Pros
Cons
Quick Summary
| Headquarters Location | Toronto, Canada |
|---|---|
| Fiat Currencies Supported | USD, CAD, EUR |
| Total Supported Cryptocurrencies | 16+ |
| Trading Fees | 0.20% - 0.30% |
| Deposit Methods | Bank Transfer, Debit Card, Credit Card, Cryptocurrency, Interac e-Transfer |
| Support | Live Chat, Help Center Articles, Support Ticket |
| Mobile App | Yes - iOS, Android |
CoinSmart is a cryptocurrency exchange designed for various users. It serves as an intermediary between the complexity of digital assets and individuals seeking simplicity. Its platform balances between being accessible to novices and providing enough depth for experienced traders.
The platform’s security measures are stringent. To comply with anti-money laundering guidelines, CoinSmart uses cold storage and hot wallets to protect customer funds against threats.
CoinSmart’s influence spans several regions aside from Canada. It is available in Estonia, selected European countries, certain South American areas, and Asian territories. It should be noted that United States residents cannot access these services primarily because they are intended for use outside US borders.
Users holding CoinSmart accounts can access beneficial programs like referral schemes and premium offerings to enhance the experience for everyone investing in cryptocurrencies.
About CoinSmart
Launched in Toronto in 2018, CoinSmart was established by entrepreneurs Jeremy Koven, Michael Koral and Justin Hartzman, who were recognized for their successful business histories. The founding team channelled their personal experiences with slow fiat transfers and complex verification methods into creating an exchange that offers a more streamlined and user-friendly service.
Designed specifically with Canadians in mind but not limited to them, CoinSmart extends its services globally to cater to users from various locations. This crypto exchange is dedicated to fulfilling customer needs by targeting common challenges for beginners.
CoinSmart has a number of active social profiles including Facebook, LinkedIn, Telegram, TikTok and YouTube.
CoinSmart has a mobile app on both the Apple App Store and Google Play.
CoinSmart Supported Cryptocurrencies
CoinSmart supports trading on over 16 cryptocurrencies on their platform. This exchange currently supports 14 of the top 30 market cap cryptocurrencies.
Download full list of cryptocurrencies CoinSmart supports
CoinSmart’s capability to support numerous fiat currencies positions it as an adaptable trading platform for users worldwide. Operating in over 40 nations, CoinSmart serves individuals from various regions, including Austria, Belgium, and Brazil.
Such broad coverage allows users from different locales to utilize the platform’s offerings. Integration with multiple fiat currencies such as Canadian Dollars, EUR, and USD enhances accessibility to the exchange, simplifying entry into cryptocurrency markets for people worldwide.
CoinSmart also accommodates deposits and withdrawals in different fiat currencies, which is advantageous for those dealing with multiple financial portfolios across varied monetary units.
Trading Experience
CoinSmart takes pride in a well-designed interface that meets users’ needs. It ensures accessibility for newcomers stepping into cryptocurrency and delivers the reliability and advanced functionalities experienced investors seek.
Account Registration and Verification Process
CoinSmart requires a straightforward sign-up procedure. You must be 18 years or older to initiate this process. To begin, enter your full name and email address, create a reliable password, and, if available, apply a promotional code. The verification process includes activating through an emailed link, confirming your phone number, and uploading a government-issued ID and a selfie for identity confirmation.
The duration of the identity verification might differ among users; some may benefit from immediate authentication due to CoinSmart’s Smart Guarantee, which ensures that accounts will be activated on the same day they are registered. If instant validation isn’t possible, the standard wait time spans several minutes up to half a day at most.
Trading Platform Analysis
Upon activating your account, you are welcomed by the CoinSmart trading platform, which has a collection of advanced trading tools. This system includes various features such as market books, charting capabilities, real-time position tracking, and a custom order entry form.
These resources aim to enhance the process of exchanging cryptocurrencies on its platform. The user-friendly interface promotes efficient investment management for straightforward transactions and more intricate strategies across crypto exchanges.
CoinSmart provides mobile applications compatible with iOS and Android devices that enable convenient access anywhere for traders who wish to conduct their business while on the go. While some users have reported glitches and unfriendly interface design issues in reviews, many still praise the app’s basic functionalities in cryptocurrency dealings.
CoinSmart’s application is characterized by notable elements, including one-click selling options, real-time market data accessibility, and encrypted security measures safeguarding trades.
