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CoinSmart Review – Is it Legit? (June 2023)
Top Canadian Cryptocurrency Exchange With Excellent Reputation
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Account Minimum: $100
Fees: Trading Fees From 0.2%
Best For: Canadian Traders
Warning: Trading in cryptocurrency is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.
Founded in 2018 by Justin Hartzman and Jeremy Koven, CoinSmart is a Canadian-based cryptocurrency exchange. The exchange is FINTRAC registered as a money services business, and also one of a growing number of exchanges aimed at supporting Canadian traders to trade crypto with Canadian Dollars.
With this CoinSmart review, we will take an in-depth look at the key areas of importance within the exchange including trading costs, available assets, and the trading environment itself, to provide you with a clear picture of how CoinSmart operates.
- Very user-friendly trading platform
- Trusted FINTRAC regulation
- 24/7 customer support
- Credit/debit card funding
- Relatively high fees
- Limited asset selection
Though CoinSmart has only been in business since 2018, they have already developed a strong reputation for being a transparent exchange with good backing and credibility. Canada has some of the most stringent regulations in place for user security, so immediately, knowing that CoinSmart is Canadian founded and based in Toronto is a positive.
The exchange is registered with FINTRAC, the national financial intelligence agency of Canada as a money services business and was recently granted restricted dealer registration with the Ontario Securities Commission along with all the other Canadian Securities Administration members.
Furthermore, the company is publicly traded having launched on the Canadian NEO stock exchange in November 2021. This listing, alongside the other regulatory frameworks in place at CoinSmart, ensures that they provide one of the most transparent, and well-regulated environments in Canada and worldwide for cryptocurrency trading.
When it comes to trading safely on the exchange they also use 2-factor authentication to secure your account and offer cold wallet storage on each cryptocurrency available to trade. Finally, fiat deposits are held at top Canadian banks which the company is also registered with and supported by.
The exchange offers trading in a smaller number of assets than some exchanges, though you will still find all of the major names supported, along with several other popular coins. In total, you can currently trade in more than a dozen cryptocurrencies with CoinSmart.
All of the following cryptocurrencies can be paired with either the Canadian Dollar, US Dollar, or Euro. Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Stellar (XLM), EOS (XLM), USD Coin (USDC), Cardano (ADA), Dogecoin (DOGE), Polkadot (DOT), Shiba Inu (SHIB), Chainlink (LINK), and Uniswap (UNI).
As mentioned, this is a limited selection but one which is powerful in terms of trading volume and popularity. As the exchange continues to grow there will undoubtedly be more names added to this list of available assets.
The exchange also makes trading very accessible with fast account opening and multiple funding methods for your account. Interac e-transfer, bank wire, and bank draft are all accepted for making a deposit, as are credit and debit cards. You can make withdrawals through bank wire or electronic funds transfer.
Commissions & Fees
Fees at CoinSmart are extremely competitive in line with the rest of the industry. First of all, there is a trading fee of 0.2% when you trade Canadian Dollars (CAD) with any cryptocurrency. The same fee applies to any trade involving Bitcoin. Outside those trades, all other cryptocurrency trades have a 0.4% fee.
There are a variety of fees to consider when making a deposit or withdrawal through CoinSmart. Bank draft deposits are free with a $500 minimum deposit required. Bank wire deposits are also free but there is a $10,000 minimum. There are no deposit fees on Interact e-transfers if you deposit $2,000 or more, but a 1.5% fee on anything below that. An electronic funds transfer has a 1% fee, and credit/debit card deposits can have fees of up to 6%.
Canadian Dollar withdrawals have a 1% fee with a $50 minimum withdrawal required, while crypto withdrawals have a flat fee that varies depending on the asset. Currently, this is 0.00025 BTC, and 0.007 for Ethereum withdrawals. These fees are subject to change based on the market and can be checked by visiting the website.
CoinSmart offers several ways to buy, sell, and trade using its trading interface. These methods have something to offer traders at every level with beginners finding the buy/sell/trade, wallet, and dashboard views as very simple, user-friendly ways to complete a trade. These options are all offered within your CoinSmart account and are the most streamlined, and intuitive ways to place a trade on the exchange.
For more advanced users, there is an “advanced trade” view and page to place trades. Here you will be able to view asset charts in more detail as well as see the order book and edit your order type. This area is also very user-friendly and similar to an interface you will find at most major exchanges.
Finally, if you would like to place larger orders as an individual or entity, you can do so through the “OTC” function. This will require you to sign-up for CS Premium, the exchanges service for premium traders which typically facilitates trades of CAD$25,000 or more.
24/7 customer support is provided by CoinSmart through web-based live chat, email, and phone. This is in addition to a very thorough FAQ section on their website. Here you should find the answer to most questions without the need to contact the support team.
You can also reach out to CoinSmart through any of its social media channels. Support was both fast and professional where needed.
Overall, CoinSmart is a very comprehensive exchange operation. They are extremely secure, and transparent in how they work as well as being accessible to many traders not only in Canada but more than 40 countries around the world.
While the selection of available assets to trade may still be relatively small, it is clear that CoinSmart is a fast-growing, and popular choice of exchange with trust being a major positive factor. Should they continue to grow at the rate they have in just the first three years, the exchange will quickly become one of the best in the industry.