CoinSmart is a popular digital currency exchange established in 2018 Toronto, Canada. The exchange allows easy trading using Canadian dollars to exchange cryptocurrencies, including major coins like Bitcoin and Ethereum. CoinSmart was developed to make digital assets accessible to every trader by providing a secure and reliable crypto trading experience on a beginner-friendly platform. The cryptocurrency exchange is suitable for beginners and offers a few advanced trading functions for experienced and high-volume traders.
|Listed Cryptocurrency||BTC, ETH, BCH, LTC, XRP, USDT, XLM, ADA, EOS|
|Supported Fiat Currencies||CAD, USD, EUR|
|Supported Countries||Most of All|
|Minimum Deposit||Depends on Currency|
|Deposit Fees||Depends on Currency & Payment Method|
|Transaction Fees||0.20% for Single trade
0.30% for Double trade
|Withdrawal Fees||Depends on Currency & Payment Method|
|Customer Support||24/7 via Toll-free number, Mail, Chat, & FAQs Support|
This CoinSmart review covers all the critical features, sending fees, deposit method, withdrawal method, pros and cons, and many more aspects of Paxful.
What Is CoinSmart?
CoinSmart is a leading Canadian crypto exchange developed to make crypto coins accessible to every trader. The exchange supports the trading, buying, and selling of Bitcoin and other major cryptocurrencies.
It currently supports Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Stellar Lumens, EOS, Ripple, Cardano’s ADA, and Tether USD. The straightforward cryptocurrency exchange is suitable for beginners entering the crypto community for the first time. It also offers advanced trading features for professional and high-volume traders.
CoinSmart is headquartered in Toronto, and it is regulated and licensed under FINTRAC Canada and FIU in Estonia.
In addition to Estonia and Canada, the exchange is available to other regions like Brazil, Belgium, Bulgaria, Austria, Cyprus, Denmark, Finland, France, Georgia, Germany, India, Greece, Italy, Ireland, Jamaica, Malaysia, Japan, and many more.
How Does CoinSmart Work?
CoinSmart exchange platform functions just like any other cryptocurrency trading platform. The first step requires users to create an account on the registration page. Here, the user will need to provide their name, email ID and password, and other details to register. Once the registration is complete, the platform sends a confirmation link to the registered email ID. Click on the link to verify the email address.
The link will verify the email ID and take users to a new page to provide personal details, including mobile number, address, and date of birth. The platform instantly verifies further information using the Equifax databases. If a failure to verify the identity, users can send their documents to prove and verify their identity.
CoinSmart accepts the following documents for verification:–
- Photocopy of any government ID.
- Selfie of the user holding the ID along with CoinSmart written on a paper.
- Photocopy of any recent utility bill with the user’s name and address.
Once the user’s identity is verified on CoinSmart, access will be provided to the platform, but users will not trade unless funds are in the wallet.
Features of CoinSmart
The famous Canadian trading platform, CoinSmart, offers impressive features for all kinds of traders. Here are a few notable features that this exchange users can enjoy:–
- Simple and quick registration process. Both registration and verification processes take a few minutes and clicks.
- Easy to use exchange for both beginners and advanced traders.
- The platform can be used in several parts of the world, across Asia, Europe, South America, North America, and Africa.
- Several payment methods are available on the exchange for both depositing and withdrawing fiat and cryptocurrencies.
- Offers many advanced trading features like stop-loss, real-time charting, and limit orders.
- Above-par bank-level security service with 24*7 customer support available via phone, live chat or email, and cold storage.
- Impressive referral program.
- Smart Guarantee reduces long waiting times for account verification, deposits, and withdrawals.
Services & Products
CoinSmart offers the following impressive services/products on its trading platform:-
- A market for buying, selling, trading, depositing, and withdrawing cryptocurrencies and fiat currencies.
- It allows easy conversion of fiat to cryptocurrencies.
- GetSmart Hub on the platform provides cryptocurrency knowledge and learning tools for new traders.
- Over-the-Counter and customizable services are also offered primarily for the premium traders.
CoinSmart Review: Pros and Cons
|Quick verification.||Lengthy withdrawal process.|
|Backed by two banks.|
|Registered Money Service Business or MSB.|
|Competitive fee structure.|
Sign Up Process of CoinSmart
To reap the benefits out of the CoinSmart exchange, users first need to register themselves on the platform by signing up and creating a CoinSmart account.
