Security Compliance
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.
NDAX keeps roughly 95% of digital assets in cold storage using Ledger Vault, a big name in crypto security, alongside multi-signature wallets and regular audits. Two-factor authentication is mandatory at sign-up, a policy we like since most exchanges leave it optional. Changing account details like your email or phone number requires submitting a selfie with a handwritten note, an old-school but effective defence against account takeover. As a CIRO member, NDAX also keeps client CAD balances in segregated accounts, though crypto assets themselves aren't covered by deposit insurance.
Coinsmart and NDAX both have multi-layered security protocols in place to ensure the safety of user information and funds. Coinsmart implements SSL encryption, two-factor authentication, and biometric authentication. NDAX utilizes Ledger Vault for cold storage of its digital assets, and Canadian dollars belonging to users are securely held in a segregated bank account in Canada. Although both Coinsmart and NDAX are regarded as secure exchanges, NDAX provides more comprehensive and transparent details about its security measures.
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.
NDAX is one of the most compliant platforms in Canada: a registered investment dealer and CIRO member since December 2024, licensed across all provinces and territories, and registered with FINTRAC and the AMF. It has also received CIRO approval to offer staking, which very few Canadian platforms can claim.
Coinsmart and NDAX are both fully compliant with Canadian regulations. They are registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as MSB/
Moreover, both exchanges are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), which requires them to implement various measures, such as customer identification and verification procedures, record keeping, and reporting of suspicious transactions to FINTRAC.
The Canadian Securities Administrators (CSA) is also responsible for regulating securities in Canada, and some cryptocurrency tokens may fall under securities regulations. Coinsmart and NDAX are both licensed by the CSA, which means they are authorized to operate as digital asset trading platforms in Canada.
In summary, Coinsmart and NDAX are compliant with Canadian regulations and have the necessary licenses and registrations to operate as cryptocurrency exchanges in Canada.
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.
NDAX provides a knowledge centre answering the most common questions, plus live chat, email and phone support available Monday to Friday from 10 AM to midnight ET. When we contacted them, we got a reply in an impressive 20 minutes. Their team also responds to negative reviews publicly, which speaks well of how seriously they take support.
Both Coinsmart and NDAX offer customer support through a live chat function on their website. Coinsmart also provides phone support and claims to have a high customer satisfaction rate. On the other hand, NDAX provides a knowledge center on its website and responds to email support inquiries quickly. While Coinsmart has more options for customer support, NDAX's quick response time is impressive.
Conclusion
Coinsmart and NDAX are great options for trading cryptocurrency in Canada. However, Coinsmart stands out as the winner due to its superior customer support and more user-friendly interface. Additionally, while both exchanges have strong security measures in place, Coinsmart's multi-layered security protocols provide an extra layer of protection for users' information and funds.
We recommend choosing Coinsmart over NDAX 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 NDAX 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.
