Review of CoinSmart cryptocurrency exchange
CoinSmart is a rapidly growing Canadian crypto platform founded in 2018. It’s suitable for inexperienced crypto traders and supports 16 leading cryptocurrencies.
The platform also supports the US dollar, euro, and Canadian dollar and is accessible in around 50 countries.
How CoinSmart works
After opening and having your CoinSmart account verified, you can fund it via wire transfer, INTERAC e-transfer, crypto, bank draft, or credit or debit card. The platform credits all deposits to the user’s account the same day they are made. It processes cash withdrawals within five business days. Accounts are typically verified on the day you sign up.
To register with CoinSmart, you’ll be asked for your name, address, date of birth, email, and phone number. They email you a verification link, you click on it, and you’re all set – usually.
A few users have been asked to undergo manual verification by uploading a few documents. The platform asks for a government-issued ID and a selfie of the user holding it, so both the front and back are visible. They’re also asked to upload a copy of a recent utility bill.
Key features
CoinSmart has very low trading fees: only 0.2%. If you’re a high-volume trader, the savings on fees will add up quickly. Many crypto platforms in Canada charge 1% or more in trading fees.
This platform also has minimal spreads. To put it in other terms, the difference between the buy and sell price is small. This makes it possible to trade more frequently than you otherwise would and save more money.
CoinSmart does not charge a fee on deposits. The fee for withdrawing fiat is 1%. Crypto withdrawals incur network fees only.
Depositing fiat via debit or credit card can be costly, with fees reaching 6% on occasion. It’s best to stick to bank transfers or INTERAC, especially if you’re just getting started.
Feature-rich app
CoinSmart has a functional, feature-rich mobile app. The feature we loved most was the widget SmartTrade, which is available on mobile and desktop and enables rapid trades. You buy and sell crypto with a couple of clicks.
The mobile app is available on iOS and Android. It features two-factor authentication, biometric login, and many other security features to keep your assets safe. In fact, it wouldn’t be an overstatement to say their security is on par with that of banks.
The platform has a 95% cold storage policy, according to which it stores all crypto assets offline in different locations to thwart hacking attempts.
CoinSmart is regulated by OSC (Ontario Securities Commission) and FINTRAC. It also has a Securities Dealer License, which few Canadian exchanges can boast.
It is an official member of TRUST, an anti-money laundering group, alongside leading exchanges like Kraken, Coinbase, and Gemini.
OTC Trading
Institutions and high-volume traders can participate in OTC trading, a premium service with a dedicated account manager and preferential pricing. You get exclusive access to special CoinSmart events, lower slippage, and same-day settlements on all trades.
Using the OTC trading desk, you can place orders in US dollars, Canadian dollars, euros, British pounds, and Japanese yen. You must undergo KYC and AML verification, but the process will be expedited.
Pros
· Competitive trading fees
· Instant account verification
· Supports major fiat currencies
· Customer support available 24/7 via phone, live chat, email
· Assets insured for up to $100 million
Cons
· High fees on credit & debit card deposits
· Not available in the USA
· Limited coin offering
· 1.5% fee on deposits of less than $2,000
Why should you sign up with CoinSmart?
CoinSmart not only offers low fees and features fantastic customer support, but is also user-friendly and highly secure. It insures user assets for up to $100 million – BitGo, a renowned custodian, is responsible for the assets.
CoinSmart is publicly traded and complies with strict financial regulations, accounting for its high transparency and security.
What makes this exchange unique?
CoinSmart is very beginner-friendly and a great vantage point for novice crypto traders due to this. The user interface is intuitive and makes depositing a breeze.
CoinSmart is the only platform with the so-called Smart Guarantee, which provides the benefit of instant deposit crediting, same-day account verification, and processing of fiat withdrawals within a few days, not two weeks as the industry standard.
Last but not least, CoinSmart has a nice referral program. If you refer a friend and your friend deposits $100 or more, the platform gives each of you a reward of $15.
The bottom line
CoinSmart is a publicly-traded company subject to strict financial control, making it very safe to invest with. They are required to submit an extensive volume of financials with their annual statement, rendering fraud almost impossible.
CoinSmart is possibly the safest and most secure Canadian crypto exchange. We’ve been trading with them for several months now and wouldn’t hesitate to recommend them to other users.
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