It’s all good talking about how CoinSmart is, and what they offer, but what really matters is how they compare to other cryptocurrency exchanges available to you. Clicking on Buy/Sell/Trade icon gives you the option to buy or sell cryptocurrencies against fiat or trade between cryptocurrencies — the simplest methods for trading on this platform. The dashboard tracks your trades and provides a complete history of trades, deposits and withdrawals. Depositing funds requires you to click on deposits in the dashboard and select a preferred payment method. On the SmartTrade section, you select to buy or sell cryptocurrencies. Then, you choose the coin you want to trade with fiat or other cryptocurrencies.
Complete the Verification Process
If you reside in Canada yourself, using a Canadian exchange can really add to the reliability factor of the entire ordeal. Essentially, for every new trader who signs up with your referral code and funds $100, both of you will get $25 credited to your accounts. It will take 5 business days from the date of funding for the commission to show up in your account. This also only counts for fiat deposits and not those that are made with crypto. These fees appear pretty reasonable compared to the other Canadian crypto exchanges. While it is slightly higher than Coinsquare’s advanced trade fees, it is less than the flat rated fees on exchanges such as BitBuy.
Coinsmart Review
Though, within that same tab, you can choose to get in touch via live chat with a representative if needed. If that doesn’t sound like fun, you can also visit their FAQ page. The page itself is very useful and functions as a help center, but it was rather difficult to find as it was buried in the fine print at the very bottom of the page. A very useful tool you can only access from the homepage before you are logged in is the GetSmart tab. Here you can find a wide range of educational resources, including articles on smart contracts, consensus algorithms, individual crypto projects, and even how-to guides on how to run your own node.
Trading Options
The same applies to most trading platforms that cater to global customers. CoinSmart supports twelve crypto assets, two of which are stablecoins (USDC and USDT). As of September 16th, however, CoinSmart no longer fully supports USDT. You can still sell your USDT into fiat or withdraw, but you can no longer trade into or buy USDT.
This provides a convenient entry point for Canadian users to buy crypto without going through international intermediaries or multiple conversion steps. The availability of local deposit options makes onboarding quick and straightforward, and is a significant advantage over platforms that support only crypto-to-crypto transactions. I cannot lend my crypto or fiat to earn interest, nor can I obtain collateralized crypto-backed loans on the platform.
On the downside, there’s no staking or lending, and no support for credit cards or certain advanced crypto services, which might matter to experienced traders. The result was CoinSmart, a crypto exchange that offers quick checkout, a user-friendly interface, bank-grade security, and plenty of funding options in various fiat currencies. They also provide more advanced options for experts and higher volumes.
- Coinsmart is an excellent option for Canadians looking for a simple crypto exchange that’s easy to understand and navigate.
- Without it, anybody can use your info, create an account (using your name) and pull funds.
- They couldn’t use several features that you could easily use on a desktop, and many complained about the app not functioning properly.
- Candice Reeves is a financial writer and editor based in Nova Scotia.
You can make withdrawals through bank wire or electronic funds transfer. While your options might be a bit more limited, in this CoinSmart review, we’ll talk about a Canada-based exchange that might be worth checking out. A prominent cryptocurrency exchange platform for Canadians, CoinSmart provides a secure and simple method to purchase, sell, and trade cryptocurrencies. One of the most well-known cryptocurrency exchanges in Canada, CoinSmart has minimal fees, strong security, and outstanding onboarding choices.
- Although continually updated, the information here may differ from what appears on the providers’ sites.
- It’s simple for beginners to navigate and contains features that advanced traders need.
- As a crypto exchange, CoinSmart offers legit services that compete significantly with some of the best crypto exchanges out there.
- The platform is intuitive, with clear navigation paths for various operations like trading, funding, and withdrawal.
📍 Cold Storage of Cryptocurrencies
It’s always a nice touch when an exchange includes additional resources that can better help you understand the cryptocurrency markets. Coinsmart has included a “Get Smart” section which is their educational portal. 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 coinsmart review transfers so you have to make sure that the bank account is in your name and not anyone else’s.
Coinsmart Unique Features:
There aren’t too many bells or whistle to the advanced trading tab, but it has everything you need to trade successfully and should be more than enough for the average trader. Founded in 2018 by Justin Hartzman and Jeremy Koven, CoinSmart is a Canadian-based cryptocurrency exchange. The exchange is FINTRAC registered as a money services business, and also one of a growing number of exchanges aimed at supporting Canadian traders to trade crypto with Canadian Dollars.
Advanced Trade
Follow the below steps to sign up and get €20 in free Bitcoin. We contacted support whilst writing this CoinSmart review, and they returned to me in seconds. This is great, especially if you compare this to other exchanges where support can be non-existent. If you’re holding your crypto for the long term and want to withdraw this to the likes of a hardware wallet, you can easily withdraw your crypto from the platform.
The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Simply select the cryptocurrency you wish to buy/sell/exchange, open your wallet and click “Buy”, “Sell”, or “Exchange”. CoinSmart is a FINTRAC and OSC-regulated crypto exchange based in Toronto. New Shakepay users get a $5 welcome bonus if they sign up with a Shakepay referral code and trade at least $100 in cryptocurrency.
