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

Oleg Galeev

Last updated May 25, 2024

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 crypto trading platform that gives customers the choice of buying bitcoin with funds from their bank or with cash at one of their 280 Bitcoin ATMs across Canada. Both methods send the crypto directly to the customer’s wallet saving both time and money.

Coins

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

Bitcoin only

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

Usually, it's 0.5% for transactions. In your account dashboard, you’ll find a selection of fees and process times. If you don’t mind receiving your bitcoin within 24 hours, then you can select the cheapest option. 

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 privately with cash
  • Buy online with Visa debit, e-Transfer or wire
  • No withdrawal fees or wait times
  • Public Company which offers transparency

Cons

  • There is a 1% fee for Interac deposits less than $2000
  • 1% withdrawal fee
  • Only Bitcoin available 
  • Not the cheapest fees
  • 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
  • minimum of $100 payment
  • $50,000 transaction limit.
 
 

Methods to buy

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

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 too much about the security measures of the platform, since you hold your bitcoin yourself. 

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.

accessing Coinsmart app

Coinsmart App

Cool usability and design of Coinsmart cryptoexchange

Coinsmart App trading screen

Coinsmart app mobile view

Coinsmart mobile app interface

Coinsmart mobile app interface while trading

Coinsmart mobile app interface while trading

Bitcoin Well

Bitcoin Well has a simple website since most of the transactions happen either in person at a Bitcoin ATM or via your bank. Once your account is verified, you’ll have full access to your online dashboard.

Transaction limits on Bitcoin Well

Setting up the account with 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. 

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 and fully legal in Canada.

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 aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good.  If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus. 

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.

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!

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 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.