Coinsmart was launched in 2018 and has since developed its platform, expanding available assets and enhancing security measures for Canadian users. User reputation is solid, backed by a strong rating on Trustpilot and consistent positive feedback regarding Coinsmart’s reliability and support quality. For Canadian residents prioritizing regulated, secure, and well-structured exchanges, I consider Coinsmart robust compared to most alternatives.
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CoinSmart is a Canadian online coinsmart review platform for buying, selling and trading cryptocurrency. To encourage more straight-forward crypto transactions, Coinsmart boasts a unique and accessible interface. CoinSmart was exclusively designed for the novice crypto-trader in mind, and has been tailored to perfection for the expert investor.
Coinsmart Trading Platform
They also offer more advanced options for experienced and higher volume traders. Our CoinSmart Review will help you determine if it is right for you. Coinsmart offers custodial wallets for all supported crypto assets, which means I can store my digital currencies securely on the platform rather than managing private keys myself. Assets are protected through cold storage and advanced security protocols, which adds peace of mind for both new and seasoned traders. However, since this is not a non-custodial solution, I do not have direct control over private keys. This structure favors users who prefer simplicity and platform-level protection over self-custody, but power users might still prefer moving funds to their own external wallets for full control.
The company is regulated by the Ontario Securities Commission and other Canadian security regulators. Should they continue to grow at the rate they have in just the first three years, the exchange will quickly become one of the best in the industry. Overall, CoinSmart is a very comprehensive exchange operation. They are extremely secure, and transparent in how they work as well as being accessible to many traders not only in Canada but more than 40 countries around the world. As mentioned, this is a limited selection but one which is powerful in terms of trading volume and popularity. As the exchange continues to grow there will undoubtedly be more names added to this list of available assets.
Coinsmart Unique Features:
Once we receive the information your account will be verified as quickly as possible, usually within an hour or two. It can, occasionally, take up to 12 hours for us to review and verify your documents. CoinSmart currently supports credit card purchases of Bitcoin (“BTC”), Bitcoin Cash (“BCH”), Ethereum (“ETH”), Litecoin (“LTC”), Ripple (“XRP”), and Stellar (“XLM”). Through the “Advanced Trade” page, traders can trade crypto-fiat pairings.
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- It consists of you verifying your phone number, and also your identity, too.
- This means that they will have had to disclose to the regulator numerous aspects of their business which would then have to be signed off.
- This CoinSmart review covers everything that the exchange entails to help you easily determine if it’s perfect for you.
- Before we go into the detailed review of CoinSmart, let’s have a quick overview of the exchange’s key features.
- This is a major factor as far as the reliability of an exchange is concerned!
- By opting for Coinsmart through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
This will require the user to use a password generated on their phone the moment they attempt to log on. They will then have to enter the newly generated code as well as the information of their account. Firstly, they do not have a mobile application or any API functionality. This means that you will have to do all of your trading through the web-based platform. Some traders may like to develop their own bots and algorithms which interact with an Exchange’s API. Other’s may be away from their desk and would like to trade on a mobile app.
Deposit and Withdrawal Fees
- Oleg is a Canadian citizen & crypto expert who has been trading since 2016.
- There is still some terminology that can confuse people, but this is a minor issue.
- You can submit a support ticket or use CoinSmart’s live chat function directly on their website.
- Crypto investors want to feel at ease knowing that their assets are safe, and Coinsmart doesn’t disappoint.
It is registered with Canadian regulatory authorities, including FINTRAC. It uses some of the best security measures to protect your account. You can fund your new account using Interac e-Transfer, electronic fund transfer, bank wire, cryptocurrency, and bank draft. In addition to its standard cryptocurrency trading services, CoinSmart offers Over-The-Counter trading services for large-volume traders and institutional investors. For instance, the OSC has banned popular exchanges like Binance, limiting options for Ontarians. With CoinSmart, you can trade confidently, knowing that it is a 100% safe and regulated platform designed with Canadian users in mind.
The fees are zero if you deposit over $2,000 via Interac e-Transfer. Although bank wire transfers are free, the minimum deposit is $10,000 and can take three to five days to reach CoinSmart. The CoinSmart trading platform receives four out of five stars. It’s simple for beginners to navigate and contains features that advanced traders need.
There are no fiat to crypto pairs, so you cannot buy bitcoin or other crypto directly with your dollars. You’ll need to first purchase Tether USDT on Kucoin and then trade that for the crypto you want. CoinSmart is partnered with BitGo to keep customers’ crypto safe in cold storage. BitGo is insured by Lloyds of London for $100 million, so if something were to happen to CoinSmart, your funds might be insured.
You may then complete the wire transfer from your online banking or banking institution using the information provided. As shown below, you will then be provided with the required information to complete the wire transfer from your online banking or banking institution. CoinSmart supports the deposit and withdrawal of cryptos in addition to Canadian Dollars, EURs, and U.S Dollars. Here, users may buy, sell, trade, deposit, or withdraw crypto. The CoinSmart platform provides investors and traders with charts on the “Advanced Trade” page and “Dashboard”.
A single trade is between Canadian dollars and any cryptocurrency, and a double trade is when you trade between two currencies where one is not Bitcoin. HelloSafe.ca offers site visitors information on insurance and personal finance products in compliance with applicable laws. Our guides, comparison tools and calculators are available free of charge. The content contained on the HelloSafe.ca website is for information purposes and does not replace that of professional advisors. Although continually updated, the information here may differ from what appears on the providers’ sites.
Crypto Assets Available on Bitbuy
Paste your destination wallet address, enter the number of coins you wish to withdraw, and click “Submit”. As is the case with any wire transfer, do ensure that you include the reference number within the wire transfer memo. In order to deposit CAD with Interac E-transfer, click on the “Deposit” icon located at the top right-hand side of your CoinSmart page and select Interac E-transfer. Users can draw and include indicators to support technical analysis for each of the crypto-crypto or crypto-fiat pairings. Enter your phone number and choose how you would like to receive your verification code.