Some traders may like to develop their own bots and algorithms which interact with an Exchange’s API. Other’s may be away from their desk and would like to trade on a mobile app. While this may be annoying for those traders who like to trade anonymously, there are no other Canadian exchanges that offer unverified accounts for trading. If this is something you are adamant about then you will have to consider an offshore exchange such as Binance. Given that Coinsmart is a MSB that is regulated by FINTRAC, they are required to complete compulsory KYC on their users. This means that they need to confirm your identity and address in order to let you start trading.

A Very Beginner-Friendly Exchange

They also facilitate fiat-to-crypto purchases, which is very important for the newbies who are yet to buy their first cryptos. Clicking on Buy/Sell/Trade icon gives you the option to buy or sell cryptocurrencies against fiat or trade between cryptocurrencies — the simplest methods for trading on this platform. Besides Interac e-Transfer, you can deposit money via bank wire, bank draft and credit card. European customers can also use the Single Europe Payments Area (SEPA). The fees and processing time for Canadian and European customers vary.

Mon avis sur la plateforme crypto Coinsmart (September

This includes first name, last name, email address, password, any promo code, and country. Also, you should be aware of the high fiat transaction fees levied by both Coinbase and CoinSmart. Yes, Coinsmart offers dogecoin trading for residents of Canada, most of Europe, and much of Latin America — they do not however offer dogecoin’s baby brother, Shiba Inu Coin. Kraken is a great brokerage, however their desktop interface is a bit complicated if you aren’t used to old early 2000s stock brokerage interfaces. Kraken’s fees are practically identical to CoinSmart’s (0.16% to buy, 0.26% to sell. Coinsmart’s Pricing & Fees are the lowest in the industry — they’re significantly less than every competitior with the exception of Kraken, which has similar fees (+/-0.05%~).

Is CoinSmart Safe?

You can sign up here (including a $50 bonus when your first deposit is $250 or more) and provide the required registration details (name, email address, phone number, date of birth, and address). We use dedicated people and clever technology to safeguard our platform. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. This ensures we understand your priorities and can recommend the best crypto exchange for your needs. 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.

Wallets

If this your first purchase, enter in the details for your debit/credit card. Click the email link and enter the text code to access the Verification page. Once you have entered the page, you must upload a copy of a government issued ID and fill out the other details (e.g., name, date of birth). As soon as your information has been verified, the order is placed.

• There are only three types of orders that you can place and none of these have options around order life.
• Overall, CoinSmart is a well-secured website to buy, sell and trade cryptocurrencies.
• On the flip side, though, once again – the lack of coin and token variety can be a huge detriment to many crypto investors around the world.
• It does not affect the objectivity of our evaluations or reviews.
• At the forefront of these features, you have security – the platform emphasizes things such as 2FA and user verification checks, and keeps a large portion of its crypto assets in cold storage devices.
• Canada has some of the most stringent regulations in place for user security, so immediately, knowing that CoinSmart is Canadian founded and based in Toronto is a positive.

Coinsmart is a Canadian cryptocurrency exchange dedicated to breaking down the barriers of the complex crypto world. They offer simple solutions, learning tools, and 24/7 client support for all traders, from entry-level to expert. A summary of Canada’s major cryptocurrency exchanges and brokers. Over the last 3 years, we put every Canadian platform to the test across 60+ features each. Visit our free comparison tool here or see this year’s Best Canadian Exchanges. Coinsmart is not the best platform in Canada for funding and withdrawals since it charges fees.

CoinSmart – Summary of Features

As someone coinsmart review 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. CoinSmart offers several ways to buy, sell, and trade using its trading interface. These methods have something to offer traders at every level with beginners finding the buy/sell/trade, wallet, and dashboard views as very simple, user-friendly ways to complete a trade. These options are all offered within your CoinSmart account and are the most streamlined, and intuitive ways to place a trade on the exchange. There are a variety of fees to consider when making a deposit or withdrawal through CoinSmart.

Withdrawals were constantly rejected…

CoinSmart is a cryptocurrency exchange based in Toronto that caters to crypto users around the world. Founded in 2018 by Justin Hartzman and Jeremy Koven when they found it difficult to fund and get verified on other exchanges. They wanted to provide a reliable exchange that was both beginner friendly and easily accessible to Canadians. Coinsmart is an excellent option for Canadians looking for a simple crypto exchange that’s easy to understand and navigate.

• If you are going to use this, it is wise to generate the password in an offline state.
• While I understand the need for compliance, it was frustrating to repeat this process despite already completing the simpler verification on the desktop platform.
• Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency.
• In order to withdraw cash, the process takes up to five business days before the transaction is complete.

It was very frustrating having to wait several hours for the request to be approved. Plus, having two previous requests denied was both confusing and aggravating; I was not quite sure why the requests were rejected. Having to reach out to customer support to solve things was another frustrating part of this whole experience. After talking with customer service, I discovered what the issue was. CoinSmart sends an email with a link for you to approve the withdrawal. Still, it was not very clear that I had to check my email to approve the withdrawal.

This is similar to a number of other exchanges and it is powered by ZenDesk technology. Something that we quite liked about Coinsmart was how open they were and easy to reach. There are a range of contact options through which you can get a hold of them and most of these are available 24/7.

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 is a fully compliant and regulated Canadian exchange, which adheres to strict guidelines and laws such as AML and KYC regulations. On the other hand, Kucoin experienced a security breach in 2020, resulting in the theft of $275 million in cryptocurrency. However, they managed to recover $200 million of the stolen funds.