Coinsmart Review for Canadians

Updated: Aug 13, 2021 | Published: August 11, 2021   

By: Alex Dabek

If you use a NowFuture link, we may earn a commission. Read our ethics statement. All content is for informational purposes only. 

The Bottom Line: Coinsmart has 9 cryptocurrencies, 0.20%-0.40% trading fees, and 24/7 support. The downside is low mobile app reviews, no android app, and it's relatively expensive compared to other Canadian crypto exchanges we've reviewed.

After reviewing 14+ crypto exchanges, Newton is my top recommendation for Canadians that want lower fees, a great mobile app, and 25+ coins.

Coinsmart Exchange

Coinsmart Overview

Overall:

3.0

Cryptocurrencies

9 (BTC, ETH, LTC, BCH, EOS, XRP, XLM, ADA, USDT)

Trading Fees:

0.20% for a single trade (CAD to crypto, BTC to other crypto)
0.40% for double trade (Litecoin to ripple or ADA to XLM)

Deposit Options:

e-transfer - 1.5% fee for $100-$1999, 0% fee for $2,000+

Wire Transfer - Free - $10,000 min.

BTC Withdrawal Fee

0.00025 BTC

Pros & Cons

  • SmartTrade for beginners and Advanced Trade for more customized orders
  • Earn free Bitcoin for taking quizzes and learning about crypto
  • Live chat and 24/7 support
  • iOS app crashes a lot, low mobile app reviews. No Android app yet
  • High crypto withdrawal fees on some coins
  • Deposit fees are expensive for under $2000 (1.5% fee)
  • 1% fee on Canadian dollar withdrawals

About Coinsmart

CoinSmart is a Toronto-based cryptocurrency exchange whose mission is to make crypto accessible to everyone. They were founded in 2018 and have over 20 employees according to LinkedIn. Although they are built in Canada, they offer their services in 40+ countries worldwide. 

Is Coinsmart Regulated?

Yes, CoinSmart is a registered Money Services Business (MSB) with FINTRAC. They follow standards of Anti-Money Laundering (AML) compliance. 


App Screenshots

Coinsmart App Screenshots

Opening An Account

Opening a Coinsmart is simple and you can be verified within minutes. You can open a Coinsmart account with just an email however, you must verify your account and identity to access most features like trading. Opening an account on any Canadian crypto exchange requires you to verify your identity and provide personal info so have your documents ready.

Who Is Eligile?

Sign Up Requirements

  • Email address
  • Legal name, address, date of birth
  • Phone number for verification
  • Government issued ID
  • Provide info on your occupation, source of funds, and more

Deposits and Withdrawals

Coinsmart has very expensive deposits if you're e-transferring under $2000 or buying with credit card, otherwise it's free. There is also expensive fiat withdrawals with a fixed 1% fee ($15 min).

$CAD Deposits

Coinsmart Funding Options

$CAD Withdrawals

Coinsmart Withdrawal Options

Crypto Withdrawal Fees

Coinsmart Crypto Withdrawal Fees

List Of Features

Coinsmart wants to make crypto easily accessible to canadians. They have many products that benefit beginners, experienced traders, big-time investors and small businesses. Let's see what they offer:

iOS and Web App

Access Coinsmart on all of your devices (Android coming soon). Unfortunately, the iOS app has very low reviews and the comments are that it crashes a lot.

SmartTrade

Trade from one coin to another without trading Bitcoin or Ethereum first.

Advanced Trade Dashboard

Find tools such as limit orders, stop losses and real-time charting. You can place customized orders using their order book functionality.

24/7 Support

Connect with a SmartRep via email or live chat. They also have a comprehensive FAQ section.

Earn SmartRewards

Earn free bitcoin for learning and answering quizzes. You must be a registered user on CoinSmart to receive the bonus.

OTC Service

CoinSmart Premium is one of the largest OTC desks in the country. It's a service available to clients looking to complete buy or sell orders of $25,000 or more. Some features include deeper liquidity and reasonable rates.

Smart Guarantee

CoinSmart promises best-in-class customer service under its smart guarantee feature. It covers guarantees such as Instant deposits as soon as funds are received, quick verification on the same day, and withdrawals processed within five days. If they fail to fulfill any of their guarantees, the user is entitled to some compensation.

SmartPay

Smartpay is the easiest way to receive crypto payments. CoinSmart created this feature for small businesses to receive payment in bitcoin and have it easily converted to fiat. The fiat funds are sent to your bank account almost immediately.

Referral Program and Affiliate Program

Coinsmart has a referral program when you can invite friends. There is also a separate affiliate program for influencers that pays higher rewards. 

GetSmart Hub

CoinSmart has a learning centre with how-to guides, articles and info for free knowledge on crypto. They also have other resources like a mining calculator, currency converter and more.


Fees

Total BTC Purchase Fee

2.60% (Aug 11, 2021)

Trading Fees

0.20% for a single trade (CAD to crypto, BTC to other crypto)
0.40% for double trade (Litecoin to ripple or ADA to XLM)

CAD Deposits

0% - 6%

CAD Withdrawals

1% ($15 min)

BTC Withdrawals

0.00025 BTC

Spread (Aug 11, 2021)

BTC Spread

1.38%

BTC Buy Price

$59,340

BTC Sell Price

$58,530

Ref. Price Difference

Buy: +2.40%

Sell: +1.03%

Reference Price (Google)

$57,932


Security

Coinsmart is FINTRAC regulated in Canada and they hold funds in cold storage with BitGo, an industry-leading company for crypto security. They work with large clients, like the Royal Mint and other cryptocurrency exchanges. BitGo wallets are insured by Lloyd's of London for $100 million in case of a breach. Coinsmart also wrks with Chainalysis, a big data analytics software that can detect risky wallet addresses.

