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Coinsmart vs. Crypto.com: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

In this comparison, we examine Coinsmart and Crypto.com, two popular cryptocurrency exchanges in Canada, to help you decide which platform best suits your needs. We will delve into their mobile and desktop trading experiences, security measures, compliance with Canadian regulations, and customer support, highlighting key differences such as Coinsmart’s strong customer service and Crypto.com’s extensive features and superior security.

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.

Crypto.com is a crypto exchange that is gaining popularity in Canada. It offers its own coin (CRO), staking, lending, NFTs, and pre-paid Visa crypto cards offering cashback. Crypto.com offers everything in one place and is suitable for Canadians looking for an easy way to buy crypto.

Coins

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

150+

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 deposits
  • Variable Withdrawal fees
  • Send crypto to other crypto.com users for free
  • 0.04 to 0.4% 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
  • Wide range of coins available
  • Suitable for beginners and pro traders
  • Interac e-Transfer available
  • Deposits take up to one day to process
  • Visa cards
  • Staking
  • NFT marketplace
  • 20+ fiat currencies supported
  • Free deposits

Cons

  • There is a 1% fee for Interac deposits less than $2000
  • 1% withdrawal fee
  • No crypto education articles
  • Poor customer service

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)
  • Interac e-Transfer

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.

  • 100% coins held in cold storage
  • Ledger Vault partnership
  • Multi-factor authentication
  • Mandatory whitelisting of withdrawal addresses

Mobile and Desktop Trading

In terms of mobile and desktop trading, both Coinsmart and Crypto.com have highly rated mobile apps on the App Store and Google Play. Coinsmart's desktop platform offers essential trading features, while Crypto.com's desktop exchange has advanced charting and order types.

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

Crypto.com

In the crypto.com app, users can buy and sell crypto easily. You can also directly stake or lend your crypto, apply for a crypto.com card, track favourite coins, withdraw to external wallets and more. The app is an all-in-one trading platform that’s user-friendly and suitable for beginners.

The app has a 4.3-star rating from 56,000 reviews on the Apple App Store and a 3.9-star rating from 200,000 reviews on Google Play.

If you’re looking for more advanced tools, you can use crypto.com’s desktop exchange. The exchange offers more charting and order types but the interface can be confusing for beginners. The crypto.com app has everything you need, so you’d only use the Exchange for slightly lower fees or advanced order types. 

Crypto.com advanced trading view

Advanced Desktop Trade

List of coins available for trading on Crypto.com desktop app

List of coins

Crypto.com app interface

Crypto.com app interface

Crypto com app while trading

Crypto.com app interface while trading

Security Compliance

Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more. 

Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft. 

Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication  - such as FaceID - to

Regarding security, Coinsmart utilizes SSL, and 2FA to safeguard users' personal information and funds. In contrast, Crypto.com holds 100% of customer funds in cold storage and employs multi-factor authentication while consulting with leading cybersecurity firms to maintain a secure platform.

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).

Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.

In terms of Canadian compliance, Coinsmart adheres to all national regulations and is registered with FINTRAC as a Money Services Business. Meanwhile, Crypto.com became the first global cryptocurrency exchange to sign a pre-registration undertaking with the Ontario Securities Commission (OSC), ensuring its full compliance with Canadian regulations.

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.

The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down. 

Coinsmart and Crypto.com both provide customer service to their users, but their performance and satisfaction levels differ. Coinsmart offers prompt customer support via live chat and email, earning a solid reputation for addressing user concerns efficiently. On the other hand, Crypto.com has been criticized for slow response times and lack of educational resources on their website, leading to some dissatisfaction among users. Despite these criticisms, Crypto.com's support team typically resolves issues within 24 hours. Overall, Coinsmart's customer service is considered more reliable and efficient, while Crypto.com may need to improve its support to better meet user expectations.

Conclusion

In conclusion, both Coinsmart and Crypto.com are excellent choices for Canadians looking to trade cryptocurrencies. While Crypto.com provides a more comprehensive trading experience, better security, and a wider selection of cryptocurrencies, Coinsmart excels in customer support and user-friendliness. If customer support and low fees are your priorities, Coinsmart would be the better choice. However, if you seek a more extensive range of features and better security, Crypto.com might be more suitable for your needs.

We recommend choosing Coinsmart over Crypto.com 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 Crypto.com 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.