Coinsmart Review: Pros, Cons and How it Compares in Canada January 2024 offers site visitors information on insurance and personal finance products in compliance with applicable laws. Our guides, comparison tools and calculators are available free of charge. The content contained on the website is for information purposes and does not replace that of professional advisors. Although continually updated, the information here may differ from what appears on the providers’ sites. CoinSmart has a very efficient and quick verification process. Once you have given all the information asked for the process can be done within a few minutes.

In short, if you’re worried about CoinSmart fees, you can rest assured – they’re very competitive, and are towards the lower-end of the spectrum, cryptocurrency exchange-wise. While this might be something that you’d come to expect with most reliable crypto exchanges out there, to this day, it’s still a notable benefit that warrants at least mentioning. Keeping cryptos in cold storage devices is probably the best way to ensure the security of those same assets. There is no way that a hacker or some other malicious party could access funds stored in a cold wallet, without actually reaching the physical wallet itself. Probably one of the most notable points regarding the security aspect of the exchange in question is the fact that CoinSmart stores a huge portion of its crypto assets in cold wallets.

The only notable shortcomings of the exchange are the limited number of coins that it supports, and also the fact that it’s not available in the US. While the former point is subjective, the latter issue can’t really be evaded, and thus, US-based crypto enthusiasts should look for some other cryptocurrency exchange alternatives. CoinSmart is, admittedly, a less-than-mainstream cryptocurrency exchange platform. More often than not, it gets overshadowed by its competitors – large and established crypto platforms that have been in the industry for a longer period of time.

  1. So while trading fees are low, the large spreads can make trading on CoinSmart expensive.
  2. This trading platform offers a comprehensive amount of data and tools.
  3. Specifically, the exchange platform does not allow its users to partake in any form of transaction or money transferring before they complete their KYC checks.
  4. It is interesting that they are not considering Ethereum Classic (ETC) given the technical similarities to Ethereum.

Foreign currency withdrawals are generally processed within 5 business days. CoinSmart is probably one of the most prominent platforms in Canada, but also one of the most important platforms throughout the world. At a beginner’s level, it is intuitive but it also has more innovative features for experienced users. After 30+ reviews, NDAX is the best crypto exchange in Canada. ” will be happy to find out that the exchange is supported in many different countries around the world.

How to Register on CoinSmart?

For investors and traders interested in more advanced buying and selling options, you can look to the advanced trading tab. With charts powered by TradingView and a relatively sleek layout, it should prove to be a more than satisfactory trading interface. There aren’t too many bells or whistle to the advanced trading tab, but it has everything you need to trade successfully and should be more than enough for the average trader. The CoinSmart desktop interface is extremely well done and clearly outlines all their services.

Funding fees

They have also become a market leader in the safety and protection of their users. Investors who want a simple and secure trading platform can find it in CoinSmart. You should use it on a desktop to experience optimal convenience.

As the number of cryptocurrencies rises, the services diversify, and it will be wise to shop around a bit before settling on a trustworthy company. Secondly, the advanced trading platform still requires some improvement especially as it pertains to the order form functionality. There are only three types of orders that you can place and none of these have options around order life. Firstly, they do not have a mobile application or any API functionality. This means that you will have to do all of your trading through the web-based platform.

CoinSmart vs. Bitbuy

These types of questions are common when signing up to Canadian crypto exchanges and their reasoning is that they can protect you by setting suitable trading limits to your account. Just withdrew money from Coinsmart to prove coinsmart review the lies these previous bloggers have been saying. Do you guys know these bad reviews were not even done by Canadians? They were coming from all over the world most likely from bloggers paid by Coinsmart competitors.

Is CoinSmart good for beginners?

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users. You can deposit Canadian dollars using Interac e-Transfer, wire transfer, or bank draft. You can deposit Euros via SEPA, wire transfer or bank draft and USD via wire transfer. The ability to purchase crypto using debit and credit cards is also available, as long as your bank allows it.

The users are required to submit their full name, date of birth, mailing address and phone number. Their “smart guarantee” together with their completely transparent operation will no doubt smooth over a great deal of Canadian crypto users. They may be able to instill a certain level of trust back into a sometimes opaque market. The quickest and easiest way to do this is through crypto funding. This is probably also the cheapest if you happen to have crypto on hand. Assuming that you are funding in Bitcoin, you will hit the Bitcoin wallet and then select the Deposit button.

CoinSmart: the basics

They also have 24/7 customer support and something called SmartPay, which allows you to invoice people and get paid in crypto. You can instantly convert your crypto to fiat and have it wired to your bank, or you can hold the crypto. CoinSmart is “designed for beginners and built for experts”.

OTC Trading

Its support teams can be reached via email, phone call, or live chat. The fees seem rather moderate when compared to what is found with the competing crypto exchanges, particularly those based in Canada. While the 10% fee for credit cards may seem exorbitant, it is most likely down to the fees charged by the payment processor.

While being based in Canada, apart from the country in question, CoinSmart can also be accessed from many different places in Asia, Europe, and South America. 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. The simplicity aspect also translates into speed, as well. As mentioned in the introductory part of this CoinSmart review, the exchange in question is a centralized platform. In other words, it’s run by a centralized company, and has “faces” behind all of its operations. This, in turn, means that it has to comply with strict KYC laws and regulations – and it does.

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