Cryptocurrencies are transforming the way we conduct transactions, and in response to the popularity of these digital currencies, several crypto exchanges have entered the market. One such exchange is CoinSmart.
CoinSmart is a Toronto-based crypto exchange that serves people all over the world. When Justin Hartzman and Jeremy Koven found it impossible to set up their accounts on other exchanges, they decided to create their own.
The pair sought to create a trustworthy exchange that was user-friendly and available to Canadians.
This was how CoinSmart, a cryptocurrency exchange with quick verification, high-grade security, and a variety of funding alternatives, was formed.
If you are wondering whether this platform is worth a try, this CoinSmart review will help you make the right choice.
What Is CoinSmart?
CoinSmart is an online crypto trading platform that lets you buy, sell, trade, and invest in crypto assets.
It has been designed for beginners and advanced traders alike, so you can enjoy the benefits of cryptocurrency trading regardless of your level of skill.
The advanced trading platform was created to address problems such as difficulty setting up an account, lengthy account verification processes, and inconvenient funding options.
Use CoinSmart for Bitcoin, Bitcoin Cash, Ethereum, and More!
Currently, this platform supports the following coins:
- Bitcoin
- Bitcoin Cash
- Ethereum
- Stellar Lumens
- Litecoin
- EOS
- Uniswap
- Cardano
- Avalanche
- USDC
- Chainlink
- Polkadot
- Shiba Inu
- Polygon
- Solana
The Pros and Cons of Buying and Selling Crypto Assets Using the Coinsmart Exchange
Here are the pros and cons of setting up a CoinSmart account.
Pros
- Easy signup and verification process
- Backed by a Canadian bank
- Low deposit fees
- Funds reflect in your trading account in just a few hours
- Great customer support
- The platform is very easy to use
- It is suitable for beginners and advanced traders
- Low trading fees
- CoinSmart provides you with an e-wallet
- You can do a single trade or double trade
- Several fiat currencies are supported
- Users have several funding options to choose from
- The platform is registered with FINTRAC
Cons
- Services are not available to users in the United States
- The Crypto asset range is relatively small
- Withdrawals take one to five days
How Does It Work?
Signing up for a trading account with CoinSmart is easy. Follow these simple steps to create your account and enter the world of cryptocurrencies.
- Click here to go to the CoinSmart website and click “Get Started.”
- Complete the online form by adding your email address and creating a password.
- CoinSmart will then verify you via email. Follow the prompts to complete the verification process.
- Once you have been verified, you’re ready to start trading.
If you aren’t verified right away, you will be asked to provide a copy of a recent utility bill, copies of your government-issued ID, and a photograph of yourself.
You will be manually verified before your account becomes active.
Once you have successfully verified your account, you will need to deposit funds before you can buy, sell, or trade cryptocurrencies on the exchange.
What Options Do You Have for Deposits and Withdrawals?
As mentioned before, there are several methods for making deposits into your CoinSmart account and making withdrawals.
Here are your options for funding your CoinSmart trading account and making withdrawals:
- Interac e-Transfer – deposits only, funds reflect the same day
- Bank draft – deposits only, funds reflect the same day
- Bank wire/transfer – deposits and withdrawals. Deposits reflect the same day, and withdrawals take one to five days
- Credit/debit cards – deposits only; money reflects instantly
- Electronic funds transfer – withdrawals only, funds reflect in one to five days
CoinSmart Fees
CoinSmart charges relatively low fees for withdrawals and deposits in fiat currency. You can also expect typical cryptocurrency withdrawal fees.
There are no charges for depositing Canadian dollars with a bank draft or wire, although these methods require a cash investment of $500 or $10,000, respectively.
If you deposit funds using Interac e-Transfer, there are no costs to deposit a minimum of $2,000 or more. However, there is a 1.5 percent fee if you choose to deposit less than that.
The 1.5 percent fee is relatively standard, and you’ll be charged in a similar way on many other Canadian exchanges. In terms of fees, debit or card transfers are the most expensive, with some charges going as high as six percent.
However, electronic funds transfer and bank wire options have a one percent fee with a minimum of $15 for withdrawing Canadian Dollars.
Withdrawals of cryptocurrency are subject to a fixed fee that varies based on the asset.
