CoinSmart’s unique features, low trading fees, and high-level security measures make it a fantastic option for users worldwide. CoinSmart offers many notable coinsmart review features that make crypto trading accessible to all users. They have upgraded their exchange platform with reassuring features and notable policies to give users an amazing trading experience. CoinSmart offers services to certain countries and makes its app available only within the physical borders of those nations.
Bitbuy Fees
Now with Credit/VISA Debit Card payments, you can use different currencies to purchase a variety of crypto. With our Instant Verification process, your account can be verified within a few minutes. CoinSmart provides 24/7 support via phone, live chat, and email. In order to trade OTC, users will need to go to the “CS Premium” page and sign up to get started. Enter your credit card details, acknowledge that you have read and agree to the T&C and Privacy Policy and then click “Next”.
Company details
All fees considered, Coinsmart had a total Bitcoin purchase fee of 2.51%(12th overall). The total Bitcoin selling fee was 1.69%(9th overall) and the Bitcoin spread was 2.82% (14th overall). In our test of 18 platforms, Coinsmart is expensive and not the cheapest option for Canadians to buy Bitcoin and cryptocurrencies. The platform combines multiple layers of asset protection, including extensive cold storage for user funds, 2-Factor Authentication, regular security audits, and withdrawal whitelisting.
With the manual verification, it can take between 1hour to 1 business day to get your account approved. That said, the CoinSmart referral program is in hierarchical based on the number of people you refer to the exchange as shown below. Consequently, the exchange supports transactions with 10+ currencies including CAD, USD, EURO, GBP and more. Whether Bitcoin is a good investment will depend on its uptake as a store of value and/or its uses as a means of exchange over time.
Crypto Assets on CoinSmart
CoinSmart offers two ways you can fund your account with CAD. With this option, you enter the amount you want to deposit and click the Send Reqeust for Deposit button. CoinSmart will send you a transfer request from Simply Digital Technologies Inc. to your email. All you need to do is accept the request and link it to your bank account. As soon as you have accepted the request, the funds will be delivered to your CoinSmart account in 1-60 minutes. CoinSmart is safe to use as a cryptocurrency exchange and prides itself in its security.
- This has a collection of questions that are most likely to be asked by users so it is quite likely you find your answer there.
- Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency.
- In the case of transferring already held cryptos, click the “Open Wallet” icon of the appropriate crypto wallet listed on the “Wallet” page.
- In the middle you have the market order books and below that you have the most recent trades.
Once your documents are approved, you receive a confirmation email, and your account becomes fully operational for deposits, trading, and withdrawals. No additional wallet setup is required, as custodial wallets are created automatically for your supported assets. The exchange has positioned itself as one of the best crypto exchanges in Canada with multiple funding options and fiat currencies, advanced trading tools and more. CoinSmart’s deposits are almost free, fiat withdrawals are just 1%, and they offer negligible crypto withdrawal fees.
Cons of Bitbuy
When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term – exchange. Coinsmart offers 15+ cryptocurrencies, up to 0.30% trading fees and beginner and advanced trading. The total BTC purchase fee was 2.51% which was 12th place out of 18 platforms. Due to its limited coins, high fees and spreads, we don’t recommend this Coinsmart for Canadians at this time. Through Coinsmart’s fiat on-ramp, I can deposit Canadian dollars (CAD), as well as USD or EUR, directly onto the platform via Interac e-Transfer, bank transfer, or wire. This provides a convenient entry point for Canadian users to buy crypto without going through international intermediaries or multiple conversion steps.
With over a decade experience in financial services, he’s passionate about personal finance, investing and helping people take control of their financial life. The bottom line of my review is that you can’t make the wrong choice with CoinSmart once it meets your needs because it competes considerably with several crypto exchanges in Canada. Based in Montreal, Shakepay is ahead of CoinSmart in a few areas. Besides having a low minimum investment requirement of $5, the exchange doesn’t charge deposit, withdrawal or trading fees. If you’re not okay with the above alternatives, Shakepay could meet your needs because it’s also among the top Canadian crypto exchanges.
For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market.
- When we reached out to resolve an issue, their team got back to us within a few hours and resolved our problem efficiently.
- Then, select which currency you want to buy with (CAD, EUR, USD), then enter the amount you wish to purchase and click “buy now”.
- The likelihood of coming across a scammer or some sort of a malicious actor is lowered, considerably.
The views and opinions expressed on this website are purely the author. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question. We currently cannot provide investment advice and are not registered as security brokers or financial advisors. Support requests can take weeks to be attended to, but othertimes just days to be fixed, it varies widely. Those are the real key pros that make Coinsmart something special — the rest of what they say is largely just marketing that every exchange has — like 2fa security features, cold storage, etc. No, multiple user CoinSmart reviews will tell you that CoinSmart is a centralized exchange platform.
Registering with CoinSmart is a simple process and not as complicated as some other crypto exchanges we have used. After submitting everything we were verified within 20 minutes. CoinSmart asks simple questions about your investment objectives and your profession. These types of questions are common when signing up to Canadian crypto exchanges and their reasoning is that they can protect you by setting suitable trading limits to your account. As someone who has been trading crypto since 2016, tested over 50 exchanges, and shared insights on OCryptoCanada.ca, I wanted to personally evaluate what CoinSmart offers in 2025. With this hands-on experience, I’ve crafted a detailed CoinSmart review to help you decide if it’s the right platform for you.
While it’s not something that’s often mentioned in different user CoinSmart reviews, the exchange in question does make the entire process rather painless. There are exchanges out there that do – it may take hours for you to submit all required information, and even then, you’d need to wait for days until your account gets verified. The registration process is actually very quick, and also streamlined to be super-simple to follow. While we’ll talk a bit more about CoinSmart fees in just a second, it’s worth mentioning that credit and debit card transactions are going to cost the most.
In order to speed up the verification, Coinsmart uses the third party services provided by Equifax. Equifax is a credit reporting company that may have financial information about you that they can use in order to verify your identity. Given that Coinsmart is a MSB that is regulated by FINTRAC, they are required to complete compulsory KYC on their users. This means that they need to confirm your identity and address in order to let you start trading. They have a simple trading fee structure that is set to a flat rate of 0.3% for all single trades. These are trades that are executed between Canadian Dollars and any cryptocurrency or between Bitcoin (BTC) and any cryptocurrency.
Kucoin’s app is a bit more simple than its desktop exchange but it’s still confusing for beginners. Buying USDT is easy since you do not need to verify your account. Simply sign up with an email and you can buy crypto in seconds using your credit or debit card under the Fast trade option. From there though, you will need to navigate to the spot trading page and select the trading pair you want. Both CoinSmart and Bitbuy are cryptocurrency exchanges based in Canada.
