And as a new Wealthsimple Crypto user, you’ll get a $50 welcome bonus after you deposit at least $150. Learn more about the promotion in this Wealthsimple Crypto Referral Code Review. With the use of cold wallet storage and its partnership with Bitgo and Fireblocks, CoinSmart ensures that your information and assets are highly secured.

For CAD withdrawals, there is a fixed 1% fee and no E-Transfer option available. All fees considered, Coinsmart had a total Bitcoin purchase fee of 2.51%(12th overall). The total Bitcoin selling fee was 1.69%(9th overall) and the Bitcoin spread was 2.82% (14th overall).

Which cryptocurrency exchange is best for beginners?

E-transfers for example have a minimum requirement of $100, and the maximum is $3000. There is an applicable fee for e-transfer transactions of 1.5% for $2,000 or less, and for electronic transfers greater than $2000, there is no fee. Minimum required deposits for money wires is $10,000 and the maximum is $5,000,000.

Multiple Ways to Fund Your Account

Even though the owner(s) of this website receives compensation for our posts or advertisements, we always give our honest opinions, findings, beliefs, or experiences on those topics or products. The views and opinions expressed on this website are purely the author. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question.

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. Coinsmart provides a focused but somewhat limited selection of crypto assets. The platform supports 16 major cryptocurrencies for spot trading, which covers leading networks like Bitcoin, Ethereum, and Solana, as well as popular altcoins such as Cardano, Polkadot, and Polygon. You can submit a support ticket or use CoinSmart’s live chat function directly on their website.

Bitbuy Crypto Exchange

Whether you’re a beginner or advanced trader, CoinSmart has a suite of handy tools that allow you to buy and sell Bitcoin, Ethereum and major cryptocurrencies in Canada and Europe. Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account. CoinSmart is partnered with BitGo to keep customers’ crypto safe in cold storage. BitGo is insured by Lloyds of London for $100 million, so if something were to happen to CoinSmart, your funds might be insured. Bitbuy is one of the most popular cryptocurrency exchanges in Canada.

CoinSmart Review For Canadians: Is It A Scam Or A Legit Crypto Exchange?

Yes, as a FINTRAC registered business, CoinSmart requires identity verification for all users. Crypto investors want to feel at ease knowing that their assets are safe, and Coinsmart doesn’t disappoint. 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.

No additional wallet setup is required, as custodial wallets are created automatically for your supported assets. I want you to know that my review of Coinsmart comes from actually spending time on the platform — not just reading about it. I tested every key feature, from fees and deposit methods to the trading tools and customer support. This meant opening an account, making test deposits and withdrawals, and even contacting their support team to see how helpful and responsive they are. I compared its costs and platform quality directly with other well-known regulated crypto brokers in Canada, so I could see where Coinsmart stands out and where it might fall short. The exchange also makes trading very accessible with fast account opening and multiple funding methods for your account.

Crypto Wallets

Specifically, trading fees on the platform range from 0,2% up to 0,3%, depending on the number of trades made. We’ll cover both the benefits, and also the less-positive sides of the exchange, in this CoinSmart review. To start things off, though, let’s take a look at the positives, and specifically – the fact that CoinSmart is a completely legitimate cryptocurrency exchange. Last but not least, the exchange complies with KYC standards along with anti-money laundering policy. To make trading safer, the platform includes chain analysis software that sorts available wallet addresses into different categories (such as Gambling, Darknet) according to the risks.

In order to speed up the verification, Coinsmart uses the third party services provided by Equifax. Equifax is a credit reporting company that may have financial information about you that they can use in order to verify your identity. They also found that the other exchange options were quite complicated and not well suited to those new to cryptocurrency trading. Hence, they embarked on developing a user-friendly exchange that had a “personal touch”. Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos.

Comparative fee

• You must upload a document that confirms your name and account information.
• Also, you should be aware of the high fiat transaction fees levied by both Coinbase and CoinSmart.
• CoinSmart outshines Newton in terms of funding options, supported fiat currencies and welcome bonus.

To send your crypto assets to your bank account, you first have to sell your coins. Select the token you want to transfer and click the sell button. Once you have received the profit, click the Wallet tab and then select Fiat. For CAD you can send money either through a wire transfer or an EFT. After you have selected your option, enter in your information (e.g., bank address, account number etc.). You must upload a document that confirms your name and account information.

These include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC), to name a few. On top of it, Hartzman and Koven believed that a trader also needs to have strong technical support, so they put their efforts into establishing reliable and highly professional customer service, too. All information presented on this site is strictly intended for educational purposes only and does not constitute financial advice, direction, guidance, or a solicitation to buy/sell any securities. We currently cannot provide investment advice and are not registered as security brokers or financial advisors. To be straightforward Coinsmart offers new users a $20+ sign-up bonus (depends on current promotion) when they deposit $100+. If you want to get it click this link and sign up through that page on Coinsmart’s website.

CoinSmart offers 24/7 human support – via live chat, phone call or email. With this feature, you can easily accept cryptocurrency as payment for your small business. Simply choose the cryptocurrency you want to buy and the coin you want to sell, and instantly swap between coins in one-click.

Can CoinSmart Track where you Receive and Send Crypto?

• Finally, fiat deposits are held at top Canadian banks which the company is also registered with and supported by.
• The “Advanced Trading” page allows traders to trade crypto-fiat pairs.
• Once you read through a few CoinSmart reviews, and decide to register on the exchange to try it out, you’ll need to deposit some money to get started.
• To use CoinSmart’s advanced features such as limit orders, you can use their advanced trading platform, which is accessible within your user dashboard.
• In other words, it’s run by a centralized company, and has “faces” behind all of its operations.

What is obvious is that Canadians no longer lack access to a cryptocurrency platform that is versatile enough for both beginners and experienced traders. If you are new to the crypto world, we’d recommend checking these best crypto exchanges in Canada. Besides CoinSmart, there are several other Canadian crypto exchanges to choose.

Keep in mind, coinsmart review $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. If you have funds on the exchange, it’s best to move them to a private crypto wallet. The Kucoin app has a 3.7-star rating from over 2,000 reviews on the Apple App Store and a 2.7-star rating from over 12,000 reviews on Google Play.