Coinsquare exchange review – June 2019

Coinsquare Digital Currency Exchange
Coinsquare Digital Currency Exchange
  • Buy/sell 7 cryptocurrencies
  • Fund your account with CAD
  • Multiple payment options
  • Low minimum deposits
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Buy, sell and trade bitcoin, Ethereum and other top cryptocurrencies on this Canadian-based exchange, with minimum purchase amounts from just $20.

Founded in 2015, Coinsquare was designed to provide a safe, affordable and simple way for Canadians to exchange cryptocurrencies online. With an easy-to-use interface, reputable customer service and transparent fees, Coinsquare is considered to be one of Canada’s leading cryptocurrency exchanges, with physical offices located in downtown Toronto.

We’ve compiled this guide to help you understand how to buy and sell cryptocurrency on Coinsquare, how much it will cost you and help you discover if it’s the right exchange for you.

Product Name Coinsquare Digital Currency Exchange
Fiat Currencies CAD
Cryptocurrencies BTC, ETH, XRP, BCH, LTC, DASH, DOGE, BSV
Deposit Methods Credit card
Trading Fee 0-0.25%+
Deposit Fees Interac online: 2.5%
Interac e-transfer: 2.5%
Credit card: 10%
Flexepin: 2.5%
Bank draft: 2.5%
Money order: 2.5%
Wire transfer: 0.5%
Instant transfer: 2.5%
Withdrawal Fees 1-2%

Pros

  • Can deposit Canadian dollars
  • Immediate trades with the QuickTrade trading feature
  • Easy to use interface and website
  • Choice of cryptocurrency, fiat and precious metal buying, selling and trading
  • Large choice of payment methods
  • Trade on the Coinsquare mobile app

Cons

  • Centralized exchange
  • Limited range of cryptocurrencies available to trade
  • Limited advanced trading features
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 Coinsquare?

Coinsquare Coinsquare

$20 bonus when you create a new account

Receive a $20 bonus when you deposit at least CAD$100 into your account. T&Cs apply.

Last verified

Coinsquare is a cryptocurrency exchange platform used to buy, sell and trade multiple currencies. At the time of writing in July 2018, it lists seven different cryptocurrencies as well as two precious metals 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:

  1. Sign up for an account by providing your email address and basic contact information.
  2. Set up your trading profile.
  3. Verify your account one of two ways.
  4. Fund your account (with Canadian dollars or supported cryptocurrency)
  5. Begin buying, selling or trading for other fiat currencies, cryptocurrencies and precious metals
Coinsquare interface
The Coinsquare trading interface and app Coinsquare
Go to Coinsquare's website

What can I trade?

Coinsquare supports the trading of seven cryptocurrencies, five fiat currencies and two precious metals.

Cryptocurrencies
  • Bitcoin
  • Bitcoin Cash
  • XRP
  • Dash
  • Dogecoin
  • Ethereum
  • Litecoin
Fiat currencies
  • Canadian dollar
  • US dollar
  • Euro
  • British pound
  • Australian dollar (currently unavailable)
Precious metals
  • Gold
  • Silver

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.

Available countries

Coinsquare caters to Canadian traders, so you must be a Canadian resident over the age of 18 in order to become a verified member. In some provinces, you will need to be over 19 to become a verified member.

How can I fund my account?

You can deposit Canadian dollars into your Coinsquare account using the following payment methods:

  • Credit card
  • Interac e-Transfer
  • Interac Online
  • Instant Transfer
  • Flexepin
  • Money order
  • Bank draft
  • Wire transfer
Go to Coinsquare's website

How much will it cost me to use Coinsquare?

The processing fees for each of Coinsquare’s payment options are outlined in the table below.

Funding method Fee Verification required?
Credit card 10% Yes
Interac e-Transfer 2.5% Yes
Interac Online 2.5% Yes
Instant Transfer 2.5% No
Flexepin 2.5% Yes
Money order 2.5% Yes
Bank draft 2.5% Yes
Wire transfer 0.5% Yes

How fast will my funds be available?

