CoinSmart Review : Should You Use It? CoinSmart

While other exchanges adjust these fees based on network conditions, Coinsmart has fixed them. There appears to be a reasonable range of cryptocurrency assets available on Coinsmart which is mostly in line with other Canada based exchanges. His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank. Enoch Omololu is a personal finance expert and a veterinarian. In Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan.

The guarantee is compelling because if they are unable to meet it, they will refund you the transaction fees. You have to make sure that you meet a number of other requirements such as providing the correct information and documents. So, in other words, all BTC and CAD trades will be charged at 0.3%. Of course, most of the security that one can hope for starts with your own account management.

A selfie with the user holding the same ID and a piece of paper with the word “CoinSmart” and today’s date on it. Posting the latest news, reviews and analysis to hit the blockchain. There you will be given a referral link which you can then share online or send to your potential referees. You can also navigate to the commission tab if you wanted to monitor the number of referrals that have successfully created accounts. If you would like to take advantage of this program then you will need to get yourself your referral code.

Experienced traders can use limit orders, stop loss and real time charting. It operates in Canada and Europe and caters to both beginners and experienced traders. The platform is available via the web, and you can also use its iOS app.

coinsmart review

These fees appear pretty reasonable compared to the other Canadian crypto exchanges. While it is slightly higher than Coinsquare’s advanced trade fees, it is less than the flat rated fees on exchanges such as BitBuy. They are trying to break into the market by providing an exchange solution that will address many of the challenges that traders face in Canada. These include things like antiquated account funding solutions and complicated trading platforms.

Eligibility and Application Process

Specifically, trading fees on the platform range from 0,2% up to 0,3%, depending on the number of trades made. While we’ll talk a bit more about CoinSmart fees in just a second, it’s worth mentioning that credit and debit card transactions are going to cost the most. Depending on a few different factors, you can expect to pay up to a 6% fee for transfering funds this way.

coinsmart review

In order to make a fiat withdrawal, go to the “Wallet” page and select “Fiat”. Then click the “Withdraw” icon of the fiat wallet from which you wish to withdraw from. You may either print the wire transfer instructions, including reference number, or scroll down and make note of the information shown below. When making the wire transfer, ensure that you include the reference number in the memo for the wire. Simply accept the money request from any of your personal bank accounts. Additionally, users may view fiat and crypto currency balances via the “Dashboard” and “Wallets” pages.

Fees and Charges

While most traders are unlikely to take advantage of this feature, it is a helpful tool nonetheless. If you are a miner it sometimes helps to cross check your numbers with other resources to make sure you have the correct assessment. Something that we quite liked about Coinsmart was how open they were and easy to reach. There are a range of contact options through which you can get a hold of them and most of these are available 24/7. Once you have an account ready to go, you will probably want to fund it.

On the SmartTrade section, you select to buy or sell cryptocurrencies. Then, you choose the coin you want to trade with fiat or other cryptocurrencies. Their deposit/withdrawal/trading fees are slightly high, but they make it up with their overall service and support. For more advanced users, there is an “advanced trade” view and page to place trades.

Tradable assets

Competitive low trading fees for crypto and free deposits. To protect your coins from hackers, the company keeps most of them in cold wallets where they have no access to the internet. This practice is the industry- standard coinsmart review for ensuring crypto asset security, and CoinSmart uses Bitgo wallets. What is obvious is that Canadians no longer lack access to a cryptocurrency platform that is versatile enough for both beginners and experienced traders.

  • Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question.
  • In order to withdraw your crypto, open the wallet from which you wish to withdraw your crypto and click the “Withdraw” icon.
  • His top investment tools include Wealthsimple and Questrade.
  • There were several additional features included within the exchange that I was surprised to see, one, in particular, is the “learn and earn” section.
  • As the exchange continues to grow there will undoubtedly be more names added to this list of available assets.

The trading functionality on this website is absolutely atrocious. I have been trying to place a trade for days and their system simply wont allow me. I have a deposited a significant amount of money and they won’t bother to resolve it for me. I’ve only been a coinsmart member for a couple of weeks. Twice I’ve had major delays on my deposit and also twice I’ve had fees charged to me that weren’t supposed to be. Despite this there customer response has been satisfactory and when the system works I enjoy the platform.

Brokerage Services, Supported Cryptocurrencies & Payment Methods

From each individual crypto wallet, investors may also buy, sell, or trade cryptos via the Wallet page. In addition to buying and selling crypto, users may also trade crypto-crypto pairings by clicking the “Trade” icon. CoinSmart provides users with multiple options to invest and trade in cryptos.

Coinsmart rated as a #1 in the list of the best crypto exchanges for Canadians

This means they aren’t connected to the internet and, as a result, are much less vulnerable to hacking. You can buy any of the digital currencies using Canadian dollars or euros in the SmartTrade section. Is also available on the Canadian exchange market, which provides additional liquidity and security. Trading accessible to everyone, regardless of experience or location.

You can find a detailed FAQ section on the website, which covers most of the topics you might be interested in. Proof of address , like a utility bill, credit card bill, bank statement, etc. Bear in mind that CoinSmart comes in package with a rather attractive referral program. For every person referred by a user, both the referrer and the person referred will be given USD 25 when making their first deposits. As of June 2019, CoinSmart is available to Canadian Citizens and Permanent Residents of Canada over the age of 18. The process of using its services starts by visiting the exchange’s site and clicking on the sign-up button.

Should they continue to grow at the rate they have in just the first three years, the exchange will quickly become one of the best in the industry. Overall, CoinSmart is a very comprehensive exchange operation. They are extremely secure, and transparent in how they work as well as being accessible to many traders not only in Canada but more than 40 countries around the world. As mentioned, this is a limited selection but one which is powerful in terms of trading volume and popularity. As the exchange continues to grow there will undoubtedly be more names added to this list of available assets. Trading in cryptocurrency is highly speculative and carries a high level of risk.

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