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CoinSmart Review 2026
CoinSmart built a solid reputation for making crypto accessible while prioritizing security for Canadian users. In July 2023, the platform became part of the WonderFi ecosystem alongside Coinsquare and Bitbuy. Read on as we explore CoinSmart and other regulated alternatives that offer innovative features.
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A Quick Overview of CoinSmart
CoinSmart launched in 2018. The Canadian cryptocurrency exchange made it easy for people to buy and sell digital assets like Bitcoin, Ethereum, Stellar, and Dogecoin through a simple interface designed for new and experienced traders. The platform was the first Canadian exchange regulated by FINTRAC and later received marketplace status from the Ontario Securities Commission.
The exchange expanded to serve 120,000 customers in over 40 countries with a strong focus on compliance and security, advertising fast account setup and straightforward service. The platform’s regulatory-first approach and emphasis on transparency attracted users who prioritized security and legitimacy in their crypto trading.
Why CoinSmart No Longer Operates as a Standalone Platform
In April 2023, WonderFi, Coinsquare, and CoinSmart announced a business combination to create one of Canada’s largest regulated crypto trading groups. This transaction was complete in July 2023, bringing CoinSmart under the WonderFi umbrella alongside other regulated platforms.
As part of this consolidation, CoinSmart ceased operating as an independent exchange. In September 2023, WonderFi confirmed that Bitbuy, one of its subsidiaries, would assume responsibility for all CoinSmart client accounts. So, all user accounts, assets, and associated data were migrated to Bitbuy, allowing customers to access their accounts using their existing email addresses.
Currently, CoinSmart no longer accepts new sign-ups, but Canadian users can still choose from several regulated exchanges that offer comparable security standards and trading features.
The Best Alternative – Why We Recommend Kraken
So, why Kraken? Kraken exchange operates in over 190 countries and supports more than 450 cryptocurrencies, making it a strong replacement for users. Their commitment to regulatory compliance and registration with securities regulators in multiple jurisdictions allows them to service clients around the world.
The platform has two interfaces: one for beginners to make simple purchases and a pro interface for traders who need advanced charting and order types.
What sets them apart is their combination of high liquidity, competitive fee structure, and security infrastructure that includes cold storage for most client funds and 24/7 monitoring. Founded in 2011, the exchange has built a track record of reliability during volatile market conditions.
One of the world’s most trusted and secure crypto exchanges with low fees and advanced trading tools.
Here's why Kraken is the perfect CoinSmart alternative
The exchange supports spot trading, futures contracts with up to 50x leverage, and margin trading for users seeking more advanced strategies. Trading fees start at 0.25% for makers and 0.40% for takers on spot trades, with lower rates available for higher-volume traders.
Deposits are accepted in multiple fiat currencies, including USD, EUR, CAD, and GBP, though availability depends on your location. Security features include two-factor authentication, withdrawal address whitelisting, and a Global Settings Lock, making it one of the safest cryptocurrency exchanges in the world.
Approximately 95% of client funds are held in air-gapped cold storage, and it publishes regular proof of reserves audits. The exchange operates with licenses in the U.S., Canada, and several European countries, providing the regulatory oversight that CoinSmart users valued.
Similar Crypto Exchanges Worth Considering
Explore our in-depth reviews of the best crypto exchanges to decide which one matches your trading style and requirements.
Final Thoughts: Is Kraken Worth It?
While CoinSmart is no longer operating as a standalone exchange, Canadian users still have access to a range of regulated and reputable crypto platforms. Alternatives like Kraken offer strong security standards, advanced trading features, and a well-established global reputation, so it’s a solid option for those seeking a different exchange. Ultimately, the “best” choice depends on your trading experience, features you’d like to explore, and security measures.
FAQ
Their parent company, CoinSmart Financial Inc., merged with WonderFi Technologies Inc. and Coinsquare Ltd.
CoinSmart was a good exchange for Canadians as they offered fast identity verification and multiple funding methods in Canadian dollars with fast deposit times.
CoinSmart client accounts were migrated to Bitbuy, allowing users to trade crypto on the platform.
