Oleg Galeev

5 days ago

CoinSmart Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?

Coinsmart cryptoexchange review

CoinSmart is a Toronto-based Canadian cryptocurrency exchange for Canadians that also allows deposits in USD and Euros. It is considered to be one of the best crypto platforms for Canadians. In fact, we rated Coinsmart as a #1 crypto exchange for Canadians for a few reasons. We signed up for an account to see if it’s worth using. Take a look at our CoinSmart review.

CoinSmart Quick Summary

CoinSmart is “designed for beginners and built for experts”. You can purchase Bitcoin, Ethereum, Litecoin, Bitcoin Cash, EOS, Stellar Lumens, USDC, and more. There are no deposit fees when you use wire transfers or bank drafts but there is a fee for Interac e-Transfers less than $2,000 and a fee of up to 6% for purchasing with credit or debit cards. This is a great option to save money. CoinSmart also allows EUR deposits via SEPA, wire and bank draft, for free. USD deposits can be made via wire transfer. All deposits are completed on the same day. 

  • Coinsmart crypto exchange logo

    9.8/10

  • Pros & Cons

    • Same-day deposits
    • You can deposit CAD, USD, EUR
    • Accepts credit/debit card purchases
    • Same-day account verification
    • Comprehensive crypto articles for education
    • 24/7 support
    • Trade altcoin to altcoin 
    • There is a 1% fee for Interac deposits less than $2000
    • 1% withdrawal fee
    • Various crypto withdrawal fees
    • 0.2% trading fees
    • Not many altcoins are available 
  • 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 0.40% for a double trade
    • Up to 6% fee for credit/debit card purchases
  • Coins

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

CoinSmart Features

CoinSmart has a comprehensive knowledge centre on its website offering articles, guides, and how-tos. It shows that they want their customers to be informed. They also have some other unique features such as a mining calculator where you can calculate how much you could earn mining crypto. They also have a “learn and earn” section where you can answer questions to a quiz and earn rewards. We think this is a nice touch to engage their customers and incentivize new ones to sign up. It’s also extremely helpful for those, who start a crypto journey.

CoinSmart has a premium service for Over-the-Counter (OTC) trades. Anybody looking to make large trades over $25,000 should consider this option because you’ll get a dedicated account manager and will be able to purchase at a competitive price. CoinSmart’s OTC Desk supports CAD, GBP, EUR, JPY, USD and more. 

CoinSmart also allows users to trade altcoin to altcoin without having to trade to Bitcoin or Ethereum first. Not many crypto exchanges do this. They also have 24/7 customer support and something called SmartPay, which allows you to invoice people and get paid in crypto. You can instantly convert your crypto to fiat and have it wired to your bank, or you can hold the crypto.  

CoinSmart Registration & Verification

Coinsmart registration screen

Registering on CoinSmart is straightforward and the easiest among all Canadian crypto exchanges. You’ll need to verify your email and phone number, then upload identification documents including proof of address. After that, you’ll have to upload a selfie, which is again, straightforward. You just need to follow the on-screen prompts. You can scan the QR code on the screen with your phone, in order to continue the verification process on your phone.  The best part, you don’t need to wait 3-5 days for verification and you can start trading right away.

CoinSmart Fees

Reviewing Coinsmart fees

CoinSmart has trading fees that vary depending on the amount you transact. It can get a little complicated.

  • 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 0.40% for a double trade
  • Up to 6% fee for credit/debit card purchases

We consider fees to be lower than average compared to other crypto exchanges which is another positive factor to trade crypto with Coinsmart.

CoinSmart Currencies & Deposit Methods

You can deposit Canadian dollars using Interac e-Transfer, wire transfer, or bank draft. You can deposit Euros via SEPA, wire transfer or bank draft and USD via wire transfer. The ability to purchase crypto using debit and credit cards is also available, as long as your bank allows it. 

CoinSmart Security and Safety

Reviewing Coinsmart security and safety

Is CoinSmart safe for Canadians to use? Totally. CoinSmart utilizes cold storage for its digital assets, offers two-factor authentication, and is fully compliant in Canada. CoinSmart does not go into much detail about its security or compliance, but these few points are nevertheless highlighted on its website. 

CoinSmart Compliance in Canada

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). For example, OSC banned Binance which was a popular crypto exchange for Ontarians. With Coinsmart, you are 100% safe if you are Canadian.

CoinSmart Mobile and Desktop app

Reviewing Coinsmart desktop and mobile apps

Inside the CoinSmart dashboard, you’ll find market information and your portfolio balance. At the top of the page are options for buying and selling, accessing the advanced tools, and your wallets.

accessing Coinsmart app 

CoinSmart has a youthful, fun, and modern look. It uses plenty of cartoon-like icons, large fonts, and bright colours which makes it the cutest Canadian crypto exchange we’ve seen. 

Cool usability and design of Coinsmart cryptoexchange

CoinSmart’s iOS app has been significantly improved, and they increase the score from a 1.7-star rating with 131 reviews to 3.3 with 283 ratings and the score goes higher and higher. We downloaded the app and it was easy to sign in. Previously, they had issues with iOS compatibility. Keep in mind, that app has limited functionality, I would still recommend using the desktop app on their website. It have way more tools and flexibility.

CoinSmart Design and Usability

Both CoinSmart’s app and its desktop platform are beginner-friendly. It is easy to navigate, deposit, and purchase cryptocurrency. To make use of advanced features such as limit orders and charting, you have to use their advanced trading platform, which is accessible within your user dashboard. 

CoinSmart Customer support

You can submit a support ticket or use CoinSmart’s live chat function on their website. They offer 24/7 customer support including phone support, however, a phone number is not listed on their support page. CoinSmart states that it has a 97% customer satisfaction rate, which is pretty good. We contacted them, and our problem was resolved within a few hours. Quite impressive.

Conclusion

CoinSmart has a lot of fun features for beginners such as its learn and earn program, the ability to send crypto invoices, as well as the ability to trade altcoin to altcoin. CoinSmart is modern, fun, and highly engaging. It could do with more altcoins, but overall, CoinSmart is an enjoyable exchange to use. It’s easy to register and you can start trading while they verify your account. We think CoinSmart is a legitimate Canadian cryptocurrency exchange and if you want to spend USD or Euros as well, then CoinSmart is a great choice. You can sign up here and claim $50 in BTC.

Coinsmart rated as a #1 in the list of the best crypto exchanges for Canadians

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