CoinSmart, which is located in Toronto, Canada, has attracted many users from all over the globe. It was founded by Justin Harzman and Jeremy Koven in 2018.
The founders struggled to get funds and verifications on other exchanges. This was what motivated the creation of the platform. They were disappointed by the available options at the time and began to create a reliable exchange to make crypto accessible to everyone in Canada.
You can fund your account with various fiat currencies and receive quick verification.
What is CoinSmart?
CoinSmart, a Canadian cryptocurrency exchange, was created to make crypto currencies accessible to all traders. This exchange allows you to trade, buy, and sell Bitcoin and other major cryptocurrency.
It supports Bitcoin, Ethereum and Bitcoin Cash as well as Stellar Lumens (EOS), Ripple, Cardano’s ADA and Tether USD. This simple cryptocurrency exchange is ideal for beginners who are just starting out in the crypto community. The exchange also provides advanced trading features that are suitable for professionals and high-volume traders.
CoinSmart is located in Toronto and is licensed and regulated by FINTRAC Canada.
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78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.
CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The exchange is not only available to Estonia and Canada but also to Brazil, Belgium and Bulgaria, Austria and Cyprus, Denmark and Finland.
How to open a CoinSmart Account
It is simple to open an account at CoinSmart. They offer instant verification through Equifax so you can trade and be verified within minutes. These are the steps you need to follow in order to open a CoinSmart account.
- Visit the CoinSmart website
- Enter your email address and click on “Get Started”.
- Enter your name and password on the next page. Click “Sign up”
- Email they send to you can verify email
- Enter your phone number to verify the code they sent you
- Please enter the required information, including your full name, birth date, and address.
- You can fund and trade if they instantly verify your identity!
If they are unable immediately to verify your identity, you will be required to provide the following information:
- Clear copies of the back and front of your government-issued ID
- Take a selfie of you with the same ID. Also, include a piece of paper with the words “CoinSmart” on it.
- A copy of your most recent utility bill, with your name and address.
After you have provided this information, CoinSmart will manually verify that you are real and allow your account to be funded and opened for trading.
Features
CoinSmart Instant Account Verification
You only need to enter your name, date, birth, address, telephone number, and email address in order to sign up for CoinSmart. Although most accounts can be verified in minutes, some users may need to upload documents to verify their identities.
These are the documents that you will need to submit to verify your account manually
- Photo of the front and back of an ID issued by the government
- Take a selfie with your ID in hand
- A copy of a bill from the past
Referral Program
CoinSmart’s referral program is similar to many other crypto exchanges. Users can earn once they have been verified and made more than 100 deposits. Referral code users receive $100 compensation for each user that signs up using the code. Both the users and the referrer get $25 credit to their accounts. This commission usually takes between 5 and 6 business days to appear in your bank account. To begin receiving the benefits of the referral programme, users must first verify themselves and then receive a referral code for one of their existing users.
OTC Trading Platform
Institutions and traders with high volumes can opt to take part in Over-the Counter (OTC) trading. This is an exclusive CS Premium service which offers preferential pricing and a dedicated account manager who will answer any questions. CS Premium members enjoy VIP access to CoinSmart Events and same-day settlements for all trades. There is also a lower slippage.
You can place orders using OTC trading desks in any of the five largest currencies (CAD USD. EUR. GBP. and JPY). KYC and AML verifications will be expedited.
CoinSmart Mobile App
The CoinSmart mobile app is available on Android and IOS. It allows you to buy and sell cryptocurrencies. The main interface shows all coins currently in your possession and gives you access to charts with high, low, and bid prices.
With a clean, simple design that is easy to use, the app stays true to CoinSmart’s ethos. There have been some issues with the app since it was launched. This is evident in the app store rating of 3 stars. CoinSmart appears to be continually improving their offerings and this is likely to change in the near future.
Premium Trading
CoinSmart’s basic version is for beginners who are looking to start investing in crypto. If you wish to use different order types such as market, limit, or stop loss orders, CoinSmart has an advanced trading option. Advanced trading offers real-time charting, which gives you more information to use when placing trades.
For individuals or institutions that place larger trades, CoinSmart Premium is available. This service offers OTC trading, which allows you to get the best rates and avoid disrupting markets. A dedicated CoinSmart Premium account manager is available. OTC trading offers more liquidity.
The premium side is not for beginners as it requires a minimum of $25,000 investment. CoinSmart is an excellent exchange that caters to institutional, beginner and advanced traders.
SmartTrade
SmartTrade makes it easy to purchase and sell cryptocurrency using fiat or cryptocurrency that you already own.
Supported Cryptocurrencies
CoinSmart currently supports 16 cryptocurrencies, including the major ones like Bitcoin and Ethereum. It supports stablecoins as well as popular altcoins such:
- Bitcoin Cash
- Cardano
- Chainlink
- Dogecoin
- EOS
- Polygon
- Shiba Inu
- Solana
- Uniswap
- USDC
These coins aren’t as numerous as those on cryptocurrency exchanges such as Coinbase and Gemini support. You can trade most of the top cryptos based on market capital, and CoinSmart adds regularly new assets.
CoinSmart User Interface
CoinSmart has created an intuitive platform for trading that is accessible to all levels of traders. SmartTrade is a simple interface that allows you to purchase or sell crypto coins. It is easy to use and makes it an ideal entry point for anyone trying the platform for the first-time. Advanced traders will also find the platform useful as it offers price charts, live positions and market books. Traders can choose from a variety of order types, including market orders that allow them to trade at the prevailing exchange rates. They also have stop and limit options.
The CoinSmart premium investors have access to an OTC (Over-The-Counter) trading service. This is for large-volume traders and companies that want to sell or buy orders exceeding USD 25,000. You will have a dedicated account representative and optimized pricing. In addition, you can access discounted fees depending on the order volume.
No matter which option is chosen, every user receives SmartSupport services from the exchange. These include a 24*7 omnichannel customer service team that can be reached via phone, email, and live chat.
How to withdraw from CoinSmart
These steps will allow you to withdraw fiat cash from CoinSmart.
- Log in to the app, and click Wallet
- Click the Fiat menu button at the top
- Click on Withdraw
- Select a withdrawal method. Keep in mind that fees can change depending on which method you choose.
- Please fill in the following information: amount, bank name, account number
- To confirm your account information, upload a document
- Click to confirm withdrawal amount
These steps will allow you to withdraw cryptocurrency from CoinSmart:
- Log in to the app, and click Wallet
- Click Portfolio to select the crypto that you wish to withdraw
- Click on Transfer and then withdraw
- Type a crypto amount and enter a Wallet Address
- Click Continue to confirm the code that was sent to you by email
- To confirm the transfer, click the link in your email
Fees
Deposit Fees
When a user deposits funds to the exchange, they are subject to deposit fees. A trader who wishes to fund CoinSmart accounts with cryptocurrency is exempted from paying any fees, as it is an outward transaction.
Interac bank draft and e-transfer charges 0.5% in CAD funds. The deposit fee for wire or bank transfers is about 1%. The fees for deposits through Flexepin or credit cards are 3% and 10% respectively. Many traders find the 10% fee for credit card deposits excessive. The payment processor charges this fee, and CoinSmart is not responsible.
Withdrawal Fees
CoinSmart charges a small fee to withdraw crypto from its exchange. CoinSmart does not charge this fee, but instead pays miners through a transaction fee. The withdrawal fee is fixed, unlike other Canadian crypto exchanges. For withdrawing Canadian Dollars, the exchange charges a 2% processing charge regardless of whether you choose to use bank wire transfers or EFT. The site has more information about the exchange’s fee structure.
CoinSmart Trading Fees
According to many reviews online, CoinSmart offers transparent trading fees with a flat rate of 0.3% for single trades. Trades can be made between Canadian dollars (CAD), cryptocurrency (BTC), or between Bitcoin and Canadian dollars (CAD).
The exchange charges 0.6% for cross-currency traders. To illustrate, if a user trades Litecoin and Ethereum to fasten the processor to any central crypto pair other that Bitcoin, each trade will be charged 0.6%. The trading fee is reasonable as it is the same (0.3%*2) that is charged for converting Ethereum into Bitcoin, and then from Bitcoin back to Litecoin. This trading fee is relatively low compared to the industry average.
Payment Methods
A lack of funding options is often a problem for Canadians when they use global crypto exchanges. Even worse, they are restricted to using debit or credit cards for trading and must pay high fees.
CoinSmart offers many funding options, including:
- Interac e-Transfer
- Wire transfers
- Crypto deposits
- Credit card and debit card payments
Interac e-Transfer can only be obtained through a Canadian-focused cryptocurrency exchange. CoinSmart supports USD and Euros, in addition to CDN.
