It nearly doubles CoinSmart’s altcoin offering, which may be a deciding factor for some users. As mentioned previously, the trading platform offers an all-around support experience. You can find a detailed FAQ section on the website, which covers most of the topics you might be interested in. CoinSmart also uses Bitgo and Fireblocks, which are both industry-leading cryptocurrency wallets. These services provide top-notch security for your assets and they’re constantly being updated to reflect the latest changes in the market.

1. Once funds are in your account, go to your dashboard and select “buy” next to the crypto you want to purchase.
2. You will want to get yourself a strong password for which Coinsmart has a handy generator.
3. Bank draft deposits are free with a $500 minimum deposit required.
4. If you would like to see what these different platforms offer, take a look at our comparison tool.
5. Is price volatility keeping you from accepting crypto payments?

The SEC has filed a lawsuit against Ripple Labs Inc. (the creators if XRP) alleging the XRP is a security. If this allegation is true, then it poses a serious problem for crypto exchanges. U.S. crypto exchanges must comply with the SEC in order to legally operate.

Top Canadian Cryptocurrency Exchange With Excellent Reputation

If you want to use CoinSmart to get Dogecoin for Stellar Lumens, for example, you’ll pay a 0.3% commission fee. We found using CoinSmart’s mobile app to be a smooth experience. Some of our favourite CoinSmart features are there, including SmartTrade. The feature called SmartTrade makes trading crypto easy, as you don’t have to trade in pairs. You can simply choose which coins you wish to trade and do it in a single transaction, without having to trade to Bitcoin or Ether first. 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.

Platform & Features

Buying/selling/trading crypto was seamless, plus the transactions were completed quickly. If you already own cryptocurrency, you can deposit some to your account. Go to your CoinSmart wallet and select the crypto asset you want to deposit. You will be given a crypto address, which you use to send the coin to your CoinSmart account. Once the crypto asset reaches your account, you can use it to trade for other cryptocurrencies. The entire process was easy and took no more than 60 minutes to complete.

CAD Withdrawal Methods

I’ll go into more detail about these services later on in the review. They are given a dedicated account representative, access to discounted fees and optimized pricing based on order size/volume. A consensus among CoinSmart reviews is that it’s a great choice, especially for those who are new to the world of cryptocurrency exchange. The platform is user-friendly, and it offers a variety of features that can be very helpful for both newcomers and experienced traders. Essentially, for every new trader who signs up with your referral code and funds $100, both of you will get $25 credited to your accounts. It will take 5 business days from the date of funding for the commission to show up in your account.

Their “smart guarantee” together with their completely transparent operation will no doubt smooth over a great deal of Canadian crypto users. They may be able to instill a certain level of trust back into a sometimes opaque market. Below we have the user interface of the platform with your main chart in the centre. In the middle you have the market order books and below that you have the most recent trades.

Does CoinSmart Restrict or Freeze Accounts?

To register, you must provide information such as your email address, a promo code, and country of residence. You begin by entering your phone number and verifying the 5-digit code, after which you upload your ID documentation (passport, driver’s license, ID card, residence permit). The fee is solely determined by the type coinsmart review of coin you wish to withdraw. Fortunately, all transactions have a short processing time and can be withdrawn almost instantly. For starters, two-factor authentication is used to protect all user accounts. This means that even if someone were to hack your account, they could not access it unless you gave them permission.

This is perhaps one of the most important questions that Canadian crypto investors are asking themselves. It was only just recently that QuadrigaCX (previously Canada’s largest) went under due to lack of liquidity and a number of other questionable factors. Coinsmart is another Toronto based exchange and they have offices in the city. Then, select which currency you want to buy with (CAD, EUR, USD), then enter the amount you wish to purchase and click “buy now”.

CoinSmart Mobile App

However, the spread between market ask/bid can be a couple $100 ( ask is $20,000; bid $19,650 at the time of writing) is this normal in other platforms as well? I am not new to trading stock, but new to buying crypto and this seemed odd. After the verification process, the platform makes cryptocurrency investing easy.

Before you start investing you might wonder, “is CoinSmart legit?” The CoinSmart platform is recognized as being particularly safe and reliable. It is regulated by FINTRAC, which means that it has protocols and security systems that comply with legal standards in Canada. However, CoinSmart may offer such a service in the future even though nothing has been announced.

They’ll also be able to tell when suspicious activity is detected on your account. If you say you make $50k per year but deposit $100k, then that is a red flag. The material contained on this website is for informational purposes only and RankFi.com, and its affiliates, is not soliciting any action based upon such material. The material is not to be construed as an offer or a recommendation to buy or sell investments nor is it to be construed as investment advice. RankFi.com is not a registered investment, legal or tax advisor or a broker/dealer.

Coinsmart Referral Program

As of recent, she has been studying some non-mainstream stocks in Canada. When I’m not immersed in numbers, I like to spend time with my dog and plan my next trip. As we mentioned in our CoinSmart review, withdrawals are typically processed within 1-5 days of the request. No charges are made for CAD deposit or withdrawal, which is always a nice perk. The service is licensed by OSC and FINTRAC Canada, a trading platform regulatory body.

The action you just performed triggered the security solution. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. It enables you to use limit orders, stop losses, and real-time charting, all of which can give you an advantage in the market. There’s also a comprehensive risk management system in place to protect user coins. This system monitors activity and flags any suspicious behaviour.

They offer 24/7 customer support including phone support, however, a phone number is not listed on their support page. CoinSmart states that it has a 97% customer satisfaction rate, which is pretty good. We contacted them, and our problem was resolved within a few hours. We consider fees to be lower than average compared to other crypto exchanges which is another positive factor to trade crypto with Coinsmart. Coinsmart is a Toronto-based cryptocurrency exchange founded in 2018.