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CoinSmart Review 2022: Best Cryptocurrency Exchange in Canada?

This post may contain affiliate links. Please read my disclosure for more info.

CoinSmart ranks as one of the best crypto exchanges in Canada due to its competitive trading fees and easy-to-use interface for both beginner and pro traders.

But is CoinSmart legit and safe?

To help you choose with confidence, this CoinSmart review dives into CoinSmart app features, supported cryptocurrencies, pros and cons, CoinSmart fees, and how it compares with Bitbuy and Wealthsimple Crypto.

What is CoinSmart?

CoinSmart is a top crypto exchange in Canada based in Toronto. It was launched in 2018 by Justin Hartzman and Jeremy Koven after they ran into verification and funding difficulties on other crypto exchanges.

To solve these issues, they founded CoinSmart, and built it from the bottom up to make it easier for everyone to access and trade cryptocurrencies on a reliable, secure, and beginner-friendly platform.

That’s why CoinSmart stands out as one of the best crypto exchanges in Canada that offers instant verification, a user-friendly interface, top security, and faster funding options.

Experienced and high-volume traders will also find the platform useful as it offers advanced trading tools to place customized orders regardless of the trading volume.

CoinSmart aims to make cryptocurrency accessible to everyone with its easy-to-use platform and has so far spread to about 15 countries, including Canada, the UK, Germany, Italy, Estonia, Spain, Turkey, Norway, among others.

CoinSmart Top Features

  • Easy to use, beginner-friendly platform
  • Instant or same-day account verification
  • Supports 16 Cryptocurrencies and up to 5 fiat currencies
  • No trading pairs. Trade from one altcoin to another with a single click.
  • Bank-grade security with 95% cold storage and 2FA
  • Real-time charting and advanced order types for experienced traders 
  • Supports crypto payments via SmartPay
  • Over-The-Counter crypto services for professional, high volume traders via CoinSmart Premium
  • Multiple funding methods, including Interac e-Transfer, SEPA, Wire Transfers, E-Transfers, debit/credit cards and crypto deposits. All backed with same-day deposit guarantee.
  • iOS and Android mobile CoinSmart app to buy and sell crypto on the go
  • GetSmart Hub where you can learn and expand your crypto knowledge.
  • 24/7 live support via email, phone, and live chat
coinsmart review

How Does CoinSmart Work?

CoinSmart Canada works pretty straightforward. The sign-up process follows KYC and AML guidelines set by the Ontario Securities Commission, and you’ll be required to disclose your identity to join. 

CoinSmart wins out here as they liaise with Equifax to offer automatic, instant account verification so that you can start trading within minutes.

If automatic verification fails, the verification process goes manual, but it’s expedited enough, taking just a day. You’ll be required to provide the following documents:

  • Front/back copy of your government-issued ID
  • A selfie of you holding your ID and a dated piece of paper worded “CoinSmart.”
  • A copy of a recent utility bill with your name and address

Once the account verification process is complete, fund your account via Interac e-Transfer, SEPA, Wire Transfers, bank draft, or crypto deposits to start trading right away.

Alternatively, use a debit/credit card to buy crypto. 

How To Open a CoinSmart Account

CoinSmart welcomes you with a $30 signup bonus. Now that you know how CoinSmart works, opening an account should be easy.

Follow these steps:

  1. Visit the CoinSmart homepage and click Get Started
  2. Enter your email, choose a password, and click Sign UP
  3. Click on the link they send you to verify your email
  4. Enter and verify your phone number via the verification code they send you
  5. Provide your details, including full name, address, date of birth, etc
  6. You should get verified instantly via Equifax or be required to provide the above mentioned documents for manual verification.
  7. You’re done! Fund your account and start trading.

Crypto Assets Available on CoinSmart

CoinSmart supports 16 cryptocurrencies and 5 fiat currencies. Below is the CoinSmart crypto list:

Crypto coinSymbol
BitcoinBTC
EthereumETH
LitecoinLTC
Bitcoin CashBCH
DogecoinDOGE
PolkadotDOT
CardanoADA
Shiba InuSHIB
ChainlinkLINK
UniswapUNI
SolanaSOL
StellarXLM
USD CoinUSDC
EOSEOS

Supported fiat currencies include Canadian Dollars (CAD), U.S. Dollars (USD), Euros (EUR), Pound Sterling (GBP), and Japanese Yen (JPY) on CS Premium.

CoinSmart Fees

You’ll incur 2 types of fees when trading on CoinSmart Canada: Deposit/withdrawal fees and trading fees. 

Deposit/withdrawal fees

CoinSmart offers several funding options for users to deposit and withdraw funds from their CoinSmart wallets. The table below outlines deposit amounts, fees, and processing time for each one of them

Funding methodDepositWithdrawalfeesProcessing time
Interac e-Transfer$100 min; $10K maxN/A1.5% on $100-$1,999;
0% on $2000+
Same day received
Bank Wire$10K min; $5M max$10k min; 5M max0% fee for deposits;
1% fee for withdrawals ($15 minimum)
Same day received for deposits; 
1-5 days for withdrawals
Bank Draft$500 min; $5K maxN/A0% feesSame day received
Credit/debit cards$100 min, $5K maxN/AUp to 6%Instant processing
Electronic Funds TransferN/A$50 min; $15K max1% fee ($15 min)1-5 days

CoinSmart withdrawal fees vary based on the coin you are withdrawing. All crypto withdrawals have immediate delivery.