Follow the below steps:-
- Go to the official website of CoinSmart and provide your name, email ID and password on the first page. Users can also enter the promo code if they have been referred by someone else. (Check Referral section for more details.)
- After the user has successfully signed up, the exchange will ask for confirmation by sending the registered email ID link. On confirmation, the page will take the user back to the CoinSmart account to complete the rest of the verification.
- Since the platform is an MSB (Money Service Business), it is regulated under FINTRAC. This makes it compulsory for users to complete the mandatory KYC standards and confirm their identity and address to start trading on the platform.
- The identity verification process requires users to provide their mobile numbers. A text with the verification code will then be sent to the registered phone number.
- It uses a 3rd-party service known as Equifax that pulls the user’s identity from its database and confirms their given details to fasten the process.
There is no denying that fees are a great deal to every crypto trader. Fee structures on any crypto exchange should be transparent. So, let’s dive deeper into CoinSmart’s fees schedule.
As per many online reviews, CoinSmart has a transparent trading fees schedule with a 0.3% flat rate for single trades. The trades are executed between cryptocurrency and Canadian dollars (CAD) or between cryptocurrency and Bitcoin (BTC).
For other kinds of cross cryptocurrency traders, the exchange charges 0.6% trading fees. For instance, if a user trades Litecoin or Ethereum to fasten the processor to any other central crypto pair other than Bitcoin, every trade will be charged 0.6%. This trading fee is logical since it is the same (0.3%*2) set for converting Ethereum to Bitcoin and then from Bitcoin to Litecoin. The trading fee is reasonable compared to the global industry average.
The deposit fees are charged when a user deposits funds in the exchange. No payment is charged if a trader wants to fund a CoinSmart account with cryptocurrencies since it is an inward transaction.
However, in CAD funds, i.e., deposits made with Canadian dollars, 0.5% is charged for Interac e-transfer and bank draft. But for bank or wire transfers, the deposit fee is only about 1%. In deposits made through Flexepin and credit cards, the fees are 3% and 10%, respectively. Many traders find 10% fee payment for deposits made through credit cards excessive; it is not under CoinSmart’s control as the payment processor charges the fee.
Coming to the withdrawal fees, CoinSmart charges a relatively small price for withdrawing crypto from the exchange. The exchange does not take this fee into its pockets but pays the miners via a transaction fee. It fixes the withdrawal fee, unlike other crypto exchanges in Canada. The exchange charges a 2% processing fee for withdrawing Canadian Dollars, regardless of the selected withdrawal options (bank wire transfers or EFT). If you want to know in more detail about its fee structure visit its site.
Accepted Payment Method
One of the best features of CoinSmart is that it offers multiple payment methods for trading and investing in cryptocurrencies. Payment options on the exchange include the following: –
- Interac E-transfer
- Bank draft
- Wire transfer
- Credit card
- Debit card
- Crypto assets
Supported Currencies and Countries
CoinSmart supports 9 significant crypto assets that are one of the most influential digital currencies by market cap.
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ripple (XRP)
- Tether USD (USDT)
- Stellar Lumens (XLM)
- Cardano (ADA)
Some of the Supported Countries
- South Africa
- The United Kingdom
CoinSmart User Interface
CoinSmart’s mission statement has carefully designed a unique intuitive exchange platform that provides accessibility for all kinds of traders and experience levels. The user interface offers an uncluttered SmartTrade interface to buy or sell crypto coins. The design is simple and acts as an excellent entry point for those trying out the platform for the first time. The platform is also suitable for advanced traders as it features price charting, live positions, and market books. The traders can select from several order types they wish to place, including the market order options that allow traders to trade at prevailing exchange rates and stop order and limit order options.
Last but not least, the CoinSmart premium investors are provided with a customizable OTC or Over-The-Counter trading service that aims at large-volume individual traders and companies who want to buy or sell orders worth more than or equal to USD 25,000. It provides a dedicated account representative, optimized pricing, and access to discounted fees depending on their order volume or size.
Regardless of which option the users choose, the exchange provides their SmartSupport services to every user that include 24*7 omnichannel customer support team that can be reached through a phone call, live chat, or email.
CoinSmart Mobile App
CoinSmart offers a mobile app for its users for trading.
