11 Aug CoinSmart Review: The Best Place to Buy, Sell and Accept Cryptocurrencies

CoinSmart Review: The Best Place to Buy, Sell and Accept Cryptocurrencies

Last but not least, the exchange complies with KYC standards along with anti-money laundering policy. To make trading safer, the platform includes chain analysis software that sorts available wallet addresses into different categories (such as Gambling, Darknet) according to the risks. Investors can also buy, sell or trade cryptocurrencies from each individual crypto wallet via the Wallet page. If you have all your documents in order, it shouldn’t take more than five or so minutes. Hard to say what the problem was, but being locked out of your account because of a survey that won’t process is not something you want from your broker.

This means that they need to confirm your identity and address in order to let you start trading. If you are going to be withdrawing CAD, then you will pay 2% processing fee. This is irrespective of which withdrawal option you choose (EFT or Bank Wire).

CoinSmart – Summary of Features

• CoinSmart is not an exchange where people often complain of accounts being frozen.
• However, when withdrawing the amount to our bank via Interac, we incurred a $15 withdrawal fee, reducing the final amount received to $81.11.
• The platform accommodates your needs whether you want to purchase crypto, engage in trades, or transfer digital currencies to another wallet for every supported cryptocurrency.
• Once logged into the app, we encountered several terms and conditions to agree with, followed by an exhaustive questionnaire about financial status, income, employment, and investment objectives.
• We do not accept any liability for any loss or damage whatsoever caused in reliance upon such information or services.
• Founded in 2018, CoinSmart is a Canadian cryptocurrency exchange based in Toronto.

Once you’ve filled that out, you have been fully registered on the platform. Coinsmart is not an anonymous exchange, but don’t let that freak you out if you prefer to trade incognito. The company is regulated by FINTAC, and Equifax verifies user accounts, which helps prevent fraudulent trades. Top registered and regulated crypto trading platform for Canadians.

For more details about what the platform offers regarding protection for your account, the risks you take when you trade, and their privacy terms, check the CoinSmart website. When you trade between CAD and any cryptocurrency, a 0.20% fee is incurred. The same fee applies when you make a crypto asset trade that involves Bitcoin. Finally, if you would like to place larger orders as an individual or entity, you can do so through the “OTC” function. This will require you to sign-up for CS Premium, the exchanges service for premium traders which typically facilitates trades of CAD$25,000 or more. There is a very high degree of risk involved in trading securities.

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Coinsmart says that they will be introducing a mobile app so we will have to wait and see how it looks before passing judgement. There you will be given a referral link which you can then share online or send to your potential referees. You can also navigate to the commission tab if you wanted to monitor the number of referrals that have successfully created accounts. If you would like to take advantage of this program then you will need to get yourself your referral code. You can access this in the referral section of your account. If you have found your Coinsmart trading experience to be a pleasant one then you could refer them to friends, family or anyone really.

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• This risk is  higher with Cryptocurrencies due to markets being decentralized and non-regulated.
• Do you guys know these bad reviews were not even done by Canadians?
• There are no deposit fees on Interact e-transfers if you deposit $2,000 or more, but a 1.5% fee on anything below that.
• On one hand, it adds to the legitimacy of the platform, and allows you to be sure that you will be trading on an established exchange.
• You can submit a support ticket or use CoinSmart’s live chat function directly on their website.
• CoinSmart offers an easy-to-use interface for beginners while delivering more advanced features to expert investors.

Even some of the most popular crypto exchanges such as Binance and Crypto.com have fallen victim to hacks. NDAX is also a good option for Canadians and offers low trading fees, staking and an easy to use platform. CoinSmart and any other crypto exchange can track where you have received and sent crypto. Crypto transfers are recorded on the blockchain and are public. The information available includes time and date, amount sent and both “to” and “from” wallets. To get started, simply head to your dashboard, click on the “Deposit” button, and follow the on-screen instructions.

CoinSmart Review

Whether the crypto wallet is hardware, software, desktop or paper type. The process itself is rather quick, and allows you to choose your preferred verification methods. Namely, you can upload a copy of your ID, a passport, driver’s license, or a permit of residence.

The platform is also suitable for advanced traders as it offers price charts, live positions and market books. Traders can choose from several types of orders to place, including market order options that allow traders to trade at prevailing exchange rates and stop and limit order options. Coinberry, another platform based in Canada, offers a wide variety of cryptocurrencies for trading. It nearly doubles CoinSmart’s altcoin offering, which may be a deciding factor for some users. In case you need more help, there’s also a live chat, email or phone call feature with educated professionals who are more than happy to help you out.

Processing Times

You will hit “deposit” in your CAD balance and it will pop up with the current funding options. They are presented below along with minimum / maximum amounts and average processing times. While the 10% fee for credit cards may seem exorbitant, it is most likely down to the fees charged by the payment processor. coinsmart review While it is a much higher fee than international exchanges such as Bitstamp, it is the same as other Canadian exchanges that offer card funding.

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The exchange requires users to complete a Know Your Customer (KYC) process, which involves submitting government-issued identification to comply with anti-money laundering regulations. Since its inception, CoinSmart has made a mark in the Canadian crypto market and extended its influence to users across various continents. The platform is accessible in over 40 countries and has obtained a registered securities dealer and marketplace status with the Ontario Securities Commission. For clients interested in conducting trades, CoinSmart Premium delivers an elite OTC trading solution per transaction designed for individuals or institutions requiring personalized attention. The services include trade solutions, direct access to dedicated account managers, and enhanced liquidity for executing large orders. However, there have been instances where customers experienced delays in resolving account issues.