User Security Features

  • Set a 6-digit pin for transactions (optional)
  • 2FA via Google Authenticator app (optional)

Is Coinsmart Safe?

Yes, CoinSmart is as safe as any other Canadian crypto exchange. They are FINTRAC regulated in Canada and have never been hacked or lost users funds. They also use BitGo to hold crypto in cold storage but we couldn't find out how much. BitGo's offers $100 million insurance policy in the event of a hack. Users can further secure their account with 2FA and setting up a 6 digit pin for transactions.

However, it's not recommended to hold large amounts of crypto on any exchange. The safest way to store your crypto is on a hardware wallet.


Support

Coinsmart Support

CoinSmart offers 24/7 customer support to its users. You can get in touch with them via live chat or by submitting a ticket. They also have a list of FAQs to assist you with any issues you may have.


Coinsmart vs. The Competition

Compare Newton with other popular Canadian crypto exchanges below. You can see all of the data here or skip to the best exchanges of the year here.

Name

Coins

*Total BTC Purchase Fee

Best CAD Deposit Fee

Trading Fee

BTC Withdrawal Fee

2

1.43%

Free

0%

Free

7

1.41%

Free

0.50%

0.0005 BTC

9

2.60%

Free

0.20%

0.00025 BTC

9

2.29%

1.50%

0.1% / 0.2%

0.00025 BTC

10

0.72%

Free

0.1% / 0.2%

0.0005 BTC

16

0.50%

Free

0.20%

0.000399 BTC

19

2.83%

Free

0%

0.0003 BTC

20+

3.48%

Free

1.48%

N/A

20+

1.48%

Free

0%

0.00025 BTC

25+

0.66%

Free

0%

0.0005 BTC

40+

0.69%

Free

0%

Network fees minus $5

50+

0.80% + $1.25

Free

0.16% / 0.26%

0.00015 BTC

75+

4.55%

3.99%

0.50%

Network fees

100+

1.52%

Free

0%

0.0004 BTC

350+

2.24%

2.00%

0.10%

0.0005 BTC

*Total BTC Purchase Fee was calculated on Mar 01, 2021 and changes daily. It adds all fees to make a purchase (CAD deposit fees, trading fees, etc) plus the % difference to Google's price of Bitcoin which was the reference price.

This table is up to date as of Aug 13, 2021


Best Coinsmart Alternatives

Newton is my #1 pick for Canadians. It lacks advanced features but has the most coins on a Canadian based platform (25+) and some of the lowest overall fees in Canada. Low fees include free $CAD deposits and withdrawals, cheap crypto withdrawals, zero trading fees, and tight spreads.

Binance offers 350+ altcoins and many advanced features like margin, interest accounts, liquidity pools, and much more. The downside is you can't connect a CAD bank account so it's recommended to have a Canadian crypto exchange as well to fund your account and cash out. The other downside is Binance is unavailable in Ontario, so Kraken is a similar alternative.


In Summary

Coinsmart has 9 coins, good support and beginner and advanced features. However, there are better platforms for Canadians such as Newton and NDAX which are cheaper and offer more coins and features.

Who Should Use Coinsmart?

  • If you want to trade 9 cryptocurrencies
  • If you want quick, 24/7 support
  • If you want to take quizzes to earn free Bitcoin

Who Should Not Use Coinsmart?

  • If you want the cheapest places to buy crypto in Canada
  • Those looking for free withdrawals
  • If you want more than 9 cryptocurrencies
  • If you want a better mobile app experience
Coinsmart Exchange
  • Trade 9 cryptocurrencies
  • 24/7 customer support
  • Get $15 free when you trade $100

FAQ

Is Coinsmart CDIC Insured?

On Coinsmart, your funds are not CDIC insured like a traditional bank account. If Coinsmart loses your crypto, it's gone. That's why it's recommended to store crypto in your own wallet, ideally a hardware wallet.

Has Coinsmart Ever Been Hacked?

Coinsmart was founded in 2018 and has never been hacked or lost users funds.

Can I Store My Crypto on Coinsmart?

Yes, you can store crypto in your Coinsmart account however it's not recommended to hold large amounts on any exchange. This is because exchanges have been hacked in the past. The safest way to store your crypto is on a hardware wallet.

What Countries Is Coinsmart Available In?

Coinsmart is available in 40+ countries to residents who are 18 years and older. Some of the supported countries are:

Austria, Belgium, Brazil, Bulgaria, Canada, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Georgia, Greece, Hungary, India, Ireland, Italy, Jamaica, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Mexico, Netherlands, Nigeria, Poland, Portugal, Romania, Russia, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Taiwan, Thailand, Turkey, Ukraine, United Kingdom. 

Join Our Newsletter

Sign up with 100's of other investors to get the best crypto resources in Canada!

You May Also Like...