Strong points
CoinSmart is an emerging global crypto exchange that aims to revolutionize the tech industry. How well will it function? Check out our CoinSmart crypto exchange review.
CoinSmart platform dates back as early as 2018 and was founded in Canada by Justin Hartzman and Jeremy Koven. These two cryptocurrency specialists quickly concluded that the other exchange platforms available only partially surpassed them and that there was a genuine interest in innovating.
While insisting on a simple deposit process and much easier registration than on some other platforms. CoinSmart has quickly become Canada’s best cryptocurrency exchange and trading platform.
Currently, CoinSmart has 16 cryptocurrency assets available for trading. This number can be considered low compared to other platforms like Binance. In that case, it is essential to point out that the company is an excellent platform for cryptocurrency novices to get started. Concerning regulars, they also benefit from more advanced options to trade more significant amounts with the crypto-assets available.
Our opinion on CoinSmart will review this platform’s strengths and weaknesses and thus allow you to define whether or not this highly recognized platform on the North American continent is made for you.
CoinSmart
CoinSmart
When you want to use a cryptocurrency platform, you quickly wonder what options are available! This begs the question, what cryptocurrencies can you buy on CoinSmart?
Compared to other major platforms in the cryptocurrency industry, the variety of cryptocurrencies available for trading on this platform is limited. However, it’s important to highlight that it includes 16 assets featuring the most sought-after cryptocurrencies.
A key question arises: What’s the value of a cryptocurrency trading platform if it doesn’t offer Bitcoin? Recognizing Bitcoin’s status as the most esteemed and trusted cryptocurrency, it’s reassuring to know that Bitcoin is indeed available for trading on CoinSmart. Moreover, Bitcoin isn’t the only cryptocurrency offered; other valuable options exist.
Here is the exhaustive list of cryptocurrencies available on the CoinSmart exchange:
If we stick to what CoinSmart says, the latter offers an exciting and noble approach when explaining why it has chosen such a contained list. According to the company, supporting quality and resolutely reliable projects is the most critical aspect.
The number of cryptocurrency assets can be somewhat prohibitive for confident investors who constantly like to discover new possibilities and open themselves up to relatively large trading. In that case, the services offered by CoinSmart are much broader.
In this regard, the platform is complete and offers natural support for novice or inexperienced users. With an advanced training tool and service, cryptocurrency and its entire world are democratized and brilliantly popularized on CoinSmart. More than for the negotiation, taking advantage of these resources to improve your relationship with cryptocurrency can be very interesting.
Logically, this vital point is not the only service offered by CoinSmart, and the platform is also classic, with different services frequently found among cryptocurrency players.
This is the reason for this platform and all the others for which we frequently grant reviews! With a relatively simple-to-use platform, cryptocurrency exchanges are, of course, available on CoinSmart.
With support for the Euro, Canadian Dollar, and US Dollar, platform users can exchange fiat currencies with cryptocurrencies.
Cryptocurrency platforms only sometimes offer this, but to support novices and also to maintain their practical argument. CoinSmart provides a digital asset portfolio to all users of its platform.
CoinSmart offers a unique feature: the option to get a debit card that users can load with cryptocurrency. This is increasingly valuable as more businesses and stores welcome, or even prefer, crypto payments. CoinSmart makes using crypto for everyday purchases convenient by enabling direct debit transactions. Additionally, users can easily add to their crypto holdings by purchasing with a credit card.
The trend of using cryptocurrency for transactions is gaining momentum, especially on online entertainment platforms, where interest in crypto payments rises daily. The shift toward widespread acceptance of cryptocurrency payments for goods and services is on the horizon, and CoinSmart is at the forefront of this movement.
With customizable analysis tools based on its expertise and habits in crypto trading, CoinSmart ensures that it suits all users and, above all, offers all the necessary tools according to the needs of each. The refined appearance of the site and its graphics is a huge positive point on this subject since reading and analysis are made very pleasant by the efforts made on the presentation.
Here is a feature worth the detour and has the merit of existing in due form. Today, cryptocurrency may still seem inaccessible to many people, but CoinSmart is a popularizer of these new technologies.
With a learn and earn section, CoinSmart opens up many more possibilities than with a simple FAQ by offering actual interactive courses on cryptocurrencies and all the services that result from them. To go even further and highlight this functionality, the section even offers to earn cryptos for free by answering specific questions. Two birds with one stone!
As of the time of writing this, CoinSmart states that it should soon offer staking to its users, a more ecological alternative than mining pools. With staking on CoinSmart, users can earn up to 4.14% APY, 5.86% APY, 4.88% APY, and 12.53% APY on ETH, MATIC, SOL, and DOT, respectively. The website also has a FAQ section that gives you all the details you need to know about Staking.
