CoinSmart Review: Best Crypto Exchange in Canada?

Cryptocurrencies You Can Buy on CoinSmart

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)
• EOS
• NEO
• Dash (DASH)
• QCAD

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 a registered Canadian bank.

CoinSmart Canada 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.

The company 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.

Where is CoinSmart Available?

Although CoinSmart launched as a Canadian-only exchange it recently expanded to a number of different jurisdictions around the world so that everyone can take advantage of its fantastic UI and easy on-boarding process.

Here’s a look at the updated list of where CoinSmart is available:

• Canada
• United Kingdom
• Germany
• France
• Italy
• Spain
• Portugal
• Sweden
• Norway
• Turkey
• Poland
• Ireland
• Netherlands
• Georgia
• Estonia

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. The 1.5% fee is quite common and you’ll also find it on fellow Canadian exchange Bitbuy. Credit and debit card funding is the most expensive in terms of fees with some fees reaching as high as 6%.

Meanwhile 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.

Other countries will find similar fees.

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.

For more exchange info, check out our VS pages:

• KuCoin vs Binance
• Binance vs Coinbase
• Bitbuy vs Coinbase
• Bitfinex vs Kraken

Standout Features of CoinSmart

CoinSmart has a few different features that make it standout from the competition.

The first is that it’s a very beginner-friendly platform and it’s a great place for new crypto users to get started. The site has an excellent UI that makes depositing a breeze.

CoinSmart is also the only exchange that offers the SmartGuarantee, which offers the following benefits:

• All deposits are placed in users accounts the day they are received
• All accounts are verified the same day
• All fiat withdrawals are processed within five days

Finally CoinSmart offers an excellent referral program where you can refer friends and if they deposit at least $100 then you both receive $15. It’s simple but effective.