- CoinSmart is a cryptocurrency exchange founded in 2017 and based in Toronto.
- Exchange CAD for a variety of different cryptocurrencies.
- Solid option for crypto beginners.
With a simple and user-friendly interface, CoinSmart reduces the barrier to entry for beginner investors.
If you’re new to the world of trading crypto and are considering CoinSmart as your preferred exchange, this review will help you understand their offering.
Inside this review
What is CoinSmart?
The motivation for CoinSmart’s creation was the fact that the founders had an extremely difficult time trying to fund and then get verified on other exchanges. Frustrated and disappointed with what was available at the time, they began to develop a reliable exchange that would make crypto accessible to anyone in Canada.
CoinSmart offers quick verification, an easy-to-understand interface, a high level of security, and the ability to fund your account using various fiat currencies.
Is CoinSmart safe?
This is by far one of the biggest questions on almost every newcomer’s mind. In the case of CoinSmart, it’s easy to answer.
Simply Digital Technologies Inc. (MSB M18755033), the company that operates the CoinSmart exchange, is registered as a Money Service Business and regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). They are also licenced to operate in the USA by FINCEN.
Although getting an account is easy, CoinSmart’s systems run checks to detect things like fake dates of birth and addresses among other things.
A high percentage of digital assets are kept on cold storage systems that are not constantly connected to the internet, making them much less likely to be compromised. User accounts are protected with two-factor authentication, as is common with crypto exchanges.
Who is CoinSmart aimed at?
CoinSmart is aimed at people who have never used cryptocurrencies in the past.
It is designed for beginners but also has charting tools that can assist even the most experienced cryptocurrency traders.
CoinSmart lists Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Cardano (ADA), Stellar Lumens (XLM), Ripple (XRP), EOS (EOS), and Tether (USDT).
With CoinSmart’s focus on making crypto accessible, they’ve doubled down with reassuring features and policies for new users.
SmartTrade makes it extremely simple for users to buy and sell cryptocurrencies using fiat (or cryptocurrency you have already purchased).
SmartGuarantee essentially covers and guarantees certain services of CoinSmart, including:
- the guarantee that all of the deposits will be credited to your account the same day CoinSmart receives them;
- the guarantee that all cash withdrawal requests will be processed within 5 business days; and
- the guarantee that all account verifications will be processed within the same day.
|Interact e-Transfer||1.5% fee on $100 – $1,999, 0% fee on $2,000+||Same day as received||$100||$3,000|
|Bank wire||0% fee||Same day as received||$10,000||$5,000,000|
|Bank draft||0% fee||Same day as received||$500||$5,000|
|Credit/debit cards||Up to 6% fee||Instant||$100||$5,000|
|Electronic funds transfer||1% fee ($15 min)||1 - 5 days||$50||$15,000|
|Bank wire||1% fee ($15 min)||1 - 5 days||$10,000||$1,000,000|
Crypto withdrawal fees
|Bitcoin Cash||0.0001||Immediate delivery|
|Commission||0.20% for single trade and 0.30% for double trade|
Pros and cons
- Easy to get set up with quick account verification.
- A range of guarantees covering processing times.
- Same day deposits when funding your account.
- 24/7 customer support.
- The selection of coins could be bigger, but is enough for the average investor.
- Unavailable for residents in the United States.
- Newton. No-fee cryptocurrency brokerage where you can set up your account in minutes and transfer your funds at any time. It offers third-party custody, instant verification, iOS, and Android apps, no trading fees, a high level of liquidity, and competitive spreads.
- Gemini. The Gemini exchange is a privately owned one that allows users to buy, sell or trade as well as secure a multitude of cryptocurrencies. It was originally launched in 2015 by Cameron Winklevoss and Tyler Winklevoss.
- Coinbase. Coinbase is a secure platform that allows users to buy, sell as well as store many cryptocurrencies with ease. It is an American company that was founded in 2012 and is fully regulated and licensed.
Does CoinSmart have a demo account for paper trading?
Is CoinSmart insured?
CoinSmart use BitGo’s cold storage service, which are insured by Lloyd's of London for $100 million.
Do I need my own crypto wallet for CoinSmart?
No. You can use the wallet provided by CoinSmart.
How do I fund a CoinSmart account?
You can fund your account using e-wallets, bank wire transfers, bank drafts, credit cards, and debit cards.
How do I withdraw from CoinSmart?
You can withdraw funds using electronic funds transfer or bank wire transfer.
While CoinSmart doesn’t offer as many cryptocurrencies as other exchanges, they do support the most popular and established coins. Fees are competitive against the market and the service guarantees are reassuring for their target market of novice traders.