CoinSmart
CoinSmart
CoinSmart provides its users with a comprehensive and transparent fee structure, offering various funding, withdrawal, and trading options to suit different needs. Below is a detailed overview of CoinSmart’s fees:
Interac e-Transfer: Free for transfers above $2,000, with a 1.5% fee for transfers between $100 and $1,999. These transactions are processed on the same day and have limits ranging from $100 to $10,000.
Bank Wire: This free option offers same-day processing for transactions between $10,000 and $5,000,000. However, it’s important to note that bank wires can take 1–5 business days to be deposited into your CoinSmart account.
Credit/Debit Cards: With instant processing, a fee starting from 6.75% applies. The minimum transaction amount is USD 50, and the maximum is USD 10,000.
Interac e-Transfer: Withdrawals incur a 1% fee (with a $15 minimum) and are processed instantly for amounts between $50 and $9,999.
Electronic Funds Transfer (EFT): Also carries a 1% fee, with processing times of up to 5 business days for amounts ranging from $50 to $15,000.
Bank Wire: A 1% fee applies, with a processing time of up to 5 business days for amounts between $15,000 and $5,000,000.
CoinSmart charges specific fees for different cryptocurrencies, all processed immediately. For example, the withdrawal fee for Bitcoin is 0.0005 BTC, Ethereum is 0.003 ETH, and Litecoin is 0.001 LTC, among others, for different cryptocurrencies.
CoinSmart applies a commission of 0.20% for a single trade and 0.30% for a double trade. For example, a $1,000 Bitcoin purchase would result in a $2.00 trading fee.
CoinSmart’s transparent fee policy ensures that users are well-informed about the costs associated with their transactions, allowing for more effective financial planning and decision-making.
In 2024, it won’t be easy to find a cryptocurrency platform that does not offer mobile applications for its users. CoinSmart is no exception to the rule and provides an official application for major smartphone libraries.
Initially only available on iOS for Apple devices, CoinSmart recently opened up to Android on the Google Play library.
Like the web platform, the application is highly simplistic, in a good way! Clean and practical, it offers most of the functionalities on the classic website, always with increased security.
With easy access to customer service and a successful interface when checking transactions or the price of specific cryptocurrencies, the CoinSmart application has many advantages. It is logically free on the two libraries mentioned and has the same security standards as the web platform, including two-factor authentication.
The wallet section displays the balance of each crypto and currency owned, which is a positive point in saving time and tracking your assets on the go or without having to turn on your computer.
CoinSmart
CoinSmart
There are two very distinct types of accounts at CoinSmart. In this regard, the platform has become extremely popular in its country of origin, Canada, for the ease of registration and the clarity of the required information.
The classic account
It is intended for beginners or occasional users and, therefore, for most users targeted by this platform. It is designed to be perfect for this type of profile.
The professional account
Intended, as its name suggests, for experienced traders and professional investors (registered as such in their country), the CoinSmart professional account offers, for specific amounts, more advantageous trading fees and access to certain tools.
By being based in Canada, the platform provides a relatively important guarantee of security, something quite rare in the world of cryptocurrencies. Linked to an undisclosed bank, this data and many others prove the seriousness and security of this platform.
Since its creation, the CoinSmart platform can boast of not having experienced any security breaches or other concerns of this type on its servers. CoinSmart is reassuring, mainly thanks to the large-scale security constantly highlighted on the servers and the platform.
Firstly, it prevents fraud upon registration. Suppose the use of data collection organizations is more and more frequent and embarrassing from an ethical point of view. In that case, CoinSmart admits to using this data positively, which is within the framework of the general security of the site and its users. Thus, user identities are verified but, above all, subsequently secured. Which represents excellent practice.
For the security of profiles, transactions, and data, CoinSmart is very clear on its website and does not hesitate to update the information frequently. Currently, CoinSmart uses biometric verification (KYC) with each user. Additionally, the platform has also implemented mandatory two-factor authentication. The procedure is straightforward to set up, and currently, it is the method most used by reliable trading platforms to secure accounts.
By also offering a cold or cold (offline) digital wallet to store assets owned or not owned by each user, CoinSmart extends to what is best. Once again, the frequently asked questions offered by the platform (in English) are exact and answer most security questions duly asked by CoinSmart users.
very reassuring argument regarding security, reliability, and, above all, transparency. The company is registered with the Canadian jurisdiction, a world reference in this area of financial services companies (MSB). CoinSmart is, therefore, registered with FINTRAC (FINTRAC in French), the analysis center for financial operations and declarations in Canada.
This authority is binding in Canada and generally extends to all other countries concerned. This jurisdiction is a reference recognized across the entire planet for only giving its approval following meticulous investigations where each platform must keep precise and reliable commitments.
For example, the security measures just mentioned are arguments in favor of obtaining such a license. The FINTRAC analysis center, or FINTRAC, ensures that it frequently verifies each platform’s good faith and legality. The permit must be renewed; for this, the authority frequently conducts thorough audits to verify the legitimacy of each operation.
