Coinsquare review

Ratings methodology - how we scored Coinsquare

Supported cryptocurrencies	★★★★★
Transferring money or assets	★★★★★
Fees and costs	★★★★★
Ease of use	★★★★★
Customer service	★★★★★
Features	★★★★★
Staking/earn	★★★★★
Trustworthiness/security	★★★★★

How we rate our crypto exchanges and platforms

Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology here.

Our score and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.

About Coinsquare — company background

Coinsquare is a Canadian cryptocurrency exchange founded in 2014 and based out of Toronto, ON. The company has developed 2 different platforms for traders: A quick trade app for new and smaller investors to take advantage of, and an advanced trading version for experienced traders. Unfortunately, the 2 versions are not compatible with each other so this review will only be focused on the main Coinsquare exchange.

The exchange experienced periods of turbulence similar to other exchanges. The CEO, founder, and CCO all stepped down in 2020 after allegations by the Ontario Securities Commission (OSC) of them instigating large volume wash trading. Coinsquare also suffered a data breach in 2019.

Despite these setbacks, Coinsquare has between 600,000 and 700,000 retail clients, and franchises its software. By licensing the Coinsquare software, the exchange can incorporate its API into other businesses’ applications and introduce more first-time users to the cryptocurrency industry.

Listed Coinsquare crypto exchange assets

Coinsquare supports over 15 cryptocurrencies, but some notable assets are missing. Namely, BNB, Lido Staked Ether and Toncoin, which are in the top 20 cryptos by market cap. In total, 13 of the top 20 cryptos are available on Coinsquare.

Popular assets on Coinsquare

• See all Coinsquare crypto assets

  • BTC
  • ETH
  • XRP
  • ADA
  • USDT

  • DOGE
  • DAI
  • DOT
  • ATOM

  • USDC
  • MATIC
  • WBTC

  • SOL
  • AVAX
  • SHIB

Coinsquare fees

Coinsquare charges a 0% fee for cryptocurrency deposits, 0% fee for wire transfer deposits and a 0% fee for interac e-transfer request deposits.

Deposit & withdrawals fees

Transaction type	Fee
Deposit funds	Interac e-Transfer request: 0% Wire transfer: 0% Cryptocurrency: 0%
Withdraw funds	Interac e-Transfer request: 0% Wire transfer: 1.5% Direct Bank Deposit: 1.5% Cryptocurrency: Varies
Other fees	Quick trade fee: 0.2%-0.4%

Coinsquare deposit methods

How to sign up on Coinsquare exchange

Before you can even get started trading on Coinsquare, you have to go through the rigorous verification process (which usually involves providing proof of identification). This can take time. The reason for this is Coinsquare's commitment to certifications and compliance with regulations and insurers.

1. Get started
   After selecting the Get Started button, fill in the create account form.
2. Set up payment
   Before you can start trading, you have to add your bank account to your Coinsquare account. There are several options to choose from, so choose the option most compatible.
3. Provide identification
   Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this.
4. Start trading
   After all that is processed, you're ready to trade on Coinsquare.

Using the Coinsquare app

Coinsquare offers a mobile app for access to its exchange services on the go. Download the Coinsquare mobile app from the Google Play store or the App Store and trade on the go. The app has all of the same features as the online platform.

Is Coinsquare safe?

Coinsquare claims to be one of the most secure crypto exchanges in Canada. It runs on Coinsquare’s proprietary technology which is SSL and 2FA enabled. The exchange also has a 95% cold storage policy on all its cryptocurrencies and the whole system has been both stress and DDoS tested. Despite these security protocols, there was a hack in 2019 that resulted in users’ personal information being stolen.

In 2020, the OSC (Ontario Securities Commission) filed a statement of allegations against Coinsquare’s CEO Cole Diamond, founder Virgile Rostand and CCO Felix Mazer for manipulating trading volumes. In a practice known as wash trading, the OSC alleged that Coinsquare had performed 840,000 wash trades for around 590,000 BTC between 2018 and 2019. All 3 executives stepped down fromtheir positions and were banned from being involved with Coinsquare for between 1 and 3 years.

Past hacks. In November 2019, Coinsquare was successfully hacked and 5,000 users’ personal information was stolen. It was later confirmed that the hack was committed by a former employee who was able to access the company’s CRM (Customer Relationship Management) system. The employee then went on to sell the stolen information to a group of hackers. The hackers later announced they would use this personal information to conduct SIM swapping attacks on users of the exchange. Coinsquare immediately notified law enforcement and data protection offices when it learned of the attack. Since the attack, Coinsquare has added additional levels of security to the CRM and data management protocols.

Security audits. The CRA issued new compliance regulations in 2021 for exchanges to abide by. Coinsquare used FutureVault as its platform to deliver its clients transactional statements for these new regulations.

Insurance. Unfortunately, Coinsquare is not a member of the Canadian Investor Protection Fund (CIPF). If the company becomes insolvent, then users’ investments are not insured.

Keeping your crypto secure

All centralised exchanges, including Coinsquare, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.

Coinsquare customer support

Coinsquare has several options for resolving issues. For most issues that users are having, the answer can be found on the FAQ help page.

If the issue is not listed on Coinsquare’s help page, users can either go through the live chat or email customer support directly.

Unfortunately, the support team for Coinsquare is only available Monday to Sunday, 9am to 5pm EST. If a user has an issue outside of these times, they will need to wait until the next day to talk to a representative.

How to reach Coinsquare customer support

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