CoinSmart Review: We Spent $100 To Fully Test The Exchange

CoinSmart is a Toronto-based cryptocurrency exchange tailored specifically for Canadians but also supports deposits in USD and Euros, making it versatile for international traders. Widely regarded as one of the best crypto platforms for Canadians, we even rated CoinSmart as the #1 crypto exchange for Canadians for several compelling reasons.

As someone who has been trading crypto since 2016, tested over 50 exchanges, and shared insights on OCryptoCanada.ca, I wanted to personally evaluate what CoinSmart offers in 2025. With this hands-on experience, I’ve crafted a detailed CoinSmart review to help you decide if it’s the right platform 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!

You can also check our video review for Coinsmart, but we would recommend scrolling down the article since we have been constantly updating it. 

CoinSmart Quick Summary

CoinSmart is marketed as being “designed for beginners and built for experts,” offering something for everyone. You can trade a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, EOS, Stellar Lumens, USDC, Dogecoin, SHIB, Cardano, Polkadot, Solana, and more.

The platform stands out for its no deposit fees when using wire transfers or bank drafts, making it a cost-effective option. However, Interac e-Transfers under $2,000 incur a fee, and purchasing with credit or debit cards can cost up to 6%, so choosing the right funding method is key to saving money.

For international users, EUR deposits via SEPA, wire, and bank drafts are free, while USD deposits are accepted via wire transfer. Impressively, all deposits are processed on the same day, making CoinSmart a convenient choice for quick trading access.

CoinSmart Features

CoinSmart offers a comprehensive knowledge center on its website, packed with articles, guides, and how-to resources, showing a clear commitment to educating its users. As someone who’s been in the crypto space since 2016, I truly value platforms that emphasize informed decision-making. CoinSmart takes it a step further with unique features like a mining calculator, which helps users estimate potential earnings, and a “learn and earn” program. By answering quiz questions, users can earn rewards—a thoughtful way to engage both new and existing customers while helping beginners kickstart their crypto journey.

For those looking to make large trades over $25,000, CoinSmart offers a premium Over-the-Counter (OTC) service. This option provides a dedicated account manager and access to competitive pricing. Their OTC Desk supports multiple fiat currencies, including CAD, GBP, EUR, JPY, and USD, making it versatile for international traders.

Another standout feature is the ability to trade altcoin-to-altcoin without first converting to Bitcoin or Ethereum—something few exchanges offer. CoinSmart also provides 24/7 customer support and a feature called SmartPay, allowing users to invoice in crypto and instantly convert it to fiat or hold it in their account. This makes it a practical solution for individuals and businesses alike.

CoinSmart caters to Canadian and European residents, supporting deposits in CAD, USD, and EUR, ensuring flexibility for traders in these regions.

CoinSmart Registration & Verification

CoinSmart follows the usual verification process. It’s necessary to submit an ID to help prevent fraud and money laundering.

CoinSmart asks simple questions about your investment objectives and your profession. These types of questions are common when signing up to Canadian crypto exchanges and their reasoning is that they can protect you by setting suitable trading limits to your account. 

They’ll also be able to tell when suspicious activity is detected on your account. If you say you make $50k per year but deposit $100k, then that is a red flag. 

What You Need to Open an Account:

• Must be 18+
• A government-issued ID
• A selfie 
• Answer two simple questions
• Select a security question 

First, upload your identity document.

Then, enter your address.

Next, enter your job title and industry.

After that, you’ll have to upload a selfie by following 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.

Finally, select a security question for your account.

Registering with CoinSmart is a simple process and not as complicated as some other crypto exchanges we have used. After submitting everything we were verified within 20 minutes.

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

CoinSmart has a flexible fee structure that varies depending on the amount you transact, which can feel a bit complicated at first. Here’s a quick breakdown of their fees:

• Interac deposit fee: 1.5% for deposits between $100–$1999
• Free Interac deposits: For deposits of $2000+
• Free wire and bank draft deposits
• Withdrawal fees: 1%
• Various crypto withdrawal fees
• Trading fees: 0.20% for a single trade or 0.40% for a double trade
• Credit/debit card purchases: Up to 6% fee

In my experience, CoinSmart’s fees are lower than average compared to other crypto exchanges, especially considering the free Interac deposits for larger amounts and the reasonable trading fees. For Canadian users looking to keep costs low, CoinSmart is a solid choice. While the credit/debit card fee is on the higher side, avoiding this payment method and opting for free deposit options like wire or bank drafts can help you save even more.

