning tools, and 24/7 client support for all traders, from entry-level to expert.
Since its inception in 2018, Coinsmart has been committed to taking the cryptic out of crypto and has quickly become a favorite among Canadian traders. They have also become a market leader in the safety and protection of their users.
In this Coinsmart review, we'll learn more about this unique cryptocurrency exchange.
Table of Contents
Coinsmart Review: Features, Fees, Funding Methods, and More
Coinsmart provides premium features that set them apart from the competition. Let’s take a closer look at Coinsmart's features, fees, funding methods, and more.
- Federally Regulated: Coinsmart is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which requires the company to comply with Canadian financial regulations.
- Instant Verification: Once you register for an account, Equifax verifies your identity almost immediately, and then you can start trading.
- SmartTrade: With one click, trade from one coin to another without the need to trade to Bitcoin or Ethereum first.
- Advanced Trades: For experienced traders featuring limit order, stop loss, and real-time charting, plus the capability to place customized orders.
- SmartGuarantee: Coinsmart guarantees that funds will be in your account within a specific timeframe, and if not, Coinsmart will refund the deposit fee to your account.
- CS Premium: Personalised Over-The-Counter (OTC) services with competitive rates for organizations or those looking to fill large orders.
Coinsmart fees are competitive for the industry, but relatively average compared to other exchanges. The simple trading fee structure charges 0.20%* for a single trade and 0.30%* for a double trade.
A single trade is between Canadian dollars and any cryptocurrency, and a double trade is when you trade between two currencies where one is not Bitcoin.
Coinsmart charges 6%* for credit and debit card deposits and 1.5%* for Interac e-Transfer deposits between $100* and $1,999*, all other deposits are free.
Withdrawal fees vary based on the method or cryptocurrency. There is a 1%* fee for bank wires and electronic funds transfers (EFTs). Cryptocurrency withdrawal fees range between $0.00003* and $15.00*.*Rates current as of September 2021
Coinsmart: Funding Methods
Coinsmart makes it as easy as possible for you to fund your account, no matter which method you choose.
To begin purchasing any crypto on the exchange, you'll need to add funds to your account using Canadian Dollars (CAD).
- Bank wire transfers
- Bank drafts
- Credit cards
- Debit cards
Access your funds the same day you make a deposit without the need for pairing and tethering.
Once your account is verified, you’re ready to start buying and selling your digital currencies.
Interac e-Transfers, credit cards, and debit cards require a minimum deposit of $100*. Funding your account using bank drafts requires $500* as a minimum deposit, and deposits made with bank wire transfers have a $10,000* minimum deposit.*Rates current as of September 2021
What is Coinsmart?
Coinsmart is a Canadian Cryptocurrency exchange founded in 2018 by Justin Harzman and Jeremy Koven, who had the goal of taking the cryptic out of crypto.
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.
How Does Coinsmart work?
Coinsmart works like many other cryptocurrency exchanges, acting as the broker between the buyer and the seller.
Coinsmart makes it incredibly easy to get registered and start trading:
Step One: Create an account, which is typically verified in minutes.
Step Two: Deposit funds to your account – money will be in your account the same day.
Step Three: Start buying and selling crypto.
Coinsmart: Pros & Cons
Like everything in life, Coinsmart has its pros and cons; let’s look into them.
Pros: The Good Stuff
Account Verification: Completed the same day you register.
SmartSecurity: Bank-level security with 2-factor authentication and cold storage.
SmartSupport: 24/7 support via chat, email, or phone.
Cons: The Not So Good Stuff
Small Selection: Only ten cryptocurrencies are offered on the exchange, which is not a problem for beginners, but may not be enough for advanced investors.
Delayed deposit times: Depositing funds from an external bank account into a Wealthsimple account can take up to three business days.
User Restrictions: Currently, only Canadian and European citizens can use Coinsmart.
Fiat Withdrawals: Withdrawing funds in fiat currency can take 1-5 days to be processed.
Our Final Thoughts
Coinsmart is an excellent option for Canadians looking for a simple crypto exchange that’s easy to understand and navigate. The exchange was designed for beginners and built for experts, making it a super-inclusive platform for users with all levels of crypto experience.
While they don’t offer as many cryptocurrencies as their competitors, Coinsmart does provide access to the most popular digital assets on the market. We’re also impressed with the commitment to securing user funds. Cold storage? Check. Safe and secure verifications? You got it. 2-factor authentication? Always. Customers trust Coinsmart for industry-leading security.
Frequently Asked Questions
Crypto investors want to feel at ease knowing that their assets are safe, and Coinsmart doesn’t disappoint.
Coinsmart is registered as a Money Service Business to The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the Canadian government organization responsible for analyzing and assessing monetary transactions to prevent money laundering and financing of terrorist activities.
Additionally, Coinsmart has bank-level security with 2-factor authentication and cold storage with the top custody providers on the planet.
Coinsmart uses cold storage, provided by Bitgo, a leader in institutional digital asset custody, trading, and finance.
Bitgo is insured through Lloyd’s of London for $100 million in case of a breach. It’s imperative to be a savvy consumer and do what you can to keep your crypto assets as safe as possible.
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.
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.
Trading crypto anonymously can have its benefits. However, where Coinsmart is regulated and has insurance through Bitgo, there is less of a risk adhering to KYC (Know Your Customer) regulations due to these added layers of security and protection.