CoinSmart is an online cryptocurrency exchange that enables Canadians to buy, sell, and trade various cryptocurrencies. The platform provides a range of features for both beginner and expert traders, including a user-friendly interface, diverse digital assets, and high-level security.
Established in 2018, CoinSmart has rapidly gained popularity among Canadians seeking to venture into cryptocurrency trading. Its unique OTC trading desk and “Learn and Earn” section make it an appealing choice for institutional investors and new users.
In this comprehensive CoinSmart review, we will closely examine its features, including its pros and cons, features, security measures, customer support, and overall user experience, to assist you in determining if it is the right cryptocurrency exchange for your needs.
About Coinsmart
Founded in 2018 by Justin Harzman and Jeremy Koven and headquartered in Toronto, Canada, CoinSmart is a Canadian Cryptocurrency exchange that caters to Canadians looking to trade digital currencies using the Canadian Dollar.
CoinSmart offers an easy-to-use interface for beginners while delivering more advanced features to expert investors. It offers an exclusive service for OTC trades, a learn and earn section, and even a mining calculator.
Since its inception, the platform has expanded its services and features to cater to a global audience, including users from Africa, Asia, Europe, and North America. It supports a wide range of cryptocurrencies allowing you to trade popular digital assets such as Bitcoin, Ethereum, Litecoin, and many others.
You can easily sign up by providing the necessary information, including your full name, email address, date of birth, and phone number. CoinSmart instantly verifies your account with Equifax, and you can start trading within a few minutes.
You may be required to manually upload some documents to verify your accounts if they cannot be automatically verified. You can fund your account using Bank wire, Interac e-transfer, bank draft, or electronic fund transfer and begin trading.
CoinSmart Features
CoinSmart offers many notable features that make crypto trading accessible to all users. They have upgraded their exchange platform with reassuring features and notable policies to give users an amazing trading experience.
1. SmartTrade
CoinSmart’s SmartTrade makes it easy to buy and sell your cryptocurrencies using fiat. With SmartTrade, you can easily trade cryptocurrencies using fiat or cryptocurrency you have already purchased.
2. SmartGuarantee
With SmartGuarantee, CoinSmart guarantees that all deposits will be credited to your account the same day it receives them.
It also guarantees that all account verifications will be processed within the same day and that CoinSmart will process all cash withdrawal requests within five business days.
3. CoinSmart App
CoinSmart is not just available on the desktop version but also on a mobile app. The mobile app has several features that we love, including SmartTrade.
The app has security features like fingerprints and 2FA to help keep your crypto assets safe.
4. Customer Support
CoinSmart offers excellent customer support service available 24/7. You can reach the support team via email, phone, live chat, or support page. You can also reach them through social media like Facebook, Twitter, LinkedIn, etc.
5. Instant Account Verification
Most accounts on Coinsmart are verified within minutes of signing up. A few users may have to upload a few documents for verification. To manually verify your accounts, you will be required to provide the following:
- Front and back photo of a government-issued ID
- A selfie of yourself while holding that ID
- A copy of a recent bill
Pros and Cons of CoinSmart
INTERAC e-transfer deposits cost 1.5% when you are depositing less than $2,000
CoinSmart Supported Countries
When CoinSmart was launched, it was a Canadian-only exchange. It has recently expanded to several countries around the world. This allows more people to use CoinSmart’s fantastic interface and easy set-up process.
CoinSmart is currently available in the following countries:
Austria | Belgium | Brazil | Bulgaria | Cyprus |
Czech Republic | Ukraine | Taiwan | Sweden | South Africa |
United Kingdom | Turkey | Thailand | Spain | Slovenia |
Slovakia | Singapore | Poland | Nigeria | Mexico |
Netherlands | Lithuania | Portugal | Malta | Malaysia |
Latvia | Liechtenstein | Russia | Luxembourg | Romania |
Denmark | Finland | Germany | Ireland | Jamaica |
France | Georgia | Hungary | India | Japan |
Italy | Greece |
NOTE: CoinSmart is currently not available in the US. However, CoinSmart is actively expanding its global presence, which means that its list of supported countries is likely to expand in the future.