Coismart Spreads

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 margin contributes to the exchange’s profit.

When purchasing Bitcoin on CoinSmart, we observed a spread of 2.1%, which is relatively high. This highlights that while CoinSmart advertises low trading fees, the larger spreads can make trading more expensive overall. In contrast, when we tested Bitbuy, the spread was just 0.24%, making it a significantly more cost-effective option for trading.

One thing to keep in mind is that spreads are often hidden, and exchanges might not always be transparent about these costs. This lack of clarity can lead users to believe they are paying low fees, only to realize they are incurring hidden charges through the spread.

CoinSmart’s high spreads have been a recurring theme in customer feedback, and based on my experience testing over 50 exchanges, I always recommend comparing spreads before committing to a platform. If keeping costs low is important to you, platforms like Bitbuy, with its tighter spreads and transparent pricing, are worth considering.

How Much Does it Really Cost To Trade With Coinsmart?

We deposited $100 CAD into our CoinSmart account via Interac e-Transfer. After the 1.5% deposit fee, the credited amount was $98.50. Notably, this fee can be waived for deposits over $2000, making larger deposits more cost-effective.

Next, we used the full amount to purchase Bitcoin. We received 0.00356705 BTC, valued at $96.15, meaning the trading fees and spread amounted to $2.35 or 2.38%. In total, we lost $3.85 or 3.85% in fees for this transaction.

We then sold our Bitcoin back into Canadian dollars, receiving $96.11, resulting in a negligible loss of $0.04. However, when withdrawing the amount to our bank via Interac, we incurred a $15 withdrawal fee, reducing the final amount received to $81.11.

Here’s the breakdown:

• Buy fees: 3.85%
• Withdrawal fees: 16%

This experience highlights that CoinSmart is best suited for high-volume trades. Larger transactions not only waive the deposit fee, but the flat withdrawal fee becomes less significant when spread across a bigger amount. For smaller trades, the fees can quickly add up, making it less economical compared to other platforms.

CoinSmart Currencies & Deposit Methods

You can deposit Canadian dollars conveniently through Interac e-Transfer, wire transfer, or bank draft. Additionally, Euros can be deposited using SEPA, wire transfer, or bank draft, while USD deposits are available via wire transfer. For added flexibility, you can also purchase crypto directly using debit or credit cards, provided your bank supports such transactions.

To get started, simply head to your dashboard, click on the “Deposit” button, and follow the on-screen instructions. As someone who has tested numerous exchanges, I appreciate CoinSmart’s variety of deposit methods, which cater to both Canadian and international users, making it versatile and accessible for traders of all levels.

Next, select your deposit method. We chose Interac.

Enter the amount you wish to deposit.

Click confirm. Then, you will receive an email from “Simply Digital Technologies” with a request to make a transfer. Click the button to accept and make the transfer.

This will redirect you to the Interac website where you can select your bank. 

You will be redirected to your online banking where you must login and confirm the transaction. 

How Long Do Deposits Take with Coinsmart?

Our deposit took less than five minutes to arrive in our CoinSmart account, which is fast. 

How Long Does it Take to Withdraw Coins with Coinsmart?

Withdrawing coins depends on the network but takes up to 10 minutes for bitcoin.

We withdrew Canadian dollars from CoinSmart to our bank account, which takes up to five days to process.

CoinSmart Security and Safety

Is CoinSmart safe for Canadians to use? We think so. CoinSmart utilizes cold storage for its digital assets, makes two-factor authentication mandatory, 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. We do wish CoinSmart would state what percentage of assets are held in cold storage, as this is a crucial part of an exchange’s security. 

CoinSmart uses a verification process that can detect fake information by using a database offered by data collection agencies. CoinSmart states it is able to verify a user’s identity while keeping the data secure, but they do not go into detail about this. 

