CoinSmart Review

CoinSmart Review 2022: Features, Fees, Pros & Cons

In this CoinSmart Review for 2022, we take a deep dive into the CoinSmart platform. We analyze the variety of features the platform has to offer. Plus, we take a look at their security, regulations, fees, support, pros and cons.

CoinSmart is a publicly listed Canadian trading platform available for desktop and mobile. With support for 18 cryptocurrencies and FIAT deposits in Canadian dollars, Euros or US Dollars. Its features mean it’s not only ideal for the newbie buying their first crypto but also built with the more advanced trader in mind.

So, let’s dive into this CoinSmart Review, to help you work out whether CoinSmart is the right crypto platform for you.

CoinSmart Review: How to Use CoinSmart Exchange

CoinSmart Banner

CoinSmart Pros & Cons

Pros
  • Buy with a Debit or Credit Card
  • 24/7 Support
  • Backed by Canadian Bank
  • SmartGuarantee For Their Services
Cons
  • Not Available in the US
  • Limited Supported Cryptos

What is CoinSmart?

CoinSmart is a publicly listed cryptocurrency exchange based in Toronto. They were founded in 2018 by Justin Hartzman and Jeremy Koven when they found it difficult to fund and get verified on other exchanges. 

Their mission was to make cryptocurrency accessible to anyone and started to develop a reliable, beginner-friendly exchange that would make crypto accessible initially to anyone in Canada.

Now users in Europe and Canada can buy and sell bitcoin and some of the most popular digital currencies quickly and easily on desktop and mobile. With plans to bring on Latin America and Australia soon. 

CoinSmart offers quick verification, an easy to use interface, a high level of security, and the ability to fund your account with multiple methods using Euros, Canadian or US Dollars 

In November 2021, CoinSmart went public and became listed on the public markets. They are a FINTRAC registered Money Service Business. This means they are compliant with regulatory standards. Plus they’re backed by a registered Canadian bank.

CoinSmart Review

CoinSmart Features

CoinSmart offers many features, which range from the crypto newbie to the more advanced crypto trader and continues to add new features. Below, we’ve listed some of the most popular.

SmartTrade

Coinsmart SmartTrade is for beginners, to enable them to buy, sell or trade crypto within just a few clicks.

Simply choose the cryptocurrencies that you’d like to trade between without having to worry if there is a direct swap available. SmartTrade works all of this out for you in the back end so that it’s all done in one transaction.

SmartTrade CoinSmart

Advanced Trade

The Coinsmart Advanced Trade feature is for the more experienced investors. With Advanced Trade users can use real-time charting, and create more advanced order types such as limit and stop-loss orders.

Although the charts, graphs and order books can be a little daunting, any user can use the Advanced Trade feature to place an order at a defined price and wait for the market to reach that price. Helping users to get the best price for their crypto.

CoinSmart Advance Trade

SmartGuarantee

CoinSmart’s SmartGuarentee offers its users guarantees for certain services, including;

If these conditions are not met, users will receive certain benefits. Including credits for deposit or withdrawal fees, which will be applied to your account in 2 business days. You can check out their full terms here.

What is Covered with CoinSmart SmartGuarantee?

  • Deposits will be credited to your account the same day we receive them.
  • Cash withdrawal requests are processed within 5 business days.
  • Account verifications are processed the same day.

What is Not Covered with CoinSmart SmartGuarantee?

  • When you provide inaccurate or incomplete information in connection with the requested deposit or withdrawal.
  • If our compliance team requires further information to verify your account.
  • When your deposit or withdrawal is not allowed under our Terms of Service. As an example, if it exceeds your transaction limits, is within our withholding period or you have otherwise not complied with our Terms of Service.
  • If the delay is due to any action, omission or inactivity by or on behalf of your financial institution or another 3rd party providing your services
  • If we suspect any fraudulent, illegal or suspicious activity on your CoinSmart Account.

CoinSmart Mobile App

The CoinSmart trading platform is not only available on desktop. You can also buy and sell all your favourite cryptocurrencies with the CoinSmart mobile app. CoinSmart mobile is available for Android via GooglePlay and iOS via AppStore.

CoinSmart mobile App

Supported Crypto

With CoinSmart you can buy and sell some of the most popular cryptocurrencies which include;

Users can deposit and buy crypto with FIAT currencies including Euros, US Dollars and Canadian Dollars.

CoinSmart Supported Cryptos

CoinSmart Fees

Funding

Users can fund their CoinSmart accounts with cryptocurrencies or traditional (fiat) currencies. These include Euros, Canadian Dollars or US Dollars.

Depending on your location and currency, Coinsmart accepts Interac, SEPA, Wire Transfers, and E-transfers with same-day deposits.

If you’re creating a new account and depositing €100 or more, use our link to get €20 of BTC.

European Fees

Funding

Fees

Processing

Min

Max

SEPA

0% Fee

Up to 3 Business Days

€50 Min

€5,000,000 Max

Bank Wire

0% Fee

Same Day

€10,000 Min

€5,000,000 Max

Bank Transfer

0% Free

Same Day

€500 Min

€5,000 Max

Credit / Debit Card

up to 6.75% Free

Instant

€100 Min

€5,000 Max

Canadian Fees

Funding

Fees

Processing

Min

Max

Bank Wire

0% Fee

Same Day

$10,000 Min

$5,000,000 Max

Interac e-Transfer

0% Fee $2,000<

1.5% Fee >$1,999

Same Day

$100 Min

$10,000 Max

Credit / Debit Card

up to 6.75% Free

Instant

$100 Min

$5,000 Max

Trading Fees

Trading crypto on CoinSmart does incur trading fees. These are deemed as single trades at 0.2% or double trades at 0.3%.

