CoinSmart Review: Best Crypto Exchange? $50 Offer

Trading fees on CoinSmart are fairly competitive at 0.20% for single trades and 0.30% for double trades. So, if you buy $1,000 worth of BTC, your trading fee will be $2.00. This is notably lower than other beginner-friendly platforms like Coinbase and Gemini.

Is Coinsmart regulated or certified in CA?

• With a career as a Financial Analyst and over a decade writing about personal finance, Tom has the knowledge to help you get control of your money and make it work for you.
• While the former point is subjective, the latter issue can’t really be evaded, and thus, US-based crypto enthusiasts should look for some other cryptocurrency exchange alternatives.
• Speak with a trusted specialist today and see how we can help you achieve your financial goals faster.
• Whether the crypto wallet is hardware, software, desktop or paper type.

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. Deep liquidity is necessary for making large trades and preventing high spreads.

” will be happy to find out that the exchange is supported in many different countries around the world. While being based in Canada, apart from the country in question, CoinSmart can also be accessed from many different places in Asia, Europe, and South America. When it comes to CoinSmart fees, things are actually quite decent! Specifically, trading fees on the platform range from 0,2% up to 0,3%, depending on the number of trades made. The identification is usually pretty simple – you register on an exchange, and have to provide it with your name, surname, ID, financial status, and residential address.

The SEC has filed a lawsuit against Ripple Labs Inc. (the creators if XRP) alleging the XRP is a security. If this allegation is true, then it poses a serious problem for crypto exchanges. U.S. crypto exchanges must comply with the SEC in order to legally operate. One rule they must follow is to not allow the trading of securities. So, because of the uncertainty of XRP’s status, many U.S. exchanges delisted XRP.

Commissions & Fees

What is obvious is that Canadians no longer lack access to a cryptocurrency platform that is versatile enough for both beginners and experienced traders. So, this thing happened to me recently – got scammed by this person who said they were looking into some shady stuff with my bitcoin account. They ended up hijacking my computer with Anydesk, got me to send money for bogus “Canadian taxes,” and then ghosted me without giving my money back. It was a whole ordeal, but thankfully Coinsmart swooped in to save the day. They told me to ditch Anydesk and reset all my passwords, which actually helped me get my money back after a few nerve-wracking days. I really appreciate their quick help and guidance during this tough situation.

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Enabling two-factor authentication (2FA) during setup enhances your account’s security and can help prevent unauthorized access, especially as you start funding your account. User reputation is solid, backed by a strong rating on Trustpilot and consistent positive feedback regarding Coinsmart’s reliability and support quality. For Canadian residents prioritizing regulated, secure, and well-structured exchanges, I consider Coinsmart robust compared to most alternatives.

• They also have the lowest fees of any fiat onramp for Canadians, but beyond this Coinsmart doesn’t stand out in a specific way — it’s all the little things that make Coinsmart something special.
• We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing.
• There are more people coming into crypto than ever before – with the concept becoming increasingly more mainstream by the day, the demand for newbie-friendly crypto gateways is sky-high.
• Also, CoinSmart has the backing of 2 Canadian banks as additional security to its clients’ funds deposited on its platform and stores 95% of the funds in cold storage.
• You can still sell your USDT into fiat or withdraw, but you can no longer trade into or buy USDT.
• For users interested in DeFi staking, the lack of integrated options at Coinsmart means they will need to familiarize themselves with external Web3 wallets and DeFi protocols.

CoinSmart has several ways to keep its customers and their cryptocurrency safe. The platform has a two-factor authentication system which can be used to require two passwords to access an account. It also uses a comprehensive identity verification process to prevent fraud. Finally, CoinSmart keeps its customers’ cryptocurrency safe by keeping it coinsmart review in cold wallets that do not have access to the Internet. These wallets prevent hackers from accessing them and stealing the cryptocurrency inside.

CoinSmart doesn’t charge Canadian residents to fund their accounts using bank wire and bank draft. The fees are zero if you deposit over $2,000 via Interac e-Transfer. Although bank wire transfers are free, the minimum deposit is $10,000 and can take three to five days to reach CoinSmart.

Opening an account

Every time we contacted support we recieved answers/help very quickly, and we never had issues with downtime when using CoinSmart like we’ve experienced with Coinbase and Bitbuy in the past. Support requests can take weeks to be attended to, but othertimes just days to be fixed, it varies widely. Those are the real key pros that make Coinsmart something special — the rest of what they say is largely just marketing that every exchange has — like 2fa security features, cold storage, etc.

Then they said the crypto value dropped is the reason my account balance is lower than I expected. There is very limited history of account transactions made available to customers for accountability. CoinSmart also took other actions on my account without me requesting or authorizing this e.g. they disbursed my account balance when there was no request to close the account. The added implementation of 2-factor authentication (as a standard) for logins and withdrawals also ensures the user controls their account.

As a crypto exchange, CoinSmart offers legit services that compete significantly with some of the best crypto exchanges out there. Unlike other crypto exchanges in Canada, CoinSmart allows you to exchange crypto coins with CAD, USD, EURO and other supported fiat currencies. CoinSmart accepts a variety of options to fund your account, including Interac, wire transfers, e-transfers, and all the cryptocurrencies that are supported with CoinSmart. Processing time is near instant when you use your debit or credit cards. After the verification process, the platform makes cryptocurrency investing easy. The navigation makes buying and selling cryptos simple and allows you to see the trading history.

By leveraging our expertise, you can take the necessary steps to reclaim your money and hold unscrupulous brokers accountable. Remember, in the world of cryptocurrency, due diligence and professional support are key to safeguarding your investments. Contact DNB Forex Review today to get started on the path to recovery. By choosing regulated exchanges, investors can benefit from greater transparency, improved security measures, and a higher level of accountability.

Click the email link and enter the text code to access the Verification page. Once you have entered the page, you must upload a copy of a government issued ID and fill out the other details (e.g., name, date of birth). As soon as your information has been verified, the order is placed. With this option, you enter the amount you want to deposit and click the Send Reqeust for Deposit button. CoinSmart will send you a transfer request from Simply Digital Technologies Inc. to your email.

At the same time, it’s something that only centralized platforms can offer to their users, too. Coinsmart generates revenue mainly through trading fees, which start at 0.20% per trade for CAD and BTC pairs and 0.30% for other crypto trades. Additional income comes from deposit and withdrawal fees and currency conversion charges. Coinsmart provides a focused but somewhat limited selection of crypto assets. The platform supports 16 major cryptocurrencies for spot trading, which covers leading networks like Bitcoin, Ethereum, and Solana, as well as popular altcoins such as Cardano, Polkadot, and Polygon.