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Coinsmart Review

Last Updated: Oct 2, 2022  |  Published: Mar 30, 2022


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Update: Coinsmart to be acquired by Coinsquare. Source: Cointelegraph

Our Review 

Coinsmart offers 15+ cryptocurrencies, up to 0.30% trading fees and beginner and advanced trading. The total BTC purchase fee was 2.51% which was 12th place out of 18 platforms. Due to its limited coins, high fees and spreads, we don't recommend this Coinsmart for Canadians at this time.

After reviewing 18 platforms, Coinsmart is not the best crypto exchange for Canadians. There are better choices with more coins, lower fees, a better user-interface and more. (see alternatives).

Where It Shines:

  • Great Security & Reputation: Coinsmart is publicly traded, uses cold storage and more. There's only a few other publicly traded platforms which include WS Trade, Netcoins, Bitbuy and Coinbase
  • Beginner & Advanced Trading

Where It Falls Short:

  • High Fees: Coinsmart had a 2.51% total BTC purchase fee (12th overall) and a 2.82% BTC spread (14th overall)
  • CAD Withdrawal Fees: 1% fee (minimum $15) to withdraw your money
  • User Interface: Competitors offer a much better U/X

Coinsmart

Overview

Updated: Mar 30, 2022 | | Total Fees & Spreads: Mar 02, 2022

Coins Offered

15+

Total BTC Purchase Fee

2.51% (12th place)

Total BTC Selling Fee

1.69% (9th place)

BTC Spread

2.82% (14th place)

Trading Fee

0.20% for fiat-crypto

0.30% for crypto-crypto

Funding Methods

E-Transfer, Bank Wire, Credit/Debit

CAD Deposits

0% to 6% fee

CAD Withdrawals

1% fee ($15 minimum)

BTC Withdrawal Fee

0.00025 BTC

Notable Features

Advanced trading, supports CAD, USD and EURO trading pairs, publicly traded company


Video Review

Don't want to read? Watch the video review published on Mar 14, 2022. Some info in the video could be outdated so refer to the rest of the blog post as well.


Coinsmart

About Coinsmart

Updated: Mar 30, 2022

Coinsmart is a Toronto-based cryptocurrency exchange founded in 2018. Their goal is to simplify the complex world of crypto by offering a simple and secure platform for Canadians. 

In 2021, they went public on the NEO stock exchange. On the platform, you'll find 15+ cryptocurrencies, a mobile and web app, and beginner and advanced trading for all types of users.

Some Stats:

  • Headquarters in Toronto 🇨🇦
  • Founded in 2018
  • Publicly traded company (SMRT)
  • Available in 40+ countries
  • 30+ employees according to LinkedIn

User Interface

Updated: May 10, 2022

  • Web app

  • Mobile App


Fees & Spread

Updated: Mar 30, 2022

More Information

We tested 18 Canadian cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Mar 2, 2022 at 4:41pm and is subject to change since spreads and prices change daily.

  • Total BTC Purchase Fee = CAD Deposit Fee + Trading Fee + Reference Price Difference
  • Total BTC Selling Fee = CAD Withdrawal Fee + Trading Fee + Reference Price Difference

You can compare all platforms from the price test on this page

Coinsmart Fees

Amount

*Total BTC Purchase Fee

2.51% (12th place)

*Total BTC Selling Fee

1.69% (9th place)

Trading Fee

0.20% for fiat-crypto

0.30% for crypto-crypto

CAD Deposits

0% up to 6% fees

CAD Withdrawals

1% fee (minimum $15)

BTC Withdrawals

0.00025 BTC

Other Fees

N/A

Price Test & Spread

Price Test (On Mar 2, 2022)

Prices

BTC Spread

2.82% (14th place)

BTC Buy Price

$57,065

BTC Sell Price

$55,500

Ref. Price Difference

Buy: +2.31%

Sell: -0.49%

Reference Price (Google)

$55,774

What We Found

All fees considered, Coinsmart had a total Bitcoin purchase fee of 2.51% (12th overall). The total Bitcoin selling fee was 1.69% (9th overall) and the Bitcoin spread was 2.82% (14th overall). In our test of 18 platforms, Coinsmart is expensive and not the cheapest option for Canadians to buy Bitcoin and cryptocurrencies.

In comparison, NDAX.io had the lowest total purchase fee at 0.49% which is about 5x cheaper. Coinbase was last place with a total BTC purchase fee of 4.54%. The cheapest publicly traded platform was Netcoins with a 1.24% total purchase fee. View all Canadian crypto exchanges we tested here.


Deposit & Withdrawals

Updated: Mar 30, 2022

CAD Deposit Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

1.50% fee under $2,000

Free fee for $2,000+

Nearly Instant

$100 Min - $10k Max

Wire Transfer

Free

3-5 Business Days

$10k Min - $5M Max

Credit / Debit Card

Up to 6%

Instant

$100 Min - $5,000 Max

CAD Withdrawal Methods

Type

Fee

Time

Limits (24 hours)

Wire Transfer

1% (Min $15 fee)

1-5 Business Days

Min $15k - Max $5M

EFT

1% (Min $15 fee)

1-5 Business Days

Min $50 - Max $15k

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

0.00025 BTC

?

Ethereum

0.007 ETH

?

USDC

35 USDC

?

