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Quick Trade by Coinsquare review

Pay no commissions and trade multiple digital currencies quickly and easily with this streamlined cryptocurrency exchange app.

You can complete identity verification within 30 seconds once you download the app.

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Details

NameQuick Trade by Coinsquare
Deposit methodsInterac e-Transfer
Supported CryptocurrenciesBTC, ETH, LTC, XRP, DOGE
Trading FeeNone
Withdrawal FeesNone
Supported Fiat CurrenciesCAD
Fiat currenciesCAD
Fiat CurrenciesCAD

Quick Trade by Coinsquare is a relatively new mobile cryptocurrency trading app. It offers quick and easy commission-free trades for a number of digital currencies. You can start trading with Quick Trade by Coinsquare in as little as five minutes by downloading the mobile app. You just need to sign up for an account and load funds into your wallet to get started.

Quick take

  • Think about this trading platform if you want a quick and easy way to trade digital currencies without paying commissions.
  • Choose something else if you want a larger selection of digital currencies or you would prefer to execute trades using your computer.

What is Quick Trade by Coinsquare?

Quick Trade by Coinsquare is an easy to use cryptocurrency trading app that’s designed for beginner traders. It lets you purchase and sell a number of digital currencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin and XRP. All you need to do to start trading is sign up to the Coinsquare Quick Trade mobile app and load money into your account.

Just be aware that you won’t automatically have a Quick Trade account if you’re already signed up with Coinsquare, and vice versa. The two platforms are independent from each other even though Coinsquare owns Quick Trade. You should also note that you may need to pay fees for Bitcoin and Ethereum withdrawals.

What cryptocurrencies are supported?

The following cryptocurrencies are supported by Quick Trade by Coinsquare:

  • Bitcoin
  • Litecoin
  • Bitcoin Cash
  • Etherum
  • XRP

Quick Trade by Coinsquare promises to onboard more cryptocurrencies in the coming months. It recommends that you look into Coinsquare’s online platform if the digital currency you want to trade isn’t listed in the Coinsquare Quick Trade app.

Which payment methods are accepted?

The only way you can load Canadian funds into your Quick Trade by Coinsquare account is to send an Interac e-Transfer. You won’t be able to use a wire transfer or electronic funds transfer to load money in like you can with the Coinsquare online platform.

Luckily, your e-Transfer should go through instantly which means you can start trading on the Coinsquare Quick Trade mobile app in as little as five minutes. You also won’t have to pay to deposit cash via Interac e-Transfer.

What’s it like to use Quick Trade by Coinsquare?

Quick Trade by Coinsquare operates exclusively through its mobile app. This means that the only way you can experience Quick Trade is on your mobile device. The Coinsquare Quick Trade app isn’t linked in any way to the Coinsquare online trading platform.

Viewing your balance and depositing funds

You can see all of the digital currencies you hold by clicking on the “Home” page of the app. It will give you a summary of how many Canadian dollars you have invested in each type of digital currency along with an overview of your total portfolio value. You can load money into your account from the “Deposit” button at the bottom of the Coinsquare Quick Trade app.

Buying and selling digital currencies

You can buy and sell various digital currencies by clicking the “Make a trade” button at the bottom of the screen. All you need to do is enter the amount of Canadian dollars you want to spend and what currency you want to buy and Quick Trade will make the exchange for you.

Coinsquare image Picture not described

Quick Trade by Coinsquare fees and limits

Quick Trade by Coinsquare doesn’t charge commissions when you use its app.

  • Trading fees. Quick Trade by Coinsquare advertises that all of its currencies can be traded with no commissions and there are no trading fees listed on the website.
  • Deposit fees. You won’t pay any fees to deposit money via Interac e-Transfer with Quick Trade.
  • Withdrawal fees. You won’t have to pay a fee to withdraw Canadian dollars from your account. However, you may need to pay to withdraw certain types of digital currencies.

How fast will my funds be available?

Quick Trade by Coinsquare has fast deposit and withdrawal times. You can expect to get your funds in the following time frames:

  • Deposits take less than one hour. For deposits with Interac e-Transfer, you can expect to get funds loaded into your account instantly (in as little as five minutes).
  • Withdrawals can take several business days. Withdrawals may take a few business days to process (though the exact time frame isn’t listed anywhere on the Quick Trade website).

Is Quick Trade by Coinsquare safe to use?

Quick Trade is owned by a reputable online cryptocurrency exchange company that has industry-standard security protocols in place to protect your money.

  • Regulation. Coinsquare is FINTRAC regulated but it’s unclear whether this regulation extends to the Coinsquare Quick Trade app.
  • Verification process. You can complete identity verification within 30 seconds once you download the app. You may be asked to provide a government-issued piece of ID or confirm other personal details during this process.
  • Security features. Quick Trade uses industry standard security protocols and keeps more than 95% of customer assets in cold storage.

Risks of exchanging cryptocurrencies

There are some risks to buying and selling cryptocurrencies, no matter which trading platform you use. You should think about the following before you sign up with Quick Trade:

  • Your deposit won’t be insured. Any money you put into your account won’t be insured if Quick Trade or Coinsquare go bankrupt.
  • Your investment may be high risk. Digital currencies are risky investments because they’re volatile and it can be difficult to predict how their value will change over time.
  • You could be exposed to fraud. Digital currencies are not as highly regulated and could be more vulnerable to fraud, theft and hackers.

How do I create an account with Quick Trade by Coinsquare?

  1. Download the Coinsquare Quick Trade app from the Apple App Store or Google Play.
  2. Input personal information such as your full name, date of birth, email and phone number to sign up for an account.
  3. Create a username and password to access your account.
  4. Verify your identity with Quick Trade by providing a piece of government-issued ID or supplying other requested personal information.
  5. Add a Canadian bank account to your profile to facilitate deposits and withdrawals.
  6. Send an Interac e-Transfer to your account and start trading as soon as it processes.

Eligibility requirements

  • Be at least 18 years old (19 in some provinces)

Other documents and information:

  • Your name, residential status and contact information
  • Your Social Insurance Number and date of birth
  • Your email address and phone number

What else do I need to know about Quick Trade by Coinsquare?

Quick Trade was launched by Coinsquare, which is one of the largest cryptocurrency trading platforms in Canada. Coinsquare was created to give Canadians more freedom and control over their digital currencies through a secure, regulated and compliant platform. It is a well-established and Canadian-owned cryptocurrency exchange that is branching out to mobile cryptocurrencies through its newly launched Coinsquare Quick Trade app.

Quick Trade by Coinsquare: In a nutshell

ProsCons
  • Easy way to trade digital currencies for beginners
  • Multiple currencies to choose from with more on the way
  • Free deposits and withdrawals
  • Easy to transfer currencies to and from external wallets
  • Signing up takes only five minutes
  • Created by a trusted and reputable provider (Coinsquare)
  • Not suitable for advanced trading
  • Only one way to load Canadian funds into account
  • Withdrawal fees for Bitcoin and Ethereum
  • Only available through mobile app

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Bottom line

Quick Trade by Coinsquare is a user-friendly mobile app that lets you exchange multiple digital currencies with no commissions. The service comes with free and instant deposits and free withdrawals when you take money out in Canadian dollars. It’s easy to sign up and may be a suitable choice for you if you’re a beginner trader, want to save money on fees or would prefer to execute trades using a mobile app rather than an online platform.

Frequently asked questions about Quick Trade by Coinsquare

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