- CAD deposits and withdrawals free of charge
- 24/7 live chat support
- Active traders benefit from lower fees with Coinsquare Pro
- Quick signup and user-friendly interface
- CAD and USD only fiat currencies accepted
- Not too many cryptocurrencies
Are you looking for a reliable and user-friendly digital currency exchange, but don’t know which one to choose? One option is Coinsquare, a Canadian cryptocurrency exchange allowing users to buy and sell Bitcoin and other digital currencies.
In this Coinsquare review, we’ll tell you everything you need to know before signing up. We’ll discuss how the platform works, its features, and how it compares to other exchanges. So if you’re thinking about trading BTC or another cryptocurrency, read on!
What Is Coinsquare? An Overview
While some are still unsure whether Bitcoin and other cryptocurrencies are legal, others are actively trading and investing in crypto. Coinsquare is a Canadian crypto trading platform that has been around since 2014, enabling users to buy and sell cryptocurrencies using CAD and USD fiat currencies and multiple payment methods.
The features and services provided to users include a mobile app for iOS and Android devices, a digital wallet for storing cryptocurrencies, and robust security measures, such as SSL encryption and two-factor authentication.
The Coinsquare platform fees depend on which services you use, but are generally reasonable. Overall, Coinsquare is a good option for those looking for a reliable and user-friendly cryptocurrency trading platform.
To keep up with industry trends over its nearly decade-long operation, Coinsquare has updated its offer and services several times.
The popular Canadian exchange offers three main products to users: Coinsquare Trade, Coinsquare Pro, and Coinsquare Wealth.
Formerly known as Coinsquare Quick Trade, Coinsquare Trade is the default trading option for the majority of mobile trading on the platform. It features no-fee deposits via wire transfers, Interac e-transfers, and cryptocurrency deposits, as well as free CAD withdrawals through Interac transfers.
All in all, Coinsquare Trade offers a simple and user-friendly way to buy, sell, and hold Bitcoin and other cryptocurrencies. The app provides users with access to 40 currencies and over 820 trading pairs. It includes a number of security features, including two-factor authentication and SSL encryption.
Coinsquare Pro is the way to go if you want a more in-depth trading experience. This platform provides a more complex trading interface and is suited for experienced and high-volume traders.
You’ll have access to features like a live order book, detailed trade logs, and advanced fill instructions, as well as a tiered fee structure that rewards active trading with lower maker and taker fees.
Coinsquare Canada also offers Coinsquare Wealth, a unique service enabling users to get fully invested in the cryptocurrency market, while receiving individualized assistance from Coinsquare specialists who help maximize trading benefits.
The service includes block trading and the associated competitive prices, allowing users to benefit from reduced market impact when trading larger-sized orders ranging from $25,000 to millions of dollars.
Last but not least, Coinsquare’s banking relationships in Canada and the United States allow for same-day settlements in CAD or USD without the wait time.
The Coinsquare app is available for both iOS and Android devices, featuring a simple, user-friendly interface. One of the best things about Coinsquare is that it supports CAD deposits and withdrawals, as well as USD deposits in some cases, which means that you can easily convert your fiat currency into digital currency.
In addition, Coinsquare has built a robust security system to protect user funds and offers 24/7 in-app customer support in case you have any questions or concerns.
Coinsquare Deposits and Withdrawals
Whether you use Interac or wire transfers, no fee is charged on deposits. For withdrawals, a 1.5% processing fee is charged on direct bank account deposits and wire transfers, but there are no Coinsquare withdrawal fees for Interac transactions:
|CAD deposits||Fee||Processing time||Minimum||Maximum|
|Interac e-transfer request||0%||0-30 minutes||$20||$10,000|
|Wire transfers||0%||0-2 business days||$10,000||Unlimited|
Interac also offers the quickest processing times, although withdrawal limits are lower. Additionally, you are restricted to one Interac withdrawal per 24 hours:
|CAD withdrawals||Fee||Processing time||Minimum||Maximum|
|Interac e-transfer||0%||Within 24 hours||$20||$2,000|
|1.5%||0-3 business days||$20||$100,000|
|Wire transfers||1.5%||0-2 business days||$25,000||Unlimited|
Coinsquare Trading Fees
The fees for using the Coinsquare platform vary depending on which services you use. For example, if you use the standard trading method, or Coinsquare Trade, you will be charged a spread/margin instead of a fee, although the margins are not disclosed.
