CoinSmart Review 2023
CoinSmart is a well-known digital currency exchange that was established in the year 2018 located in Toronto, Canada. It allows traders to trade with Canadian dollars, which can be used to trade various cryptocurrencies, including major coins such as Bitcoin or Ethereum. CoinSmart was created to make digital assets available to everyone who trades by offering the most secure and reliable cryptocurrency trading experience through a simple platform. CoinSmart isn’t just suitable for newbies and novice traders and has several advanced trading features for traders with experience and high volume.
What Is CoinSmart?
CoinSmart is a renowned Canadian crypto exchange that provides crypto coins to all traders. CoinSmart allows buying, trading, and selling of Bitcoin and other major cryptocurrencies.
It is currently supported by Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Stellar Lumens, EOS, Ripple, Cardano’s ADA, and Tether USD. The simple cryptocurrency exchange is ideal for those who are new to the crypto world to the crypto community for the very first time. It also has advanced trading tools for professionals and large-volume traders.
CoinSmart is located in Toronto and is licensed and regulated by FINTRAC Canada and FIU in Estonia.
Alongside Estonia and Canada In addition to Canada and Estonia, the exchange is also available to other countries like Brazil, Belgium, Bulgaria, Austria, Cyprus, Denmark, Finland, France, Georgia, Germany, India, Greece, Italy, Ireland, Jamaica, Malaysia, Japan, and numerous others.
How Does CoinSmart Work?
CoinSmart exchange platform operates as any other trading platform. The first step is to sign up for an account through this page to register. On this page, users must enter their email address, name, and password, along with other information, to sign up. After the registration is completed, the platform will email an acknowledgment link to the email address registered. Click the link to confirm that the address is correct.
The link will confirm the email ID and lead users to a separate page where they can provide their personal information such as mobile number, address, address, and birth date. The platform immediately validates additional information by using Equifax databases. If it fails to confirm the user’s identity, they can provide their documentation to verify and prove their identity.
CoinSmart will accept the following documentation as proof of identity CoinSmart accepts the following documents for verification.
- Photocopies of any government ID.
- The selfie has taken by the person who holds the ID and CoinSmart, written on a piece of paper.
- Photocopy of any utility invoice with the name of the customer and address.
Once the user’s identity has been verified by CoinSmart, access is granted to the platform, however users are not able to trade until funds are available in the wallet.
Features of CoinSmart
The renowned Canadian exchange, CoinSmart, provides impressive functions for all types of traders. Here are a few noteworthy features that users of this exchange can benefit from:
- Quick and simple registration process. The registration and verification procedures require a few minutes and just a few clicks.
- Simple to use exchanges for both advanced and beginner traders.
- The platform is accessible in a variety of regions around the globe, including Asia, Europe, South America, North America, and Africa.
- Various payment options are offered in exchange for withdrawing and depositing fiat currency and cryptocurrency.
- Provides various advanced trading features, including stop-loss and real-time charting Limit orders.
- High-quality bank-level security service with 24-hour customer service available via live chat, phone, or email, and cold storage.
- Awe-inspiring referral program.
- Smart Guarantee cuts down on the long waiting time for verification of your account and withdrawals, deposits and.
How to Set Up Your CoinSmart Account
Making an account on CoinSmart is simple, and they can provide instant verification via Equifax, so you’ll be verified and begin trading within minutes of signing up. Follow these steps for creating an account on the CoinSmart account:
- Visit the CoinSmart home page CLICK HERE
- Enter your email address and select “Get Started”
- On the next page, enter your name and password, then click “Sign Up”
- Verify email by checking the their email that they send to you
- Enter the phone number and confirm the number they have provided you with a code.
- Complete the necessary information, including the full name, birth date and the address
- If they can immediately verify your identity at this point , you’re in a position to trade and fund!
What Are CoinSmart’s Fees?
CoinSmart offers reasonable rates for withdrawals and deposits in fiat, along with generally standard withdrawal charges. The fees align with the industry standard but do not constitute a reason to make a case for using CoinSmart as an exchange.
If you are looking for Canadian Dollar deposits, there are no fees with bank wires or draft; however, these alternatives require a minimum deposit of $500 and $10,000, respectively. When you deposit with an Interac electronic transfer, there is no fee for deposits of more than $2,000, but a 1.5 percent fee applies to anything less. The 1.5 percent fee is frequent, and you can also encounter it on a fellow Canadian exchange Bitbuy. Credit and debit card financing is among the highest-priced in terms of charges, with fees up to 6%.
