11 Aug CoinSmart Review: Is It Worth the Fees?

CoinSmart Review: Is It Worth the Fees?

Despite her formal background in linguistics, Maja has always been fascinated by the world of finance. She has spent years and years analyzing the market, including trades, investments, pitfalls to avoid as well as the stock exchange. As of recent, she has been studying some non-mainstream stocks in Canada.When I’m not immersed in numbers, I like to spend time with my dog and plan my next trip. As we mentioned in our CoinSmart review, withdrawals are typically processed within 1-5 days of the request. No charges are made for CAD deposit or withdrawal, which is always a nice perk.

Trading fees on the exchange are 0.2% when trading between Canadian dollars and a crypto asset and 0.4% when trading not involving Bitcoin. CoinSmart, like many platforms, runs a referral program with a sharable link you can pass on to your friends. Both you and every referral that deposits $100 (in CAD or EUR) will receive $15. This is by no means the best referral program out there, but it is free money nonetheless. CoinSmart has a support tab in the bottom right corner of the page where you can ask a bot simple questions about fees or how to place orders. If you are Canadian, Bank Wire and Bank Draft deposits are free, but require a $10,000 and $500 minimum deposit, respectively.

COINSMART SUPPORTED COUNTRIES

However, some exchanges may charge a certain fee to provide crypto wallets. When it comes to trading safely on the exchange they also use 2-factor authentication to secure your account and offer cold wallet storage on each cryptocurrency available to trade. Finally, fiat deposits are held at top Canadian banks which the company is also registered with and supported by. Considering all of the features that CoinSmart employs on its exchange platform, yes – the crypto exchange is considered to be very secure!

It enables you to use limit orders, stop losses, and real-time charting, all of which can give you an advantage in the market. There’s also a comprehensive risk management system in place to protect user coins. This system monitors activity and flags any suspicious behaviour.

Whether in Canada or elsewhere globally, CoinSmart presents an entry point into cryptocurrency trading. CoinSmart has solidified its reputation among Canadian crypto exchanges and international exchanges alike, making it a top choice for Canadian-only and Canadian cryptocurrency exchanges. If these timelines are not met, assuming the user has provided all correct information and documents, they are entitled to demand a fee refund from CoinSmart’s customer support team. This service assurance instills users’ confidence in CoinSmart’s promise of fast service. To comply with anti-money laundering guidelines, CoinSmart uses cold storage and hot wallets to protect customer funds against threats.

• At the moment, leveraged trading is currently not allowed on Coinsmart.
• As someone who has tested dozens of platforms, I appreciate how CoinSmart organizes these essential tools, making it intuitive for both beginners and experienced traders to navigate.
• There is very limited history of account transactions made available to customers for accountability.
• Security features are the most important part of our CoinSmart Review.
• CoinSmart does not offer staking or crypto Visa cards, but it does have other features such as SmartPay, which allows you to invoice anyone and get paid in crypto.

Usability and Features

These assets are widely traded and easy to understand, making them great for beginners. To get ADA or Cardano on Coinsmart, follow the process already outlined in this article about how you can create an account with the exchange. Once your verification is complete, click on the ‘Buy/sell/trade’ button on the homepage and select the currency you want to buy ADA against. Sending Bitcoin from Coinsmart follows the same procedure as doing it from other exchanges and wallets. You paste the receiver address in the column provided and check it against the correct network.

Crypto Assets on CoinSmart

With our exclusive CoinSmart referral code, you receive a $50 welcome bonus after depositing $250 or more into your new account. Fiat currencies deposited by clients are held at Canadian banks. As per the ‘security’ section on its website, it is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business. The company recently joined the Travel Rule Universal Solution Technology (TRUST) to boost its anti-money laundering (AML) efforts.

CoinSmart Reviews: CONS

At the top of the page, you’ll have quick access to key features, including options for buying and selling crypto, exploring advanced trading tools, and managing your wallets. As someone who has tested dozens of platforms, I appreciate how CoinSmart organizes these essential tools, making it intuitive for both beginners and experienced traders to navigate. In my experience, CoinSmart’s fees are coinsmart review lower than average compared to other crypto exchanges, especially considering the free Interac deposits for larger amounts and the reasonable trading fees. For Canadian users looking to keep costs low, CoinSmart is a solid choice.

CEX.io- Customer Centric Crypto Trading Platform

• The Wallet’s user-friendly design effectively serves novice and seasoned traders by providing access and management options across various CoinSmart wallets with different currency balances.
• It is important to note that CoinSmart will not make third-party transfers so you should ensure that the bank account is in your name.
• The exchange also makes trading very accessible with fast account opening and multiple funding methods for your account.
• When a friend opens an account through your referral code or link, and they deposit at least $100, you both get $15 CAD.
• It is available in Estonia, selected European countries, certain South American areas, and Asian territories.
• This is largely due to various bugs, however, CoinSmart do appear to be constantly improving their offering and I would expect to see this all ironed out in the near future.
• The Coin Bureau Editorial Team are your dedicated guides through the dynamic world of cryptocurrency.

Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. Yes, CoinSmart has delisted Ripple XRP, and you can no longer trade it on the platform. When a friend opens an account through your referral code or link, and they deposit at least $100, you both get $15 CAD.

How long does it take to withdraw money from CoinSmart?

Crypto Head’s editorial principles prioritise transparency and reader trust. To maintain our free content and further support our work, we receive compensation from some companies advertising on Crypto Head. A monitoring system in CoinSmart’s infrastructure ensures detailed records of all trade operations and funds deposited or withdrawn from your account. This system is an essential tool for continuous asset monitoring. However, overall these factors combine to make the platform very competitive, with an open fee structure and special security measures.

Simply create a CoinSmart account, verify it, copy your referral link, and share it with people you know. When they make a fiat deposit, they will receive $15 CAD, as will you. Within 5 business days, the $15 credit will apply to both accounts. The fact this platform is the only crypto exchange that offers 24/7 customer support speaks volumes. If you have questions or problems, please contact the SmartRep via email or live chat, and they will assist you in resolving the problem as soon as possible. CoinSmart Canada, as a digital trading platform, provides a wide range of features and services.

For example, you can reach out to them through the chat function that they have on the platform. This is similar to a number of other exchanges and it is powered by ZenDesk technology. Something that we quite liked about Coinsmart was how open they were and easy to reach. There are a range of contact options through which you can get a hold of them and most of these are available 24/7.