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, and 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 are backed with a 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
How Does CoinSmart Work?
Using CoinSmart Canada is 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 $50 signup bonus. Now that you know how the CoinSmart platform works, opening an account should be easy.
Follow these steps:
- Visit the CoinSmart homepage and click Get Started
- Enter your email, choose a password, and click Sign Up
- Click on the link they send you to verify your email
- Enter and verify your phone number via the verification code they send you
- Provide your details, including full name, address, date of birth, etc
- You should get verified instantly via Equifax or be required to provide the above-mentioned documents for manual verification.
- You’re done! Fund your account and start trading.
Crypto Assets Available on CoinSmart
CoinSmart supports 16 cryptocurrencies and five (5) fiat currencies. Below is the CoinSmart crypto list:
Supported fiat currencies include Canadian Dollars (CAD), U.S. Dollars (USD), Euros (EUR), Pound Sterling (GBP), and Japanese Yen (JPY) on CS Premium.
You’ll incur two types of fees when trading on CoinSmart Canada: Deposit/withdrawal fees and trading 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 method||Deposit||Withdrawal||fees||Processing time|
|Interac e-Transfer||$100 min; $10K max||N/A||1.5% on $100-$1,999; 0% on $2000+||Same day received|
|Bank Wire||$10K min; $5M max||$10k min; 5M max||0% fee for deposits; 1% fee for withdrawals ($15 minimum)||Same day received for deposits; 1-5 days for withdrawals|
|Bank Draft||$500 min; $5K max||N/A||0% fees||Same day received|
|Credit/debit cards||$100 min, $5K max||N/A||Up to 6%||Instant processing|
|Electronic Funds Transfer||N/A||$50 min; $15K max||1% fee ($15 min)||1-5 days|
CoinSmart withdrawal fees vary based on the coin you are withdrawing. All crypto withdrawals have immediate delivery.
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
- Easy to use platform for beginner and experienced traders
- Easy sign up process
- Instant verification and same-day deposits
- Simple fee structure and competitive fees
- iOS and Android CoinSmart app to trade on the go
- Tax assistance
- 24/7 customer support
- Fiat withdrawals take up to 5 business days.
- Not available in the United States
- Credit card crypto purchases are expensive, with up to a 6% fee
- Limited crypto coins available
- Does not have staking feature yet
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 $200 or more, you get a $50 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%.
CoinSmart vs Wealthsimple Crypto
Weathsimple Crypto offers fee-free trading. Users can trade 50+ 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 deposit at least $150 within 30 days of account opening, you get a $25 bonus.
CoinSmart vs Bitbuy vs Wealthsimple
The table below shows how CoinSmart compares with Bitbuy and Wealthsimple Crypto
|Coins offered||16 crypto coins||20+ crypto coins||50+ crypto coins|
|Funding options||Interac e-Transfer, credit card, debit card, bank draft, bank wire||Interac e-Transfer and bank wire||Electronic fund transfer|
|Trading fees||0.2% on single trades; 0.3% on double trades||0.10% – 0.20% on trades||1.5%-2% spread fees|
|Fiat withdrawal fees||1% to 1.5% based on the method used||1% to 1.5% based on the method used||None|
|Trading platforms||Web interface and mobile app ( Android and iOS)||Web interface and mobile app ( Android and iOS)||Web interface and mobile app ( Android and iOS)|
|Security||Cold storage and 2FA||Cold storage and 2FA||Cold storage and 2FA|
|Promotions||$50 bonus when you deposit $200||–||$25 bonus when you deposit at least $150|
CoinSmart Canada FAQ
Is CoinSmart available in the US?
No, CoinSmart is not available in the US.
What are 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.
How do I withdraw from my CoinSmart account?
You can use wire transfer or electronic fund transfer for fiat, and crypto withdrawals to a wallet for coins.
How long do withdrawals take on CoinSmart?
Fiat withdrawals can take up to five (5) business days.
Can I do paper trading on CoinSmart?
Unfortunately, CoinSmart doesn’t have a demo account intended for paper trading.
Should I use a different crypto wallet for CoinSmart?
It depends on your preference. You can opt to use an external wallet, but the one provided by CoinSmart is great, too.
Which country is CoinSmart available?
It is available in Canada, Estonia, France, Georgia, Germany, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Spain, Sweden, Turkey, and the United Kingdom,
Related: CoinSmart Promotional Offers.