A monitoring system in CoinSmart’s infrastructure ensures detailed records of all trade operations and funds deposited or withdrawn from your account. This system is an essential tool for continuous asset monitoring.
CoinSmart Fees
Traders looking to optimize their profits must be mindful of the associated expenses for trading, depositing, and withdrawing money.
Understanding Trading Fees
The CoinSmart platform offers an attractive trading fee for trades that involve Canadian Dollars and Bitcoin. This cost-effective fee model is particularly beneficial for those intending to trade with Bitcoin, as it provides low and predictable expenses.
Not all transactions on the CoinSmart platform incur the exact costs. When exchanging different digital currencies or converting Canadian Dollars into alternative cryptocurrencies other than Bitcoin, traders face slightly higher fees.
CoinSmart’s pricing structure demonstrates its devotion to transparent and economical dealings in the digital currency trading platform market. Whether initiating a single transaction or participating in bulk volume deals, traders must clearly understand their competitive fee framework to execute informed operations.
Deposit and Withdrawal Fees Explained
CoinSmart account holders must factor in the trading fees and costs of moving funds into and out of their accounts. Each cryptocurrency has its crypto withdrawal fee on CoinSmart, which is set transparently and ensures a swift transfer of assets.
This structured approach to pricing takes into account various investment behaviors, supporting smaller-scale fiat deposit actions and larger-volume fiat withdrawals by seasoned traders. The goal here is clear: Coinsmart aims for users to strategically plan their transactions while keeping overheads low, thereby maximizing efficiency in terms that best suit their individual needs when dealing with financial exchanges.
| Type | Fee |
|---|---|
| Deposit Fee (Bank Transfer) | 0% |
| Deposit Fee (Credit/Debit Card) | 6.75% |
| Trading Fee | 0.20% - 0.30% |
| Withdrawal Fee (Bank Transfer) | 1% or €/$15 (whichever is higher) |
CoinSmart supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.0005 BTC. The average across all other exchanges that we've reviewed is 0.000296 BTC. This means CoinSmart charges above the industry average by 68.95%. This is worth noting because it likely means they are also charging higher fees and spreads across all cryptocurrencies on their platform.
Security - Is CoinSmart Safe?
The exchange’s stringent security protocols demonstrate its commitment to securing client holdings and sustaining an environment of trust.
CoinSmart has demonstrated compliance with strict security standards by registering with Canada’s FINTRAC and obtaining an FIU license in Estonia. These measures reinforce CoinSmart’s authenticity and highlight its efforts to adhere strictly to regulatory mandates. Enhancing asset protection, most crypto assets on CoinSmart are secured using cold storage solutions from BitGo.
In addition to these custody strategies, other preventive features that help protect your investments on CoinSmart include implementing defenses like email verification and two-factor authentication, which is mandatory for any transaction involving fiat or cryptocurrencies. The system vigilantly monitors activities and rapidly immobilizes accounts at any hint of abnormal action to stop unauthorized breaches.
CoinSmart Customer Support
CoinSmart has intentionally structured its service to be accessible and responsive. Its customer support is available 24/7 through live chat, website support tickets, and telephone assistance. This ensures that help is readily available at any moment when it is required.
However, there have been instances where customers experienced delays in resolving account issues. Despite these issues some clients face, others commend the knowledgeability and helpfulness of CoinSmart’s customer service representatives. The team’s ability to swiftly deal with fraud prevention heightens trustworthiness among its customers, with many pointing out how quickly and effectively CoinSmart staff members address problems.
CoinSmart Support Channels
Smart Guarantee and OTC Trading
CoinSmart’s Smart Guarantee assures prompt account verification and rapid transaction processing. Through this feature, CoinSmart commits to crediting deposits into accounts on the same day, fulfilling cash withdrawal requests in under five business days, and verifying new accounts quickly.
If these timelines are not met, assuming the user has provided all correct information and documents, they are entitled to demand a fee refund from CoinSmart’s customer support team. This service assurance instills users’ confidence in CoinSmart’s promise of fast service.
For clients interested in conducting trades, CoinSmart Premium delivers an elite OTC trading solution per transaction designed for individuals or institutions requiring personalized attention. The services include trade solutions, direct access to dedicated account managers, and enhanced liquidity for executing large orders.