Cryptocurrencies on CoinSmart
While some other exchanges support hundreds of crypto assets, CoinSmart focuses on only the most popular and established coins in the crypto markets. Here’s a list of the 16 coins supported by CoinSmart.
CoinSmart Fees
Compared to other cryptocurrency exchanges, CoinSmart offers competitively low trading fees.
CoinSmart’s deposits are almost free, fiat withdrawals are just 1%, and they offer negligible crypto withdrawal fees. Although debit and credit cards deposit costs up to 6%, they are still cheap compared to other exchanges. CoinSmart charges 0.2% for single trades and 0.3% for double trades.
A single trade is between a fiat currency and another cryptocurrency, e.g., when you trade CAD for ETH. It may also occur when you trade between two crypto coins, and one of the coins is BTC.
A double trade is when you trade between two cryptocurrencies that are not Bitcoin, e.g., you trade SOL for DOGE.
Funding options Funding Fees Speed Interact e-Transfer 1.5% fee on $100 – $1,999, 0% fee on $2,000+ Same day as received Credit/debit cards Up to 6% fee Instant Bank draft 0% fee Same day as received Bank wire 0% fee Same day as received
Withdrawal methods Withdrawal Fees Processing Electronic funds transfer 1% fee ($15 min) 1 - 5 days Bank wire 1% fee ($15 min) 1 - 5 days
Crypto Withdrawal Fees
Cryptocurrency Crypto Withdrawal Fees Processing Bitcoin 0.0002 Immediate delivery Bitcoin Cash 0.0001 Immediate delivery Ethereum 0.01 Immediate delivery Tether 25.00 Immediate delivery Cardano 0.30 Immediate delivery EOS 0.0005 Immediate delivery Litecoin 0.00 Immediate delivery
The charges for crypto withdrawals are in the table above. You will be charged 1% for fiat withdrawals.
Is CoinSmart Safe for Trading?
CoinSmart is safe for trading. They maintain a 95% cold storage security policy, which means 95% of the crypto assets on Coinsmart are held offline, and this makes them less likely to be compromised.
In addition, CoinSmart is registered with FINTRAC as a Money Service Business. They are compliant with all the regulatory standards of FINTRAC. A registered Canadian bank also backs them.
Also, CoinSmart runs a comprehensive identity verification process through its data collection agencies that can detect fake addresses and dates of birth. So, CoinSmart verifies all identities and keeps its user’s personal information secure.
CoinSmart also offers two-factor authentication (2FA), which requires you to use a password generated on your phone anytime you attempt a CoinSmart login.
How to Set Up Your CoinSmart Account
Signing up for CoinSmart is simple and easy. First, you need to be above 18 years old to sign up for CoinSmart, and you would need to have an active email address to receive the verification email.
Follow these steps to set up your account.
- Go to the CoinSmart homepage.
- Sign up with your valid email and password.
- CoinSmart will send a verification link to your email address. Check your email account and click on the verification link.
- Enter your mobile number and verify through the code sent to you (This is necessary for text verification)
- Enter the required information (full name, date of birth, address, etc.)
- Go through the identity verification process (You will be required to provide a photo of a government-issued ID, a selfie of yourself holding that ID, and a copy of a recent bill)
- You will be verified when you upload all the documents and can start trading.
How Does CoinSmart Compare to Other Crypto Exchanges in Canada?
Several Canadian cryptocurrency exchange platforms operate and have similar functions as CoinSmart. Let’s take a quick look at their comparisons.