CoinFee
Bitcoin0.00025
Ethereum0.007
Litecoin0.001
USDC50.00
Bitcoin Cash0.0001
EOS0.0005
Solana0.01
Stellar0.00003
Cardano0.30
Dogecoin5.00
Polkadot0.20
Chainlink0.8
Uniswap1.5
Shiba Inu1,000,000

Trading fees

CoinSmart trading fees have a very simple structure of single and double trades. They come in as follows:

  • 0.20% for single trade:  These are trades between CAD and any supported crypto tokens, or trades involving Bitcoin
  • 0.30% for double trade: Trades between altcoins that don’t involve Bitcoin.

Pros and Cons of CoinSmart

Pros

  • Easy to use platform for beginner and experienced traders
  • Instant verification and same-day deposits
  • Simple fee structure and competitive fees
  • iOS and Android CoinSmart app to trade on the go
  • 24/7 customer support

Cons

  • Fiat withdrawals take up to 5 business days.
  • Credit card crypto purchases are expensive, with up to a 6% fee

Is CoinSmart Legit and Safe?

CoinSmart is a legit and safe cryptocurrency exchange.

The Toronto-based company is a FINTRAC-registered Money Service Business (MSB) in Canada and does its best to keep your crypto and fiat assets safe with industry-leading security.

Top security measures include:

  • Cold storage: A majority of crypto assets are held offline in cold storage wire hackers can’t reach them. Fiat deposits are held in Canadian banks.
  • Bitgo and Fireblocks: Partners with top custody providers to leverage the power of Bitgo and Fireblocks wallets.
  • 2FA for safe and secure verification: You must enter a verification code to access your account

CoinSmart Sign-Up Bonus and Referral Program

When you sign up for a new CoinSmart account and fund it with $100 or more, you get a $20 welcome bonus.

Once you are in, you can earn extra cash via the CoinSmart referral program. Simply share your referral code or link and invite others to sign up for CoinSmart accounts.

If someone opens an account via your CoinSmart promo code/link and deposits $100, you both get rewarded with CAD 15 within 5 business days.

CoinSmart vs BitBuy

Both CoinSmart and Bitbuy are among the best crypto exchanges in Canada based in Toronto that allow Canadians to trade about 15 cryptocurrencies.

However, Bitbuy offers slightly more competitive trading fees of 0.1%-0.2% compared to CoinSmart’s 0.2%-0.3%.

When you open a Bitbuy account and make an initial deposit of $250 or more, you receive a $20 bonus.

CoinSmart vs Wealthsimple Crypto

Weathsimple Crypto offers fee-free trading. Users can trade 34 cryptocurrencies on the platform without worrying about trading or deposit/withdrawal fees.

However, you’ll incur spread fees of 1.5% to 2%, which may be more expensive than CoinSmart’s fees of $0.2% to 0.3%.

When you open a Wealthsimple Crypto account and trade at least $150 worth of digital currencies within 30 days of account opening, you get a $50 bonus.

CoinSmart vs Bitbuy vs Wealthsimple

The table below shows how CoinSmart compares with Bitbuy and Wealthsimple Crypto

FeaturesCoinSmartBitbuyWealthsimple Crypto
Coins offered16 crypto coins15+ crypto coins40+ crypto coins
Funding optionsInterac e-Transfer, credit card, debit card, bank draft, bank wireInterac e-Transfer and bank wireElectronic fund transfer
Trading fees0.2% on single trades; 0.3% on double trades0.10% – 0.20% on trades1.5%-2% spread fees
Fiat withdrawal fees1% to 1.5%  based on method used1% to 1.5% based on method usedNone
Trading platformsWeb interface and mobile app ( Android and iOS)Web interface and mobile app ( Android and iOS)Web interface and mobile app ( Android and iOS)
SecurityCold storage and 2FACold storage and 2FACold storage and 2FA
Promotions$30 bonus when you deposit $100$40 bonus when you deposit at least $250$50 bonus when you trade at least $150

CoinSmart Canada FAQ

Is CoinSmart available in the US?

No, CoinSmart is not available in the US.

What is the best crypto exchange in Canada?

CoinSmart, Bitbuy, and Wealthsimple are some of the best crypto exchanges in Canada.

Is CoinSmart legit?

Yes. CoinSmart is a legitimate cryptocurrency exchange based in Toronto and registered with FINTRAC as a Money Service Business (MSB)

How do I fund my CoinSmart account?

You can fund your CoinSmart wallet via Interac e-Transfer, SEPA, Wire Transfers, bank draft debit/credit cards, and crypto deposits.

Related: CoinSmart Promotional Offers.

CoinSmart Review

9

Coins supported

9.0/10

Mobile app

9.0/10

Trading tools

9.0/10

Fiat options

9.0/10

Pros

  • Great platform for beginners and experts
  • 24/7 customer support
  • Mobile app
  • Low fees

Cons

  • Fiat withrawals can take up to 5 days
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Enoch Omololu

Enoch Omololu is a personal finance expert who has a passion for helping others win with their finances. He has a master's degree in Finance and Investment Management from the University of Aberdeen Business School and has been writing about money management for over a decade. Enoch has been featured in several leading personal finance publications including MSN Money, The Globe and Mail, Wealthsimple, and the Financial Post.

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