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 9th place out of 15 platforms for buying Bitcoin as cheaply as possible.
It's also quick to get verified, has 20+ coins, and offers 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
20+ (BTC, ETH, ADA, XRP, DOGE, DOT, UNI, BCH, LTC, LINK, WBTC, ETC, XLM, MATIC, EOS, AAVE, MKR, XTZ, COMP, YFI, SUSHI)
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.
Who Is Eligible?
- Canadian residents
- If you are the age of majority in your province/territory (18 or 19 years old)
- Email address
- Name, date of birth, personal info
- Canadian address
- ID verification (usually automatic)
Funding and Withdrawals
Quick Trade only has e-transfers which are free and fast however, that's the only option. If you want to invest or cash out more than $10,000 there is no wire transfer or any other options. They also only allow crypto withdrawals on 5 out of 20+ coins right now.
BTC - 0.00025
ETH - 0.001
BCH - Free
XRP - Free
LTC - Free
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 9th place out of 15 platforms. The cheapest place to buy Bitcoin in Canada was NDAX (0.50%) and Binance at 0.24%.
Total BTC Purchase Fee
Spread (May 29, 2021)
BTC Buy Price
BTC Sell Price
Ref. Price Difference
Reference Price (Google)
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 12th highest spread out of 15 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 or website 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
Compare Quick Trade side by side with other popular Canadian platforms below. You can see all the data here.
*Total BTC Purchase Fee
Best CAD Deposit Fee
BTC Withdrawal Fee
0.1% / 0.2%
0.1% / 0.2%
Network fees minus $5
0.80% + $1.25
0.16% / 0.26%
*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 Quick Trade Alternatives
Newton has more coins (40+), more crypto withdrawals, and a clean reputation since being founded in 2018. They also have much cheaper spreads and lower overall fees for purchasing crypto making it a superior platform to Quick Trade. That's why I ranked Newton the #1 platform for Canadians this year.
Shakepay caters to beginners and is extremely simple to use. The downside is it only has Bitcoin and Ethereum but they do have a clean reputation, free crypto withdrawals, a website and mobile app, and some additional features like limit orders, recurring purchases, and more that Quick Trade doesn't offer. It also has similar spreads and prices to Quick Trade based on my tests.
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 9th place out of 15 for buying Bitcoin as cheaply as possible in Canada.
Who Should Use Quick Trade?
- Beginners that want an easy mobile app to trade on
- If you want to open an account and get started quickly
Who Should Not Use Quick Trade?
- Anyone that want's the cheapest fees
- If you want to withdraw certain crypto's to another wallet or exchange
- If you're worried about their past reputation
- If you will be investing or cashing out more than $10,000 at a time
- If you want advanced features
- Trade 20+ cryptocurrencies
- Quick verification