The benefits of using Coinsmart’s OTC facility include customized care and the capacity to carry out considerable volume trades without impacting market prices.
CoinSmart’s Global Presence and Expansion
Since its inception, CoinSmart has made a mark in the Canadian crypto market and extended its influence to users across various continents. The platform is accessible in over 40 countries and has obtained a registered securities dealer and marketplace status with the Ontario Securities Commission.
CoinSmart has solidified its reputation among Canadian crypto exchanges and international exchanges alike, making it a top choice for Canadian-only and Canadian cryptocurrency exchanges.
CoinSmart’s appeal is seen in its impressive yearly growth. Daily operations in key markets such as Canada, Poland, and Spain show the exchange’s strategic international reach and the trust it has garnered from users worldwide. As a Canadian crypto exchange with a global vision, CoinSmart continues to attract a diverse audience seeking a reliable platform for cryptocurrency trading.
CoinSmart’s expansion is rising, with its SmartPay Division showing notable growth. Such growth indicators reflect the exchange’s growing popularity and capacity for innovation and adaptation in the evolving crypto industry.
Crypto Asset Management: CoinSmart Wallets and Storage
CoinSmart offers an extensive wallet feature to support the trading experience. The platform accommodates your needs whether you want to purchase crypto, engage in trades, or transfer digital currencies to another wallet for every supported cryptocurrency.
When it comes time to deposit cryptocurrencies into their CoinSmart accounts, users are presented with simple directions in the dedicated section on the website. This makes it possible for individuals to move supported digital currencies into corresponding wallets for future trade activity or safekeeping. The Wallet’s user-friendly design effectively serves novice and seasoned traders by providing access and management options across various CoinSmart wallets with different currency balances.
How to Sign Up on CoinSmart
- Create Account - Visit the CoinSmart website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
- Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
- Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below.
- Start Trading Crypto - That's it! You should now have everything in place to start trading.
Deposit Methods
CoinSmart Alternatives
Binance
Total Supported Cryptocurrencies
399+
Trading Fees
0.10%
Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others
Kraken
Total Supported Cryptocurrencies
302+
Trading Fees
0.08% - 0.40%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other
OKX
Total Supported Cryptocurrencies
323+
Trading Fees
-0.005% - 0.10%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others
Final Thoughts
In our review of CoinSmart, it’s clear that the cryptocurrency exchange has made a reputation for itself through various key attributes. Its user-friendly interface caters to newcomers, while advanced trading tools satisfy experienced traders.
With competitive fees and a strong focus on security measures, CoinSmart appeals to users with diverse requirements in their crypto journey. Whether in Canada or elsewhere globally, CoinSmart presents an entry point into cryptocurrency trading.
CoinSmart FAQs
CoinSmart is a cryptocurrency exchange that operates legally in the jurisdictions where it is available. It complies with the regulatory requirements set out for financial services companies, including those related to cryptocurrency transactions.
Yes, you do need to provide identification to use CoinSmart. The exchange requires users to complete a Know Your Customer (KYC) process, which involves submitting government-issued identification to comply with anti-money laundering regulations.
The daily limit for transactions on CoinSmart can vary depending on your account level and verification status. Users are encouraged to check the exchange’s official website or contact customer support for specific information about their account limits.
To transfer bitcoins from CoinSmart, log into your account, go to the Wallets section, select Bitcoin, and then choose the Send option. From there, enter the recipient’s Bitcoin address and the amount you wish to send and confirm the transaction following the provided instructions.
CoinSmart is available in various countries but can change based on regional regulations and compliance. Potential users should check the CoinSmart website or contact their support for the most up-to-date information on where the service is offered.
To buy Bitcoins from CoinSmart, you should create an account, complete the necessary KYC process, deposit funds into your account using one of the various methods offered, and then use those funds to purchase Bitcoin through the trading interface on the CoinSmart platform.
Yes, CoinSmart is available in Canada. It is a Canadian-based cryptocurrency exchange platform, and it operates within the legal and regulatory framework of Canada, catering to Canadian residents with services like buying, selling, and trading cryptocurrencies.
CoinSmart User Reviews
0.0 out of 5.0
0 reviews
No reviews yet for CoinSmart - be the first to review!
Methodology
At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.
About The Authors
James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.
His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.
Check James out on:
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.
Check Adam out on: