For those new to cryptocurrency or looking for a more reliable, user-friendly, and compliant platform, Coinsmart is the ideal choice. Coinsmart and Kucoin are two popular cryptocurrency exchanges with different offerings for Canadian users. We’ll explore their features, security, and compliance with Canadian regulations, highlighting key differences such as Coinsmart’s beginner-friendly interface and Kucoin’s extensive altcoin selection.
- On CoinSmart, there are two types of trades, single and double.
- On the platform, you’ll find 15+ cryptocurrencies, a mobile and web app, and beginner and advanced trading for all types of users.
- With the use of cold wallet storage and its partnership with Bitgo and Fireblocks, CoinSmart ensures that your information and assets are highly secured.
- Investors can also buy, sell or trade cryptocurrencies from each individual crypto wallet via the Wallet page.
CoinSmart Consumer Ratings, Reports & Reviews on Other Platforms
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.
Savvy New Canadians is one of Canada’s top personal finance platforms. coinsmart review Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Yes, you can use CoinSmart crypto wallets to hold your crypto assets, including BTC, ETH, SOL, AVAX, and several others. When you trade between CAD and any cryptocurrency, a 0.20% fee is incurred.
Additional features
If you have found your Coinsmart trading experience to be a pleasant one then you could refer them to friends, family or anyone really. This can be done through their relatively attractive referral program. While most traders are unlikely to take advantage of this feature, it is a helpful tool nonetheless. If you are a miner it sometimes helps to cross check your numbers with other resources to make sure you have the correct assessment. These resources will cover a number of different topics and are well positioned for different levels of cryptocurrency user. They break down these pieces into the “smart”, “Savvy” and “Genius” level based on how in-depth you want to go in a topic.
There are currently no staking or lending products available within Coinsmart. This absence may disappoint anyone looking to earn passive income directly through the platform, as they would need to transfer assets to another provider—sometimes at additional cost and risk. Likewise, while Coinsmart has invested in NFT-related infrastructure externally, users do not have direct access to NFTs or DeFi protocols from within their trading dashboard. It is registered with Canadian regulatory authorities, including FINTRAC. It uses some of the best security measures to protect your account.
In our test of 18 platforms, Coinsmart is expensive and not the cheapest option for Canadians to buy Bitcoin and cryptocurrencies. Coinsmart is a Toronto-based cryptocurrency exchange founded in 2018. Their goal is to simplify the complex world of crypto by offering a simple and secure platform for Canadians. The platform combines multiple layers of asset protection, including extensive cold storage for user funds, 2-Factor Authentication, regular security audits, and withdrawal whitelisting.
Then, select which currency you want to buy with (CAD, EUR, USD), then enter the amount you wish to purchase and click “buy now”. Withdrawing coins depends on the network but takes up to 10 minutes for bitcoin. Our deposit took less than five minutes to arrive in our CoinSmart account, which is fast. This will redirect you to the Interac website where you can select your bank. Then, you will receive an email from “Simply Digital Technologies” with a request to make a transfer.
Crypto Exchanges
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.
fast & simple
To do so, CoinSmart will ask for a valid piece of identification. Whichever form of ID you choose, you will have to provide both a front and back photo of the ID. After you have uploaded your ID, you will complete a facial recognition procedure. For me, the facial recognition process took some time to complete.
- Visit our free comparison tool here or see this year’s Best Canadian Exchanges.
- If a citizen of an approved country is outside that country’s borders, the app cannot be downloaded.
- Merchants also use a 2FA or two-factor authentication system from the Google Authenticator app and link it to their respective accounts.
- The design is simple and a great entry point for those trying out the platform for the first time.
Let’s jump right into the most important piece of technology at Coinsmart – their trading platform. Once you have confirmed the amount that you would like to withdraw then they will ask for your banking details. It is important to point out that they will not make third party transfers so you have to make sure that the bank account is in your name and not anyone else’s. Once you have chosen one of the above, they will ask for the amount that you would like to deposit and then either give you their bank details or take you through to a payment processing page. Once you have an account ready to go, you will probably want to fund it.
It is best to check their website for the latest promotional details. Network fees for blockchain transactions can fluctuate based on congestion, so it’s smart to check current rates or make larger, consolidated withdrawals to minimize costs. Additional services play a key role in providing a comprehensive and user-friendly experience for crypto investors beyond basic trading functions. There are no overnight or custody fees, as only spot trading is available.
Coinsmart states that it holds insurance coverage for digital assets stored on the platform, but details and coverage limits are not fully disclosed to the public. Coinsmart does not currently provide proof-of-reserves or real-time asset audits. Coinsmart was launched in 2018 and has since developed its platform, expanding available assets and enhancing security measures for Canadian users. User reputation is solid, backed by a strong rating on Trustpilot and consistent positive feedback regarding Coinsmart’s reliability and support quality.