To start things off, though, let’s take a look at the positives, and specifically – the fact that CoinSmart is a completely legitimate cryptocurrency exchange. Coinsmart works like many other cryptocurrency exchanges, acting as the broker between the buyer and the seller. This website includes information about cryptocurrencies, contracts for difference and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. There are no deposit fees and processing time is the same day as received. Users who already own CoinSmart supported cryptos may transfer these to the compatible crypto wallets provided on the CoinSmart platform.
•The platform is partnered with data collection agencies, BitGo, and Chainalysis. •When sending crypto, double-check the address and send smaller test amounts before sending all crypto, especially with new addresses. •Users in Europe and Canada can access the platform on desktop or mobile, with plans to expand to Latin America and Australia soon. It has a user-friendly interface that is easy to navigate, even for beginners.
Is CoinSmart Safe and Legit?
CoinSmart is a legit cryptocurrency trading platform in Canada. It is registered under FINTRAC or Financial Transactions and Reports Analysis Centre of Canada as an MSB or Money Service Business.
It also provides educational resources to help new traders understand the basics of cryptocurrency trading. CoinSmart also offers a mobile app for iOS and Android devices so users can trade on the go. With its user-friendly interface, low fees, and secure environment, CoinSmart is an ideal choice for those looking to get started in cryptocurrency trading.
Then enter the amount that you wish to sell and click “Next”. In addition to buying and selling crypto, users may also trade crypto-crypto pairings by clicking the “Trade” icon. Finally, you will need to enter your account password and then your SMS/2FA code. Then go to your email and click the email link “Your Withdrawal is Pending”. Once you have selected the deposit option, copy the wallet address to your external wallet or scan the QR code and complete the transfer. Here, users may buy, sell, trade, deposit, or withdraw crypto.
It fixes the withdrawal fee, unlike other crypto exchanges in Canada. The exchange charges a 2% processing fee for withdrawing Canadian Dollars, regardless of the selected withdrawal options . If you want to know in more detail about its fee structure visit its site. Any crypto exchange should allow users to purchase and sell cryptocurrencies. Coinsmart makes that easy for you as you can trade crypto against crypto or fiat. The exchange currently enables users to trade against three fiat currencies, namely Canadian Dollars, United States Dollars, and Euros.
Once your account is verified, you’re ready to start buying and selling your digital currencies. In this Coinsmart review, we’ll learn more about this unique cryptocurrency exchange. CoinSmart is a particularly easy to use platform offering both novice and seasoned crypto investors access to the crypto markets. When selling crypto, select the crypto that you wish to sell and then select whether you wish to receive fiat or crypto.
CoinSmart provides users with all the necessary tracking options to review all activities across the CoinSmart platform. The CoinSmart platform provides investors and traders with charts on the “Advanced Trade” page and “Dashboard”. Fiat currencies available to buy or sell with crypto include Canadian Dollar, EUR, and U.S Dollar. Alternatively, crypto-crypto pairings are also available to trade. In order to select your preferred crypto-crypto or crypto – fiat pairing, users may either go to the “Buy/Sell/Trade” page or “Advanced Trade Page”. This includes first name, last name, email address, password, any promo code, and country.
•Coinsmart is a publicly listed cryptocurrency trading platform based in Toronto, founded in 2018 by Justin Hartzman and Jeremy Kobin. That said, you need to be careful with fees since hidden ones can sneak up. This means depositing at least $2,000 through Interac e-Transfer if possible. It also means withdrawing crypto to your own wallet sparingly as withdrawal fees are high. You can contact CoinSmart customer support by submitting a support ticket on its website. There’s also a 24/7 live chat option you can use on its website or through the mobile app.
Partnering with Simplex, CoinSmart users can instantly purchase cryptos. It provides a dedicated account representative, optimized pricing, and access to discounted fees depending on their order volume or size. A market for buying, selling, trading, depositing, and withdrawing cryptocurrencies and fiat currencies.
You will need to move to some other exchange like Binance, Kucoin or Kraken if you plan to trade a lot. Nevertheless, the exchange is https://forex-reviews.org/ a public company listed on the NEO exchange. It trades under the ticker SMRT and has been publicly traded since November 2, 2021.
- If you want to know in more detail about its fee structure visit its site.
- On the flip side, though, once again – the lack of coin and token variety can be a huge detriment to many crypto investors around the world.
- As one of the leading global cryptocurrency exchanges, Coinbase is another reliable alternative to CoinSmart you can use.
- Double trade involves trading between two cryptocurrencies other than Bitcoin .
- That said, you need to be careful with fees since hidden ones can sneak up.
This, among other things, included the operations with fiat currencies and slow verification intervals which they sought to improve with CoinSmart. In line with the Anti-Money Laundering Policy that guides all regulated financial institutions, Coinsmart employs KYC regulations to prevent fraudulent people from accessing its services. It does this in collaboration with Sumsub and databases shared by data collection agencies. The verification process is also very fast and is usually completed within the same day, except there are extenuating circumstances.