When making a trade, deposit or withdrawal you must confirm the transaction in your Google Authenticator app. You must also confirm all withdrawals via email. This adds a layer of security to your CoinSmart account.

CoinSmart Compliance in Canada

CoinSmart is fully compliant in Canada, making it one of the most reliable options for Canadian users. The exchange is registered with FINTRAC and holds additional recognition from the Ontario Securities Commission (OSC). This level of compliance ensures that CoinSmart operates within strict regulatory frameworks, giving Canadians peace of mind when trading.

For instance, the OSC has banned popular exchanges like Binance, limiting options for Ontarians. With CoinSmart, you can trade confidently, knowing that it is a 100% safe and regulated platform designed with Canadian users in mind. As someone who has reviewed and tested over 50 exchanges, I find CoinSmart’s strong regulatory backing to be a significant advantage for Canadians prioritizing security and compliance.

CoinSmart Mobile and Desktop app

Inside the CoinSmart dashboard, you’ll find a clean layout displaying market information and your portfolio balance. At the top of the page, you’ll have quick access to key features, including options for buying and selling crypto, exploring advanced trading tools, and managing your wallets. As someone who has tested dozens of platforms, I appreciate how CoinSmart organizes these essential tools, making it intuitive for both beginners and experienced traders to navigate.

 

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. 

CoinSmart’s iOS app has seen significant improvements, with its rating climbing from a 1.7-star score with 131 reviews to 3.3 stars with 283 ratings—and it continues to rise. We tested the app ourselves, and signing in was straightforward, addressing previous complaints about iOS compatibility issues.

That said, the app still has limited functionality compared to the desktop platform. As someone who values flexibility and advanced tools, I’d recommend sticking to the desktop version, which offers far more features for trading and portfolio management.

Once logged into the app, we encountered several terms and conditions to agree with, followed by an exhaustive questionnaire about financial status, income, employment, and investment objectives. While I understand the need for compliance, it was frustrating to repeat this process despite already completing the simpler verification on the desktop platform.

Even more disappointing, the app failed to save our progress and repeatedly redirected us to the beginning. While CoinSmart is making strides with its app, there’s still room for improvement in terms of user experience and reliability.

CoinSmart Design and Usability

While CoinSmart’s app clearly needs improvement, its desktop platform stands out as a beginner-friendly option. Navigating the platform, depositing funds, and purchasing cryptocurrency are straightforward and hassle-free. For those looking to utilize advanced features like limit orders and charting tools, the advanced trading platform is accessible directly from your dashboard, making it easy to switch between beginner and advanced interfaces.

Once your funds are deposited, simply head to your dashboard and click “Buy” next to the cryptocurrency you wish to purchase. As someone who has tested numerous platforms, I find this streamlined process ideal for users new to crypto trading while still catering to more seasoned traders with its advanced tools.

Then, select which currency you want to buy with (CAD, EUR, USD), then enter the amount you wish to purchase and click “buy now”.

Advanced Trade With Coinsmart

The Advanced Trade app is designed with experienced traders in mind, offering essential tools like charting, order book data, and a variety of order types, including limit orders. This platform provides a robust trading experience, giving users access to the data they need to make informed decisions.

For those who enjoy technical analysis, the platform includes drawing tools for marking up charts and selecting indicators like moving averages. CoinSmart’s Advanced Trade platform is comprehensive and well-suited for traders looking to dive deeper into market trends and analytics.

CoinSmart Customer support

You can submit a support ticket or use CoinSmart’s live chat function directly on their website. They also offer 24/7 customer support, including phone support, although a phone number isn’t listed on their support page, which could be more transparent. CoinSmart boasts an impressive 97% customer satisfaction rate, and based on our experience, it’s easy to see why. When we reached out to resolve an issue, their team got back to us within a few hours and resolved our problem efficiently. That level of responsiveness is a big plus for any crypto exchange.

CoinSmart Consumer Ratings, Reports & Reviews on Other Platforms

CoinSmart has 67% “excellent” reviews on Trustpilot, so the majority of customers are happy with the customer service and platform. They have an average score of 3.6-stars. 

Other reviewers are not so happy and criticize CoinSmart’s slow withdrawal of funds, lack of customer support, and lost deposits.

Does CoinSmart Offer Staking or Other Services?

