CoinSmart Review 2021: Is It Best For Canadian Cryptocurrency Buyers?

With the continued success of digital assets and cryptocurrency, Canada's interest in this quickly-rising industry continues to grow. As such, it's helpful to know that much like Americans having immediate access to Bitcoin and other cryptos via crypto exchanges, Canadians now have an exchange that allows them to use CAD to buy digital assets of their own. One excellent option is CoinSmart.

Super-friendly and perfect for beginners, CoinSmart is quickly positioning itself as the crypto exchange platform for Canadians. Let’s take a quick look at what it offers.

Canadian exchange for Canadian buyers

Over the past few years, the U.S. has made significant progress in cryptocurrency. What used to be a niche field is now considered a breakthrough in finance and investments, resulting in fully regulated and licensed cryptocurrency exchanges. Naturally, other countries aiming for a piece of the digital currency pie followed suit with their exchanges, one of which is the Toronto-based CoinSmart.

The company was founded in 2018 by Justin Hartzman and Jeremy Koven, who both found it challenging to fund and get verified on other exchanges. The two decided to create a platform that caters to beginners while also addressing the many challenges that traders face in Canada. That platform is CoinSmart. But is it any good? Let’s take a look.

CoinSmart features

Because it's an exchange that aims to address Canadians' crypto needs, CoinSmart offers fast verification, a user-friendly and straightforward interface, educational resources and tools, bank-grade security and a wide range of options for funding in different fiat currencies. The platform also offers advanced features for more experienced traders who trade in higher volumes.

CoinSmart currently offers these cryptos for buying, selling and trading:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Ripple (XRP)
• Tether (USDT)
• Bitcoin Cash (BCH)
• Stella (XLM)
• Cardano (ADA)
• QCAD
• EOS
• NEO

While still a bit limited compared to U.S. exchanges, this selection provides a modest range of options for beginning traders, with CoinSmart planning to add more in the future. As this is a crypto exchange, users can trade, buy or sell crypto. The difference, however, is that the experience is geared towards beginners, making the whole process easier and more seamless. That said, there is still plenty to be enjoyed in this platform for users who want a better trading experience.

CoinSmart has an intuitive and user-friendly interface that provides deep insights to experienced traders without making it too complicated for beginners. While professional traders have access to information like graphs, market comparisons, rates and day-to-day prices, beginners can still make one-click trades and more. In terms of charting, CoinSmart makes use of TradingView technology, which is a favorite of traders who use a great deal of technical analysis in their trading. The platform also offers 24/7 support. They also have a range of customer support numbers that you can call for different regions in Canada, including a toll-free number.

There's also the comprehensive FAQ section and the "Get Smart" educational portal, which includes tons of resources. Each of these resources is broken down into the "smart," "savvy" and "genius" levels based on your preferences.

Download the CoinSmart app for iOS -- an Android version will soon be made available. The ability to link your Canadian bank account to your digital wallet is also a big plus and it only takes about 24 hours before you can start using it.

CoinSmart fees

CoinSmart fees are one of the biggest pros of using this platform, thanks to its competitive prices and straightforward pricing model. Here are the fees:

Deposit fees:

• E-mail money transfer - 1.5%
• 0% for E-mail money transfer $2000 plus
• Credit cards - 8.75% (Min $10 fee)
• Wire transfer - none

Withdrawal fees:

• Electronic funds transfer - 1%
• Wire - 1%

Trading fees:

• As low as 0.2-0.4% (depending on the asset)

In addition to these reasonable fees, CoinSmart users can also enjoy the platform’s Smart Guarantee. With this, users can immediately receive fund withdrawals on the same day, with CoinSmart refunding you the transaction fees if this guarantee isn’t met. It also lets users get immediately verified.

The CoinSmart referral program also lets you earn extra cash by inviting people to join the platform. When a friend opens an account via your referral code or link and deposits at least $100, you both get CAD15.

CoinSmart safety

As an exchange, CoinSmart prides itself on its security. Operating out of Toronto, the platform is a fully-regulated FINTRACT-registered Money Service Business that guarantees compliance with regulatory standards. The company is also backed by a Canadian bank.

The platform prevents any fraudulent activity by running a comprehensive identity verification process capable of detecting fake dates of birth and addresses. This way, CoinSmart makes sure that every user is verified while keeping their personal information secure.

In addition, CoinSmart keeps your coins protected from hackers by keeping most of them in cold (offline) storage. As for their wallets, CoinSmart uses Bitgo, which is considered one of the safest options for Bitcoin storage.

Finally, each user is required to set up Google's 2-factor authentication and enter a 6-digit code each time they log in. You may also check CoinSmart’s website for extra information about user safety and other privacy terms.

Conclusion

CoinSmart is an impressive exchange. Considering that the platform is relatively new, it's important to note that CoinSmart is an effective crypto exchange service with advanced technology for the Canadian market.

The fees are competitive, the trading platform is friendly for beginners and experienced traders and the pros outweigh any cons you may find while using it. Moving forward, we’re excited to see where CoinSmart will go as a platform and how it will further improve its service.

For now, Canadians looking to dive into crypto trading can't go wrong with CoinSmart. Learn more about the platform by clicking here.