CoinSmart is a cryptocurrency exchange based in Toronto that caters to crypto users around the world. Founded in 2018 by Justin Hartzman and Jeremy Koven when they found it difficult to fund and get verified on other exchanges. They wanted to provide a reliable exchange that was both beginners friendly and easily accessible to Canadians. The result was CoinSmart, a crypto exchange that offers fast verification, a user-friendly interface, bank-grade security, and many options for funding in different fiat currencies. They also offer more advanced options for experienced and higher-volume traders. Our CoinSmart Review will help you determine if it is right for you.
CoinSmart Pros & Cons
1. Fast sign-up and verification process
2. Easy to use interface
3. Same-day deposits of funds
4. Backed by a Canadian bank
5. 24/7 client support and tax assistance
1. Not available in the USA
2. Limited selection of crypto assets
How to Set Up Your CoinSmart Account
Setting up an account on CoinSmart is easy and they offer instant verification through Equifax meaning you can be verified and trade within minutes of signing up. Follow these steps to create a CoinSmart account:
1. Go to CoinSmart homepage
2. Enter your email address and click “Get Started”
3. On the following page enter your name and choose a password, click “Sign Up”
4. Verify email through email they send you
5. Enter your phone number and verify through the code they send you
6. Enter the required information including full name, date of birth, and address
7. If they can instantly verify you at this point you are ready to fund and trade!
If they are unable to instantly verify your identity you will need to provide the following:
1. Clear copies of the front and back of your government-issued ID
2. A selfie with you holding the same ID and a piece of paper with the word “CoinSmart” and today’s date on it.
3. A copy of a recent utility bill with your name and address.
After providing this information CoinSmart will manually verify your identity and you will then be able to fund your account and begin trading.
Cryptocurrencies You Can Buy on CoinSmart
CoinSmart has a somewhat limited selection of digital currencies for you to buy, sell, and trade. Here is the complete list of coins and tokens available:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Cardano (ADA)
- Stellar (XLM)
- Bitcoin Cash (BCH)
- Dash (DASH)
Is CoinSmart Safe?
CoinSmart is safe to use as a cryptocurrency exchange and prides itself on its security. They are a FINTRAC registered Money Service Business meaning they are compliant with regulatory standards and that they provide documentation to maintain their license status. In addition, they are backed by a registered Canadian bank.
CoinSmart Canada can prevent fraud by running a comprehensive identity verification process that can detect fake addresses and dates of birth using a database offered by data collection agencies. By using these agencies, CoinSmart can verify a person’s identity and also keep personal user information secure.
The company also offers its users the ability to use a two-factor authentication system (2FA). This will require the user to use a password generated on their phone the moment they attempt to log on. They will then have to enter the newly generated code as well as the information of their account.
CoinSmart also offers its users a cold digital wallet for each cryptocurrency offered on the exchange. Regardless of whether a user chooses to purchase a specific cryptocurrency or not, there is a cold wallet available for it. This wallet is protected using standard industry practices and procedures.
Where is CoinSmart Available?
Although CoinSmart launched as a Canadian-only exchange it recently expanded to several different jurisdictions around the world so that everyone can take advantage of its fantastic UI and easy onboarding process.
Here’s a look at the updated list of where CoinSmart is available:
- United Kingdom
What Are CoinSmart’s Fees?
CoinSmart has reasonable fees for fiat deposits and withdrawals, along with fairly standard crypto withdrawal fees. Their fees are somewhat in line with industry standards but are not a selling point of using the exchange.
For Canadian Dollar deposits, there are zero fees with a bank wire or draft, but these options require a minimum deposit of $10,000 and $500, respectively. If depositing with an Interac e-Transfer, there are no fees if you are depositing $2,000 or more, but a 1.5% fee for anything less. The 1.5% fee is quite common and you’ll also find it on fellow Canadian exchange Bitbuy. Credit and debit card funding is the most expensive in terms of fees with some fees reaching as high as 6%.
Meanwhile, for Canadian Dollar withdrawals, there is a 1% fee with a $15 minimum for both bank wire and electronic funds transfer methods. Crypto withdrawals incur a flat fee that varies depending on the asset. For example, the Bitcoin withdrawal fee is 0.0005 BTC and the Cardano withdrawal fee is 0.3 ADA.
Other countries will find similar fees.
Trading fees on the exchange are 0.2% when trading between Canadian Dollars and a crypto asset, and 0.4% when making a trade that does not involve Bitcoin. For example, trading Litecoin for Ripple.
Standout Features of CoinSmart
CoinSmart has a few different features that make it stand out from the competition.
The first is that it’s a very beginner-friendly platform and it’s a great place for new crypto users to get started. The site has an excellent UI that makes depositing a breeze.
CoinSmart is also the only exchange that offers the SmartGuarantee, which offers the following benefits:
1. All deposits are placed in users’ accounts the day they are received
2. All accounts are verified the same day
3. All fiat withdrawals are processed within five days
Finally, CoinSmart offers an excellent referral program where you can refer friends and if they deposit at least $100 then you both receive $15. It’s simple but effective.