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|Product Name||Coinsquare Cryptocurrency Exchange|
|Fiat Currencies||CAD, USD, EUR, GBP, CHF|
|Cryptocurrencies||BTC, BCH, BSV, DASH, DOGE, ETH, ETC, LTC, XRP, XLM|
Direct Bank Deposit
Interac e-transfer: 0%
Wire transfer: 0%
Direct Bank Deposit: 2%
Wire transfer: 2%
Wealth Wire: 1%
Rushed Wire: 2%
Coinsquare is a cryptocurrency exchange platform used to buy, sell and trade multiple currencies. At the time of writing in July 2019, it lists 10 different cryptocurrencies and allows you to trade against five different fiat currencies, including Canadian and US dollars.
Coinsquare automatically provides users with wallet addresses to keep track of their digital currencies. For added security, 95% of all funds are stored offline in cold wallets, which are less vulnerable to hacking.
To begin buying cryptocurrency on Coinsquare, you will need to do the following:
Coinsquare supports the trading of seven cryptocurrencies, five fiat currencies and two precious metals.
*Only available to customers in Europe.
Decentralization was one of the biggest original draw cards of cryptocurrency, but it’s proven difficult to realize this utopian vision. Coinsquare is a centralized exchange, meaning it acts as a middleman handling the trading of cryptocurrencies to fiat currencies and vice versa.
While centralized exchanges generally offer more advanced features and tools and can be easier to use, they also come with some disadvantages. The exchange controls and holds your funds, transactions aren’t anonymous and because it’s centralized, it’s more prone to hacks.
Coinsquare caters to Canadian traders. In order to use the exchange, you’ll need to be:
You can deposit Canadian dollars into your Coinsquare account using the following payment methods:
The processing fees for each of Coinsquare’s payment options are outlined in the table below.
|Funding method||Fee||Verification required?|
The processing and withdrawal times vary dramatically depending on which payment method you are using. You can see the breakdown of the average processing times in the table below.
|Funding method||Processing time||Withholding time|
|Interac e-Transfer||0-2+ days||1 day|
|Wire transfer||Same day before 4pm EST||Instant|
The cost of trading on Coinsquare will depend on whether you’re using the Bit Markets or QuickTrade option.
*At least one of the coins being traded must be Bitcoin.
You can withdraw funds from your account using the following methods:
|Withdrawal fee||Minimum||Maximum||Processing time||Fee||Verification required?|
|Direct bank deposit||$20||$10,000||1-3 days||2%||Yes|
|Wire transfer||$10,000||$100,000||1-3 days||2%||Yes|
|Wealth wire||$10,000||$100,000||1-9 days||1%||No|
|Rushed wire||$50,000||Unlimited||1 day||2%||No|
The Coinsquare platform enforces both minimum and maximum transfer limits, depending on which payment method you use. You can view the limits in the table below.
Coinsquare employs all of the standard security measures to ensure the safety and privacy of their users, including two-factor authentication (2FA) and cold storage of 95% of funds.
According to their website, Coinsquare has not lost a single coin since 2015, the year they went into business. Their technology has been tested extensively against a distributed denial of service attack (DDoS) and other threats.
According to a settlement agreement between Coinsquare and the Ontario Securities Commission, Coinsquare has admitted to past market manipulation and misleading clients about trade volume. However, the events referred to in the settlement took place in 2018 and 2019 and Coinsquare is now under new directors and management.
In order to access the full benefits of Coinsquare, you will need to become a verified user. To become a verified member, you’ll need to provide:
Users can maximize their security by adding two-factor authentication (2FA). When you enable 2FA, it adds an additional layer of security on top of providing your username and password. With 2FA enabled, you must have access to your mobile device in order to log in.
Coinsquare gives you two options for two-factor authentication: Coinsquare 2FA and Google 2FA. Depending on whether you activate Coinsquare 2FA or Google 2FA, you will either have to scan a QR code or enter a six-digit code or token respectively at the time of log in.
If you lose your 2FA device, you can contact the customer service team and request a 2FA reset, which will require you to attach a photo of yourself holding your government-issued ID, along with a sheet of paper clearly stating your username, your account ID and the current date.
Coinsquare offers customers a few different methods to contact customer support, including the following:
While Coinsquare is an easy-to-use platform, veteran traders might find the services offered a bit basic compared to other platforms that are more complex, but if you are new to the world of cryptocurrency trading, Coinsquare’s platform may be a good option for you.
To get started with Coinsquare, sign up for a free account online through their official website. Choose a username and password and input your email address. Once your account has been opened, become a verified member to start buying, selling and trading cryptocurrencies.
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