CoinSmart also offers a mobile app for iOS and Android devices so users can trade on the go. With its user-friendly interface, low fees, and secure environment, CoinSmart is an ideal choice for those looking to get started in cryptocurrency trading. Considering all of the features that CoinSmart employs on its exchange platform, yes – the crypto exchange is considered to be very secure! While your options might be a bit more limited, in this CoinSmart review, we’ll talk about a Canada-based exchange that might be worth checking out. The exchange has positioned itself as one of the best crypto exchanges in Canada with multiple funding options and fiat currencies, advanced trading tools and more. Coinsmart applies a fee structure that is fairly straightforward and transparent compared to many crypto exchanges.

• In order to deposit CAD with Interac E-transfer, click on the “Deposit” icon located at the top right-hand side of your CoinSmart page and select Interac E-transfer.
• Withdrawal options include direct bank transfers (for CAD) and crypto withdrawals to an external wallet.
• There is an applicable fee for e-transfer transactions of 1.5% for $2,000 or less, and for electronic transfers greater than $2000, there is no fee.
• From each individual crypto wallet, investors may also buy, sell, or trade cryptos via the Wallet page.
• Final crypto wallet evaluation conclusion based on research, expert opinions & user feedback.

COINSMART SUPPORTED COINS

• We found markers on this website promising an easy way to make a profit.
• If you’re not okay with the above alternatives, Shakepay could meet your needs because it’s also among the top Canadian crypto exchanges.
• He started out with Coinbase, Kraken and Peer-to-Peer exchanges.

I didn’t have to wait several hours for the process to finish, as is the case with other exchanges. You can buy, sell and exchange crypto assets at the best possible exchange rate with analysis tools, 24/7 live support, local funding methods and a high level of security. With its tremendous growth, CoinSmart is now expanding their services for Europe.

While all exchanges do have deposit and withdrawal fees, as well, in many cases, these aren’t as impactful or notable as the former ones. Well, if something were to happen to your cryptocurrencies stored on the exchange, the insurance would likely cover your losses, depending on a few different variables. This is a major factor as far as the reliability of an exchange is concerned! At the same time, it’s something that only centralized platforms can offer to their users, too. We also liked their advanced trading platform and, unlike many other new exchanges, they seem to have strong levels of liquidity in all of their markets.

How to Open a CoinSmart Account

CoinSmart is also coinsmart review compliant with FINTRAC, the Canadian government’s financial intelligence unit. Crypto deposits are free on both platforms, but you’ll incur crypto withdrawal fees that vary by coin. The Toronto-based exchange, founded in 2018, is reputed for instant account verification, its same-day deposit guarantee, and its simple, transparent fee structure. Bitbuy offers staking services, allowing traders to expand their cryptocurrency investments and bypassing the intricacies of configuring individual nodes. It is explicitly geared towards wealthy clients and institutions.

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Instead, here, we’ll focus on the most important process – KYC verification. Once you register on the exchange, you can do two things – explore the website and get used to the UI, or pass the KYC verification and start trading. On the flip side, though, once again – the lack of coin and token variety can be a huge detriment to many crypto investors around the world. Naturally, this is especially true if you want to trade some of the more-niche coins or tokens. Or, rather, I should say – with the lack of cryptocurrency support. All of this does, once again, stem from the concept of centralization – if the exchange in question was decentralized, things would likely be a lot different.

Account Opening and Deposits

You may also be asked to provide a selfie for identity verification. Most applications are reviewed automatically and can be validated within minutes to a few hours, though manual checks may extend this. Once your documents are approved, you receive a confirmation email, and your account becomes fully operational for deposits, trading, and withdrawals.

This insurance adds a further layer of trust, complementing their cold storage and security practices. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets. Bitbuy is a reputable exchange that is fully regulated in Canada.

Consequently, the exchange supports transactions with 10+ currencies including CAD, USD, EURO, GBP and more. HelloSafe.ca offers site visitors information on insurance and personal finance products in compliance with applicable laws. Our guides, comparison tools and calculators are available free of charge. The content contained on the HelloSafe.ca website is for information purposes and does not replace that of professional advisors. Although continually updated, the information here may differ from what appears on the providers’ sites.

It’s imperative to be a savvy consumer and do what you can to keep your crypto assets as safe as possible. To begin purchasing any crypto on the exchange, you’ll need to add funds to your account using Canadian Dollars (CAD). The straight-forward answer is yes, CoinSmart is a legitimate financial app. What makes CoinSmart safe to use is that it requires Google Authenticator every time you sign in. The team at CryptoVantage.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers.

Your Go-To Tools for Online Safety

By using these agencies, CoinSmart is able to verify a person’s identity and also keep personal user information secure. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor. Final crypto wallet evaluation conclusion based on research, expert opinions & user feedback.

If this your first purchase, enter in the details for your debit/credit card. Click the email link and enter the text code to access the Verification page. Once you have entered the page, you must upload a copy of a government issued ID and fill out the other details (e.g., name, date of birth). As soon as your information has been verified, the order is placed. As with any investment, buying and selling cryptocurrencies on Coinsmart carries certain risks.