There is a 1% fee for Canadian Dollar withdrawals, with the minimum being $15 for bank wires and electronic fund transfers. The fees for cryptocurrency withdrawals are flat and vary depending on the asset’s currency. For example, the Bitcoin withdrawal fee will be 0.0005 BTC, and the Cardano withdrawal fee will be 0.3 ADA.
In other countries, you can find similar rates.
Fees for trading on the exchange are 0.2 percent when you trade between Canadian dollars and a crypto asset and 0.4 percent for an exchange that doesn’t involve Bitcoin—for example, trading with Litecoin to purchase Ripple.
Is CoinSmart trusted?
CoinSmart is secure for use in the cryptocurrency market. It is proud of its security. CoinSmart is a FINTRAC authorized Money Service Business, meaning they comply with the regulations and offer documentation to keep their license in good standing. A licensed Canadian bank also backs them.
CoinSmart Canada can stop fraud through an extensive identity verification process which can detect fake addresses and birth dates through a database provided by data collecting agencies. Through such agencies, CoinSmart can confirm a person’s identity and keep personal information safe.
The company also provides its customers the option to use a two-factor verification technique (2FA). This requires the user to enter a password on their smartphone when they attempt to sign in. The user will have to enter the newly generated password along with their account details.
CoinSmart also provides its users with an electronic cold wallet that can be used for every cryptocurrency offered by the exchange. Whether a customer opts to buy specific crypto or not, there’s an alternative cold wallet. The wallet is secured with normal industry practices and procedures.
CoinSmart Trading Fees
According to numerous online reviews, CoinSmart has a transparent fee pricing schedule with a 0.3 percent flat rate for single trades. The trades are conducted using cryptocurrency in conjunction with Canadian dollars (CAD) or between Bitcoin and cryptocurrency (BTC).
For different types of cross-currency traders, Exchanges charge 0.6 percent for trading charges. For example, suppose the user makes a trade-in Litecoin and Ethereum to connect the processor with any additional central cryptocurrency apart from Bitcoin. In that case, the transaction will be costing 0.6 percent. The trading fee is reasonable as it’s the same (0.3%*2) used to convert Ethereum into Bitcoin and later to Bitcoin and then Bitcoin in turn to Litecoin. The cost of trading is acceptable in comparison to the global average.
CoinSmart Pros and Cons
Here are some potential pros and cons of using CoinSmart as a cryptocurrency exchange:
- User-friendly interface: CoinSmart has a straightforward and intuitive platform that is easy for both beginner and experienced users to navigate.
- Multiple payment methods: CoinSmart supports a range of payment methods, including credit and debit cards, bank transfers, and e-transfers, making it convenient for users to buy and sell cryptocurrencies.
- Customer support: CoinSmart offers customer support to help users with any questions or issues they may have.
- Mobile app: CoinSmart has a mobile app that allows users to access their accounts and trade on the go.
- Limited coin selection: CoinSmart only supports a limited number of cryptocurrencies, so users may not be able to trade all the coins they are interested in.
- Potential security risks: As with any cryptocurrency exchange, there is a risk of security breaches and losses due to hacking or other types of cyber attacks. It is important for users to understand and manage these risks by using strong passwords, enabling two-factor authentication, and keeping their funds in a secure wallet.
- Fees: CoinSmart charges fees for its services, which can impact the profitability of trades. It is important for users to familiarize themselves with the fees associated with using the platform.
- Regulatory risks: The cryptocurrency market is highly volatile and subject to significant regulatory risks. Users should be aware of these risks and carefully consider their investment decisions.
Is CoinSmart trusted?
Yes, You can be confident in CoinSmart as the investment with CoinSmart is 100% secure. CoinSmart maintains an 85 percentage cold storage policy in order to ensure that users’ money is off the grid in a secure environment. They are licensed by the OSC and are registered for Money Services Businesses with FINTRAC.
Is CoinSmart insured?
Is Coinsmart insured? Coinsmart utilizes cold storage, which is provided by Bitgo the pioneer in the field of institutional storage of digital assets, trade, and finance. Bitgo is covered by Lloyd’s of London for $100 million in the event of a breach.
Can you withdraw crypto from CoinSmart?
Withdrawals. Users can withdraw crypto by transferring funds from their CoinSmart account to an additional cryptocurrency wallet. To take your cryptocurrency out, open your wallet from which you would like to withdraw your cryptocurrency, and select the “Withdraw” icon.
How long do CoinSmart withdrawals take?
Every cash withdrawal request is handled within five working days. All verifications of accounts are processed on the same day.