CoinSmart prioritizes everything relating to the security and transparency of its actions with investors or any other third party using its platform. The company’s security is praised by all the reviews on the web, which is quite the case here, with a significant positive point on this aspect.
WonderFi, Coinsquare, and CoinSmart entered into a merger agreement in April 2023, creating what they call “Canada’s largest regulated crypto-asset exchange.” Together, WonderFi (Vancouver), Coinsquare (Toronto), and CoinSmart (Vancouver) have over 1.65 million users and over CAD$600 million in assets on deposit (as of April 3).
This merger agreement between the three companies was reached a few months after Coinsquare considered merging with WonderFi and withdrawing from its commitment to buy CoinSmart. CoinSmart has announced its intention to seek damages in court after rejecting and accepting Coinsquare’s offer. Today’s agreement puts an end to this story.
This merger guarantees confidence for investors looking for a regulated crypto platform.
CoinSmart
CoinSmart
By offering a clean design and an extremely easy-to-use platform, purchasing cryptocurrencies on CoinSmart is relatively easy. Through this CoinSmart tutorial, we explain the steps to follow to start trading cryptocurrencies on the CoinSmart platform.
From registration to almost instantaneous securing of your account, the steps to take are straightforward and quick to be able to purchase your first assets. Follow the leader!
On the CoinSmart homepage, tap “Get started” in the middle of the page or “Create an account” at the top right of the page (see screenshot below).
You must then enter several pieces of information, such as your email address, name, and a password. Nothing could be simpler at first. Thanks to Equifax, security will be just as secure and in no time, allowing instant identity verification.
After this first step, you automatically receive an email to the address chosen for registration. You must verify the address by clicking on the secure link and entering a telephone number to verify this data.
To carry out instant verification through data collection (explained in the paragraph on platform security), CoinSmart will then ask you for your full name, date of birth, and address. If this data is accessible and matches, your account will already be verified, and you can participate in transactions.
You are then in your personal space, where you can deposit your first funds. As explained above, there are several ways to fund your account with fiat currencies such as Euro, US, and Canadian dollars. You can also do this using several methods and purchase your first assets.
Based on the funds you have, you can buy various assets directly on the platform. You’ll be able to review and confirm your purchase, taking into account the current prices and fees, ensuring all costs are clearly shown. CoinSmart stands out for its transparency, ensuring there are no hidden fees and providing clear information during the buying, exchanging, and selling process.
There’s no debate: CoinSmart is perfect for all beginner investors. If you want to get into the deep end when it comes to cryptocurrencies, CoinSmart proves to be one of the most suitable platforms for beginner investors. Its ease of use and clarity at each critical process stage are all advantages designed for beginners.
The “learn and earn” section is informative and attractive, allowing each new user to gradually gain experience and gain advantages! Access to the most reputable assets, available at relatively advantageous costs for some, will enable you to establish yourself progressively in the crypto world—all with simplicity and transparency.
However, the opportunity for large investors to join CoinSmart Premium also increases the interest of experts in the field. Of course, the low number of assets can hinder them. Still, they are also assured of benefiting from exceptional tools for monitoring trends and other analyses they generally love. CoinSmart is, therefore, also aimed at more experienced investors.
When you want to target new users, it is crucial to provide quality customer service. Indeed, questions and queries can arise among new users, and CoinSmart understands this perfectly.
Twenty-four hours a day, seven days a week! Investments can be made at any time of the day, and CoinSmart adapts by being able to respond to each of these moments through its successful FAQ or directly from CoinSmart employee-run platforms.
Open a ticket to be contacted by email or telephone quickly and open a live chat. Unfortunately, this can only be done in English, and we hope it will soon be available in French among the points for improvement.
Customer support also includes assistance in tax matters, capable of answering several questions from experts, sometimes legal. This is once again a huge positive point for the platform.
Additionally, CoinSmart has a social media presence, and we can confirm that it is possible to contact them this way. On Twitter, private messages are open, and responses are quick. Many users appreciate this way of contacting customer service, and it is effective. On Twitter and elsewhere!
CoinSmart
CoinSmart
Throughout this review on CoinSmart, we have outlined all the positive points (there are many) and some improvements to address on the platform.
We may find the number of cryptocurrencies on the negative points, but this data can also be considered an advantage for beginner investors. The payment methods certainly deserve an expansion and the reduction of specific fees to open up the field of possibilities, but once again, CoinSmart is average on this subject. In full expansion, we also hope a French version of the platform will soon be available.
The creators wanted to change the game regarding cryptos, and there is no doubt that this objective has been achieved. For beginner investors, CoinSmart is one of the best crypto platforms. Customer service is excellent and can support all investors with questions or concerns.
The platform is a great visual and technical success since a trading platform never seemed so transparent and easy to use. We also retain access to several features and conclude with a positive opinion on CoinSmart, which continues to grow while retaining the basics that make it firm on the scale of crypto platforms.
