Coinsmart: A Brief Summary
In our today’s review, we will talk about everything there is to know about the CoinSmart cryptocurrency exchange. We will discuss how you can create an account and how you can operate it. Lastly, we will also review its working, charges, pros and cons, and many more. Let’s dive into it.
CoinSmart: Essential Features
As we have mentioned above, the CoinSmart trading exchange facilitates their clientele with trader-friendly UI, advanced trading tools, and always-ready customer support. Following is a quick summary of all exciting features, making it one of the popular platforms for traders residing in Canada.
- Irrespective of the trader’s experience, newbie or seasoned, the CoinSmart platform is designed to serve both kinds.
- CoinSmart offers a learning tool as a part of its GetSmart program to train its community about all trading traits.
- Its SmartTrade tool allows users to perform direct transactions between CAD(Canadian Dollar) and any cryptocurrency supported on the platform.
- The platform provides exclusive assistance to Canadian crypto users for funding or withdrawals. Users having Canadian PR status can deposit or retrieve their funds through Interac, bank transfer, wire, and e-transfer(Electronic Funds Transfer).
- The platform ensures the safety of your assets by providing equivalent to bank-level security. It also keeps all the clients’ cryptocurrencies in cold wallets to reduce the chances of online-theft.
- CoinSmart’s Smart Guarantee facility ensures swift funding, withdrawals, and verifications process.
Coinsmart: How to Set Up your Profile?
To get started, you can create your new account on the CoinSmart trading exchange quite easily. The exchange facilitates its new users to get verified instantly through Equifax, which means you can get verified and start trading within minutes of signup. For creating a new account, you need to follow the simple steps mentioned below.
- Visit CoinSmart platform’s official website’s homepage and click on the ‘Create an Account’ icon shown on the top right corner.
- On the following page, provide your information such as first and last name, email ID, country name, set up a password, and then press on the ‘Sign Up’ button.
- Confirm your email address through the email they send you.
- Provide your phone number and confirm through the code they send you.
- Provide asked information such as your first and last name, date of birth, country of residence, and address.
- If the platform verifies you at this point, you can start funding your account and trade.
But, if they cannot verify your identity, you will have to provide the following information.
- Provide a xerox copy of the front and back sides of your National ID.
- A selfie of yours holding your ID, along with a page that shows the word “CoinSmart,” and today’s date on it.
- A clear copy of the recent utility receipt showing your name and residential address.
As soon as you provide the above information, the platform will start verifying your identity manually. Once the process completes, you can then fund your newly created account and start trading.
CoinSmart: Fees Structure
As it is evident that fees play a significant role in traders’ minds when selecting a particular platform. It is understandable, though, as prices impact one’s long-term profitability goals. So, it is imperative for a platform to present a transparent fee structure to lure more users.
Let’s take a look into Coinsmart trading, funding, and withdrawal fee schedule.
CoinSmart exchanges charge differently for trading depending on the transaction type, single trade, or double trade.
Single trade represents the transactions between fiat(CAD) and cryptocurrency. Moreover, the trade between Bitcoin and any other cryptocurrency constitutes a single trade. For all Single trade, CoinSmart charges a flat 0.2%.
On the other hand, the exchange charge a flat 0.4% for all kind of double trades executing through the platform. A double trade constitutes the transaction between altcoins — for instance, trading between Ethereum and Bitcoin Cash.
Charges for funding your account also vary on the CoinSmart platform, depending upon the medium you use.
When you are depositing your funds through a bank transfer or draft, the platform will not charge you a penny. There is a twist, though; you must deposit more than CAD10,000 and CAD500 respectively to avail such relief.
Suppose you are using an Interac e-transfer for funding your account. For depositing more than CAD 2000, the platform’s charging fee is zero. If the amount is lower than that, you will face a 1.5% deduction.
In case of withdrawing your funds from the exchange, CoinSmart charges a reasonable fee. It is worth knowing that this fee does not go to the exchange itself, but goes to the transaction miners.
If you are withdrawing in CAD(fiat), you will need to pay a 1% processing fee, irrespective of the medium you chose for it(Bank Wire or EFT).
For withdrawing into digital currency, the platform’s fee structure varies depending on the cryptocurrency. Following is the list of charges one will pay while pulling out funds in digital cash.
- BTC: 0.0005
- LTC: 0.001
- ETH: 0.015
- XRP: 0.002
- USDT: 10.00
- ADA: 0.30
- BCH: 0.0001
- EOS: 0.0005
- NEO: 0.00
- XLM: 0.00003
To discuss its security, CoinSmart prides itself as one of the most secure exchanges there are in the crypto arena. Notingly, FINTRAC, Canada’s Financial Transactions and Reports Analysis Centre, recognizes the exchange as Money Service Business(MSB). The exchange’s license number is M18755033.
As we read above, in order to protect your digital assets from theft or cyber-criminals, the trading platform uses Bitgo cold wallets for storage purposes, meaning that your assets are held off-line until they are needed. A practice that is widely considered best and equivalent to industry standard because it ensures your cryptocurrencies’ safety. In the same way, your fiat currencies are held at the government’s banks.
Lastly, to ensure your account’s safety, the platform requires you to enable 2FA. This indicates that you will need to put a 6-digit verification code each time you try to log in to your account.
CoinSmart: Supported Cryptocurrencies
The CoinSmart exchange presents its clientele with a small digital currency list to purchase, sell, or trade. Following is the list of cryptos and coins that the platform supports for trading.
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Ripple (XRP)
- Stellar (XLM)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Dash (DASH)
- Tether (USDT)
Although the list of cryptocurrencies that the platform supports is relatively small in number, most of the listed cryptos are considered major worldwide and accumulate to roughly 80% of the total market’s capitalization. In other words, you will remain active, more than not, in purchasing and selling these coins because of their more extensive demand.
Pros and Cons
No matter what the trader’s experience is, newbie or seasoned, he/she will find the following set of advantages and disadvantages while using the CoinSmart platform.
- Instant Sign-up and verification process for new users
- Beginner-friendly interface
- Excellent platform for both newbies and seasoned traders
- Reasonable trading charges
- Backed by the Canadian Bank
- Same day funds’ deposit facility
- 24/7 customer support available for helping out users
- Higher fees for fiat currency withdrawals
- Limited number of digital currencies supported
- Limited geographical exposure. Best for Canadian crypto-users only
If we talk about the options the Canadian crypto-enthusiasts have for trading, CoinSmart represents a valuable addition to the list of exchanges operating in Canada.
It has grown in popularity as one of the go-to exchanges in the country. First of all, CoinSmart operates on a clear perspective to make their community’s trading experience as smooth as possible. The exchange facilitates its clientele with all the essential features which are necessary for trading.
Moreover, CoinSmart covers all the trader’s needs, such as reasonable fees, options for major cryptocurrencies(BTC, ETH, XRP, etc.), robust and helpful customer support, and top-notch security alike banks. Not just that, the exchange also presents a referral program that helps both parties, the referrer, and the referee, with CAD 15.