The charge for withdrawing Bitcoin is 0.0005 BTC, while the fee for withdrawing Cardano is 0.3 ADA. You can expect similar charges in other countries when using CoinSmart.
When trading Canadian Dollars and cryptocurrencies, the platform charges 0.2 percent in fees and 0.4 percent for trades that don’t include Bitcoin.
Notable Features
There are many reasons why this platform is so widely used. Here are some of the features you should know about.
1. Excellent Customer Support
One of the best ways to determine whether a platform takes its users seriously is by looking at the customer support that it offers. The good news is that CoinSmart provides help via several means.
It provides customer service by email, live chat, and phone, 24 hours a day, seven days a week, and the company’s representatives are truly helpful.
The team is very responsive via live chat and email, and you aren’t put on hold for long periods when you call.
2. Better Security Than Most Crypto Exchanges
One of the things new traders often worry about is security when selecting a platform to work with. Fortunately, CoinSmart has bank-level security, which means your funds will be safe on the platform.
Cold Storage Policy
The Canadian exchange has a 95 percent cold storage standard, meaning that at least 95 percent of its users’ cryptocurrency is stored offline. This makes a significant difference in terms of securing consumers’ crypto or Canadian dollars from hackers.
Regulatory Bodies
Additionally, the Ontario Securities Commission (OSC) and FINTRAC regulate the platform, and it adheres strictly to all Canadian legislation, so you have peace of mind when trading on the exchange.
CoinSmart Is a Publicly Traded Platform
CoinSmart is also a publicly-traded company, making it Canada’s sole publicly-traded cryptocurrency exchange. This means that it is under significantly more regulatory monitoring than any other platform.
3. Mobile App
The truth is that no platform can truly be useful if it doesn’t have a functional mobile app. Fortunately, CoinSmart’s mobile app is fantastic, offering users the convenience of trading on the go. It lets you use features like SmartTrade and fingerprint login to ensure your online safety.
4. Easy Verification
When signing up for a CoinSmart trading account, you only need to submit your name, address, date of birth, email address, and phone number.
The majority of profiles are verified within minutes. However, a small percentage of users will need to verify their identities by providing a few documents manually.
5. SmartTrade
This handy feature makes it much easier for you to trade with CoinSmart. In just minutes, you can select the amount of cryptocurrency you wish to purchase or sell on the platform without having to trade to Ethereum or Bitcoin first. This feature makes it easier for beginners to use the exchange.
6. Smart Guarantee
CoinSmart also offers a smart guarantee that ensures that:
- Any deposits made into your CoinSmart trading account reflect on the same day
- Your withdrawals are completed in one to five days
- All accounts are verified on the same day
Similarly, if a deposit is not processed the same day, a user’s account will be credited for the deposit cost under SmartGuarantee.
The withdrawal fee will be charged if a user’s request for a withdrawal is not completed within the specified five business days.
Furthermore, CoinSmart assures the remission of the deposit charge on a user’s initial deposit if their account verification is not done on the day that it is requested.
7. GetSmart Hub
Another great feature that makes this platform ideal for new traders is the GetSmart Hub. This hub has educational tools to help you take control of your personal finance by learning more about investments.
Where Can You Use This Cryptocurrency Trading Platform?
At this point, you may be wondering if you can use this crypto exchange in your country. Here is a list of the countries where CoinSmart is available:
- Canada
- Germany
- Italy
- France
- United Kingdom
- Spain
- Sweden
- Portugal
- Norway
- Turkey
- Netherlands
- Poland
- Estonia
- Ireland
- Georgia
CoinSmart Promotions
CoinSmart doesn’t just offer competitive fees but also runs promotions to encourage users to switch to the platform.
If you sign up for a CoinSmart account and fund your account with C$100, you will get an additional C$20 in BTC to use on the platform when you use the promo code “getcrypto.”
Final Thoughts
CoinSmart is one of Canada’s best crypto exchanges. It accepts 16 different cryptocurrency coins, has exceptional customer service, and charges fairly low trading fees to make your trading experience as pleasant as possible.
As a publicly-traded cryptocurrency marketplace, it is subject to stringent financial rules, ensuring that it is a safe place to invest in cryptocurrencies.
If you’re looking for a reliable place to trade and invest in crypto, we highly recommend giving CoinSmart a try!