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Coinsmart vs. Bitcoin Well: What Works Better For Canadians in 2026

Oleg Galeev

Last updated July 16, 2026

Note: CoinSmart no longer exists as an independent exchange. It merged into the WonderFi group in July 2023, and its client accounts were migrated to Bitbuy later that year. Bitbuy has been owned by Robinhood since June 2026. Former CoinSmart users can log into Bitbuy with their old CoinSmart email. Bitcoin Well is the only active platform here. This comparison is preserved for historical reference.

CoinSmart and Bitcoin Well were two notable crypto exchanges serving Canadians. CoinSmart offered a broad selection of cryptocurrencies with same-day deposits and a beginner-friendly design. Bitcoin Well focuses on Bitcoin self-custody, ATM access and bill payments. Only Bitcoin Well is available today.

Description

CoinSmart was a Toronto-based Canadian crypto exchange, launched in 2018, known for same-day CAD, USD and EUR deposits and a beginner-friendly design with advanced trading built in. CoinSmart no longer exists as an independent exchange: it merged into the WonderFi group in July 2023, and its client accounts were migrated to sister platform Bitbuy later that year. Visiting CoinSmart today redirects you to Bitbuy, which has been owned by Robinhood since June 2026.

Bitcoin Well is a Canadian bitcoin platform that gives customers the choice of buying bitcoin online through their bank or with cash at one of their roughly 200 Bitcoin ATMs across Canada. Every purchase is sent directly to the customer's own wallet, and the platform never takes custody of your coins. Bitcoin Well has also expanded into the US, where its online portal operates in all 50 states.

Coins

No longer applicable. Before the shutdown, CoinSmart offered a modest selection including Bitcoin, Ethereum, Litecoin, Cardano, Dogecoin, Solana and Shiba Inu.

Bitcoin only, with full Lightning Network support for buying, selling and even paying bills.

Fees

No longer applicable. Historically: 0.20% single-trade fees, free deposits over $2,000, a 1% fee on smaller Interac deposits, and 1% fiat withdrawal fees.

The online portal charges a 1.2% spread on buys, sells and bill payments, with no withdrawal, account or hidden fees. In your dashboard you can pick your blockchain fee setting: choose the free batched option if you don't mind waiting a few hours, or pay a priority fee if you need your bitcoin right away. Lightning transactions skip miner fees entirely. Cash vouchers carry higher costs (a 4% funding fee plus a 3% spread), and ATM purchases carry typical ATM premiums.

Pros

None currently, since the platform is closed. In its day, CoinSmart's strengths were low trading fees, same-day verification, multi-currency deposits (CAD, USD, EUR via SEPA), and its crypto-to-crypto trading without intermediate pairs.

Immediate self-custody of assets
Option to buy bitcoin with cash at ATMs or via cash vouchers
Buy online with Interac e-Transfer, wire transfer or bill payment from your bank
Lightning Network support for instant, near-free transactions
Sell bitcoin directly from your own wallet
Pay bills and buy gift cards with bitcoin
Public company (TSXV: BTCW), which offers transparency

Cons

Ceased operating independently in 2023, with all accounts migrated to Bitbuy
The 1% fiat withdrawal fee was always a sore point

Only Bitcoin available
1.2% spread is not the cheapest in Canada
No advanced order types

Account Limits

No longer applicable.

Personalized limits shown in your account dashboard
Transactions of $50,000 or more go through Bitcoin Well Infinite, their OTC desk with a dedicated advisor for high-value transfers

App

Methods to buy

There is no way to buy crypto through CoinSmart. Former users can log into Bitbuy with their old CoinSmart email, resetting their password on first login and using their existing Google Authenticator codes for 2FA. Important: deposit wallet addresses changed in the migration, so never send crypto to an old CoinSmart address; if you already have, contact Bitbuy support with the transaction hash. For current options, see our best crypto exchanges in Canada.

Interac e-Transfer
Wire transfer
Bill payment from your online banking
Cash via Bitcoin ATMs
Cash vouchers

Security

CoinSmart's wind-down was orderly and regulator-supervised, with no reported loss of customer funds, the same clean pattern as Coinberry and Bitvo, and the opposite of CoinField. Its legacy custody arrangement with BitGo and its OSC registration are what made the seamless handover possible.

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry much about platform security, because your coins are never sitting on an exchange in the first place.

Mobile and Desktop Trading

CoinSmart's colourful, cartoon-styled platform is gone; its web addresses redirect to Bitbuy, and its mobile apps are no longer maintained. Bitcoin Well's mobile app is available at bitcoinwell.com/app.

CoinSmart

CoinSmart's colourful, cartoon-styled platform is gone. Its web addresses redirect to Bitbuy, and its mobile apps are no longer maintained. Former CoinSmart users who need their account history for tax purposes should log into Bitbuy and request historical transaction records from support.

