The Bottom Line: Coinsquare was founded in 2014 and has a questionable past. They have 10 coins, decent spreads (0.50%), and 0.10% maker/0.20% taker trading fees. In 2020, they were in a case with the OSC for market manipulation and misleading investors.
10 (BTC, ETH, XRP, BCH, LTC, XLM, ETC, DASH, DOGE, BSV)
4 (CAD, USD, EUR, GBP)
Total BTC Purchase Fee
0.72% (Mar 01, 2021)
Spread: 0.50% (On Mar 01, 2021)
Best Trading Fees:
CAD Deposit Fees:
CAD Withdrawal Fees:
Crypto Withdrawal Fees:
0.0005 BTC, 0.005 ETH
Free - Min. $20 - 0-2 Days
Free - Min $10k - Same day
Coinsquare was founded in 2014 and operates out of Toronto, Ontario with 80 employees according to LinkedIn. Their mission is to provide a trusted financial platform for the world by leveraging blockchain technology. They also own the Quick Trade app which offers more coins and is built for beginners only.
Unfortunately, Coinsquare has struggled with past incidents and management issues. In 2020, they were involved in incidents of wash trading, securities fraud, wrongful termination of employees and more. It resulted in the CEO stepping down, laying off 40 key employees in the company and a damaged reputation.
Opening An Account
Setting up a Coinsquare account is relatively quick and in most cases, people are instantly verified. Be ready to provide personal info because your identity must be verified on any Canadian crypto exchange you sign up for.
Who Is Eligible?
- Canadians and permanent residents
- People who are of the age of majority in their province/territory (18 or 19 years old)
Sign Up Requirements
- Email address
- Phone number
- Legal name, address, date of birth, and other personal info
- Utility bill for proof of address (water, phone, electricity, internet bill)
- Canadian passport, drivers license, or Government Issued ID
Coinsquare has had some incidents in the past so let's take a detailed look at their security features and systems. Overall, not much info is provided on their security protocols and there are not many user security features other than 2FA.
History and Incidents
In 2020, Coinsquare made a settlement with the OSC for market manipulation and misleading investors. They were caught inflating trading volumes to the tune of $1.3 billion. Due to the settlement, the CEO and others stepped down and Coinsquare was forced to hire new management.
Company Security Features
- 95% cold storage policy on all digital currencies
- FINTRAC regulated and a registered Money Service Business in Canada
- Platform is "stress tested and DDoS tested"
- You can report security flaws or incidents to their email address
User Security Features
- 2-Factor Authentication (Google, Authy, and more)
- Passcode or Touch ID to login to app
Is Coinsquare Safe?
Coinsquare is probably safe however, they had a past incident requiring their CEO and management to step down. They also have various bad employee reviews on Glassdoor. Other than that, they keep funds in cold storage, have basic security features and are FINTRAC regulated in Canada.
To be safe, I would not hold large amounts of crypto on this exchange. The safest way to store you crypto is when you own your private keys. I recommend a hardware wallet.
Funding & Withdrawals
Coinsquare has two funding options, e-transfer and wire transfer which are both free. However, fiat withdrawals will cost you 1%-2% in fees.
Screenshot current as of Aug 25, 2021
It is free to deposit crypto but there are fixed fees to send your crypto to an external wallet. The fixed fees are 0.0005 BTC, 0.005 ETH, and the rest are listed here.
Coinsquare was 4th place out of 14 exchanges in terms of buying Bitcoin cheaply. The all-in fee was 0.72%. The downside is fiat withdrawals which can range from 1% to 2% to get your money off the platform.
Total BTC Purchase Fee
0.72% (Mar 01, 2021)
Advanced Trading Fees
Quick Trade Fees
Screenshot taken Jan 27, 2021
Spread (Mar 01, 2021)
BTC Buy Price
BTC Sell Price
Ref. Price Difference
Reference Price (Google)
For buying crypto cheaply, Coinsquare came 4th overall out of 15 platforms. The total all-in fee to buy Bitcoin was 0.72% on Mar 01, 2021 when compared to the price on Google. This means every $100 would get you $99.28 in Bitcoin. To compare, Newton would get you $99.31, NDAX was $99.50 and Bitbuy was $97.71 in the same test.
Keep in mind, these spreads fluctuate daily so shouldn't be taken exactly. It's better just for comparison purposes.
List Of Features
If you need to reach someone on the team, Coinsquare offers a live chat support during business hours. There's also a help centre with FAQs, articles and tutorials.
Coinsquare vs. the Competition
See how Coinsquare stacks up against the major platforms in Canada.
*Total BTC Purchase Fee
Best CAD Deposit Fee
BTC Withdrawal Fee
Network fees minus $5
0.1% / 0.2%
0.80% + $1.25
0.16% / 0.26%
0.1% / 0.2%
*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 Coinsquare Alternatives
NDAX has 15+ cryptocurrencies, technical charting tools, multiple order types, tight spreads, and a 0.50% total purchase fee when tested. It's a very inexpensive platform and a better alternative to Coinsquare. The downside is relatively expensive CAD and crypto withdrawal fees.
Newton has 25+ cryptocurrencies, 0.69% total purchase fee when tested and cheap crypto withdrawal fees. It's one of the cheapest overall platforms for Canadians with lots of coins and a good U/X. The downside is the support is not reliable and there are no advanced features like technical charts or limit orders.
Binance is the biggest crypto exchange in the world by trading volume, has low 0.1% trading fees, and offers the most features of any Canadian platform. You'll find technical charting tools, staking features, 350+ cryptocurrencies and much more. The downside is it's not available in Ontario (in which case try Kraken) and you can't connect a CAD bank account (so you should have a domestic exchange as well).
Coinsquare has 10 coins, beginner and advanced features, and pretty good purchase fees. The downside is their reputation and past incidents. On top of that, there are better platforms for Canadians with more coins, features and lower overall fees such as Newton and NDAX. For those reasons, I don't recommend Coinsquare to Canadians.
- Trade 10 cryptocurrencies
- Beginner & Advanced features
- $25 free when you trade $100