CoinSmart Fees: How Much Will Buying Bitcoin Cost?

Cryptocurrency trading has reached new heights with digital assets becoming a high-risk, high-reward commodity in today's investment market. With El Salvador becoming the first country to officially recognize Bitcoin as a legal tender, legislative officials in Paraguay, Brazil and Panama have started using social media as a platform in endorsing similar crypto-friendly policies. The advent of legislative support is certainly a huge boost for the cryptocurrency market as it can help address issues of market volatility and financial inclusivity.

For those who are interested in getting into crypto, the first step is to have a digital wallet where you can store your coins. CoinSmart offers users a safe and secure wallet where they can buy, sell or convert their cryptocurrency into local legal tenders.

What is CoinSmart?

CoinSmart is an all-in-one cryptocurrency platform where you deposit legal tender to be able to buy cryptocurrencies such as Bitcoin, Ethereum and Litecoin. The platform is user-friendly and enables same-day trading as soon as you fund your account. As for security, the platform uses a two-factor authentication system (2FA) to make sure that you don't lose any of your digital assets. If you're looking for a thorough CoinSmart review, you can check here.

Features of CoinSmart

If you want to know how to buy Bitcoin on CoinSmart, the platform has a SmartTrade feature where after you load your wallet, simply find the cryptocurrency of your choice and press buy. The platform is centered on beginners to easily work their way around the variety of trading and deposit options. It also has 24/7 customer support for any inquires users may have in the course of their trading. For advanced users, they have the Advance Trade feature which allows experienced users to limit orders, prevent loss and real-time charting.

Funding Options

In order to begin with your trading journey, you first need to load your account. CoinSmart offers four different ways of depositing into your cryptocurrency wallet:

Your deposit should be reflected on your account the same day you processed it. The Credit/Debit option has the highest fee at 6% supposing you need your deposit right away. For beginners who are starting with a small capital, Interac e-Transfer offers the best choice with a minimum deposit of only $100 with a 1.5% fee for deposits up to $1999. For those with slightly higher capital, Bank Draft offers 0% fees for transfers up to $5,000.

Withdrawal Fees

If you're ready to pull out your investments from your wallet into your bank account, for example, there are two ways of doing so:

Withdrawing your digital assets to the bank usually has a processing time of 1 to 5 days. In both instances, a 1% fee or a minimum of $15 is required for you to pull out your investments. The Electronic Funds Transfer only has a minimum withdrawal amount of $50 making it ideal for those who intend to pull out assets little by little.

Cryptocurrency Withdrawal Fee

Planning on transferring your assets to another digital wallet? CoinSmart provides a fixed amount per transaction depending on the cryptocurrency you are transferring. The best part is that you instantaneously receive the transfer of your assets to the wallet of your choice. The fixed fees are generally better compared to other wallets that calculate their check-out fees on a fixed percentage basis. With CoinSmart, you at least get a rough estimate of the expected deductions as you withdraw.

Trading Fees

For every trade that you perform on the site, a fixed 0.20%-0.30% fee will be deducted. The trading fee is relatively low compared to other trading platforms. It does not make it hard for the trader to earn more from his transactions making this a viable platform especially for beginners who seek at least minimal returns. The percentage is fixed across all cryptocurrencies regardless of the amount transacted.