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A Coinsmart Review for 2023 Canadian Crypto Exchange

Then, for those traders who would like a great deal more functionality with their trading, you have the advanced trading platform. This is essentially an insurance policy that guarantees that all deposits will be credited to your account on the same day they are received. Besides this, all cash withdrawals will be processed within 1-5 business days, and account verifications will be completed on the same day. You can withdraw funds using electronic funds transfer for amounts ranging from $50 to $15,000. You can make bank wire withdrawals of between $10,000 and $5,000,000.

However, they managed to recover $200 million of the stolen funds. The Kucoin app has a 3.7-star rating from over 2,000 reviews on the Apple App Store and a 2.7-star rating from over coinsmart review 12,000 reviews on Google Play. Many people complain that the app crashes or that there are certain features lacking such as the ability to filter order history by trading pair.

1. Coinsmart is a Toronto-based cryptocurrency exchange founded in 2018.
2. Bitgo is insured through Lloyd’s of London for $100 million in case of a breach.
3. However, Kraken has a poor 2.7-star rating on Trustpilot with 68% bad reviews, which may indicate security concerns.
4. This makes Coinsmart a more reliable choice for Canadian users in terms of regulatory compliance.

Keep in mind, that app has limited functionality, I would still recommend using the desktop app on their website. Inside the CoinSmart dashboard, you’ll find market information and your portfolio balance. At the top of the page are options for buying and selling, accessing the advanced tools, and your wallets. We consider fees to be lower than average compared to other crypto exchanges which is another positive factor to trade crypto with Coinsmart. CoinSmart asks simple questions about your investment objectives and your profession. Instantly convert your BTC to fiat with same day payouts wired to your bank account.

Buy and sell bitcoin and other digital currencies quickly and easily on desktop and mobile. Both Coinsmart and Kraken take security seriously, but Coinsmart appears to be safer. Coinsmart uses cold storage for digital assets and mandates two-factor authentication. However, Kraken has a poor 2.7-star rating on Trustpilot with 68% bad reviews, which may indicate security concerns. Kraken’s mobile app has a 4.5-star rating from 3000+ reviews on the Apple App Store and a 2.2-star rating from over 13,000 reviews on Google Play.

bitFlyer Review: Is It The Right Exchange For You?

Easy to useCoinsmart helpdesk is knowledgeable and helpful. Delays in deposit sometimes but always resolved in timely manner. Overall great exchange but please remember not to keep your crypto on any exchange no matter how great it is. SmartPay Invoicing makes it quick and easy to invoice customers and accept Crypto. This feature was specifically designed for more experienced investors. Featuring limit orders, stop loss, and real-time charting, you can place customized orders using our order book functionality regardless of your trading volume.

I had been trying to cash out crypto…

For transfers above $2,000, CoinSmart doesn’t charge any fee. The feature called SmartTrade makes trading crypto easy, as you don’t have to trade in pairs. You can simply choose which coins you wish to trade and do it in a single transaction, without having to trade to Bitcoin or Ether first.

CoinSmart vs Coinberry

In order to speed up the verification, Coinsmart uses the third party services provided by Equifax. Equifax is a credit reporting company that may have financial information about you that they can use in order to verify your identity. When it comes to withdrawing your crypto, Coinsmart will charge you a small fee. This is not a fee that is taken by the exchange but is used in order to pay miners through a transaction fee. While other exchanges adjust these fees based on network conditions, Coinsmart has fixed them. What is interesting is that they are the first Canadian based exchange to offer XMR/CAD pairs.

CoinSmart Instant Account Verification

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account. It is almost an exact copy of the desktop platform but optimized for mobile.

Customer Support

So while trading fees are low, the large spreads can make trading on CoinSmart expensive. In comparison, the spread on Bitbuy was 0.24% when we bought bitcoin. Well, that’s for now and I do hope that they continue to prove they deserve their customers’ trust. Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. If you have funds on the exchange, it’s best to move them to a private crypto wallet.

Smart Trade

We withdrew Canadian dollars from CoinSmart to our bank account, which takes up to five days to process. Our total buy fees were 3.85% and our total withdrawal fees came to 16%. It’s best to do high-volume trades with Coinsmart, in this case, you can save a lot. We purchased bitcoin on CoinSmart and the spread was 2.1%, which is high.

Once you have an account ready to go, you will probably want to fund it. Funding can be initiated in the wallet section of your account. You will select the wallet depending on how you would like to fund the account.

If you say you make $50k per year but deposit $100k, then that is a red flag. You can also check our video review for Coinsmart, but we would recommend scrolling down the article since we have been constantly updating it. It uncovers faky and scamming websites and their evil scamming tactics.

The fees are zero if you deposit over $2,000 via Interac e-Transfer. Although bank wire transfers are free, the minimum deposit is $10,000 and can take three to five days to reach CoinSmart. By following a trail, this is how the Canadian government was able to freeze accounts of the protestors during the “Freedom Convoy” earlier this year. CoinSmart is a Toronto-based Canadian cryptocurrency exchange for Canadians that also allows deposits in USD and Euros.

The platform charges 0.20% for single trades and 0.30% for double trades. That means if you buy $10,000 worth of Bitcoin, you’d be charged $20 in trading fees. CoinSmart has several ways to keep its customers and their cryptocurrency safe. The platform has a two-factor authentication system which can be used to require two passwords to access an account. It also uses a comprehensive identity verification process to prevent fraud. Finally, CoinSmart keeps its customers’ cryptocurrency safe by keeping it in cold wallets that do not have access to the Internet.

This can be done through their relatively attractive referral program. Lastly, if your question is more routine in nature and you would prefer to find the answer yourself then you have have a look at their FAQ section. This has a collection of questions that are most likely to be asked by users so it is quite likely you find your answer there.