Coinsquare Review 2023
- Understanding Coinsquare
- How Does Coinsquare Work?
- Services and Products
- Pros and Cons
- Sign Up Process
- Coinsquare Trading Platform
- Deposit and Withdrawal Options
- Accepted Payment Methods
- Supported Currencies & Countries
- Coinsquare Referral Program
- Mobile App
- Privacy and Security
- Customer Support
Coinsquare is a Canadian-based cryptocurrency exchange, wherein users may trade several cryptocurrencies, including Bitcoin, Ethereum, and Dash. Though the platform was mainly built with keeping the Canadian investors in mind, it also offers its services in French and English. Coinsquare has also made its service available worldwide, benefitting crypto investors globally.
In this Coinsquare review, we will be focusing on the pros and cons of the site besides its features and other relevant information that one needs to know before starting to invest. The cryptocurrency platform ensures that the customers’ crypto assets are safe and thus have a well-rounded privacy and security policy.
|Listed Cryptocurrency||LTC,BTC,ETH,BCH & more|
|Supported Fiat Currencies||Canadian dollars|
|Supported Countries||Canada,Europe & more|
|Deposit Fees||Depends on Currency|
|Transaction Fees||Maker fees are 0.1 percent
Taker fees are 0.2 percent
|Withdrawal Fees||Depends on Payment Method|
|Customer Support||Email,24/7,FAQ and Help centre|
Coinsquare is one of the growing numbers of “Fiat Gateway” services that make buying and trading cryptocurrencies easier for clients new to the same. The site has specifically developed features that would help even a layperson to start trading seamlessly.
Coinsquare provides an easy-to-use platform with many resources and tools for consumers new to cryptocurrency trading, allowing one to get a clear picture of the whole digital market and trade wisely.
How Does Coinsquare Work?
Consquare works in a rather straightforward way. To start trading on the platform, one must register themself by providing basic yet important information. Once they get themselves registered, they can start trading.
Features of Coinsquare
Coinsquare has several features that are especially beneficial to the customers. Some of these features are mentioned below:-
- The site is beneficial for beginners for trading crypto coins with its easy navigation options and guides available on the site.
- Coinsquare takes the security of the customers’ crypto wealth very seriously. Therefore, trading on the site is completely secure and especially helpful for people who take their security rather seriously.
- There are multiple Bitcoin options available on the site to choose from.
- The signup process on the site is quite simple and does not consume much time of users.
Services and Products by Coinsquare
As per our Coinsquare review and research, we can say that there are many great services and products offered by Coinsquare that are quite beneficial for the traders on the site. One of the site’s best features happens to be their QuickTrade feature that allows one to convert one crypto to another instantly.
Another important feature of Coinsquare is that the trading platform takes its users’ security concerns very seriously. Therefore, it offers a highly secure site where one can be sure to trade their crypto assets without the risk of being scammed.
Coinsquare Review: Pros and Cons
|The process of signing up on the site is very simple and straightforward.||The site only accepts Canadian dollars.|
|Customers can make fiat currency deposits on this trading site.||There have been some reported issues with the customer services offered by the cryptocurrency exchange.|
|This cryptocurrency exchange is extremely secure and is quite reputable as well.||There have been registered issues with the mobile application that the site offers.|
|There is one feature named QuickTrade that allows users to convert one crypto to another in an instant.|
|There are many cryptocurrencies offered by the site from which consumers can choose as per their convenience.|
Sign Up Process of Coinsquare
Coinsquare registration is simple, and one can start the process with merely their email address.
Follow the below steps:-
- It is, however, to be kept in mind that to begin crediting and using the account, one must first complete the whole registration procedure, which is a legal obligation and guarantees that the platform is used fairly and appropriately.
- The user will need evidence of identification, residence, and a valid cellphone number to authenticate their account and begin trading like many crypto exchanges rules.
- This procedure can be cumbersome, and one may feel uneasy about disclosing their personal information, but it is required by law to safeguard the users and their assets.
- Once all the necessary information has been submitted, one can expect to get their account verified within 24 hours.
Since Coinsquare happens to be a platform that takes the security of its users quite seriously, it has several layers of verification processes that ensure the safety of trading on the site. The site follows a 2FA authentication procedure that ensures the safety and security of the users.
Coinsquare Trading Platform
To trade cryptocurrencies, there are two options: Bit Markets or Quick Trade. Simple orders placed via a desktop or mobile app are handled by Quick Trade. However, Bit Markets is a more enhanced trading platform. It comes with a bunch of crypto research tools for veteran traders, and it adds a lot of functionality, including the provision of making limit orders.
Coinsquare Trading Interface
Coinsquare Fees & Limits
While making this Coinsquare review, we notice that in terms of trading costs, Coinsquare has implemented the Maker/Taker price structure for spot trading. Maker fees are 0.1 percent, while Taker fees are 0.2 percent. When it comes to QuickTrade costs, they are 0.2 percent in single conversions, which means when one of the cryptocurrencies swapped is BTC. The cost for double conversion deals is 0.4 percent.
