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A Coinsquare Review for 2022

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If you want a little Canadian content in your cryptocurrency, Coinsquare might be a good option for you.

You’ll find this especially true if you’re tired of losing money on U.S. exchange rates and want to buy cryptocurrency in Canadian dollars or fund your account with exclusively Canadian financial instruments, such as Interac e-Transfers.

Are you intrigued? Hopefully, you are! In this Coinsquare review, we’ll dive in and help you decide if this Canadian cryptocurrency exchange is suitable to be the go-to for your cryptocurrency needs.

However, be aware that even though Coinsquare is one of the most popular crypto exchange options in Canada, it’s not without controversy.

Coinsquare Review 2022: Overview, Fees, and More

Below, we’ll take a look at what Coinsquare has to offer those seeking a cryptocurrency exchange. Let’s take a look at Coinsquare’s overview, how it works, and fees.

Coinsquare: Overview 2022

Coinsquare is a Toronto-based cryptocurrency exchange founded in 2014. It has a stated mission of providing a safe and easy way for people across the globe to access cryptocurrency markets.

However, it very much caters to the Canadian market due to its accommodation to the deposits in only U.S. and Canadian dollars. Other cryptocurrency exchanges typically do not prioritize Canadian fiat currency in the same way.

If you do deal in Canadian money though, Coinsquare could be your Shangri-La because even though it started out as a Bitcoin exchange, it now has a myriad of cryptocurrencies available for exchange or purchase in addition to Bitcoin, such as Ethereum, Litecoin, Bitcoin Cash, Ripple, Dogecoin, Bitcoin SV, Ethereum Classic, Stellar Lumens, and DASH.

It’s possible for Canadian cryptocurrency traders to use Coinsquare as a vehicle for acquiring smaller U.S. or international altcoins (alternative and boutique cryptocurrencies) cheaply by trading their Canadian dollars into a mainstream cryptocurrency on Coinsquare and then trading for altcoins with the crypto coins they just acquired on a different exchange platform.

Coinsquare is also one of the biggest and most notable cryptocurrency exchanges in Canada, boasting over 100,000 users and over 90 employees.

In addition to serving beginner cryptocurrency needs, they also have a “Wealth” division for those looking to trade $25,000 or more and an advanced trading interface for experienced cryptocurrency traders who aren’t intimidated by digital currency and don’t require the hand-holding of Coinsquare’s user-friendly dashboard.

In 2018, Coinsquare announced a partnership with one of the best banks in Canada but didn’t specify which one.

Coinsquare: How It Works

Getting started with Coinsquare is relatively straightforward. Most people would pick the Coinsquare Quick Trade mobile app that works on iOS or Android to get started over the Advanced Trade app just because the dashboard is so user-friendly. The fact there’s an app at all is a big plus.

All you must do is set your desired amount, the currency you want it in, hit submit and you’ll get an instant cost quote.

The advanced trade version is much more of a traditional trading interface with market and limit orders available.

Setting up your account is easy too. You just create a username and password, (two-factor authentication is available) verify your e-mail address and then verify your account as a whole, which requires a government I.D., a bill, or bank statement, along with your residential address and your mobile number.

Verification only takes a day or less, which is the best outcome you can hope for on a cryptocurrency exchange.

Once verified, you can fund your account using Interac e-Transfer, wire transfer, and direct deposit before exchanging your cash for the cryptocurrency of your choice.

If you’re just looking to buy cryptocurrency in your desired coin, then the quick trade is the right option. But, if you want to exorcise your digital currency day trader dreams, the advance trade exchange is for you. You’ll also pay lower fees and get greater functionality. You get all the charts and can track all the trades, but there are limits to the types of trades you can do. If you want trading versatility, you may want to look elsewhere.

Coinsquare: Fees

The trading fees you pay depend on the platform you choose. Quick Trade has higher fees. You pay 0.20%* when using Bitcoin (single trades) and 0.40%* for other cryptocurrencies (double trades).

For Advanced Trades, (also called Bit Markets) you pay 0.10%* for a maker order (providing liquidity) and 0.20%* on a taker order (removing liquidity).

Coinsquare charges fees after the settlement of a trade. There are no deposit fees, but withdrawals cost 2%* in addition to the cost to withdraw particular digital currencies.

*Rates current as of August 2021

Coinsquare Pros & Cons

Pros

  • Up to 10 cryptocurrencies are available
  • It only takes a day or less to verify new accounts
  • Deposit processing is within the cryptocurrency industry (an average of 1-3 days)
  • User-friendly dashboards for beginner and pro cryptocurrency traders
  • Referral program (earn $20 per referral)

Cons

  • Only U.S. and Canadian dollars can be accommodated
  • Customer support is not 24/7
  • Has had a data breach, exposing personal information for 5,000 users
  • Regulatory bodies penalized them in 2020 for conducting wash trades (fake trades)
  • Doesn’t belong to IIROC (Investment Industry Regulatory Organization of Canada) but has an application in.
  • Doesn’t belong to the CIPF (Canadian Investor Protection Fund)

Our Final Thoughts

If you are Canadian and interested in cryptocurrency, Coinsquare gives you a user-friendly trading interface, multiple cryptocurrencies to exchange and deposit capabilities in line with Canadian banks. Plus, you can trade directly using Canadian dollars.

However, like most cryptocurrency exchanges, there are considerable security risks. Here though, there are also questionable administrators who’ve incurred regulatory penalties.

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