CoinSmart Review: The Best Place to Buy, Sell and Accept Cryptocurrencies

We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Savvy New Canadians content is vigorously reviewed for accuracy by our team of qualified fact checkers. Overall, CoinSmart is a very comprehensive exchange operation. They are extremely secure, and transparent in how they work as well as being accessible to many traders not only in Canada but more than 40 countries around the world. We may receive compensation when you click on links to products we review.

Though, within that same tab, you can choose to get in touch via live chat with a representative if needed. If that doesn’t sound like fun, you can also visit their FAQ page. The page itself is very useful and functions as a help center, but it was rather difficult to find as it was buried in the fine print at the very bottom of the page. A very useful tool you can only access from the homepage before you are logged in is the GetSmart tab. It’s not clear why you can’t access this tab when you are logged in, but it is still an excellent resource if you want to learn about all things crypto.

Is CoinSmart available in Canada?

One of the most significant advantages it has over CoinSmart is that it has no funding fees and allows you to withdraw funds whenever you want. This is essentially an insurance policy that guarantees that all deposits will be credited to your account on the same day they are received. Besides this, all cash withdrawals will be processed within 1-5 business days, and account verifications will be completed on the same day. All deposits are processed and added to your account the same day they are received in the CoinSmart bank. The withdrawal processing time can range from 1 to 5 business days, depending on the sending and receiving bank transfer times. CoinSmart and Newton are Canadian cryptocurrency exchanges that allow users to buy, sell, and trade cryptocurrencies.

How to Choose a Crypto Broker?

Merchants also use a 2FA or two-factor authentication system from the Google Authenticator app and link it to their respective accounts. The 2FA system uses a password that is sent to the registered phone number upon login. To access their account, this password and specific user information must be entered together. In addition to buying and selling cryptocurrencies, users can also trade crypto-to-crypto pairs by clicking on the “Trade” icon. Austin DeNoce is a writer, personal investor, and entrepreneur who is focused on trading and investing education for macro, crypto, equities, derivatives, and foreign exchange traders. He graduated from the University of California, Santa Barbara with a bachelor’s in philosophy and carries a deep passion for a first-principles approach to investing and education therein.

The Trustpilot Experience

This can be done through their relatively attractive referral program. Lastly, if your question is more routine in nature and you would prefer to find the answer yourself then you have have a look at their FAQ section. This has a collection of questions that are most likely to be asked by users so it is quite likely you find your answer there. Once you have an account ready to go, you will probably want to fund it.

Platform Overview

CoinSmart boasts an impressive 97% customer satisfaction rate, and based on our experience, it’s easy to see why. When we reached out to resolve an issue, their team got back to us within a few hours and resolved our problem efficiently. That level of responsiveness is a big plus for any crypto exchange. CoinSmart’s user-friendly interface and advanced trading tools cater to novice and coinsmart review seasoned cryptocurrency traders.

• The customer service is available 24/7 and always ready to answer any inquiries.
• The registration process is actually very quick, and also streamlined to be super-simple to follow.
• When buying crypto, you can then select your preferred payment method, either fiat or crypto.
• Withdrawal fees are usually the same regardless of the coin.
• Beginners can follow tutorials to learn how everything works.

They can really impact your potential profits, especially if you’re a day trader, and not someone who simply DCAs their portfolio over an extended period of time. The likelihood of coming across a scammer or some sort of a malicious actor is lowered, considerably. Make sure you are also using the official website URL of your chosen exchange before depositing any money. If your account is frozen you will need to contact CoinSmart’s support team. CoinSmart is not an exchange where people often complain of accounts being frozen. However, CoinSmart can and will if they suspect suspicious activity on your account.

• Specifically, the exchange platform does not allow its users to partake in any form of transaction or money transferring before they complete their KYC checks.
• The app has security features like fingerprints and 2FA to help keep your crypto assets safe.
• We also liked their advanced trading platform and, unlike many other new exchanges, they seem to have strong levels of liquidity in all of their markets.
• So, in other words, all BTC and CAD trades will be charged at 0.3%.
• The exchange is registered with FINTRAC, and thus, employs all of the KYC and AML (Anti-Money Laundering) checks towards all of its users.
• The services include trade solutions, direct access to dedicated account managers, and enhanced liquidity for executing large orders.

How do I buy Bitcoins from CoinSmart?

CoinSmart is rather strict when it comes to anything KYC-related. Specifically, the exchange platform does not allow its users to partake in any form of transaction or money transferring before they complete their KYC checks. To put things simply, the US has a lot of complex and strict regulations when it comes to cryptocurrencies, and their trading. These regulations become especially complex when you start dealing with out-of-country exchange platforms, such as CoinSmart. CoinSmart allows complete beginners to take their time with the exchange, and “learn the ropes” as they go. Keeping cryptos in cold storage devices is probably the best way to ensure the security of those same assets.