CoinNerds is a Canadian cryptocurrency exchange. As someone who has been trading crypto since 2016 and tested over 50 exchanges, I signed up for an account to evaluate its features. Here’s my detailed CoinNerds review.
CoinNerds Summary
CoinNerds is a Canadian crypto exchange that allows customers to buy cryptocurrency in person at one of their locations. Unlike expensive crypto ATMs, CoinNerds lets you exchange Canadian dollars for Bitcoin, Ethereum, Bitcoin Cash, DASH, and more at lower costs.
Compared to BitBuy, ranked as the #1 crypto exchange for Canadians in our rating, CoinNerds falls short with significantly higher fees and a more limited selection of coins.
CoinNerds caters to crypto beginners by offering an easy, face-to-face buying experience, eliminating the complexities of online exchanges. At their locations, you can pay with cash, credit, or debit cards. For those who prefer online transactions, their platform supports Canadian dollar transfers via Interac e-Transfer.
CoinNerds Features
CoinNerds prides itself on being customer-focused. When I signed up, I appreciated their guidance in setting up my own wallet, ensuring I had full custody of the assets I purchased. Their OTC Desk is a standout feature, perfect for large transactions, where they’ll discuss your investment goals and provide personalized support. I also like that they offer face-to-face service at their Mississauga location, which is ideal for those who prefer a more personal touch.
That said, CoinNerds is a smaller exchange and doesn’t offer all the features you’d find on bigger platforms. They don’t even have a trading platform—instead, you need to place an order directly, send your payment, and they’ll send your crypto. However, I see them as a much cheaper option than crypto ATMs, and their excellent customer service makes them a great choice for beginners who might need hands-on assistance throughout the process.
Does CoinNerds Offer Staking or Other Services?
CoinNerds does not offer staking.
Does CoinNerds Have an OTC Desk?
CoinNerds are able to provide OTC services for anybody looking to make a crypto large trade in Canada.
CoinNerds Liquidity
We could not find information about CoinNerds’ liquidity but CoinNerds does have an OTC Desk for making large trades.
Registration/verification with CoinNerds
What you need to open an account:
- Must be 18+
- A government-issued ID
- Answer questions
When signing up for a CoinNerds account, you will first have to enter your name and email address and activate your email. Next, you’ll need to give your job title, address and date of birth and then provide images of your government-issued ID. This process is standard for regulated Canadian exchanges.
Once you have filled in the form, you’ll receive an email almost instantly approving you for buying crypto at their Mississauga location. If you want to purchase crypto online, however, you’ll have to email them with your request and provide the wallet address you want the crypto sent.
They will send you a quote including their fee, and if you decide to go ahead, you can make an Interac e-Transfer to send the funds. Once cleared, you will receive your crypto directly in your wallet.
Fees Review
CoinNerds’ fees decrease as your transaction volume increases. While their fees are higher than most other crypto exchanges, they remain more affordable than Bitcoin ATMs, which are their primary target audience.
One advantage worth noting is that you receive crypto directly to your wallet after purchase, eliminating the additional withdrawal and network fees you’d typically face when transferring assets from a regular crypto exchange to your wallet.
For transactions between $100 and $999, the buy fee is 4%, and the sell fee is 5%. For larger transactions over $10,000, fees drop significantly to 1% for buying and 3% for selling.
Overall, quite high fees compared to other Canadian crypto exchanges.
Spreads with CoinNerds
A spread represents the difference between the highest price a buyer is willing to pay (bid price) and the lowest price a seller is willing to accept (ask price). This difference typically serves as profit for the exchange.
Many exchanges often hide spreads, making it unclear how much you’re actually paying. You might think you’re getting low fees, but hidden costs can quickly add up. What I appreciate about CoinNerds is their upfront transparency—they provide a quote that includes their fee, so you always know exactly how much you’re paying and what you’re receiving.
Currencies & deposit methods
When trading cryptocurrency with CoinNerds, you can deposit Canadian dollars through Interac e-Transfer, wire transfer, or bank draft. If you visit their location, you also have the option to pay with cash, credit, or debit cards.
CoinNerds offers a selection of cryptocurrencies to buy, including Bitcoin, Bitcoin Cash, Ethereum, USDT, USDC, DASH, and Dogecoin.
Design and Usability of CoinNerds Crypto Platform
CoinNerds features a simple website, reflecting the fact that most transactions occur either in person or through your bank. They don’t offer a trading platform, which sets them apart from traditional exchanges.
