CoinSmart’s Advanced Trade platform is comprehensive and well-suited for traders looking to dive deeper into market trends and analytics. CoinSmart’s iOS app has seen significant improvements, with its rating climbing from a 1.7-star score with 131 reviews to 3.3 stars with 283 ratings—and it continues to rise. We tested the app ourselves, and signing in was straightforward, addressing previous complaints about iOS compatibility issues. It uses plenty of cartoon-like icons, large fonts, and bright colours which makes it the cutest Canadian crypto exchange we’ve seen. It’s necessary to submit an ID to help prevent fraud and money laundering.
- The platform supports 16 major cryptocurrencies for spot trading, which covers leading networks like Bitcoin, Ethereum, and Solana, as well as popular altcoins such as Cardano, Polkadot, and Polygon.
- I really hope they keep it up and show that they deserve the trust of their clients.
- Once you read through a few CoinSmart reviews, and decide to register on the exchange to try it out, you’ll need to deposit some money to get started.
- This highlights that while CoinSmart advertises low trading fees, the larger spreads can make trading more expensive overall.
CoinSmart does not go into much detail about its security or compliance, but these few points are nevertheless highlighted on its website. We do wish CoinSmart would state what percentage of assets are held in cold storage, as this is a crucial part of an exchange’s security. We deposited $100 CAD into our CoinSmart account via Interac e-Transfer. Notably, this fee can be waived for deposits over $2000, making larger deposits more cost-effective.
- And if you are an expert crypto investor, CoinSmart has an advanced trade tool.
- You enter the amount you want to deposit and click the Confirm Deposit Amount button.
- For smaller trades, the fees can quickly add up, making it less economical compared to other platforms.
- The minimum deposit with Coinsmart depends on the funding method.
How can I transfer my crypto assets to my bank account?
Credit and debit card funding is the most expensive in terms of fees with some fees reaching as high as 6%. CoinSmart has reasonable fees for fiat deposits and withdrawals, along with fairly standard crypto withdrawal fees. Their fees are somewhat in line with industry standards but are not a selling point of using the exchange. Coinsmart does not currently offer direct staking services on its platform. This means that I cannot use Coinsmart to earn staking rewards on assets like BTC, ETH, or popular proof-of-stake tokens.
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Through its SmartGuarantee, CoinSmart ensures that your account is verified instantly or on the same day of application and that all deposits are credited to your account on the same day. When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.
Sometimes there were a few little glitches, but I was happy to see the team working hard to fix them. There were a couple times when my funds took a bit longer to show up in my account, but they were always quick to sort it out and make sure everything went smoothly. Overall, I had a good experience, but it’s always a good idea to keep your cryptocurrency safe by not leaving it on any exchange platform. Inside the CoinSmart dashboard, you’ll find a clean layout displaying market information and your portfolio balance. 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.
Does Coinsmart provide insurance or proof-of-reserve for customer funds?
Instead, here, we’ll focus on the most important process – KYC verification. Once you register on the exchange, you can do two things – explore the website and get used to the UI, or pass the KYC verification and start trading. On the flip side, though, once again – the lack of coin and token variety can coinsmart review be a huge detriment to many crypto investors around the world. Naturally, this is especially true if you want to trade some of the more-niche coins or tokens. However, with the crypto industry expanding faster than ever before, naturally, there are hundreds (if not thousands) of lucrative projects coming up, all of which are going to be unavailable on CoinSmart. Or, rather, I should say – with the lack of cryptocurrency support.
CoinSmart Customer Service SmartGuarantee
Took 5 days for them to unfreeze in a limited manner after I got a little nasty.I won’t be dealing with these yahoo’s again. Coinsmart prevents fraud by running a strict identity verification process that can detect fake addresses and DOBs using a database by data collection agencies. A single trade is trading between a FIAT currency and a cryptocurrency.
Join the Every Bit Helps mailing list to receive our newsletter & get access to the latest deals & to our Discord community. You will be prompted to verify your email address and to sign in to your account. With CoinSmart, you can create an account and get verified in minutes.
Navigating the platform, depositing funds, and purchasing cryptocurrency are straightforward and hassle-free. Another standout feature is the ability to trade altcoin-to-altcoin without first converting to Bitcoin or Ethereum—something few exchanges offer. CoinSmart also provides 24/7 customer support and a feature called SmartPay, allowing users to invoice in crypto and instantly convert it to fiat or hold it in their account. This makes it a practical solution for individuals and businesses alike. CoinSmart is a Toronto-based cryptocurrency exchange tailored specifically for Canadians but also supports deposits in USD and Euros, making it versatile for international traders. Widely regarded as one of the best crypto platforms for Canadians, we even rated CoinSmart as the #1 crypto exchange for Canadians for several compelling reasons.
FIAT Withdrawal Fees
And if you are an expert crypto investor, CoinSmart has an advanced trade tool. I’ll go into more detail about these services later on in the review. Since CoinSmart leans towards Canadian users, the main fiat currency supported by the exchange is CAD (Canadian Dollar). Because the exchange is fairly new, it is not available in most countries. Outside of Canada and the U.S., Coinsmart is available in approximately 40 countries.
Advanced Trade
And as a new Wealthsimple Crypto user, you’ll get a $50 welcome bonus after you deposit at least $150. Learn more about the promotion in this Wealthsimple Crypto Referral Code Review. On the other hand, Newton doesn’t have a minimum investment requirement but CoinSmart requires a minimum deposit of $100. With the use of cold wallet storage and its partnership with Bitgo and Fireblocks, CoinSmart ensures that your information and assets are highly secured. That said, the CoinSmart referral program is in hierarchical based on the number of people you refer to the exchange as shown below. That said, you can trade the above coins for a maximum of 7 digits (in Canadian dollars).
As someone who’s been burned by a scam website before, I can’t emphasize enough how crucial it is to be careful and do your homework before diving into the world of cryptocurrency. I really wish I had known about a tool like CoinSmart earlier, a reliable resource that busts scammers and their sneaky tricks. They work hard to keep their customers safe from falling for those shady schemes. It’s really great to see a company so dedicated to protecting investors – hats off to their honesty and commitment. I made a deposit recently and didn’t get the reward promised even though I did everything I was supposed to. Then, when I tried to move my Litecoin to another wallet, I got an error saying the transfer amount wasn’t reached.
Having to reach out to customer support to solve things was another frustrating part of this whole experience. After talking with customer service, I discovered what the issue was. CoinSmart sends an email with a link for you to approve the withdrawal. Still, it was not very clear that I had to check my email to approve the withdrawal. CoinSmart did not tell me to click the link sent to my email to complete the withdrawal request.
Every investor is hoping that their cryptocurrency experiences this kind of meteoric price jump. They just need a place to purchase their cryptocurrency – and CoinSmart is a great place to do it. As I mentioned earlier, CoinSmart can offer instant ID verification by using Equifax databases. This helps to prevent fraudsters from opening accounts with fake addresses, birthdates, etc. When you open a CoinSmart account, you are required to set up two-factor authentication (2FA), which acts as an additional layer of security when logging into your account.
With our exclusive CoinSmart referral code, you receive a $50 welcome bonus after depositing $250 or more into your new account. 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. Bitbuy offers our readers a $50 bonus when they sign up and make a first deposit of at least $250. Andre helped me get started and answered my questions, while Shah sorted out a deposit issue for me. The chat can get pretty busy, but if you hang on for a bit and try again later, it’s not too bad.
