*Update: Quick Trade has rebranded to Coinsquare
The Bottom Line
Coinsquare has beginner and advanced trading, 40 coins and a total BTC purchase fee of 1.23% (5th place). However, they had a big case of market manipulation in 2020, so their reputation is questionable.
Overall, we recommend other platforms in Canada just to be safe. There are cheaper places with more features available anyway. Skip to the alternatives section for our top recommendations.
Where It Shines:
- Great user-interface
- Advanced trading
Where It Falls Short:
Overview
Total Fees & Spreads: Mar 02, 2022
Coins Offered | 40 |
Total BTC Purchase Fee | 1.23% (5th place) |
Total BTC Selling Fee | 1.38% (6th place) |
BTC Spread | 2.63% (13th place) |
Trading Fee | Free |
Funding Methods | e-transfer, wire transfer, USD wire |
CAD Deposit Fee | Free |
CAD Withdrawal Fee | Free to 1.50% |
BTC Withdrawals | Dynamic |
Notable Features | Mobile app only, minimal and easy to use |
About Coinsquare
Coinsquare was founded in 2014. They launched Quick Trade in 2021 but then rebranded it to Coinsquare in May of 2022. They are a Toronto-based cryptocurrency exchange that is built for beginners. It's important to know this platform has a shady past and you should be careful using it (see security section).
In May of 2022, Quick Trade rebranded back to Coinsquare.
Some Stats:
- Founded in 2014
- 500,000 Canadian customers
- Over 9 million trades
- Ovr $8 billion in volume traded
- $100 million in funding raised
- 100+ employees
- Data breach in 2020
- Settlement with the OSC in 2020
Fees & Spread
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.
Coinsquare Fees | Amount |
|---|---|
*Total BTC Purchase Fee | 1.23% (5th place) |
*Total BTC Selling Fee | 1.38% (6th place) |
Trading Fee | Coinsquare Trade: 0% (fee is in the spread) Coinsquare Pro: Up to 0.50% |
CAD Deposits | Free |
CAD Withdrawals | Free up to 1.50% |
BTC Withdrawals | Dynamic |
Other Fees | N/A |
Price Test & Spread
Price Test (On Mar 2, 2022) | Prices |
|---|---|
BTC Spread | 2.63% (13th place) |
BTC Buy Price | $56,460 |
BTC Sell Price | $55,013 |
Ref. Price Difference | Buy: +1.23% Sell: -1.38% |
Reference Price (Google) | $55,774 |
Pro Trading Fees
What We Found
Coinsquare tested 5th place with a 1.23% total fee to buy Bitcoin with Canadian dollars. The total BTC selling fee was 1.38% at 6th place. Their spread was 2.63% which ranked 13th place.
Overall, there are cheaper platforms to buy crypto in Canada with Canadian dollars like Newton (0.69% total purchase fee) and NDAX (0.49% total purchase fee).
Deposit & Withdrawals
CAD Deposit Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Interac e-Transfer Request | Free | Nearly Instant | $20 - $10,000 |
Wire Transfer | Free | Up to 2 Days | Min $10k - No limit |
🇺🇸 USD Wire Transfer | Free | Up to 2 Days | Min $50k USD |
CAD Withdrawal Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Interac e-Transfer | Free | Within 24 hours | $20 - $2,000 and 1 withdrawal per day |
Direct Bank Deposit | 1.50% | Up to 3 Days | $20 - $100k |
Wire Transfer | 1.50% | Up to 2 Days | Min $25k - No limit |
Crypto Withdrawal Fees
Type | Fee | Minimum Withdrawal |
|---|---|---|
Bitcoin | Dynamic | 0.0005 BTC |
Ethereum | Dynamic | 0.005 ETH |
USDC | Dynamic | 100 USDC |
XLM | Free | 10 XLM |
What We Found
Coinsquare claims to have dynamic crypto withdrawal fees (whatever the network rate is) however, it was significantly high for a Bitcoin withdrawal. When we tested it, Quick Trade was charging a fee of 0.0005 BTC and the real network rate was 0.000044 BTC. This is $2.46 fee versus $27.65.
Platform & Features
List of Features:
- iOS, Android and Web app
- 40+ cryptocurrencies
- CAD and USD
- Instant Buy and Sell
- Pro Trading
- Coinsquare Wealth
1. iOS, Android and Web App
Coinsquare is an easy-to use app that offers features for both beginner and experienced crypto investors. lt's available on all devices and has thousands of positive reviews on iOS and Google Play.
2. Instant Buy and Sell
With zero trading fees, you can buy or sell 40 coins in one click with market orders. The simple user interface makes it great for beginners who want an easy way to trade USD or CAD. However, keep in mind the spreads might be higher than if using Coinsquare's Pro Trade option which is only available on the web app.
3. Coinsquare Pro (web only)
Coinsquare Pro is for experienced traders who are looking for a sophisticated platform with tiered trading fees and live order books. With advanced charts from TradingView and technical analysis tools, you'll have all the information you need to make informed trades. The drawbacks of Coinsquare Pro are only 7 of the 40 trading pairs are available and it is not available in the mobile app.
4. Coinsquare Wealth
Coinsquare Wealth offers a personalized service for investments above $25,000. You'll be connected with an Account Director who will work closely with you throughout your investment journey. You can benefit from less market impact when placing larger orders and more.
Security
Company History
- Settlement with the OSC in 2020 for market manipulation and misleading investors. The CEO and many members in the management team were forced to step down
- Data breach in 2020 where some users information was hacked (no funds were lost)
Company Security Features
- 95% of assets held in cold storage
- Coinsquare is FINTRAC registered: MSB #M21853355
- KYC required (must prove your identity to sign up)
User Security Features
- 2FA for login
- Touch ID / Face ID login
- Some coins can be withdrawn to your own wallet (some coins are trade only)
Can You Trust Quick Trade?
Coinsquare is probably safe since they are FINTRAC registered and hold 95% of assets in cold storage. They also have new management since their settlement with the OSC. However, I would be extra cautious due to their past reputation.
Customer Support
Coinsquare offers a support window in the mobile app and website or you can email them directly. They also have a knowledge base with FAQs, articles and tutorials.
Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.
Summary
Coinsquare has a great user interface, as well as beginner and advanced features. However, their reputation is in question since they settled with the OSC for market manipulation in 2020. Additionally, they have 40 coins, which is fewer than other top Canadian platforms and many coins don’t support withdrawals.
Who Should Use Coinsquare?
- If you want an easy to use platform with beginner and advanced features
- If you want fair trading fees
Who Should Not Use Coinsquare?
- If you're looking for the safest platform
- If you want the ability to withdraw your altcoins
- If you want the the lowest fees in Canada and more altcoins, use Newton or NDAX
FAQ
Coinsquare offers commission-free trades plus free deposit and withdrawals so you might wonder how do they make money?
Coinsquare makes money on the spread which is the difference in the buy and sell prices at any given time. For example, in our test you could buy 1 Bitcoin for $56,460 or sell 1 Bitcoin for $55,013. This is a spread of $1,447 or 2.63%.
This is common in the industry but spreads vary widely on each platform. Quick Trade ranked 13th overall and Binance was first overall with a 0.00% spread for Bitcoin.