Sign Up Process of CoinSmart
Offers many advanced trading features like stop-loss, real-time charting, and limit orders. Bear in mind that CoinSmart comes in package with a rather attractive referral program. For every person referred by a user, both the referrer and the person referred will be given USD 25 when making their first deposits.
This exchange is for Canadian investors who want lower fees and higher trading limits than what you find with most international exchanges. It also has support for funding methods like Interac e-Transfer, so it’s very simple to fund your account and start trading. The only notable shortcomings of the exchange are the limited number of coins that it supports, and also the fact that it’s not available in the US. While the former point is subjective, the latter issue can’t really be evaded, and thus, US-based crypto enthusiasts should look for some other cryptocurrency exchange alternatives. The registration process is actually very quick, and also streamlined to be super-simple to follow. Keeping cryptos in cold storage devices is probably the best way to ensure the security of those same assets.
With its easy-to-use interface, fast verification process and secure platform, it is one of the best exchanges available in Canada. To sum up this CoinSmart Review, it is justified to call this platform one of the easiest and leading platforms available in Canada and other parts of the world. It is suitable for both novice and professional cryptocurrency investors. All of these make the platform extremely competitive with transparent fee structure and above-par security features.
Can you withdraw from CoinSmart?
Withdrawals. For withdrawals, users can withdraw cryptos by transferring from your CoinSmart wallet to an external crypto wallet. In order to withdraw your crypto, open the wallet from which you wish to withdraw your crypto and click the “Withdraw” icon.
But the fact that CoinSmart caters to beginner, advanced, and institutional traders is a strength for this exchange. And for individuals and institutions placing larger trades, there’s CoinSmart Premium. This service provides over-the-counter trading coinsmart review to help you get the best rates possible and to avoid disrupting markets. You get a dedicated CoinSmart Premium account manager and way more liquidity with OTC trading. That said, limited coin support and some sneaky fees are downsides.
A Very Beginner-Friendly Exchange
Our CoinSmart review is covering everything you need to know about this exchange so you can decide if it’s where you should trade. As a Canadian crypto investor, it’s often hard to find an exchange that has low fees and also grants a high trading limit. This is because many exchanges are U.S. focused or not even available in certain Canadian provinces. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.
The main reason Canadians should use CoinSmart over other crypto exchanges is because of the low trading fees. CoinSmart only charges 0.20% in trading fees when you spend Canadian dollars or when trading between two currencies when one of the cryptos is Bitcoin. One disadvantage Canadians often have when using global crypto exchanges is a lack of funding options. Or, even worse, they’re restricted to paying for trades with debit or credit cards and often pay high fees. This isn’t nearly as many coins as cryptocurrency exchanges like Coinbase or Gemini support. But you can trade many of the top cryptos by market cap, and CoinSmart regularly adds new assets.
Features of CoinSmart
Multiple options to buy, sell, deposit and withdraw cryptos, include credit/debit card make CoinSmart a competitive platform. For withdrawals, users can withdraw cryptos by transferring from your CoinSmart wallet to an external crypto wallet. Additionally, investors have multi-currency options when purchasing cryptos by debit and credit card.
While not being the lowest in the industry, this is still pretty good! CoinSmart exchange platform functions just like any other cryptocurrency trading platform. The first step requires users to create an account on the registration page. Here, the user will need to provide their name, email ID and password, and other details to register. Once the registration is complete, the platform sends a confirmation link to the registered email ID. There is a SmartTrade buy/sell interface whose uncluttered and simpler design will prove a great entry point for less experienced crypto enthusiasts.
The exchange has partnered with Sumsub, an advanced online verification company, to ensure this process is swift. The next verification page will direct you to a form where you are required to fill out more information about yourself, including your name, occupation, date of birth, address, etc. Once you’ve filled that out, you have been fully registered on the platform. With its user-friendly interface, it is easy for even beginners to trade cryptocurrency. •All deposits are processed and added to their account the same day they receive them in their bank.
Delays in deposit sometimes but always resolved in timely manner. Overall great exchange but please remember not to keep your crypto on any exchange no matter how great it is. The downside is that fees can get high on the normal version of Coinbase if you don’t switch to Coinbase Pro. And Canadians often have small daily and weekly trading limits when they first open an account. Plus, Coinbase has numerous other features, including staking rewards and Coinbase Earn, which pays you with free crypto for completing short lessons.
The team at CaptainAltcoin.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. CaptainAltcoin.com does not offer any sort of financial or investment advice. Please make sure to do your own research, make educated financial decisions and consult your Financial Advisor. The service is currently unavailable in several countries, such as the United States. Fill out the required information, namely your first and last names, email address, password, location, and Captcha verification. •Be aware of fraud schemes and double check all addresses before withdrawing.
Coinsmart: Funding Methods
No matter which option is chosen, CoinSmart will provide its SmartSupport services to all users, including 24/7 omnichannel support. Its support teams can be reached via email, phone call, or live chat. Crypto assets are stored in Bitgo wallets, cold wallets that are alienated from the online world. These wallets offer the highest level of security against hackers.