XLM

0.00003 XLM

?

What We Found

Coinsmart is not the best platform in Canada for funding and withdrawals since it charges fees. 8 platforms we tested are free. Coinsmart charges deposit fees ranging from 0% to 6%. For withdrawals, there is a fixed 1% fee and no E-Transfer option available.


Platform & Features

Updated: Mar 30, 2022

List of Features:

  • iOS, Android and Web app
  • 15+ Cryptocurrencies
  • Instant Buy and Sell
  • Advanced Trade
  • Referral Program
  • 24/7 Customer Support
  • Lending (launching soon)

1. iOS, Android and Web App

2. Coins Offered

Currently, Coinsmart offers 15+ cryptocurrencies:

  • Bitcoin 
  • Ethereum
  • Litecoin
  • Bitcoin Cash
  • EOS
  • Stellar
  • Cardano
  • USD Coin
  • Polkadot
  • Dogecoin
  • Uniswap
  • Chainlink
  • Shiba Inu
  • Solana
  • Polygon
  • Avalanche

3. Smart Trade (Instant Buy and Sell)

4. Advanced Trade

5. Referral Program

Other

  • Set CAD, USD or EURO as the default currency in your account 

Security

Updated: Mar 30, 2022

Company Security Features

  • Publicly traded company (SMRT) since 2021 which means transparent financials, regular audits and an added layer of safety
  • Stores funds in offline cold storage with BitGo
  • BitGo wallets are insured for $100 million
  • FINTRAC Registered: MSB #M18755033
  • Licenses in multiple markets like Canada and Europe
  • KYC required (must prove identity to use the platform)
  • Never had any hacks (founded in 2018)

User Security Features

  • 2FA 
  • Biometric login (Face ID / Touch ID)
  • 24/7 customer support

Can You Trust Them?

Yes, Coinsmart is considered a safe cryptocurrency exchange. They offer 2FA, never had any hacks, hold their crypto in cold storage, and are a publicly traded company which means regular audits and an added layer of safety.

⚠️ Although Coinsmart is safe, 44% of platforms we tested have had a hack or incident in the past. We strongly recommend storing and protecting your crypto on a hardware wallet or any wallet where you own the private keys.


Customer Support

Updated: Mar 30, 2022

Coinsmart offers 24/7 customer support. You can get in touch via email or live chat. They also offer an help desk with FAQs and articles for everything related to your account.

Coinsmart Customer Support

Coinsmart Compared

Here at RankFi, we're tracking Canada's top cryptocurrency exchanges. You can compare all of them below to find the best one for you:

Name

Overall Rank

Coins

CAD Wallet?

Total BTC Purchase Fee

Spread (BTC)

Trading Fee

Website

1/18

70+

Yes

0.69%

1.34%

0%

NDAX

NDAX(#1 overall)

2/18

30+

Yes

0.49%

0.35%

0.20%

3/18

60+

Yes

0.66%

1.11%

0%

4/18

600+

No

1.60%

0.00%

0.10%

5/18

700+

No

2.82%

0.00%

0.10%

6/18

2

Yes

1.03%

2.26%

0%

7/18

200+

Yes

1.68%

3.11%

0%

8/18

150+

Yes

1.60%

0.05%

0.16% / 0.26%

9/18

40

Yes

2.94%

3.17%

1.50%

10/18

35+

Yes

1.24%

1.67%

0.50%

11/18

25+

Yes

1.99%

0.41%

1.50%

12/18

40

Yes

1.23

2.63%

0%

13/18

300+

No

3.42%

0.41%

0.41%

14/18

140+

No

4.54%

3.07%

0%

15/18

65+

No

N/A

0.05%

0.40% / 0.60%

16/18

16

Yes

2.51%

2.82%

0.20%

17/18

29

Yes

2.44%

4.19%

0%

Gate.io

Gate.io [banned]

N/A

1000+

No

2.92%

0.00%

0.20%

Best Alternatives

Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.  

Newton.co
  • 2022 Winner: Best Overall
  • Low fees, 70+ coins, great user interface
  • No advanced features, limited features overall
VirgoCX
  • Low all-around fees
  • Free crypto withdrawals for many coins
  • Beginner + Advanced Features
  • User interface can be better
NDAX.io
  • Lowest overall fees for Canadians (0.49% total BTC purchase fee)
  • Beginner + Advanced features + Staking
  • Only 30+ coins
  • Slightly higher withdrawal fees
Binance
  • Lowest spreads and fees if you fund your account with crypto
  • 600+ cryptocurrencies
  • Most features in the industry
  • Restricted in Ontario
  • Not beginner friendly
  • Low spreads and fees if you fund your account with crypto
  • 500+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Best Crypto Exchanges Canada

Find the best crypto exchanges in Canada with our free comparison tool


Coinsmart

Coinsmart

Get $15 Free When You Trade $100

Best Canadian Exchanges

Newton.co

Top Overall

1. Newton

NDAX

Lowest Fees

2. NDAX

VirgoCX

Top Runner Up

3. VirgoCX

Alex Dabek

RankFi.com (Contributor)

Alex is the owner of RankFi.com, where he covers all things Web3 and cryptocurrency. He's been passionate about blockchain technology since 2017 and has reviewed more than 100 crypto exchanges, brokers, and DeFi applications.