Coinsquare Deposit and Withdrawal Options
This platform has many deposit and withdrawal options, wherein the customers can deposit their digital money via wire transfer. Like many cryptocurrency exchanges, here also one can deposit as much as 10k and more via this option. Another option is Interac e-Transfer, where one can request for money deposit. One may try Flexpin, Money Order, Bank Draft, or wire transfer as well for deposit. For withdrawal, there is a ‘wealth wire’ option with a parallel ‘rushed wire’ or a wealth account of Coinsquare. For this account, one might have to pay an extra fee. However, the advantage of going on board with Coinsquare is that they will process the fee faster.
The Coinsquare platform includes withdrawal options that do not require a user to pay any extra buck. If they do not want to lose their purse string, they can avoid any mining fees and procure the coins after the digital exchange.
Coinsquare Accepted Payment Methods
The accepted payment methods supported by this crypto trading platform are numerous, namely Interac e-Transfer, Bank Draft, Flexpin, etc.
Coinsquare Supported Currencies & Countries
Coinsquare supports a variety of currencies, like LTC (Litecoin), DOGE (Dogecoin), BTC (Bitcoin), ETH (Ethereum), DASH (Dash), and BCH (Bitcoin Cash). One can deposit, trade, and withdraw assets in these currencies.
As far as the countries are concerned where Coinsquare is a legal game, Canada is primary. The Coinsquare Canada review is trustworthy and assures world-class service in the realms of cryptocurrency trading. The mobile app is available and operates in Canada. The service is very reliable, and other US countries will soon get the benefit of it.
Coinsquare Referral Program
The site offers users the opportunity to invite a friend or colleague to trade in Coinsquare and earn money. All they need to do is refer to their friend and get commissions on their trading fees.
Coinsquare Mobile App
The Coinsquare mobile app is very convenient if one is a regular trader like many cryptocurrency exchanges have. The app is extremely easy to use and has every option that the website offers. The customers need to download the app and set up a user account.
Setting up an account is an easy method requiring one to create/provide a user name, email address, and a secure password. If they have a referral code, they can mention it here. The app has a basic interface, and anyone with a minimum knowledge of technology can handle the mobile platform of Coinsquare.
However, the app is no stranger to frequent software crashes and slow responses. There are various complaints regarding the designs of the app as well.
Coinsquare Privacy and Security
Coinsquare Canada review offers a true insight into the procedures of this cryptocurrency exchange Canada platform. It assures that their customers can depend on them in digital currency exchange-related issues. Coinsquare is extremely safe and secured in every way. The platform is cent percent proprietary and runs numerous backups every day.
Coinsquare Customer Support
Unlike many crypto exchanges, the platform of Coinsquare has no minimum trade range, and the fees are transparent and low. This fact shows the company to be all about customer experience. It can be said in this Coinsquare Review that this is a platform where a beginner can even trade-in digital currency due to its excellent customer care services.
The best thing about this corporate agency is its 24×7 customer care. Whenever one hits a bump, expert help is just a call away. Other options available for customer service are Support Ticket, email and help center, or the Frequently Asked Questions.
Coinsquare Review: Conclusion
Coinsquare Reviews show that the platform was constructed for beginner traders in the cryptocurrency market. Their website and mobile app are packed with relevant information to be helpful for the novice or inexperienced traders, they have reasonable crypto exchange fees, however, it would not make our top cryptocurrency trading platforms list because it is a Canadian platform. One can rest assured to take this platform as a solid option if they are based in Canada.
However, for other locations, they might not be in luck. One should also make sure to conduct thorough research on their own besides reading this Coinsecure review so that they can be completely certain about trading on the platform.
Is It Safe to Keep Crypto on Coinsquare?
This cryptocurrency exchange platform has a super safe layer of protection to make its customers feel safe and secure to deposit and trade their valuable crypto assets. With 2FA level authentication, SSL encrypted database, 95% funds in cold stores, and everyday backups, Coinsquare is safe for the crypto trade.
Can Us Citizens Use Coinsquare?
Although Coinsquare has a digital platform, the platform is based in Canada. That means any trader from any other country will not be able to get access to it. Be it the US or any international region, if a user is not a Canadian resident, they might have to use some other platform.
Is Coinsquare Quick Trade Safe?
Coinsquare offers this quick trade option that is the fastest and the easiest option for trading crypto. To access this platform and its features, one must select the currency they want to purchase and the amount of actual money they want to spend to make the purchase. This option is highly secured, just like the other forms of trading on this platform. So, to answer the question, yes, quick trade is safe.
Is Coinsquare Trustworthy?
The platform assures their database is protected with several layers of security. It has:-
- Two Factor Authentication (2FA)
- SSL (Secure Sockets Layer) Encryption
- A cold storage facility with a storage capacity of 95% of the funds
- Daily backups – distributed and encrypted.
Apart from these advantages, the crypto exchange verifies every user before trading starts. However, Coinsquare Reviews reveal that the platform can verify only those customers who are permanent residents of Canada and have a permanent Canadian address. In keeping these in mind, it can be said, Coinsquare is highly trustworthy.
Although, the recent information breach in 2020 puts the company on thin ice in terms of customer trust. The company was also found to be involved in severe market manipulation. The Ontario Securities Commission’s discovery in 2020 had a grave consequence of fine and resignation of the CEO and the President of the company.
How Can One Send Money to Their Bank Account?
There are many options that one can take to send money to their bank account. However, before sending any money to a bank account, the money has to be transformed from cryptocurrency to Canadian dollars. On the other hand, one of the cons of this digital currency trading platform is that it only accepts Canadian money or Canadian dollars.