Deal
Get CAD$20 sign-up bonus in BTC
Get a $20 bonus in BTC when you open an account and deposit at least CAD$100. T&Cs apply.
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
CoinSmart review
Easily buy, sell and trade Bitcoin and other cryptocurrencies on CoinSmart, a Canadian crypto exchange.
- Fast registration process
- Good for instant verification and competitive commissions
- Not so great for its limited selection and fiat withdrawal fees
See our full list of pros and cons below.
No reviews yet.
Write a review
1
Fiat currencies
16
Cryptocurrencies
Details
| Product Name | CoinSmart Cryptocurrency Exchange |
|---|---|
| Fiat Currencies | CAD |
| Cryptocurrencies | BTC, ETH, LTC, BCH, XLM, EOS, DOGE, DOT & 5+ more |
| Deposit Methods |
Credit card Debit card Interac e-Transfer Bank Wire Bank Draft |
| Trading Fee | 0.2-0.4% |
| Deposit Fees |
Interac e-Transfer: 0% on ≥$2000+, 1.5% on $100-$1999 Bank Wire: 0% Bank Draft: 0% Credit / Debit Cards: up to 6% |
| Withdrawal Fees |
Electronic Funds Transfer: 1% ($15 minimum) Bank Wire: 1% ($15 minimum) Cryptocurrency: Fees vary |
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
What is CoinSmart?
CoinSmart is a Canadian cryptocurrency exchange founded in 2018 and based out of Toronto, ON. The exchange offers 16 different cryptocurrencies to trade with the option of direct trading pairs between different cryptocurrencies. This is in contrast to many other Canadian exchanges that only offer cryptocurrency to fiat pairs.
CoinSmart is available in over 40 different countries. It is fully compliant with FINTRAC and the Ontario Securities Commission (OSC) as a Money Services Business (MSB). CoinSmart requires 2-factor authentication (2FA) security protocol enabled on all its users. It is a compliance-driven exchange.
The exchange has a strong emphasis on transparency and cryptocurrency education for its users. There are a number of services that the exchange offers that are tailored to either new users, experienced traders, or high volume/institutional traders.
- If this is your first exchange. CoinSmart has a quick registration process with all deposits being processed daily.
- If you’re switching exchanges. CoinSmart has the ability to trade cryptocurrency pairs directly rather than having to convert back to fiat first.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Pros and cons of CoinSmart
Pros
- Quick registration
- 24/7 customer service
- Available in 40+ countries
Cons
- Fees on fiat withdrawals
- No earning features
- Fees on cryptocurrency withdrawals
Verdict: Is CoinSmart any good?
CoinSmart is a decent option as a cryptocurrency exchange. There is some out-of-date information on its FAQ page that contradicts what is offered on its Markets tab. However, it provides deposit methods that other exchanges lack and most notably offers the ability to trade cryptocurrency pairs directly. CoinSmart is fully compliant with FINTRAC and the OSC and requires users to implement a 2-factor authentication (2FA) security protocol which is reassuring. Overall, it is a good option for traders, but users will need to pay attention to the fees when withdrawing and trading.
What to know about CoinSmart
CoinSmart is an easy-to-navigate exchange that has features that appeal to new users, experienced traders and high volume/institutional traders alike. Where the exchange has the advantage over its competitors is through the ability to trade cryptocurrencies directly with each other. Cryptocurrency trading pairs are not available on most other Canadian exchanges.
Where the exchange falls behind other exchanges is in the hidden fees for fiat withdrawals and trades. CoinSmart also carries flat rates for withdrawals on cryptocurrencies where other exchanges do not.
Finder ratings
| Supported cryptocurrencies |  |
| Transferring money or assets | |
| Fees and costs | |
| Ease of use | |
| Customer service | |
| Staking/earn rating? | |
| Trustworthiness/security | |
| Overall score | |
What is it like to use CoinSmart?
CoinSmart has a very user-friendly and approachable UI. It is easy to navigate for new and experienced traders alike and offers services for all levels of trader.
Does CoinSmart have good customer support?
CoinSmart offers a number of different customer support options. The first place that users should check is the CoinSmart FAQ page. The FAQ page has a list of the most frequent issues users encounter and their remedies. If the problem a user is having is not solved through the FAQs page then they have the option of contacting customer support directly through either the email support form or through the live chat option. The customer support form is quick and easy to fill out: the user describes the issue they are experiencing and then is assigned a ticket number.
| Support offered | Wait times | |
| FAQ page | ✅ | Instant *Some of the information might not be up to date. |
| Live chat | ✅ | <5mins |
| Email support ticket | ✅ | <1 hour |
List of services on CoinSmart
Trust rating
Signing up on CoinSmart
Step 1: Create an account
To start the registration process, users can click the “Create an Account” in the top right corner of the CoinSmart homepage. That will take you to a registration form where you will need to register an account with an email address.
Step 2: Email verification
Step 3: 2FA
As soon as you log in to your newly created CoinSmart account you will be required to set up 2-factor authentication (2FA) security for your account.
Step 4: KYC
For the verification stage of the registration process, users will be asked for some personal information along with a copy of a government-issued ID. You will need to provide your phone number, address, government-issued ID, a live selfie, and you will also need to answer a short questionnaire. The questionnaire will ask questions on your occupation and the purpose of the account you are setting up.
Step 5
After you have completed the verification process you will need to read through the user agreements and verify some additional details. These questions will be related to your income status, risk tolerance, and prior knowledge of the cryptocurrency industry.
Step 6: Fund your account
That’s it. You are now ready to fund your account and begin trading on CoinSmart.
Compare CoinSmart against other exchanges
1 - 3 of 17
Frequently asked questions
How secure is CoinSmart?
CoinSmart is relatively secure. It does require every user to have 2FA security protocols in place on their account, and is compliant with FINTRAC and the OSC for AML reporting. It mentions that it keeps every cryptocurrency in cold storage but the specific amounts are not mentioned.
Can I buy Dogecoin with CoinSmart?
Yes. Dogecoin is one of 16 coins available to buy on CoinSmart.
Is CoinSmart available in the USA?
Unfortunately not. CoinSmart is available in over 40 different countries but the USA is not one of them.
Is CoinSmart registered with FINTRAC?
Yes, CoinSmart is registered with both FINTRAC and the OSC.
What countries are supported by CoinSmart?
CoinSmart only serves Canadian citizens and permanent residents.
Is there a CoinSmart app?
No, but the CoinSmart website can be used on mobile devices.
What’s the verification process for CoinSmart?
After creating an account, you will be prompted to upload the required identification documents. Once these have been processed, you’re verified. CoinSmart offers same-day verification.
What customer support does CoinSmart offer?
CoinSmart offers 24/7 customer support. You can reach support on the help section of the website, contact CoinSmart on social media, call its phone number or even visit the CoinSmart office in Ontario during business hours.
How can I sign up for CoinSmart in Canada?
Yes. Dogecoin is one of 16 coins available to buy on CoinSmart.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.