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CoinSmart Exchange Review
CoinSmart is a cryptocurrency exchange based in Toronto that caters to Canadian crypto users. 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. The result was CoinSmart, a crypto exchange that offers fast verification, a user-friendly interface, bank-grade security and many options for funding in Canadian dollars. They also offer more advanced options for experienced and higher volume traders. Our CoinSmart Review will help you determine if it is right for you.
- Great on-ramp for Canadians looking to get involved with cryptocurrency
- Backed by Canadian financial institute
- Small but powerful portfolio of different coins including Bitcoin, ETH, Litecoin and more
- Easy set-up for new crypto users
Pros & Cons
Fast sign-up and verification process
Easy to use interface
Same day deposits of funds
Backed by Canadian bank
24/7 client support and tax assistance
Only available to Canadian customers
Limited selection of crypto assets
CoinSmart Funding Methods
|Interac e-Transfer||Yes ($100 Min, $3,000 Max)||No||0% for $2000+ Deposit, 1.5% for $100-$1999||Same Day Received|
|Bank Wire||Yes ($10,000 Min, $5,000,000 Max)||Yes ($10,000 Min, $1,000,000 Max)||0% for $2000+ Deposit, 1.5% for $100-$1999||Same Day Received for Deposit, 1-5 Days for Withdrawal|
|Bank Draft||Yes ($500 Min, $5,000 Max)||No||0% Deposit||Same Day Received|
|Card/Debit Card||Yes ($100 Min, $5,000 Max)||No||Up to 6% Deposit||Instant|
|Electronic Funds Transfer (ETC)||No||Yes ($50 Min, $10,000 Max)||1% Withdrawal||1-5 Days for Withdrawals|
How to Set Up Your CoinSmart Account
Setting up an account on CoinSmart is easy and they offer instant verification through Equifax meaning you can be verified and trading within minutes of sign up. Follow these steps to create a CoinSmart account:
- Go to CoinSmart homepage
- Enter email address and click “Get Started”
- On the following page enter name and choose a password, click “Sign Up”
- Verify email through email they send you
- Enter phone number and verify through code they send you
- Enter required information including full name, date of birth, and address
- If they are able to instantly verify you at this point you are ready to fund and trade!
If they are unable to instantly verify your identity you will need to provide the following:
- Clear copies of the front and back of your government issued ID
- A selfie with you holding the same ID and a piece of paper with the word “CoinSmart” and today’s date on it.
- A copy of a recent utility bill with your name and address.
After providing this information CoinSmart will manually verify your identity and you will then be able to fund your account and begin trading.
Type of Crypto You Can Buy
CoinSmart has a somewhat limited selection of digital currencies for you to buy, sell, and trade. Here is the complete list of coins and tokens available:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Cardano (ADA)
- Stellar (XLM)
- Bitcoin Cash (BCH)
- Dash (DASH)
Is CoinSmart Safe?
CoinSmart is safe to use as a cryptocurrency exchange and prides itself in its security. They are a FINTRAC registered Money Service Business meaning they are compliant with regulatory standards and that they provide documentation in order to maintain their license status. In addition they are backed by Luminus Financial, a registered Canadian bank. This means users’ funds stay in Canada and within Canadian regulation.
CoinSmart is able to prevent fraud by running a comprehensive identity verification process that is able to detect fake addresses and dates of birth using a database offered by data collection agencies. By using these agencies, CoinSmart is able to verify a person’s identity and also keep personal user information secure.
CoinSmart also offers its users the ability to use a two-factor authentication system (2FA). This will require the user to use a password generated on their phone the moment they attempt to log on. They will then have to enter the newly generated code as well as the information of their account.
CoinSmart also offers its users a cold digital wallet for each cryptocurrency offered on the exchange. Regardless of whether a user chooses to purchase a specific cryptocurrency or not, there is a cold wallet available for it. This wallet is protected using standard industry practices and procedures.
What Are CoinSmart’s Fees?
CoinSmart has reasonable fees for fiat deposits and withdrawals, along with fairly standard crypto withdrawal fees. Their fees are somewhat in line with industry standards but are not a selling point of using the exchange.
For Canadian Dollar deposits, there is zero fees with a bank wire or draft, but these options require a minimum deposit of $10,000 and $500, respectively. If depositing with an Interac e-Transfer, there is no fees if you are depositing $2,000 or more, but a 1.5% fee for anything less. Credit and debit card funding is the most expensive in terms of fees with some fees reaching as high as 6%.
For Canadian Dollar withdrawals there is a 1% fee with a $15 minimum for both bank wire and electronic funds transfer methods. Crypto withdrawals incur a flat fee that varies depending on the asset. For example, the Bitcoin withdrawal fee is 0.0005 BTC and the Cardano withdrawal fee is 0.3 ADA.
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. For example, trading Litecoin for Ripple.
CoinSmart Frequently Asked Questions
CoinSmart is good for Canadians as they offer fast identity verification and multiple funding methods in Canadian Dollars with fast deposit times.
Yes! CoinSmart accepts Interac e-Transfers for deposits with a $100 minimum deposit required. Deposits of $100-$1,999 have a 1.5% fee while deposits over $2,000 have no fees.
The cheapest way to fund a CoinSmart account is through a bank draft, as there are no fees on any deposit over the minimum of $500, whereas to get no fees with an Interac e-Transfer or bank wire requires deposits of $2,000+ and $10,000+, respectively.
Yes, as a FINTRAC registered business, CoinSmart requires identity verification for all users.
Yes! The CoinSmart Multicoin Wallet is safe as they store almost all assets in cold storage. This means they are inaccessible in the event of a hack. We would still recommend storing your assets in your own <a href=”https://www.cryptovantage.com/best-crypto-wallets/”>hardware wallet</a> when not trading them on an exchange.
CoinSmart Premium is one of the largest Over the Counter (OTC) desks in the country. It is a service available to clients looking to complete buy or sell orders worth greater than or equal to $25,000.
The main features and benefits of using the CoinSmart Premium include:
- Having a dedicated account representative.
- Discounted Fees.
- Optimal pricing based on order size/volume.