Update: Coinsmart to be acquired by Coinsquare. Source: Cointelegraph
The Bottom Line
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).
Pros & Cons
What Is Coinsmart?
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.
Background:
Platform & Features
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
Fees & Spread
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.
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 |
Deposit & Withdrawals
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 CAD withdrawals, there is a fixed 1% fee and no E-Transfer option available.
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 | 0.003 ETH | ? |
USDC | 10 USDC | ? |
XLM | 0.00003 XLM | ? |
Security
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
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.
Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.
