Coinsmart Review: 8 Points To Quickly Know If It’s For You

It is a commendable choice for those seeking a reliable and easy-to-use cryptocurrency exchange platform. Its commitment to security, regulatory adherence, and customer satisfaction makes it a worthy contender in the competitive crypto exchange landscape. As a customer, it’s a good way to hold a company accountable.

FIAT Withdrawal Fees

By following these regulations, CoinSmart establishes a trustworthy environment for users to trade cryptocurrencies. She found out I had only 480 in my account, so she would ask her supervisor if she could lower that amount. Then she somehow got the money from my account to put into my coinsmart account.

Mon avis sur la plateforme crypto Coinsmart (September

• The fee for single trades is 0.20% Double trades are crypto-crypto transactions that do not involve Bitcoin.
• The platform charges 0.20% for single trades and 0.30% for double trades.
• For crypto trading, the fees depend on the type of trading you are doing.
• Something that we quite liked about Coinsmart was how open they were and easy to reach.

Users can trade among 16+ different cryptocurrencies through their desktop website or through their app, which is available on Google Play and the App Store. CoinSmart doesn’t charge Canadian residents to fund their accounts using bank wire and bank draft. The fees are zero if you deposit over $2,000 via Interac e-Transfer.

Account Opening and Deposits

Irrespective of the coin management protocol at Coinsmart, it is not advisable to keep large holdings of coins on any exchange. The optimal solution is to be in control of your own private keys. This is perhaps one of the most important questions that Canadian crypto investors are asking themselves. It was only just recently that QuadrigaCX (previously Canada’s largest) went under due to lack of liquidity and a number of other questionable factors. CoinSmart Premium is one of the largest Over the Counter (OTC) desks in the country.

What Are CoinSmart’s 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. What I found was a mix of positives and some real limitations. Coinsmart is registered and regulated in Canada, which gave me peace of mind about its security standards and its approach to user protections. The platform is user-friendly and the trading fees are reasonable, especially for those trading in CAD.

• In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person.
• Whichever form of ID you choose, you will have to provide both a front and back photo of the ID.
• Learn more about the promotion in this CoinSmart Referral post or check out all the best crypto promotions in Canada here.
• The same applies to most trading platforms that cater to global customers.

Deposits of $100-$1,999 have a 1.5% fee while deposits over $2,000 have no fees. The first is that it’s a very beginner-friendly platform and it’s a great place for new crypto users to get started. Trading fees on the exchange are 0.2% when trading between Canadian Dollars and a crypto asset, and 0.4% when making a trade that does not involve Bitcoin. Coinsmart states that it holds insurance coverage for digital assets stored on the platform, but details and coverage limits are not fully disclosed to the public. Coinsmart does not currently provide proof-of-reserves or real-time asset audits. Network fees for blockchain transactions can fluctuate based on congestion, so it’s smart to check current rates or make larger, consolidated withdrawals to minimize costs.

One rule they must follow is to not allow the trading of securities. So, because of the uncertainty of XRP’s status, many U.S. exchanges delisted XRP. As with other exchanges, you will have to provide your personal information like birth date, email account, and address to CoinSmart.

It consists of you verifying your phone number, and also your identity, too. Since all of the processes described in the title of this chapter of the CoinSmart review follow very similar paths, we won’t go through all of them, step-by-step. Instead, here, we’ll focus on the most important process – KYC verification. Once you register on the exchange, you can do two things – explore the website and get used to the UI, or pass the KYC verification and start trading.

There are currently no staking or lending products available within Coinsmart. This absence may disappoint anyone looking to earn passive income directly through the platform, as they would need to transfer assets to another provider—sometimes at additional cost and risk. Likewise, while Coinsmart has invested in NFT-related infrastructure externally, users do not have direct access to NFTs or DeFi protocols from within their trading dashboard. You can fund your new account using Interac e-Transfer, electronic fund transfer, bank wire, cryptocurrency, and bank draft. In addition to its coinsmart review standard cryptocurrency trading services, CoinSmart offers Over-The-Counter trading services for large-volume traders and institutional investors.

If you want to trade more than C$25,000, CoinSmart has a tailored solution known as CoinSmart Premium. While CoinSmart has limited supported coins at the moment, it supports some of the largest and most popular digital coins. As a publicly-traded company on the NEO Exchange, the exchange operates across over 40 countries including Canada, UK, France, Germany, Spain, Finland, Italy and more. Once the transfer is initiated, your money will arrive in your CoinSmart the same day, so you can buy Bitcoin without much delay. There is zero fee if you fund your account using SEPA, Bank wire, Bank Draft and Interac eTransfer.

All of the following cryptocurrencies can be paired with either the Canadian Dollar, US Dollar, or Euro. We may receive compensation when you click on links to products we review. Upgraded Reviews scanned the web to find out what real users are saying about CoinSmart.