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CoinSmart Financial Inc. is a company designed for people who are new to trading and want to begin investing in cryptocurrencies. It’s a publicly-traded company that provides expert-level services for all investors, whether you’re new to trading and cryptocurrencies or have some experience.
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What Is CoinSmart?
CoinSmart is a crypto exchange that aims to make buying, selling, and trading cryptocurrencies accessible to everyone, regardless of their experience or knowledge.
it CoinSmart features include an easy-to-use platform that gives you access to various investment options so you can build a portfolio and determine which financial investments are best for your goals.
CoinSmart makes it generally easy for new investors to get started. The platform is compatible with a mobile app and offers customers a quick, effortless way to check their accounts and investments’ performance.
It’s a secure system that offers cold storage for crypto assets and access to tools that help investors decide how to fund their accounts without excessive fees or restrictions in viewing their financial investments’ options.
CoinSmart is a cryptocurrency exchange based in Toronto that caters to crypto users around the world. 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 different fiat currencies.
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.
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Is CoinSmart Safe?
CoinSmart is safe to use as a cryptocurrency exchange and prides itself on 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 about 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.
Who is CoinSmart Suitable For?
CoinSmart has definitely managed to bridge the gap between beginners and seasoned crypto traders with an intuitive platform and a good array of features. There is a decent learning hub for those looking to expand their knowledge and the interface is easy to use.
However, for crypto enthusiasts that are seeking a large variety of coins to trade, this isn’t the platform as they are still building their selection and for those interested in copy trading, this isn’t available on CoinSmart at all.
CoinSmart Review — Pros & Cons
- Fast sign-up and verification process
- Easy-to-use interface
- Same-day deposits of funds
- Backed by a Canadian bank
- 24/7 client support and tax assistance
CoinSmart Review — Cons
- Not available in the USA
- A limited selection of crypto assets
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 trade within minutes of signing up. Follow these steps to create a CoinSmart account:
- Click Here & Go to the CoinSmart homepage
- Enter your email address and click “Get Started”
- On the following page enter your name and choose a password, click “Sign Up”
- Verify email through the email they send you
- Enter your phone number and verify through the code they send you
- Enter the 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.
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)
- Dash (DASH)
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 onboarding process.
Here’s a look at the updated list of where CoinSmart is available:
- United Kingdom
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 for using the exchange.
There are zero fees for Canadian dollar deposits with bank transfer or draft, but these options require a minimum deposit of $10,000 and $500 respectively. If you deposit via Interac electronic transfer, there are no fees if you deposit $2,000 or more, but a 1.5% fee for anything less.
The 1.5% fee is quite common and can also be found on Bitbuy’s partner Canadian exchange. Credit and debit card financing is the most expensive in terms of fees, with some fees as high as 6%.
Meanwhile, Canadian dollar withdrawals incur a 1% fee with a $15 minimum for both wire and electronic funds transfers. Cryptocurrency withdrawals are subject to a flat fee that varies by the asset. For example, the Bitcoin withdrawal fee is 0.0005 BTC and Cardano withdrawal fee is 0.3 ADA.
Other countries will find similar fees.
Trading fees on the exchange are 0.2% for trading between Canadian dollars and crypto assets and 0.4% for non-Bitcoin trading. For example, trading Litecoin for Ripple.
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Excellent Features of CoinSmart
CoinSmart has several different features that make it stand out from the competition.
- The first is that it is a very beginner-friendly platform and a great place for new cryptocurrency users to start. The site has an excellent user interface that makes saving a breeze.
It CoinSmart is also the only exchange to offer SmartGuarantee, which offers the following benefits:
- All deposits are placed into user accounts on the day they are received
- All accounts are verified on 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 get $15. It’s simple but effective.
CoinSmart Withdrawal System & Fee
CoinSmart Review— Frequently Asked Questions
Is Coinsmart Good For Canadians?
CoinSmart is good for Canadians because it offers fast identity verification and multiple funding methods in Canadian dollars with fast deposit times.
Does CoinSmart require verification?
Yes, as a FINTRAC-registered business, CoinSmart requires identity verification for all users.
Does Coinsmart accept Interac wire transfers?
Yes! CoinSmart accepts Interac e-Transfers for deposits with a minimum deposit of $100. Deposits between $100 and $1,999 have a 1.5% fee, while deposits over $2,000 have no fees.
What is the cheapest way to fund a CoinSmart account?
The cheapest way to fund a CoinSmart account is through a bank draft, as there are no fees for any deposit over the $500 minimum, while $2,000+ and $10,000+ are required to get no fees via Interac wire transfer or wire transfer. , respectively
Is CoinSmart Multicoin Wallet safe?
Yes! CoinSmart Multicoin Wallet is safe because it keeps almost all assets in cold storage. This means that they are inaccessible in the event of a hack. We still recommend storing your assets in your own hardware wallet when not trading them on an exchange.
CoinSmart Review — Conclusion
Although CoinSmart doesn’t offer as many cryptocurrencies as other exchanges, they support the most popular and widespread coins. The fees are competitive with the market and the service guarantees are reassuring to their target market of novice traders. CoinSmart Review.