Coinsquare Pro Trading Fees
If you use the Coinsquare Pro service, you will be charged taker and maker fees ranging from 0.05% to 0.50%. A trader’s current pricing tier is taken into account rather than the tier they would have been in had they completed the trade. Pre-trade fee calculations are based on your last 30 days worth of Pro trading volume.
|Coinsquare Pro||Trading fees|
|Pricing tier*||Taker fees||Maker fees|
|$250,000 – $1 million||0.20%||0.12%|
|$1 million – $5 million||0.17%||0.10%|
|$5 million – $20 million||0.15%||0.08%|
Overall, the fees are reasonable and are not a major deterrent for using the Coinsquare platform.
While Coinsquare cannot compete with some crypto exchanges that offer hundreds of cryptocurrencies, it features a good selection of stablecoins and altcoins.
The selection of fiat currencies is much narrower, and you’ll mostly use CAD. However, Coinsquare Wealth users can also deposit in USD, but only if they deposit a minimum of $10,000.
Tradeable Coinsquare coins include well-known cryptocurrencies such as Bitcoin or Ethereum, as well as less well-known cryptocurrencies such as Fantom. There are 40 cryptocurrencies to choose from and over 820 trading pairs.
Is Coinsquare Safe?
When dealing with cryptocurrency, it is critical to have adequate security measures in place, as is the case with the best crypto trading platforms in Canada and elsewhere. Coinsquare is a FINTRAC-registered money service business in Canada, has passed a Service Organization Control (SOC) 1 audit, and is PIPEDA compliant.
In addition to traditional security measures such as two-factor authentication, SSL encryption, and encrypted wallets, Coinsquare also keeps most of its assets in offline storage. This cold storage system protects against hacking attempts, theft, and natural disasters.
The Ontario Securities Commission charged the company’s CEO, CCO, and founder with wash trading in 2020. All three later resigned and were barred from dealing with the platform for the next few years. Despite this incident, Coinsquare was able to get back on track by implementing new security measures and continuing to provide a safe environment for over 500,000 users.
How Does Coinsquare Compare to Other Crypto Trading Platforms?
How does the company compare to its competitors? In the table below, we’ll go over Coinsquare vs. Bitbuy and Coinsquare vs. Coinbase, a popular crypto trading platform in Canada.
|Fiat currencies||CAD, USD||CAD, USD, EUR||CAD|
|Payment methods||Interac, wire transfer||PayPal, debit card, Interac, EFT||Interac, wire transfer|
|Maximum withdrawal||$100,000||$500,000 per day||$500,000|
|Transfer fees||Standard trades spread-based, 0.05%-0.50% on Coinsquare Pro||0.60%-0%||Up to 0.5% on all transfers|
|Mobile app||iOS and Android||iOS and Android||iOS and Android|
Coinsquare offers 24/7 customer support via live chat and email. The customer service team is responsive and can resolve most issues quickly. In addition, the exchange has a detailed FAQ section covering a wide range of topics.
Is Coinsquare a Good Platform for Cryptocurrency Trading?
Coinsquare is a reliable and safe platform for cryptocurrency trading. Although there is always room for improvement, the company has strong security measures in place, a wide variety of coins and features, and excellent customer support.
If you were looking through endless Coinsquare reviews to get started in the world of cryptocurrency trading, we hope this article assisted you in making your decision.
Is Coinsquare a Canadian company?
Yes, Coinsquare is a Canadian money service business that was founded in 2014. The company is headquartered in Toronto. Coinsquare is one of the leading cryptocurrency exchanges in Canada, allowing users to buy and sell Bitcoin, Ethereum, Litecoin, and other digital currencies.
How long does Coinsquare take to deposit?
Coinsquare typically takes up to two business days to deposit funds into your account through wire transfer. However, Interac e-transfer requests can take up to 30 minutes to be processed.
What crypto is on Coinsquare?
At the time of writing this Coinsquare review, the platform supports 40 cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), XRP, and Ethereum (ETH), with more to come.
Does Coinsquare have an app?
Yes, Coinsquare has a Coinsquare Trade app for iOS and Android devices through which users can buy, sell, and hold cryptocurrencies with ease, as detailed in our Coinsquare Canada review.