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
Credit card Instant 7 days
Interac e-Transfer 1-5+ days 3 days
Interac Online Instant 3-7 days
Instant Transfer Instant 7 days
Flexepin Instant Instant
Money order 1-3+ days 5 days
Bank draft 1-3+ days 14 days
Wire transfer 0-3+ days Instant

How much does it cost to trade on Coinsquare?

The cost of trading on Coinsquare will depend on whether you’re using the Bit Markets or QuickTrade option.

Bit Markets has a 0.1% maker fee and a 0.2% taker fee.

QuickTrade has a 0.2% fee for bitcoin* and a 0.4% fee for all other coins.

*At least one of the coins being traded must be bitcoin

How can I withdraw funds from Coinsquare?

You can withdraw funds from your account using the following methods:

Withdrawal fee Minimum Maximum Fee Verification required?
Direct bank deposit $100 $10,000 2% Yes
Wire transfer $10,000 $100,000 2% Yes
Wealth wire $10,000 $100,000 1% No
Rushed wire $50,000 Unlimited 2% No

Are there any transfer limits?

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.

Funding method Minimum Maximum
Credit card $100 $5,000
Interac e-Transfer $100 $3,000
Interac Online $100 $2,000
Instant Transfer $100 $10,000
Flexepin $20 $500
Money order $100 $999
Bank draft $1,000 $9,000
Wire transfer $10,000 $300,000

Is it safe to use Coinsquare?

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.

Verification

There are two ways to verify your identity on Coinsquare:

  1. Instant verification. This involves cross referencing your information with a third party Know Your Customer/Anti-Money Laundering (KYC/AML) service in order to verify your identity instantly.
  2. Document verification. You’ll be required to submit three documents: a Government-issued photo ID, proof of residence document and a selfie verification photo holding up your five digit code. This method of verification can take up to three days and is required for those who want to access more options or for those who are unable to become verified through instant verification.

Two-factor authentication

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.

Additional features

  • Coinsquare mobile app. 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.
  • Coinsquare Wealth. This is an exclusive service offered to those who trade over $25,000 worth of orders at one time. You will receive exclusive benefits including discount funding and withdrawal fees, faster withdrawal speeds, a dedicated wealth director and access to invite-only VIP events and newsletters.

Customer support

Coinsquare offers customers a few different methods to contact customer support, including the following:

  • Lodging a support ticket. You can open a support ticket for all account-specific problems or requests.
  • Email. You can email the support team for any non-account related issues.
  • Mail. You can mail a letter to the Toronto PO box address listed on Coinsquare’s site.

Pros and cons

Pros

  • Can deposit Canadian dollars
  • Immediate trades with the QuickTrade trading feature
  • Easy to use interface and website
  • Choice of cryptocurrency, fiat and precious metal buying, selling and trading
  • Large choice of payment methods
  • Trade on the Coinsquare mobile app

Cons

  • Centralized exchange
  • Limited range of cryptocurrencies available to trade
  • Limited advanced trading features

Compare Binance against other exchanges

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
Bank transfer
Cryptocurrency
Express Interac e-Transfer
Flexepin
Interac e-Transfer
SWIFT
CAD
BTC, BCH, ETH, LTC, XRP
Get a $20 bonus when you buy or sell at least CAD$100 in digital currency. T&Cs apply.
At this Canada-based cryptocurrency exchange, you can pay in CAD through bank wire, Interac e-Transfer or Flexepin.
Bank transfer
Credit card
Cryptocurrency
Debit card
Interac e-Transfer
SWIFT
Wire transfer
CAD
BTC, ETH, LTC
Get a $20 bonus when you sign up through Finder. T&Cs apply.
Coinberry is a simple to use Canadian cryptocurrency trading platform that offers three popular cryptocurrencies.
Cryptocurrency
Debit card
Interac e-Transfer
Bank transfer (SEPA)
Wire transfer
CAD
BTC, BCH, ETH, LTC, XRP, EOS, ADA
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Next steps

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.

Go to Coinsquare's website

Frequently asked questions

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.
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