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Last Updated Apr 14, 2024  |  Affiliate Disclosure

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Update: Coinsmart is shutting down operations and sending users to Bitbuy, as it was recently acquired.  

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

  • Security - Coinsmart is publicly traded, uses cold storage, and more
  • Beginner & Advanced Trading - Suitable for anytone
  • High Fees - We tested a 2.51% fee to buy Bitcoin (hidden fees included). This ranked 12th overall
  • CAD Withdrawal Fees - 1% fee to withdraw your money while other top platforms are free
  • Limited Altcoins - Coinsmart offers 15+ tokens
  • User Interface - Competitors offer better apps and user experience

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.


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

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.

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


*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


Price Test & Spread

Price Test (On Mar 2, 2022)


BTC Spread

2.82% (14th place)

BTC Buy Price


BTC Sell Price


Ref. Price Difference

Buy: +2.31%

Sell: -0.49%

Reference Price (Google)


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




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


3-5 Business Days

$10k Min - $5M Max

Credit / Debit Card

Up to 6%


$100 Min - $5,000 Max

CAD Withdrawal Methods




Limits (24 hours)

Wire Transfer

1% (Min $15 fee)

1-5 Business Days

Min $15k - Max $5M


1% (Min $15 fee)

1-5 Business Days

Min $50 - Max $15k

Crypto Withdrawal Fees



Minimum Withdrawal


0.00025 BTC



0.003 ETH






0.00003 XLM



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.

Coinsmart Customer Support

Best Alternatives in Canada


Out of 20+ platforms we tried, NDAX had the #1 lowest fee to buy Bitcoin in Canada. It's our top pick for 2024.

  • Lowest fees to buy Bitcoin
  • Free e-transfer deposits
  • Based in Canada
  • Low volume on some coins
  • Only 37 coins

Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity. 

  • e-Transfers supported
  • Industry-leading security
  • Zero-fee staking
  • 0.16%/0.26% trading fees
  • Fiat withdrawal fees

If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found.

  • 450+ coins
  • No KYC, No VPN
  • Up to 200x Leverage
  • No $CAD supported
  • Beginner-friendly


Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017.

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