CoinSmart cryptocurrency exchange review

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CoinSmart is a fast-growing Canadian crypto platform founded in 2018. It is suitable for inexperienced crypto traders and supports 16 leading cryptocurrencies.

The platform also supports US Dollar, Euro and Canadian Dollar and can be accessed in about 50 countries.

How CoinSmart works

Once you have opened and verified your CoinSmart account, you can fund it via bank transfer, INTERAC e-transfer, crypto, bank check or credit or debit card. The platform credits all deposits to the user’s account on the same day they are made. It processes cash withdrawals within five business days. Accounts are usually verified on the day you sign up.

To register with CoinSmart, you will be asked for your name, address, date of birth, email address and phone number. They email you a verification link, you click on it and you’re all set – usually.

A few users have been asked to undergo manual verification by uploading a few documents. The platform asks for a government-issued ID and a selfie of the user holding it so that both the front and back are visible. They will also be asked to upload a copy of a recent utility bill.

Most important features

CoinSmart has very low trading fees: only 0.2%. If you are a large trader, the fee savings will add up quickly. Many crypto platforms in Canada charge 1% or more in trading fees.

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This platform also has minimal spreads. In other words, the difference between the buying and selling price is small. This makes it possible to trade more often than you would otherwise and save more money.

CoinSmart does not charge for deposits. The fee for including fiat is 1%. Crypto withdrawals only incur network fees.

Depositing fiat via debit or credit card can be costly, sometimes reaching as much as 6%. It’s best to stick to wire transfers or INTERAC, especially if you’re just starting out.

Feature-rich app

CoinSmart has a functional, versatile mobile app. The feature we loved the most was the SmartTrade widget, which is available on mobile and desktop and allows for quick trades. You buy and sell crypto with a few clicks.

The mobile app is available on iOS and Android. It features two-factor authentication, biometric login, and many other security features to keep your assets safe. In fact, it would not be an exaggeration to say that their security is on par with that of banks.

The platform has a 95% cold storage policy, according to which it stores all crypto assets offline in various locations to thwart hacking attempts.

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CoinSmart is regulated by OSC (Ontario Securities Commission) and FINTRAC. It also has a Securities Dealer License, which few Canadian exchanges can boast of.

It is an official member of TRUST, an anti-money laundering group, alongside leading exchanges such as Kraken, Coinbase and Gemini.

OTC trading

Institutions and major traders can participate in OTC trading, a premium service with a dedicated account manager and preferential pricing. You get exclusive access to CoinSmart special events, reduced slippage and same-day settlements for all trades.

The OTC trading desk allows you to place orders in US Dollars, Canadian Dollars, Euros, British Pounds and Japanese Yen. You have to undergo KYC and AML verification, but the process is speeded up.

Pros

· Competitive Trading Fees

· Instant Account Verification

· Supports major fiat currencies

· Customer support available 24/7 via phone, live chat, email

· Assets insured up to $100 million

cons

· High fees for credit and debit card deposits

· Not available in the US

· Limited Coin Supply

· 1.5% fee on deposits under $2,000

Why should you sign up with CoinSmart?

Not only does CoinSmart offer a low cost and fantastic customer support, but it is also easy to use and very secure. It insures user assets for up to $100 million – BitGo, a reputable custodian, is responsible for the assets.

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CoinSmart is publicly traded and complies with strict financial regulations, which is good for its high transparency and security.

What makes this exchange unique?

CoinSmart is very beginner-friendly, making it a great vantage point for novice crypto traders. The user interface is intuitive and makes depositing a breeze.

CoinSmart is the only platform with the so-called Smart Guarantee, which offers the benefit of instant deposit, same-day account verification, and fiat withdrawal processing within a few days, not two weeks as the industry standard.

Last but not least, CoinSmart has a nice referral program. If you refer a friend and your friend deposits $100 or more, the platform will give you all a $15 reward.

it comes down to

CoinSmart is a publicly traded company that is subject to strict financial controls, making it very safe to invest with. They are obliged to submit a large amount of financial data with their annual accounts, which makes fraud almost impossible.

CoinSmart is possibly the safest and most secure Canadian crypto exchange. We have been trading with them for several months now and would not hesitate to recommend them to other users.