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CoinSmart vs. BitMEX: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

In this comparison, we’ll look at Coinsmart and BitMEX, two popular crypto exchanges. Coinsmart is a Canadian-based exchange that offers a wide range of cryptocurrencies and user-friendly platforms for desktop and mobile trading. BitMEX, on the other hand, is a more specialized exchange that focuses on derivatives trading with high leverage and advanced trading features. We’ll compare them in terms of security, compliance, customer support, and more to help you decide which one is right for you.

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.

BitMEX is a crypto derivatives exchange that offers futures trading, and perpetual contracts. BitMEX aims to become the world’s largest regulated derivatives exchange. You cannot deposit fiat on BitMEX, only BTC and USDT. The exchange is aimed at experienced traders.

Coins

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

Bitcoin, Ethereum, Terra, Solana, XRP, EOS, Stellar, Tron, Litecoin, Chainlink, Polkadot, Dogecoin, Binance Coin, Bitcoin Cash, Axie Infinity, Avalanche, Cardano

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
  • Free USDT or BTC deposits
  • Free BTC withdrawals
  • Variable USDT withdrawal fees
  • 0.01%/0.05% maker/taker fees

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
  • Low trading fees
  • Advanced order types
  • No BTC deposit/withdrawal fees
  • Futures/perpetual trading

Cons

  • There is a 1% fee for Interac deposits less than $2000
  • 1% withdrawal fee
  • Not suitable for buying crypto
  • USDT withdrawal fees
  • Only suitable for traders who understand contracts trading
  • No fiat deposits

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

Low

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.

  • All BTC held in cold storage
  • Two employees audit all BTC withdrawals
  • BTC deposit addresses externally verified
  • Multisignature wallets

Mobile and Desktop Trading

Coinsmart has both a mobile app and desktop platform. The iOS app has a 3.6-star rating on the Apple App Store. The desktop platform is also user-friendly, making it easy for beginners to trade cryptocurrencies. Coinsmart's trading platform offers various features such as market, limit, and stop-limit orders, advanced charting tools, and low fees for trading cryptocurrencies.

BitMEX also has both a mobile app and a desktop platform. The desktop platform is known for its fast trade execution speed and advanced trading features. It offers several order types, including market, limit, and stop-limit orders, and advanced trading tools such as margin trading and perpetual swaps.

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

BitMEX

BitMEX’s exchange is confusing, but that’s because it is aimed at experienced traders who understand perpetual and futures contracts trading. BitMEX has a more outdated interface than Kucoin, making it seem clunky and old. However, the lighter colour scheme makes it easier to see the different menus and tabs.

There is a tab for each cryptocurrency market available, which makes it somewhat easy to navigate, view charts and order books.

To start trading contracts, you will need to sign up but you only need to provide an email address to do so. Once you have deposited your Bitcoin or USDT, you can use that to trade for the other cryptocurrencies available.

Leverage is one of the main features of BitMEX and the platform offers a handy leverage slider that can be adjusted to your risk when you trade.

BitMEX is only available as a desktop platform.

Bitmex desktop app

Bitmex desktop app

Security Compliance

BitMEX is stating that it utilizes cold storage for all of the bitcoin funds. BitMEX also uses multi-signatures wallets and every bitcoin withdrawal is audited by hand by at least two BitMEX employees. All bitcoin deposit addresses sent by BitMEX are externally verified to ensure the keys match those of the founders. If they do not match, BitMEX will shut down and halt trading. 

To safeguard user funds, Coinsmart employs security measures that are standard in the industry, including two-factor authentication, SSL, and cold storage.Coinsmart also has an insurance policy that covers losses due to hacking, theft, and other events. Additionally, Coinsmart is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), ensuring that it meets the Canadian government's anti-money laundering and counter-terrorism financing regulations. BitMEX has been criticized for its security practices in the past. In 2019, BitMEX accidentally exposed user email addresses due to a software error. Nonetheless, BitMEX has announced that they have implemented additional security measures, including two-factor authentication and the appointment of a Chief Information Security Officer.

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).

BitMEX withdrew operations in Ontario, but was not officially named by the OSC. BitMEX is still operational in other Canadian provinces but it is facing legal trouble with the USA due to allegedly offering securities trading illegally. 

While you can use BitMEX safely, trade at your own risk and be aware that they could cease trading in Canada due to regulations. 

Coinsmart is obligated to comply with Canadian regulations such as anti-money laundering and counter-terrorism financing laws because it is registered with FINTRAC, the organization responsible for monitoring financial transactions in Canada. BitMEX is not registered with FINTRAC and does not operate in Canada.

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.

BitMEX offers support via a contact form on their website and has a detailed FAQ section as well. 

Coinsmart offers 24/7 customer support through its website, including a help center and a live chat feature. Coinsmart also has a presence on social media platforms such as Twitter, Facebook, and LinkedIn, where users can ask questions and receive help. Similarly, BitMEX offers a support center on its website, which provides answers to common questions raised by users. However, BitMEX does not offer live chat or phone support.

Conclusion

Both Coinsmart and BitMEX offer mobile and desktop trading platforms with advanced features and user-friendly interfaces. Coinsmart's security measures and compliance with Canadian regulations make it a safer choice for Canadian traders. Additionally, Coinsmart's 24/7 customer support and social media presence make it easier for users to get help when they need it. And BitMEX is not registered with FINTRAC and does not operate in Canada. Therefore, Coinsmart is the winner in this comparison.

We recommend choosing Coinsmart over BitMEX 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 BitMEX 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.