Oleg Galeev

2 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. 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, XRP, Litecoin, Bitcoin Cash, EOS, Stellar Lumens, Tether, and Cardano. 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. 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

    8.5/10

  • 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 1.5% fee for Interac deposits less than $2000
    • 1% withdrawal fee
    • Various crypto withdrawal fees
    • 0.2% trading fees
    • Not many altcoins are available 
  • Fees

    Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash, EOS, Stellar Lumens, Tether, and Cardano

  • Coins

    • Interac deposit fee of 1.5% 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

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. 

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. 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. 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. 

CoinSmart Fees

Reviewing Coinsmart fees

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

  • Interac deposit fee of 1.5% 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

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? We think so. 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 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 a 1.7-star rating with 131 reviews. It does not currently have an Android app. Users of the app say the app crashes, is slow and often freezes. We downloaded the app, inputted our login information and immediately the app crashed. We tried several times but could not open it. Other users appear to have the same problem.

Screenshot of bad reviews for Coinsmart app

CoinSmart Design and Usability

While CoinSmart’s app clearly needs work, its desktop platform is 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. 

Conclusion

CoinSmart has a lot of fun features 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. We do, however, think their fees are a little much. It’s becoming more common for crypto exchanges to offer free deposits, withdrawals and trading fees, but CoinSmart hasn’t caught up yet. Still, 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.

Coinsmart rated as a #5 in the list of the best crypto exchanges for Canadians

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