CoinSmart Review: Trading Crypto in Canada

Fees: 8
Accepted currencies: 10
Payment methods: 9
Security: 9

Overall Score: 9.5

Trading fee: 0.2% per single trade

Pros:
  • Instant account verification
  • Crypto-to-crypto trade
  • Excellent mobile app
  • Advanced trading tools
  • 24/7 customer support

Cons:
  • Limited token selection
  • 1.5% fee for deposits under $2,000

Background

CoinSmart is a Canadian crypto exchange allowing you to trade cryptocurrencies at competitive fees. Its user-friendly platform appeals to fledgling and more experienced crypto traders alike.

The company operating the platform is regulated by Canadian financial authorities, making it one of the more reliable partners in the crypto market today.

We did a thorough CoinSmart review to test its services, compare its fees, and see how it stands against some of its main competitors.

How CoinSmart works

Opening an account on CoinSmart’s website is straightforward: All you need to do is provide your name, date of birth, address, phone number, and email address. CoinSmart reviews your application and gets it verified in a matter of minutes.

Users can trade in cryptocurrencies using the platform on their desktops or through the mobile app. You can make deposits in three fiats (CAD, USA, EUR) and use them to buy Bitcoin and other cryptocurrencies.

There are 16 cryptocurrencies available for trading, and CoinSmart even lets you buy or sell altcoins directly without having to trade for Bitcoin first. The company provides cold storage for 95% of the assets on its list, keeping them safe from hackers.

CoinSmart is regulated and overseen by the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC), which means it complies with the highest industry standards.

This all makes CoinSmart a safe and user-friendly platform and one of the best crypto exchanges in Canada overall.

Mobile App

CoinSmart’s mobile app makes it easy to dive into the market and test your skill at trading crypto. The interface is slick and user-friendly, and the app is equipped with all the main CoinSmart features, including SmartTrade.

The CoinSmart app is available for Android and iOS and comes with two-factor authentication and biometric login to prevent security breaches.

Wallet

When buying and selling cryptocurrencies, you want to make the trade as safe as possible. A secure cryptocurrency wallet is essential in this regard. CoinSmart follows the industry standard and holds more than 95% of its cryptocurrency in cold storage. That means your coins are stored offline when not actively used and kept safe from potential cyber-attacks.

Advanced Trading Tools

What makes CoinSmart one of Canada’s more popular crypto exchanges is its well-rounded offer. CoinSmart isn’t designed only for beginners – the platform also boasts advanced tools and features for more experienced traders, such as setting a sell limit order, stop-loss order, or custom orders. Real-time charting tools allow you to monitor the market and your trades.

One of the premium features that CoinSmart provides to big investors is over-the-counter trading. CoinSmart’s brokers will provide you with special rates through its OTC platform, which saw its trading volume grow 89% year-on-year to $113 million in Q1.

CoinSmart Trading Fees

CoinSmart’s fees are straightforward: For example, the trading fee for a single trade is 0.2%, which means that when you purchase $2,000 worth of Bitcoin, the trading fee is $4.

When you trade between coins other than Bitcoin through CoinSmart, for example, Dogecoin and Litecoin (double trade), you will need to pay a 0.3% trading fee.

Note that the platform’s SmartTrade feature allows you to trade crypto-to-crypto with any altcoins of your choosing. However, compare conversion rates to ensure that option is more profitable for you.

Deposits and Withdrawals

CoinSmart allows you to fund your account with three fiat currencies: CAD, USD, and EUR.

For amounts over $2,000, when using Interac e-Transfer, CoinSmart has no fees involved. For transactions in the range of $100 to $1,999, the fee is 1.5%.

There are no fees for bank wire transfers, but this way of funding your account is only available for amounts above $10,000.

CoinSmart also enables credit and debit card transfers, charging a 6% fee, which many will find high.

The money withdrawal fee is 1% or a minimum of $15. Processing takes one to five days. With electronic funds transfer, you can withdraw from $50 to $15,000. Bank wire withdrawal is available for amounts in the range of $10,000 to $5,000,000.

Before you make a cryptocurrency withdrawal from your CoinSmart wallet, you should check the fees charged for specific coins. Here is a selection for cryptocurrencies listed on the CoinSmart exchange:

Bitcoin 0.00025
Ethereum 0.007
Litecoin 0.001
USDC 35.00
Bitcoin Cash 0.0001
EOS 0.0005
Stellar Lumens 0.00003
Cardano 0.30
Dogecoin 5.00
Polkadot 0.20
Shiba Inu 1,000,000
Chainlink 0.8
Uniswap 1.5
Solana 0.01

Customer Service

Being a platform aimed at traders just starting at crypto, we checked in on CoinSmart to review its customer service, and here are our findings.

CoinSmart provides excellent customer service through its SmartRep feature, allowing you to connect with CoinSmart representatives by email or live chat. Once you open the account, CoinSmart support is available 24/7.

Beginners who are just getting to know the ins and outs of the crypto market should use the platform’s GetSmart Hub, which offers a good selection of articles, how-to guides, and blogs.

Final Thoughts

Whether you use CoinSmart’s mobile app or its desktop platform, you will have a safe and enjoyable experience trading crypto with this company.

Its robust security standards and commitment to crypto regulatory practices convinced us that this business is only moving up from here.

CoinSmart is suitable for beginners just learning the ropes, but it also delivers to more experienced traders in need of advanced tools at their disposal.

We suggest you try it and put your market instinct to the test.

FAQ

Should I use CoinSmart?

We looked at CoinSmart’s pros and cons and found it an excellent option for those looking to trade cryptocurrencies. The platform is easy to use and has various features that make it a good choice for veteran and beginner traders.

How do I withdraw money from CoinSmart?

First, you must sign in to the CoinSmart app and click “Wallet.” Choose the currency you wish to withdraw, click “Transfer,” and then “Withdrawal.” Enter the address for your wallet and the amount to withdraw.

Once you tap “Accept,” the app will send a link to your email so you can confirm the transaction. Enter your 2FA code and open the email to confirm the transaction by clicking “Accepted.”

Is CoinSmart Safe and Legit?

As cryptocurrency analysts, we are often asked if a crypto platform is safe and legit. We’ve had a good experience using the CoinSmart platform ourselves, and from what we can tell, others have as well.

The user interface is intuitive and easy to use, which is always a good sign. Overall, after taking a look at CoinSmart to review its service, we can say it is a safe and legit option for anyone looking to get involved in cryptocurrency trading.

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Overall Score: 9.5

Trading fee: 0.2% per single trade

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