Instead of filling their pages with complex financial charts and terminology, CoinSmart uses simple layouts to convey information. There is still some terminology that can confuse people, but this is a minor issue. You can set up multi-factor authentication for logging in, funding your account, and transacting crypto assets.
Unlike in CoinSmart, there’s no minimum investment requirement, deposit fee, withdrawal fee and trading fee on Wealthsimple Crypto. Wealthsimple Crypto is another Toronto-based crypto exchange that is also regulated by FINTRAC & OSC. Compared to other crypto exchanges out there, CoinSmart is relatively costly especially on the Canada side.
SERVICES AND FEATURES
If you want to start trading crypto, then you’ll need a crypto wallet. While CoinSmart is safe to use, it’s your responsibility to practice basic crypto security to protect yourself against human errors and potential attacks. There is zero fee if you fund your account using SEPA, Bank wire, Bank Draft and Interac eTransfer.
We champion verified reviews
To encourage more straight-forward crypto transactions, Coinsmart boasts a unique and accessible interface. CoinSmart was exclusively designed for the novice crypto-trader in mind, and has been tailored to perfection for the expert investor. CoinSmart is safe to use as a cryptocurrency exchange and prides itself in its security.
- Even though CoinSmart is one of the best Canadian crypto exchanges, it may not be suitable for all traders.
- Partnering with Simplex, CoinSmart users can instantly purchase cryptos.
- For smaller trades, the fees can quickly add up, making it less economical compared to other platforms.
- CoinSmart is safe to use as a cryptocurrency exchange and prides itself in its security.
- But compared with other crypto exchanges, CoinSmart’s crypto list is not as extensive.
The app accommodates various trading activities, from swift market transactions to carefully placed limit orders, offering extensive features readily accessible on your device. Now, users enjoy the ease and adaptability needed to trade crypto on the go. This collection is anticipated to expand over time to give users in the Canadian market access to a more varied selection of cryptocurrencies. Any crypto exchange should allow users to purchase and sell cryptocurrencies.
CoinSmart outshines Newton in terms of funding options, supported fiat currencies and welcome bonus. Both CoinSmart and Newton are based in Toronto and they are among the leading crypto exchanges in Canada. The two exchanges were also founded in 2018 and are regulated by FINTRAC. Overall, CoinSmart is worth checking out considering its competitive welcome bonus, multiple funding options, multiple fiat currencies, and other unique features. Coinsmart placed my bitcoin withdrawal on hold and is not allowing me to send a Bitcoin withdrawal to my own verified Bitcoin exchange wallet. Their compliance emailed me, I answered all their questions, sent them the screenshots of my destination wallet and still they are holding my bitcoins for 3 business days now.
Deposits and withdrawals on Coinsmart
Crypto and stablecoin withdrawals are subject to standard blockchain network fees. Processing times are fast—Interac deposits are typically credited the same day, while bank wires take 1–3 business days. Always ensure you enter the correct wallet address and select the right network to avoid delays or loss of funds.
CoinSmart vs Bitbuy: Trading Fees
It can, occasionally, take up to 12 hours for us to review and verify your documents. CoinSmart provides 24/7 support via phone, live chat, and email. In order to trade OTC, users will need to go to the “CS Premium” page and sign up to get started. Enter your credit card details, acknowledge that you have read and agree to the T&C and Privacy Policy and then click “Next”.
“Advanced Trade” Page
To withdraw via EFTs, there is a minimum of $50, and the maximum is $10,000. The minimum amount to withdraw via bank wire is $10,000, and the maximum amount is $1,000,000. 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 rather strict when it comes to anything KYC-related.
- CoinSmart also offers its users a cold digital wallet for each cryptocurrency offered on the exchange.
- You enter the amount you want to deposit and click the Confirm Deposit Amount button.
- CoinSmart boasts an impressive 97% customer satisfaction rate, and based on our experience, it’s easy to see why.
- I confirmed my identity via video identification and within a few minutes my account was set up.
CoinSmart is a legitimate company because it is regulated by recognized bodies in Canada (FINTRAC coinsmart review and OSC). As a crypto exchange, CoinSmart offers legit services that compete significantly with some of the best crypto exchanges out there. While CoinSmart outshines Wealthsimple Crypto in terms of funding options and supported fiat currencies, Wealthsimple Crypto remains one of the best crypto platforms for beginners in Canada.
The management team includes industry professionals with backgrounds in fintech, compliance, and security. The platform is Canadian-owned and focused on serving local regulations. Coinsmart currently holds a Trustpilot rating of 4.2 out of 5, based on 368 user reviews. Coinsmart stands out for its strong regulatory position in Canada as both a FINTRAC-registered Money Services Business and a Restricted Dealer compliant with domestic securities rules. This framework gives me a high degree of confidence in the platform’s legitimacy and how it safeguards client assets under Canadian standards.
This is great for businesses who would like to receive crypto payments. To get started, simply head to your dashboard, click on the “Deposit” button, and follow the on-screen instructions. Registering with CoinSmart is a simple process and not as complicated as some other crypto exchanges we have used. After submitting everything we were verified within 20 minutes. CoinSmart offers a comprehensive knowledge center on its website, packed with articles, guides, and how-to resources, showing a clear commitment to educating its users. As someone who’s been in the crypto space since 2016, I truly value platforms that emphasize informed decision-making.
At this stage, you will now need to make a deposit to begin trading and investing. Enter your phone number and choose how you would like to receive your verification code. Upon creating an account, you will need to verify your email address. Once you’re done with registration and activation, the next step is verification. Avoid personal information and enable two-factor authentication (2FA) when possible.