The website includes helpful information about the cryptocurrencies they sell and crypto wallets, along with a fee table, refund policy, compliance details, and links to their social media. While they lack advanced features, the website feels professional and strikes a balance by providing just enough information without overwhelming users.
To buy crypto online in Canada, you’ll need to complete their sign-up form and then email your request. It’s worth noting that CoinNerds does not have a mobile app, making it less convenient for on-the-go users.
CoinNerds Security and Safety
Is CoinNerds safe for Canadians to use? We believe so, though their website provides limited details about security measures. CoinNerds strives to comply with FINTRAC and anti-money laundering regulations, which is why they require customer information during transactions. Unlike traditional exchanges, CoinNerds doesn’t hold your crypto—you take full custody of your assets in your own wallet. If you don’t already have a wallet, they offer assistance in setting one up. For those who purchase a hardware wallet, CoinNerds can even help configure it if you visit one of their locations.
Customer support
CoinNerds is dedicated to delivering excellent customer service, offering support tailored to your needs. Whether it’s setting up a wallet for you or answering your crypto investing questions, they provide assistance through bookable phone or in-person consultations.
While they only have four reviews on Trustpilot, they have a 4-star rating.
Does CoinNerds Restrict or Freeze Accounts?
CoinNerds does not commonly freeze accounts but any crypto exchange could put a hold on your transactions if they suspect suspicious behaviour such as trading larger amounts than usual.
Can CoinNerds Track where you Receive and Send Crypto?
CoinNerds can track where you have received and sent crypto since all transactions are recorded on public blockchains. The information available includes time and date, amount sent and both “to” and “from” wallets.
Since users must submit identity documents during the verification process, it is easy for CoinNerds to link wallets and transactions on the blockchain with their customer’s accounts.
However, CoinNerds also accept cash at their locations, so if privacy is your main concern then you can buy and sell crypto that way, but bear in mind you still need to register with them.
By following a trail, this is how the Canadian government was able to freeze accounts of the protestors during the “Freedom Convoy”.
Latest Updates on CoinNerds For Canadian
CoinNerds now provides both in-person and online trading services, catering to a wider range of preferences. The platform focuses on instant and secure transactions, whether online or at their physical locations. With support for over 160 cryptocurrencies, CoinNerds has significantly expanded its offerings, going beyond its earlier selection. Their emphasis on pricing transparency and inclusivity further sets them apart, making them a versatile option for crypto enthusiasts.
CoinNerds Alternatives
There are many Canadian crypto exchanges to choose from such as Bitbuy, which is Canada’s first regulated exchange. It has free deposits and several of the most popular cryptocurrencies.
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CoinNerds |
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Trading fees |
4% |
0% to 1.5% |
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Cryptocurrencies |
160 |
40+ |
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Additional features |
Physical locations, OTC Desk |
OTC Desk |
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Customer Support |
Great |
Good |
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Security |
Good |
Excellent |
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| SIGN UP |
Common Crypto Exchange Scams
Protecting your cryptocurrency assets should always be a top priority, especially given that even major exchanges like Binance and Crypto.com have been targeted by hackers.
For optimal security, I recommend storing your crypto in a private wallet, preferably a hardware wallet, as it provides an additional layer of protection.
When using crypto exchanges, remain vigilant against common scams like phishing emails. These fraudulent messages often mimic legitimate communications, so always verify the sender’s email address and ensure it matches the official email of the exchange. Avoid clicking on suspicious links that could lead to scam websites or introduce viruses designed to steal private keys or passwords. Before depositing funds, double-check that you’re using the official website URL of your exchange.
Scammers also create fake social media accounts to impersonate crypto exchanges. To stay safe, only interact with verified, official social media profiles of the exchange you’re using.
CoinNerds offers an extra layer of trust by providing in-person services at their Mississauga location, allowing you to trade crypto with peace of mind.
Conclusion
CoinNerds is certainly not the cheapest crypto exchange, with 4% buy fees and 5% sell fees. However, their target audience seems to be users who might otherwise rely on Bitcoin ATMs, which often charge over 20% per transaction. In that context, CoinNerds is a much better deal. Plus, you still have the option to buy crypto with cash, just like at an ATM.
Having a physical location—currently just one in Mississauga—offers additional reassurance. You can consult with their team face-to-face, pay with cash, credit, or debit cards, and even get help setting up your hardware wallet for secure crypto storage.
While buying crypto online through CoinNerds isn’t the simplest process due to the lack of a trading platform, it remains a solid alternative to using a crypto ATM.
If you’re looking for a Canadian-regulated exchange with low fees, we strongly recommend BitBuy as the top choice.