CoinSmart Supported Countries
CoinSmart was originally launched in Canada as an exchange. However, CoinSmart has recently been expanded to include other jurisdictions so everyone can benefit from its amazing UI and simple on-boarding process.
Here is a list of all the CoinSmart locations that are available.
- Canada
- United Kingdom
- Germany
- France
- Italy
- Spain
- Portugal
- Sweden
- Norway
- Turkey
- Poland
- Ireland
- Netherlands
- Georgia
- Estonia
Security
CoinSmart is a safe cryptocurrency exchange. They pride themselves on their security. FINTRAC-registered Money Service Business means they comply with all regulatory standards and provide documentation to keep their license. They are also backed by a Canadian bank.
CoinSmart Canada can prevent fraud by using a complete identity verification process. This is able to detect fake addresses and dates-of-birth using a data collection agency database. CoinSmart can verify an individual’s identity using these agencies and keep their personal information safe.
Two-factor authentication (also known as 2FA) is also available to users. The user will need to create a password on their phone before they can log in. The user will need to enter both the code and the account information.
CoinSmart offers its customers a cold digital wallet that can be used to store any cryptocurrency on the exchange. No matter if a user decides to buy a particular cryptocurrency, there is always a cold wallet. The wallet is protected by industry-standard procedures and practices.
Pros and Cons
| Pros | Cons |
| Tax assistance and client support available 24/7 | There is a limited selection of crypto assets |
| Verification and sign-up are quick | Deposits of credit and debit cards can cost as high as 6% |
| Trading fees competitively low | Limited coin offerings |
| Canadian bank backing | |
| Available on iOS and Android |
Alternatives to CoinSmart
Coinberry
Coinberry offers even greater crypto support on Canadian exchanges. Coinberry currently supports nearly 30 cryptocurrencies, as well as more unusual altcoins such Decentraland and The Sandbox. You don’t have to pay withdrawal or deposit fees as with CoinSmart.
Coinberry charges a variable fee structure. The spread fee ranges between 0% and 2.5% depending upon the cryptocurrency you trade and your liquidity. It can cost you more or less than CoinSmart. It is therefore a smart idea to open an account so that you can use it during low fees, but switch to CoinSmart when it makes more sense.
Bitbuy
Bitbuy, another Canadian cryptocurrency exchange, is our favourite CoinSmart alternative. It currently offers 25 different cryptocurrency, which is more than CoinSmart. Bitbuy’s regular edition charges a 0.50% transaction fee. This is more than CoinSmart. BitBuy Pro is a version of Coinbase that allows you to trade with BitBuy. You only have to pay 0.20% for the taker fee.
No matter how much you deposit, Bitbuy charges a 1.50% Interac eTransfer fee. There are also various fees for withdrawing crypto coins.
Coinbase
Coinbase, a leading global cryptocurrency exchange, is another option to CoinSmart that you can trust. You have more options than any Canadian exchange, with support for 150+ cryptocurrency.
Coinbase also offers many other features such as staking rewards, Coinbase Earn, and which provides free crypto for learning short lessons. To earn crypto-back on your everyday purchases, Coinbase Card can be opened by U.S. customers.
If you don’t upgrade to Coinbase Pro, fees can be high for the regular version of Coinbase. Canadians are often limited in their trading hours and have smaller daily and weekly trading limits after opening an account.
Conclusion
CoinSmart does not offer many cryptocurrencies, but they do provide support for the most well-known and trusted coins. The fees are affordable compared to the market, and the service guarantees provide comfort for novice traders.
FAQs
Is CoinSmart insured?
Yes, CoinSmart’s crypto holdings were held by BitGo. BitGo is a respected cryptocurrency custodian, whose wallets have been insured by Lloyd’s of London at $100 million.
Is CoinSmart a reliable exchange?
CoinSmart is a leading source of cryptocurrency trading in Canada. Their fees are very competitive when compared to other global companies. Both professional and novice traders can benefit from the impressive features.
What is CoinSmart Premium?
CoinSmart Premium is the largest Over the Counter (OTC)desk in the country. This service is available to clients who need to place buy-sell orders greater than $25,000.
The CoinSmart Premium has the following main benefits and features:
- A dedicated account representative.
- Reduced fees
- Pricing is based on volume/order size.