Bitcoin Well

Bitcoin Well has a simple website since most transactions happen either in person at a Bitcoin ATM or through your bank. Once your account is verified, you get full access to your online dashboard, where you can set blockchain fee preferences, manage recurring buys and pay bills. The ATM network adds a physical touch point that very few Canadian bitcoin platforms can match.

Coinsmart

CoinSmart's colourful, cartoon-styled platform is gone; its web addresses redirect to Bitbuy, and its mobile apps are no longer maintained.

Coinsmart App

Coinsmart App trading screen

Coinsmart mobile app interface

Coinsmart mobile app interface while trading

Bitcoin Well

Security Compliance

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. The key security advantage is structural: since you always take full custody of your bitcoin, there are no exchange-held customer funds to hack.

CoinSmart had a clean security and compliance record during its operational life, with BitGo cold storage custody and an orderly wind-down with no customer fund losses. Bitcoin Well protects users through immediate self-custody and public-company transparency obligations. Only Bitcoin Well is relevant for Canadian users going forward.

Regulatory Compliance

CoinSmart was registered with FINTRAC and was one of the first crypto platforms granted registration by the Ontario Securities Commission, a status that shaped its ending: rather than stranding users, its accounts were transferred to another registered platform under regulatory oversight. The full successor chain: CoinSmart into WonderFi (July 2023), client accounts to Bitbuy (September 2023), WonderFi to Robinhood (June 2026). Former CoinSmart users needing historical transaction records for taxes should log into Bitbuy and request their history from support.

Bitcoin Well is registered with FINTRAC (registration M19811620) and with Revenu Québec, and is fully legal in Canada. As a company listed on the TSX Venture Exchange, it also publishes audited financials, a level of transparency almost no other Canadian bitcoin platform offers.

Bitcoin Well is registered with FINTRAC (registration M19811620) and with Revenu Québec, and is fully legal in Canada. As a company listed on the TSX Venture Exchange (BTCW), it also publishes audited financials — a level of transparency almost no other Canadian bitcoin platform offers.

Both CoinSmart and Bitcoin Well were registered with FINTRAC and fully compliant with Canadian regulations. CoinSmart's OSC registration enabled an orderly wind-down with no customer funds lost; its successor chain ends with Bitbuy/Robinhood. Bitcoin Well adds TSXV-listed public company transparency with audited financials.

Customer support

There is no CoinSmart support team anymore; former users should contact Bitbuy support ([email protected]) referencing their old CoinSmart account. Two practical warnings: anyone offering to "recover" CoinSmart funds for a fee is running a recovery scam, and any active website using the CoinSmart name to solicit deposits is an impostor.

Bitcoin Well runs an in-house Canadian support team available around the clock, and you can browse their help centre, open a support ticket, or even call or text their team. Most crypto platforms do not offer a phone number, so this is a big plus. Their Trustpilot rating sits around 4 stars across a modest number of reviews.

There is no CoinSmart support team anymore; former users should contact Bitbuy support referencing their old CoinSmart account. Two practical warnings: anyone offering to "recover" CoinSmart funds for a fee is running a recovery scam, and any active website using the CoinSmart name to solicit deposits is an impostor.

Bitcoin Well runs an in-house Canadian support team available around the clock, and you can browse their help centre, open a support ticket, or even call or text their team. Most crypto platforms do not offer a phone number, so this is a genuine plus. Their Trustpilot rating sits around 4 stars across a modest number of reviews.

Bitcoin Well's around-the-clock phone and text support is the only relevant option for Canadians. CoinSmart no longer has any support function — all queries now go through Bitbuy.

Conclusion

CoinSmart no longer exists as an independent exchange. Its client accounts were migrated to Bitbuy in 2023, and Bitbuy itself was acquired by Robinhood in June 2026. If you were a CoinSmart customer, your account is now part of the Robinhood/WonderFi group — log into Bitbuy with your old CoinSmart email for any outstanding account questions.

Bitcoin Well is the clear choice for Canadians looking for a Bitcoin platform today. Immediate self-custody on every purchase, bill payments for phone/electricity/CRA taxes, Lightning support, cash purchases at 200+ ATMs across Canada, and the transparency of a publicly traded TSXV company make it the most capable Bitcoin-only platform in Canada. The 1.2% online spread is not the cheapest — Bull Bitcoin's all-inclusive spread is typically slightly lower for pure online buyers — but Bitcoin Well's ATM network and TSXV listing are genuinely unique.

We recommend choosing Bitcoin Well over CoinSmart for your cryptocurrency trading needs. By using our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that Bitcoin Well doesn't meet your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto.

Author

Oleg Galeev

Cryptocurrency Specialist

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.

Coinsmart vs. Bitcoin Well: What Works Better For Canadians in 2026