CoinSmart Review 2022: The cryptocurrency market has become an extremely hot topic over recent years, as have the rates of the coins. A frequently asked concerns in the industry is what cryptocurrency exchange you should join?
There’s no one-size-fits-all answer to this question, however there are a few things to consider when looking at exchanges. CoinSmart appears to be an extremely reliable and trusted exchanges. In this article we’ll look at CoinSmart and determine whether it truly is one of the top.
What Is CoinSmart ?
In 2018, CoinSmart was founded. CoinSmart was established in 2018, and is one of the fastest-growing and most reliable cryptocurrency platforms. It is able to support 16 of the most popular cryptocurrency and is among the most simple methods for Canadians to trade cryptocurrency. CoinSmart is accessible in more than 40 countries and can support three fiat currencies (CAD EUR, CAD in addition to USD).
After you’ve verified and opened the authenticity of your CoinSmart account, you’ll be able to deposit funds into your account via the INTERAC e-Transfer, wire transfer, bank draft cryptocurrency, bank draft, or debit or credit card. CoinSmart’s SmartGuarantee ensures that all deposits will be debited to your account within the same day that CoinSmart receives them. All cash withdrawals will be processed within five business days and all verifications of your account are processed on the same day.
To begin with this CoinSmart overview, let’s go deeper into CoinSmart’s pros, cons , and features to give you an idea of the features they provide.
CoinSmart Features
1. CoinSmart’s Extremely Low Fees
CoinSmart’s trading costs are just 0.20 percent, which is the lowest of any cryptocurrency platform in Canada. The savings can will add up quickly,If you exchange 100,000 worth of Bitcoin in the course of a year, you could save $800 on trading fees in all, when compared with other exchanges which cost at least 1% in transaction fees.
More important than fees for trading, however, are spreads, which is the gap between the price of buying and the price at which you sell. CoinSmart has extremely low spreads, which allows for more frequent trading and helps keep more money within your pockets.
The majority of CoinSmart deposits are completely free however, withdrawals from fiat accounts for 1 percent, while withdrawing cryptos will incur no charges from the network. However, depositing money using debit or credit cards could be costly. Fees can be up to up to 6%. If you’re just beginning your journey, we suggest using other options for funding, such as INTERAC electronic transfers or bank transfer.
Furthermore, CoinSmart is one of the few Canadian exchanges that guarantee that every deposit will be accessible the very same day that you deposit the deposit and that every (most) of their accounts can be checked immediately.
The CoinSmart mobile application has a variety of options that are loved by users such as SmartTrade the widget accessible on mobile and desktop which allows very fast transactions – in only a few clicks you can purchase and sell cryptocurrency.
2. Fantastic Mobile App
CoinSmart’s mobile app is accessible to download on Android and iOS and has an average score at 3.4/5 for both. It also includes security features such as biometric login and Two-Factor authentication (2FA) to ensure that your assets secure throughout the day.
3. CoinSmart Bank-Level Security
CoinSmart employs several methods to ensure that all accounts are secure For instance each account has to utilize two-factor Authentication (2FA) for login. CoinSmart also has an 85 percent cold storage policy that ensures that all crypto assets are kept offline in different locations around the globe to avoid potential hack.
CoinSmart is controlled under the supervision of FINTRAC as well as The Ontario Securities Commission (OSC) and is one of the few trading platforms for crypto in Canada that have been granted an OSC Securities Dealer License. It is also an official participant of the anti-money-laundering group TRUST which’s other members comprise Coinbase, Kraken, Gemini and Robinhood.
CoinSmart is the only crypto exchange that is publicly traded. exchange in Canada This means that it is subject to greater scrutiny from a financial standpoint than any other platform available. I cannot stress enough the confidence I have in the fact the knowledge that CoinSmart is a safe place to trade. The amount of financial records they have to submit for an annual financial audit staggering which makes any fraud or financial misdeed almost impossible. With this information being said, CoinSmart is definitely one of, and maybe one of the safest crypto exchanges in Canada
4. CoinSmart Transaction Speed:
One of the major reasons to choose an exchange is the speed at which it can process transactions. CoinSmart offers this to users, thanks to their fast trade feature. The maximum trade amount is $500,000 per day or $20,00 per hour. However, if this isn’t enough for you, they also offer an over the counter (OTC) exchange service that allows you to make bigger trades.
If you want your transactions to go through quickly and fast, then CoinSmart is the best choice for you. They’re also introducing new features, like the ability to withdraw funds from your credit card and deposit them to make it easier than ever before to purchase Bitcoin!
5. CoinSmart Excellent Customer Support
CoinSmart provides customer support through an online ticketing system that is accessible on their website. They also provide support 24 hours a day to answer any questions and you can get in touch to one of their SmartRep staff via live chat or email and they’re actually useful rather than simply following a set of instructions.
Here are a few ways to reach the Coinsmart customer service team :
- Email: [email protected]
- Phone: (855) 390-2646
- Support page: via”FAQ page “FAQ” page
CoinSmart Trading Fees & Spreads
- Trading Fees: 0.20%
- Crypto Pair Trading Fees: 0.30%
CoinSmart Deposit & Withdrawal Fees
Below are the CoinSmart deposit costs :
- The Deposit Fees (Interact e-Transfer) • No fee (1.5 percent for deposits under $2,000)
- Deposit Fees (Bank Wire): Free
- Deposit Fees (Credit/Debit Cards): 6%
- Deposit Fees (Crypto): Free
Here are CoinSmart’s withdrawal costs:
- Withdrawal Fees (EFT): 1%
- Withdrawal Fees (Bank Wire): 1%
- Fees for withdrawal (Crypto) Based on the cryptocurrency (0.00025 BTC per Bitcoin)
Based on my experiences, INTERAC e-transfers are processed in a very short time by CoinSmart and show up in your account within few minutes. The withdrawals from cryptocurrency are processed instantly and are reflected in your account within five minutes.
How To Withdraw From CoinSmart
In order to withdraw your the fiat (cash) at CoinSmart take these steps :
- Log into the app, then click Wallet
- Go to the Fiat menu near the top.
- Click Withdraw
- Select a withdrawal method – be aware that fees may alter based on the withdrawal method selected.
- Enter some basic details such as bank name, amount and account number
- Upload a photo to confirm the information on your account
- Click Confirm Withdrawal Amount
To withdraw cryptocurrency from CoinSmart to withdraw it, follow these steps:
- Log into the app, then click Wallet
- Select Portfolio and then the crypto you’d like to withdraw.
- Click Transfer, then Withdrawal
- Type in the Wallet Address and type an amount of cryptocurrency
- Click Continue, and then confirm the code that was sent to your email address.
- Click the link in your confirmation email
CoinSmart Review: Pros & Cons
CoinSmart Pros
✔ Supports 16 cryptocurrencies
✔ Instant account verification
✔ Very competitively low fees for trading (0.2 percent)
✔ Available in more than 40 countries
✔ Supports 3 fiat currencies (EUR, CAD, USD)
✔ The insured assets can be covered the amount of $100 million or more
✔ App is available for Android along with iOS (3.4/5 score)
✔ 95 percent cold storage policy
✔ Support for customers is available 24 hours a day via live chat, telephone and via email
CoinSmart Cons
- Debit and credit card deposits can cost as much as 6 percent
- Limited coin offering
- 1.5 percent fee for deposits less than $2,000 in one transaction
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