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Coinsmart vs. Bitcoin Well: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

CoinSmart and Bitcoin Well are two notable crypto exchanges operating in Canada, each offering a suite of features to attract the modern trader. While both cater to Canadian users, they come with distinct functionalities and priorities that differentiate their offerings.

CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!

Description

CoinSmart is a Toronto-based Canadian crypto exchange that offers same-day deposits in CAD, EUR and USD. CoinSmart offers crypto trading for both beginners and advanced users.

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

Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, EOS, USDC, Cardano, Dogecoin, Polkadot, Shiba Inu, Chainlink, Uniswap, Solana and more

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

Fees

Interac deposit fee of 1% for deposits between $100 - $1999
Free Interac deposits for deposits of $2000+
Free wire and bank draft deposits
Withdrawal fees are 1%
Various crypto withdrawal fees
Trading fees are 0.20% for a single trade or 0.30% for a double trade
Up to 6% fee for credit/debit card purchases

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

Low trading fees
Free deposits over $2000
Suitable for beginners
Advanced trading options
Interac e-Transfer available
$50 bonus
Trade crypto to crypto (no trading pairs needed)
Same-day verification
CAD, USD, EUR deposits

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

There is a 1% fee for Interac deposits less than $2000
1% withdrawal fee

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

Account Limits

$100 min to $10,000 max for Interac deposits
$100 min to $5,000 max for credit/debit card buys
$10,000 bank wire min to $5M max

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

Credit/debit cards
Interac e-Transfer
Bank wire
SEPA (for EUR)

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

Security

CoinSmart is partnered with BitGo to keep customers’ crypto safe in cold storage. BitGo is insured by Lloyds of London for $100 million, so if something were to happen to CoinSmart, your funds might be insured.

CoinSmart offers two-factor authentication to help protect your account.

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

The CoinSmart mobile app has witnessed significant improvements over time. Once rated at a mere 1.7 stars, it now boasts a more satisfactory 3.7-star rating on the App Store. While the mobile app has limited functionalities compared to the comprehensive tools on their desktop platform, it serves as a decent gateway for on-the-go trading.

Bitcoin Well's desktop platform is also praised for user-friendliness, making it apt for both newbies and experienced traders.

Coinsmart

CoinSmart has a fun look with bright colours and cartoons. It is enjoyable to use. The dashboard shows everything you need to trade including options to buy, sell, and trade. You can also view your wallets, activity and simple market information.

To use CoinSmart’s advanced features such as limit orders, you can use their advanced trading platform, which is accessible within your user dashboard.

CoinSmart’s iOS app has a 3.4-star rating with 309 reviews. Its Android app has a 2.6-star rating from 94 reviews. Users of the app say the app crashes, is slow, and often freezes. This is why we would recommend using their desktop version.

Coinsmart App

Coinsmart App trading screen

Coinsmart mobile app interface

Coinsmart mobile app interface while trading

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.

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.

CoinSmart employs cold storage for its assets and mandates two-factor authentication. While it doesn't divulge details about the exact percentage of assets in cold storage, its commitment to safety is evident in its transaction processes.

With a comprehensive security protocol that includes multi-factor authentication and cold storage solutions, Bitcoin Well ensures that user assets and information remain safeguarded against threats.

Regulatory Compliance

Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).

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.

Fully compliant in Canada, CoinSmart is not only registered with FINTRAC but also has been granted status by the Ontario Securities Commission (OSC). This latter distinction is significant, considering OSC had previously banned prominent exchanges like Binance.

Bitcoin Well is also known to operate within the purview of Canadian laws, ensuring full compliance with the country's regulatory standards.

Both exchanges function under the oversight of Canadian federal organizations like FINTRAC and the OSC, ensuring they meet Canada's rigorous standards for crypto trading platforms.

Customer support

CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.

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.

With 24/7 customer support, including a live chat function on their website, CoinSmart offers impressive response times. They claim a 97% customer satisfaction rate, backed by prompt problem resolution.

Bitcoin Well doesn't lag behind in this department. Its dedication to user concerns is evident with their top-tier support team that's readily available for all queries.

Conclusion

While both CoinSmart and Bitcoin Well provide reliable crypto trading platforms tailored for Canadians, CoinSmart emerges as the winner in this comparison. Its impressive suite of features for beginners, commitment to security, compliance with top Canadian regulatory bodies, and high customer satisfaction rate make it the preferable choice for Canadians in 2024.

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

If you find that neither CoinSmart nor Bitcoin Well meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.

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 2024