Review: CoinSmart cryptocurrency exchange
|Product Name||CoinSmart Cryptocurrency Exchange|
|Cryptocurrencies||BTC, ETH, LTC, XRP, XLM, USDT, EOS, NEO, BCH, ADA|
Interac e-Transfer: 0% on ≥$2000+, 1.5% on $100-$1999
Bank Wire: 0%
Bank Draft: 0%
Credit / Debit Cards: up to 6%
Electronic Funds Transfer: 1% ($15 minimum)
Bank Wire: 1% ($15 minimum)
Cryptocurrency: Fees vary
What fiat and cryptocurrencies are supported?
- Supported fiat currencies: CAD
- Supported cryptocurrencies: Approximately 10 cryptocurrencies
Which payments methods are accepted?
- Credit card
- Debit card
- Interac e-Transfer
- Bank Wire
- Bank Draft
What’s it like to use CoinSmart?
Fees and limits
The fees below are accurate as of 12 October 2020.
Platform trading fees
|Trade type||Commission fee|
|Trades involving fiat currency or Bitcoin||0.2%|
|Trades between two cryptocurrencies other than Bitcoin||0.4%|
Deposit and withdrawal fees
|Interac e-Transfer||0% on deposits of $2,000 or more|
1.5% on deposits under $2,000
|Bank wire||0%||$10,000 min|
$5 million max
|Bank draft||0%||$500 min|
|Credit/debit card||Up to 6%||$100 min|
|Electronic funds transfer||1% ($15 minimum)|
|Bank wire||1% ($15 minimum)|
|Cryptocurrency||Blockchain fees apply|
How fast will my funds be available?
Debit and credit card deposits are instant, while all other deposit methods are received on the same day.
Cryptocurrency withdrawals are sent immediately and should arrive within minutes, while fiat withdrawals can take up to five business days.
Is CoinSmart safe to use?
- Regulation. CoinSmart is registered with FINTRAC as a Money Services Business (registration no. M18755033) for activities including dealing in virtual currencies.
- Verification process. Verification is required before you can begin trading. This involves providing proof of identity and other details in line with anti-money laundering laws. CoinSmart offers same-day verification.
- Security features. CoinSmart says it follows industry-standard security practices such as keeping the bulk of user funds in cold storage and offering optional two-factor authentication. Additionally, it says it’s backed by Canadian bank Luminus Financial, which ensures fiat currency on the exchange is held in Canada.
How do I create an account at CoinSmart?
What else do I need to know about CoinSmart?
CoinSmart was founded in 2018 with the goal of making cryptocurrency purchases simpler, safer and smarter. It has a strong emphasis on ease of use, transparency and cryptocurrency education.
CoinSmart is headquartered in Ontario and focused solely on serving Canadian citizens and residents.
In a nutshell
- Free deposit methods available
- Competitive trading fees
- Same-day sign-up, verification and deposits
- 24/7 customer support
- Fees for fiat currency withdrawals
- Limited cryptocurrency selection