The Bottom Line: Quick Trade by Coinsquare is a minimal, beginner-friendly crypto exchange that had a 1.48% total purchase fee when tested on May 29, 2021. This was 7th place out of 12 platforms for buying Bitcoin as cheaply as possible.
It's also quick to get verified, has 12 coins plus cheap crypto withdrawal fees however there are better and cheaper crypto exchanges for Canadians such as Newton, NDAX or Shakepay. Also, Coinsquare, has a questionable reputation from 2020 that you need to be aware of. For this reason, I would not hold large amounts of crypto on this exchange.
Quick Trade Overview
12 (BTC, ETH, BCH, LTC, DOGE, XRP, and more)
Total BTC Purchase Fee: 1.48% (May 29, 2021)
Spread: 2.63% (May 29, 2021)
Trading Fees: FREE
BTC Withdrawal Fee: 0.00025 BTC
Interac e-Transfer (FREE) - 0-30 mins
Pros & Cons
About Quick Trade
Quick Trade launched in 2021 and is owned by Coinsquare which was founded in 2014. The company offers two different platforms: Quick Trade which is catered to beginners and Coinsquare which offers more coins and advanced features.
Quick Trade has standard security features you'd find on a Canadian exchange. They say they keep 95% of digital assets in cold storage and on the user side, you can enable 2-step verification for your account. There is also touch-id and you can withdraw your crypto if you don't feel comfortable holding it there.
Is Quick Trade Safe?
Quick Trade is probably safe to use but it's never 100% safe to keep your crypto on an online exchange. The parent company, Coinsquare, also doesn't have a clean past. In 2020, they made a settlement with the OSC for market manipulation and misleading investors. Due to the settlement, the CEO and other management were forced to step down.
Is Quick Trade Regulated?
Yes, on Coinsquare's website, they state that "we are a registered Money Service Business (MSB) in Canada and therefore follow strict KYC & AML policies outlined by FINTRAC." They also share more details in their AML policy.
Quick Trade Screenshots:
Quick Trade Verification
Quick Trade's verification process took under 5 minutes for me to set up. I filled out my personal info, address and it automatically verified my identity. The app was a little buggy and didn't let me click some of the buttons which slowed me down but other than that, it was quick.
Funding and Withdrawals
Quick Trade Fees
The only fees on Quick Trade are the spread (2.63% on May 29, 2021) and crypto withdrawal fees. Canadian deposits and withdrawals are free via e-transfer and there are no trading fees.
Quick Trade's total purchase fee to buy Bitcoin was 1.48% when compared to the price of Google and adding all trading and deposit fees which was none. This ranked 7th place out of 12 platforms. The cheapest place to buy Bitcoin in Canada was NDAX (0.50%).
Crypto Withdrawal Fees
Screenshot taken May 30, 2021
How Does Quick Trade Make Money?
Quick Trade has commission-free trades but they make money on the spread. The spread is the difference you can buy and sell crypto for.
For example, during my Quick Trade test, you could buy one Bitcoin for $41,618. However, if you were to sell it right after you would get only $40,551. This is a spread of 2.63%. Having a spread is common in the industry and Quick Trade had the 9th highest spread out of 12 platforms tested.
Quick Trade offers a help centre with FAQs, articles and tutorials. There is also a live chat that can be accessed within the app so you can speak directly with someone on the team. We got a reply within 24 hours when testing the Quick Trade chat support.
Quick Trade vs. the Competition
Keep in mind, these were tested 3 months apart. I compared 12 crypto exchanges to see how they compare in price and features. For the reference price, I used Google's price of Bitcoin (which takes data from Coinbase). This reference price was the baseline to compare all prices fairly.
Best Funding Fee
Fastest Deposit Time
Best Trading Fee
BTC Buy Price
BTC Sell Price
Reference Price Difference
Reference Price* (Google)
Crypto Withdrawal Fees
First $5 of network fees are covered
$25 free when you trade $100
$10 free when you trade $100
Best Purchase Fee
Quick Trade data was recorded on May 29, 2021
Newton and Shakepay was recorded Mar 1, 2021
Where Quick Trade Shines:
Where Quick Trade Falls Short:
Quick Trade is simple, quick to get verified and has cheap crypto withdrawal fees. However, it's not the best platform for Canadians because they have a past reputation to be aware of, no website app and it ranked 7th place out of 12 for buying Bitcoin as cheaply as possible in Canada.
- Trade 12 cryptocurrencies
- Quick verification