CoinSmart does not offer staking or crypto Visa cards, but it does have other features such as SmartPay, which allows you to invoice anyone 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. This is great for businesses who would like to receive crypto payments. 

They also have a mining calculator where you can calculate how much you could earn mining crypto. 

CoinSmart also has a SmartGuarantee where CoinSmart commits to processing verification requests and deposits on the same day they are received. 

They also have an Advanced Trade feature for users who are more experienced with crypto and would like to use advanced tools. 

Does CoinSmart Have an OTC Desk?

CoinSmart has a premium service for Over-the-Counter (OTC) trades. Anybody looking to make large trades of crypto 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 Liquidity

We could not find information about CoinSmart’s liquidity. Deep liquidity is necessary for making large trades and preventing high spreads. CoinSmart does have an OTC Desk, so if you are debating whether to make a large trade with CoinSmart, you have that option.

Does CoinSmart Restrict or Freeze Accounts?

CoinSmart is not an exchange where people often complain of accounts being frozen. However, CoinSmart can and will if they suspect suspicious activity on your account. 

Examples of suspicious activity could be trading larger amounts than usual or more frequently, or depositing and withdrawing larger amounts than usual.

If your account is frozen you will need to contact CoinSmart’s support team.

Can CoinSmart Track where you Receive and Send Crypto?

CoinSmart and any other crypto exchange can track where you have received and sent crypto. Crypto transfers are recorded on the blockchain and are public. The information available includes time and date, amount sent and both “to” and “from” wallets.

Since users must submit identity documents when signing up to crypto exchanges, it is easy for an exchange to link transfers on the blockchain with their customer’s accounts. By following a trail, this is how the Canadian government was able to freeze accounts of the protestors during the “Freedom Convoy” earlier this year. 

While crypto itself is decentralized, crypto exchanges are centralized and have the power to freeze anybody’s account if they suspect suspicious behaviour. 

CoinSmart Alternatives

Besides CoinSmart, there are several other Canadian crypto exchanges to choose. 

Bitbuy is a reputable exchange that is fully regulated in Canada. It has free deposits and several of the most popular cryptocurrencies. There is an Express Trade option for quick crypto swaps and an advanced option for different order types and more advanced trading tools. 

NDAX is also a good option for Canadians and offers low trading fees, staking and an easy to use platform.

	CoinSmart	Bitbuy	NDAX
Trading fees	0.2%-1.5%	0% to 1.5%	0.2%
Cryptocurrencies	16+	35+	35+
Additional features	OTC Desk, Invoicing in crypto	OTC Desk	Staking, OTC Desk
Customer Support	Good	Good	Poor
Security	Good	Excellent	Good

Common Crypto Exchange Scams Related to Coinsmart

When you leave your digital assets on an exchange you are leaving them vulnerable to hackers who can steal your assets. Even some of the most popular crypto exchanges such as Binance and Crypto.com have fallen victim to hacks.

The best way to avoid this is to move your crypto to a private wallet such as a hardware wallet for safekeeping. This way only you can access your crypto, provided you keep your private keys safe. 

Customers of crypto exchanges can also fall victim to common crypto scams such as phishing emails. These emails are made to resemble real emails from crypto exchanges and a lot of the time are indistinguishable from the real thing. 

In these emails, scammers may claim that there is a problem with your account and will encourage you to click a link which directs you to a scam website, or a virus infects your computer to steal private keys.

Always double check the official website and email addresses of your chosen crypto exchange. Make sure emails sent to you are from the official email address before clicking on any links.  

Make sure you are also using the official website URL of your chosen exchange before depositing any money. 

Conclusion

CoinSmart offers several beginner-friendly features, including a “learn and earn” program, the ability to send crypto invoices, and direct altcoin-to-altcoin trading. The platform stands out as modern, engaging, and user-friendly. While it could benefit from a broader selection of altcoins, CoinSmart remains an enjoyable exchange to use. Registration is straightforward, and you can begin trading even as your account undergoes verification. Overall, CoinSmart is a reputable Canadian cryptocurrency exchange and a solid choice, especially if you’re looking to trade with USD or Euros. That said, there are some aspects to consider…

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!