CoinSmart Review: Is It Worth the Fees?

CoinSmart supports the buying, selling, and trading of twelve crypto assets, which include two stablecoins. It also offers advanced trading, educational resources, OTC services, and more. Check out our complete CoinSmart review now to find out if this platform is worth using. The crypto industry is booming, and CoinSmart is on a mission to make cryptocurrency such as Bitcoin, Ethereum, as well as alt coins like Doge and Solana, accessible to everyone.

  1. If that doesn’t sound like fun, you can also visit their FAQ page.
  2. Withdrawing coins depends on the network but takes up to 10 minutes for bitcoin.
  3. That said, what CoinSmart lacks in supported assets, it more than makes up for with its seamless interface and low fees (excluding credit/debit card deposits).
  4. Coinberry also has a simple and easy-to-use interface, which is ideal for newcomers to the game.
  5. The process is simple, secure, and takes a few minutes to complete.

Single trades can be between a fiat currency and a cryptocurrency, or a crypto-crypto transaction where one of the coins is Bitcoin. The fee for single trades is 0.20% Double trades are crypto-crypto transactions that do not involve Bitcoin. The verification process is straightforward and takes a few minutes. The platform offers various deposit methods, but the fees are a bit steep. CoinSmart’s services are available to more than 40 countries, although it excludes the U.S.

To send your crypto assets to your bank account, you first have to sell your coins. Select the token you want to transfer and click the sell button. Once you have received the profit, click the Wallet tab and then select Fiat. For CAD you can send money either through a wire transfer or an EFT. After you have selected your option, enter in your information (e.g., bank address, account number etc.). You must upload a document that confirms your name and account information.

The exchange was designed for beginners and built for experts, making it a super-inclusive platform for users with all levels of crypto experience. You can set up multi-factor authentication for logging in, funding your account, and transacting crypto assets. Additionally, CoinSmart uses cold storage to secure your assets. CoinSmart offers services to certain countries and makes its app available only within the physical borders of those nations.

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If anyone uses this platform and would like their activity reports for filing taxes, just send them and email or talk through live chat and they can get it sent to you. One note is that I have not tried withdrawing any funds yet, but the deposits showed up in my account in less than 5 minutes. I have been trying to get into my account for 3 days after my account was hacked and 2 factor authentication was weaponized against me. Twice I’ve had major delays on my deposit and also twice I’ve had fees charged to me that weren’t supposed to be. Despite this there customer response (albeit slow) has been satisfactory and when the system works I enjoy the platform.

Terrible experience would not recommend to use

U.S. crypto exchanges must comply with the SEC in order to legally operate. 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. Clicking on Buy/Sell/Trade coinsmart review 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.

I had been trying to cash out crypto…

Most CoinSmart reviews are very positive about the platform’s user interface. Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points. Coinsmart is a Toronto-based cryptocurrency exchange founded in 2018. Their goal is to simplify the complex world of crypto by offering a simple and secure platform for Canadians. Beginner-friendliness is something that many cryptocurrency exchanges try to focus on, especially nowadays.

Assets Available on CoinSmart

European customers can also use the Single Europe Payments Area (SEPA). Simply create a CoinSmart account, verify it, copy your referral link, and share it with people you know. When they make a fiat deposit, they will receive $15 CAD, as will you. Within 5 business days, the $15 credit will apply to both accounts. One of the benefits of working with CoinSmart is that it offers multiple ways in which you can transfer funds. You can choose among Interac e-Transfer, bank wire, and credit and debit cards.

You can easily withdraw money to your bank account or transfer your cryptocurrencies to another wallet. Canadian crypto exchanges are following US guidance in order to be able to continue trading there. First, you can buy Bitcoin with a credit card, just like any other online purchase. A cheaper way to buy is via a bank transfer or Interac e-transfer. They also offer an help desk with FAQs and articles for everything related to your account.

So you may think you are paying low fees, but in reality you’re paying hidden costs. After that, you’ll have to upload a selfie by following 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. It’s necessary to submit an ID to help prevent fraud and money laundering.

You begin by entering your phone number and verifying the 5-digit code, after which you upload your ID documentation (passport, driver’s license, ID card, residence permit). There’s also a comprehensive risk management system in place to protect user coins. This system monitors activity and flags any suspicious behaviour. If there’s ever any doubt about the safety of user funds, the transaction will be frozen until it can be investigated. If you’re interested to learn more about Bitbuy, you can read our full review of its services here. We found using CoinSmart’s mobile app to be a smooth experience.

They will probably also use multi-signature technology to move coins from their cold storage to their hot wallets and back. As is standard with most exchanges these days, Coinsmart operates a coin cold storage protocol. This means that the majority of their coins are kept in offline storage which makes it is impossible for hackers to access the coins.

WeSellYourSite was a website brokering service and Needls is a digital marketing agency. The Coinsmart team has also tapped the brains of Edmund Lau as a technical advisor. Coinsmart is a relatively new Canadian cryptocurrency exchange that opened their doors in July of 2018. They also have an Advanced Trade feature for users who are more experienced with crypto and would like to use advanced tools. Once funds are in your account, go to your dashboard and select “buy” next to the crypto you want to purchase.

This guarantee should provide users with peace of mind when using the platform. It’s one of the ways CoinSmart distinguishes itself from other exchanges. Most investors like to keep track of their progress and performance. You can view your balance, portfolio, and trade history with CoinSmart Dogecoin and other cryptocurrencies all in one place. The platform uses 2FA on all accounts and requires you to download Google Authenticator first and then connect it to your account.

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