The best thing about CoinSmart is that it has a dedicated page for Wallet that supports both cryptocurrencies and fiat deposits.
With the best crypto wallets, traders can trade, deposit, withdraw, buy or sell cryptocurrencies smoothly and instantly. All they have to do is select their preferred crypto wallet from Open Wallet.
Users can also make fiat deposits and withdrawals by visiting the Wallet page and selecting Fiat.
The Wallet page includes the following features: –
- Individual wallet balance.
- The available balance is in Canadian dollars.
- Total compensation is available in CAD, USD or EUR.
- Total cryptocurrency balance in Bitcoin equivalent.
- Total fiat currency balance in CAD, USD or EUR.
CoinSmart Referral Program
Like many crypto exchanges, the referral program on CoinSmart is attractive as users can earn once they are verified on the exchange and have made deposits of more than c$100. For every user who signs up with the referral code, the user who provided the referral code gets $100 compensation, and both the users get $25 credited to their accounts. It usually takes 5 to 6 business days for this commission to reflect in the bank account. So, to start getting the benefits of the referral program, users need to get themselves verified and then get a referral code from one of the existing users.
CoinSmart Security Measures
Coming to CoinSmart security, first things first, the platform tries to prevent fraud at all costs by implementing a rigid verification of user identity and eliminates those with fake dates of birth and addresses. This is possible because CoinSmart gives its user’s databases to another 3rd-party agency known as Equifax.
Furthermore, the traders also use a 2FA or two-factor authentication system from the Google Authenticator application and link it with their respective accounts. The 2FA system uses a password sent to the registered phone number at the time of log in. This passcode and specific information of the users need to be entered together to gain access to their account.
In addition to this, the platform also offers access to cold storage digital wallets for every cryptocurrency supported by this platform. With this security feature, users do not wish to expose their crypto coins to the risks and uncertainties associated with the internet.
Last but not least, the exchange complies with the KYC standards along with anti-money laundering policies. To make trading more secure, the platform has included Chain analysis analytics software that sorts available wallet addresses into different categories (like Gambling, Darknet) depending on the risks.
CoinSmart Customer Support
One of the best things about the CoinSmart trading platform is that it is effortless to register and easy to reach. Several contact options are available on the exchange through which users can reach the team 24*7.
The chat function is always available. Several contact options are almost similar to other cryptocurrency exchanges, powered by ZenDesk technology. Users can also dial their toll-free number, but this option is available only from 9 am to 6 pm EST on all days.
If none of the options work, users can also check the FAQ section. This section has an extensive range of relevant questions, so users will likely get their problems resolved here.
CoinSmart Review: Conclusion
To sum up this CoinSmart Review, it is justified to call this platform one of the easiest and leading platforms available in Canada and other parts of the world. It is suitable for both novice and professional cryptocurrency investors. That’s why it is one of the best crypto exchange platforms that offers several options to buy, sell, trade, deposit, or withdraw cryptos, using multiple payment methods, including Interac e-transfer, debit card, or credit card. All of these make the platform extremely competitive with transparent fee structure and above-par security features.
Is CoinSmart a Good Exchange?
Yes, the CoinSmart cryptocurrency trading platform is one of the leading sources in Canada, and their fees are pretty competitive compared to the global industry average. The features are impressive and suitable for both beginners and high-volume professional traders.
Is CoinSmart Safe and Legit?
CoinSmart is a legit cryptocurrency trading platform in Canada. It is registered under FINTRAC or Financial Transactions and Reports Analysis Centre of Canada as an MSB or Money Service Business.
Can CoinSmart Be Hacked?
No! CoinSmart has designed the platform in such a way so that its users’ funds can be protected from fraudsters and hackers. Being a non-custodial wallet, the platform keeps the funds in cold storage that can not be accessed through the internet. This is practiced to ensure cryptocurrency security. Moreover, fiat deposited by the traders is held with the Canadian banks. Lastly, the Google 2 Factor Authentication feature makes it more difficult for hackers to hack into your account.
What Coins Does CoinSmart Support?
It supports nine crypto coins, namely, Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple’s XRP, Stellar Lumens, Tether USD, Cardano’s ADA, and EOS.
How Long Does CoinSmart Take to Deposit?
All deposits are credited to the user’s account on the very same day they receive them. However, requests for cash withdrawal take about 5 to 6 business days for processing.