Reviews

A Review of Coinsmart – Canadian Crypto Exchange

Pinterest LinkedIn Tumblr
Advertiser Disclaimer

This blog post may contain references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services.


One of the leading cryptocurrency exchanges in Canada is Coinsmart. The platform sets the standard in easy-to-use trading platforms for cryptocurrencies including bitcoin, Ethereum, XRP, Bitcoin Cash, Stellar, EOS, Tether, Cardano. Beginner and advanced users can buy and sell these cryptocurrencies on desktop and through their mobile application with 24/7 omnichannel support via email, phone or live chat. Additional features include smart trading, limit orders, stop loss, real-time charting and OTC trading.

We have based this Coinsmart review on five key factors: fees, trust and security, purchasing and withdrawals, user experience, and availability of trading features. 

Fees

Fees are one of the most important considerations new traders will need to make. Across platforms, the fee structure may vary, either favoring a new trader with a small trading volume or offering a flat rate beneficial to a large trader. Therefore, the optimal cost of executing a trade or depositing funds will vary depending on your investment goals. The most important factor to look for will be transparency, which is one feature that Coinsmart excels at.

The Coinsmart platform outlines the methods users can fund their accounts, including Interac e-Transfer, Bank Wire, Bank Draft or Credit and Debit Cards. Fees will vary depending on the method and amount transferred. The Coinbase website outlines trading fees at 0.20% for a single trade or 0.30% for a double trade, which is considered a competitive rate for Canadian cryptocurrency exchanges.


Become an Insider

Make passive money the right way. No spam.





Trust and security

Secondary consideration traders must make is a platform’s guarantee for customer security. One of the major indicators for proper security is if a platform has appropriate licensing and registrations necessary in its operational area. Coinsmart meets this requirement both in Canada and the other areas they have expanded to serve.

Furthermore, online storage is traditionally at greater risk of hacking due to its online nature, which is why brokers and other analysts will give the same advice to investors with large holdings. Therefore, platforms with large cryptocurrency holdings will leverage cold storage to ensure their assets are secure. Coinsmart works with some of the world’s top custody providers in the world to ensure user’s assets are secure. 

Coinbase also incorporated other standard security protocols such as two-factor authentication (2FA),  Know Your Customer (KYC), and anti-money laundering (AML) protocols. Although KYC can be time-intensive, the platform has the capabilities to verify new users in minutes.

Purchasing and withdrawals

Especially for new users, the purchase methods will need to align with options that are available to you as an investor. Exchanges will often offer bank transfers, credit cards or e-Transfer, depending on their size and functionality. Having a large range of options, including those that support quick transaction times, is important for users who want to take advantage of a spike or dip in the market.

The Coinsmart platform allows users to make deposits with Interac e-Transfer, bank wire, bank draft, credit, and debit cards. The website offers a SmartGuarantee for all funding options to ensure users receive their funds quickly. Users can expect funds to be deposited the same day they execute the transaction or instantly.

Withdrawals will typically take a little bit longer with fiat currencies, the estimated time taking between 1 and 5 days to process. However, options also exist to withdraw cryptocurrency instantly. Both metrics are standard for platforms of Coinsmart’s size. Where the platform may have an advantage is the lower withdrawal minimum of $15.

User experience

The website is both simple to navigate and easy to use, resembling many beginner platforms. A mobile app is also available for transactions made on the go. User experience is a metric that is harder to measure since users will base it on their perception. To gauge this, a look at reviews on third-party websites prove the platform has a 97% customer satisfaction rate, with little to no negative responses on the platform layout. 

Exchange features

Unfortunately, with an easy-to-use platform, many trading features are often lost. Users will find that Coinsmart provides the opposite experience with many Advanced Trade features. Among them are limit orders, stop loss and real-time charting from creating custom trading strategies, all on one platform. Coinsmart also offers a premium feature for over-the-counter (OTC) trading services. OTC trading is a popular choice for investors and institutions looking to fulfill large orders since they can take advantage of preferential pricing for trades over $25,000. Although this feature may not be common to most investors, it is an increasingly popular feature that adds to the breadth of capability of Coinsmart, also speaking to its ability to execute secure transactions.

Is Coinsmart right for you?

Coinsmart is one of the most popular cryptocurrency exchanges in Canada and has optimized its interface for a beginner user experience, with advanced capabilities, including OTC trading. The platform continues to operate with complete transparency to users, so there are no surprises when considering fees. 

Despite the ease of use, new investors are encouraged to consider the risks of investing in a highly speculative marketplace.


Editorial Disclaimer: The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone

The content of this website is for informational purposes only and does not represent investment advice, or an offer or solicitation to buy or sell any security, investment, or product. Investors are encouraged to do their own due diligence, and, if necessary, consult professional advising before making any investment decisions. Investing involves a high degree of risk, and financial losses may occur.


FangWallet was created to make financial knowledge easy-to-read and accessible to the masses. Personal finance. Understood.

Write A Comment

Pin It