A single trade is trading between a FIAT currency and a cryptocurrency. Or if you are trading between cryptocurrencies.

A double trade is trading between 2 cryptocurrencies that are not Bitcoin. I.e Polkadot and Solana.

Trading Fees

Fees

Single Trade

0.20%

Double Trade

0.30%

FIAT Withdrawal Fees

If you’ve sold your crypto for FIAT currencies such as CAD or EURs, you can withdraw this back to your bank account. Withdrawals can take between 1 and 5 days. These may come with a withdrawal fee, depending on your location and method.

Canada

Methods

Fees

Processing

Min

Max

Electronic Funds Transfer

1% Fee ($15 Min)

1-5 Days

$50 Min

$15,000 Max

Bank Wire

1% Fee ($15 Min)

1-5 Days

$10,000 Min

$5,000,000 Max

Europe

Methods

Fees

Processing

Min

Max

Electronic Funds Transfer

1% Fee (€15 Min)

1-5 Days

€50 Min

€10,000 Max

Bank Wire

1% Fee (€15 Min)

1-5 Days

€10,000 Min

€1,000,000 Max

SEPA

Free

1-5 Days

€50 Min

€5,000,000 Max

Crypto Withdrawal Fees

If you’re holding your crypto for the long term, and want to withdraw this to the likes of a hardware wallet, you can easily withdraw your crypto from the platform.

Crypto withdrawals as within 24 hours and withdrawal fees are on crypto by crypto basis. These fees as based on the gas fees at the time and have been lower in the past and will be lower as gas fees go down.

Crypto

Fees

Processing

Bitcoin

0.00025

Immediate Delivery

Ethereum

0.007

Immediate Delivery

Litecoin

0.001

Immediate Delivery

USDC

35.00

Immediate Delivery

Bitcoin Cash

0.0001

Immediate Delivery

EOS

0.0005

Immediate Delivery

Stellar Lumens

0.00003

Immediate Delivery

0.30

Immediate Delivery

Dogecoin

5.00

Immediate Delivery

0.20

Immediate Delivery

Shiba Inu

1,000,000

Immediate Delivery

Chainlink

0.8

Immediate Delivery

UniSwap

1.5

Immediate Delivery

0.01

Immediate Delivery

15

Immediate Delivery

Avalanche

0.05

Immediate Delivery

CoinSmart Support

In terms of customer service/support, you can reach out to CoinSmart via email or their 24×7 chat on the platform. This takes you to a bot with some simple answers or you can “get in touch” and speak to someone on live chat.

I personally reached out to support whilst writing this CoinSmart review and they came back to me in a matter of seconds. This is great. Especially if you compare this to other exchanges where support can literally be non-existent.

They also have a comprehensive FAQ section on their website. Plus their “GetSmart” Hub helps users to learn about the world of crypto.

How to Contact CoinSmart Support?

Security

CoinSmart is a FINTRAC registered Money Service Business meaning they adhere to certain compliance and regulatory standards. As part of this, they also provide documentation to maintain this status. Plus, CoinSmart is also backed by a registered Canadian bank.

Coinsmart prevents fraud by running a strict identity verification process, that can detect fake addresses and DOBs, using a database by data collection agencies.

CoinSmart also enables 2-factor authentication using Google Authenticator. This provides users with a one time code for actions on the platform such as logging in or withdrawals.

Is CoinSmart Safe?

Yes, we would say that CoinSmart is safe to use. With its award as a FINTRAC registered Money Service Business, CoinSmart has to adhere to a lot of regulatory standards. Plus they use BitGo’s cold storage service, which is insured by Lloyd’s of London for $100 million.

The added implementation of 2-factor authentication (as a standard) for logins and withdrawals also ensures that the user is in control of their account.

Regulations

On February 16th 2022, the RCMP (Royal Canadian Mounted Policy) issued an alert indicating that they and the Ontario Provincial Police were investigating activity related to the financing of protests and listed 34 crypto wallets that were subject to investigation.

This order required Canadian financial institutions (including crypto exchanges) to avoid any dealings with these crypto wallets, which held more than $1 million.

Although CoinSmart were contacted …

Canada Sanctions 34 Crypto Wallets

CoinSmart Sign-up

WIth CoinSmart, you can create an account and get verified in minutes. Follow the below steps to sign up and get €20 in free Bitcoin.

  1. Head to CoinSmart.com or use our sign-up link.
  2. Enter your email address and a strong, secure password to secure your account
  3. Enter EBH20 into the referral code to get €20 in BTC (when you deposit €100 or more).
  4. Choose your “Country” from the dropdown
  5. Agree to the Terms of Service
  6. Choose “Sign Up

You will be prompted to verify your email address and to sign in to your account.

CoinSmart is a centralised, regulated and publicly listed platform. So you will need to complete KYC. This includes providing a photographic ID, a selfie and a security question.

I know that these types of verifications can be a little annoying. But this extra layer can protect you from scams and identity theft. Without it, anybody can use your info and create an account (using your name) and pull funds.

CoinSmart Sign-up

CoinSmart Referral Code

CoinSmart Referral Code

Use CoinSmart Referral Code ebh20 at Sign-up

CoinSmart Sign-up Bonus

 Get €20 of BTC (min deposit €100) 

Referral Terms

Bonus Last Validated

December 2022

FAQs

Is CoinSmart available in the USA?

CoinSmart is currently not available in the USA (United States).

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Disclosure:  Some of the links in this article may be affiliate links, which can provide compensation to me at no cost to you if you decide to purchase a paid plan. These are products I’ve personally used and stand behind. This site is not intended to provide financial advice and is for entertainment only, You can read our affiliate disclosure in our Privacy Policy.

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