CoinSmart vs BitBuy vs Newton
Features Coinsmart BitBuy Newton Coins supported 16 coins 17 coins 71 coins Security 2FA Cold storage 2FA Cold storage 2FA Cold storage Fees 0.2% Trading fees 0.1% - 0.2% Trading fees Spread of 0.5-0.7% Apps Andriod/iOS Andriod/iOS Andriod/iOS Regulator FINTRAC FINTRAC FINTRAC CDIC Coverage No No No Funding Options Interac e-Transfer, Credit & Debit card, Bank Transfer, Bank draft Interac e-Transfer, Bank Transfer Interac e-Transfer, Wire transfers, Pre-authorized bank transfers through Plaid, transfers from external wallets Promotion $30 bonus when you make a minimum initial deposit of $100 $40 bonus when you make a minimum initial deposit of $250 $25 bonus when you make a minimum initial deposit of $100
CoinSmart vs Bitbuy
Both CoinSmart and Bitbuy are cryptocurrency exchanges based in Canada. They offer a variety of cryptocurrencies for trading and have similar features such as fast verification times, security measures, and mobile apps.
However, CoinSmart offers a wider range of cryptocurrencies for trading, including some lesser-known altcoins. In Contrast, Bitbuy has a smaller selection of coins but focuses on providing a more streamlined and user-friendly trading experience.
CoinSmart also offers a trading academy and a referral program, while Bitbuy has a unique program called Bitbuy Pro which offers discounted trading fees for high-volume traders.
If you’re looking for a wider selection of cryptocurrencies and educational resources, CoinSmart might be a better option. If you prioritise a simple and easy-to-use platform with discounted trading fees for high-volume traders, then Bitbuy may be better.
CoinSmart vs Newton
CoinSmart and Newton are Canadian cryptocurrency exchanges that allow users to buy, sell, and trade cryptocurrencies.
One of the main differences between the two platforms is the number of cryptocurrencies offered. CoinSmart has a wider range of cryptocurrencies for trading, including some lesser-known altcoins. In contrast, Newton has fewer coins, focusing mainly on the most popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin.
Newton charges a flat 0.5% fee for buying and selling cryptocurrencies, while CoinSmart has a tiered fee structure that ranges from 0.20% to 0.40%, depending on your monthly trading volume.
Also, Newton has a simple and user-friendly interface, while CoinSmart has more advanced trading features that may appeal to experienced traders.
Final Thoughts on CoinSmart Review
CoinSmart is a promising cryptocurrency exchange platform that delivers a seamless user experience for trading digital assets.
It is a beginner-friendly platform with advanced tools suitable for expert investors. CoinSmart’s unique features, low trading fees, and high-level security measures make it a fantastic option for users worldwide.
The platform offers a range of coins, has a mobile app, excellent customer support, and supports instant account verification. CoinSmart is registered with FINTRAC and backed by a registered Canadian bank, making it an entirely safe and reliable platform.
CoinSmart is expanding and is now available in various countries worldwide. CoinSmart is an excellent option for those looking to enter the world of cryptocurrency trading.
FAQs on Coinsmart Review
Is Coinsmart Legit?
Yes, CoinSmart is legit. It maintains a 95% cold storage policy and has its users’ crypto holdings insured for $100 million.
It is a publicly-traded exchange with its financials audited at least once per year.
Is CoinSmart Legal In Canada?
Yes, CoinSmart operates fully legally in Canada. It is registered as a Money Service Business with FINTRAC, backed by a registered Canadian bank, Luminus Financial, and follows all regulations set by the OSC.
Is CoinSmart Good and Worth it?
Yes, CoinSmart is an excellent exchange. It offers low fees, runs an easy-to-use and secure trading platform, and has excellent customer support.
Is CoinSmart Insured?
Yes, CoinSmart’s crypto holdings are held by BitGo. BitGo is a well-respected cryptocurrency custodian. Its wallets are insured by Lloyd’s of London for $100 million.
Do I need my crypto wallet for CoinSmart?
No. CoinSmart provides a wallet for you. You can use the wallet for your transactions.
Who founded CoinSmart?
Justin Hartzman and Jeremy Koven founded CoinSmart in 2018.
Does CoinSmart Report To The CRA?
Yes. CoinSmart is a Money Services Business registered with FINTRAC and must report to the Canada Revenue Agency (CRA).
