Coinsmart exchange review
Cryptocurrencies:
Fees:
Security system:
Deposit methods:
Cryptocurrencies
Coinsmart offers only 16 cryptos, including some of the biggest ones on the market such as Bitcoin, Ethereum and Polygon.
| Bitcoin (BTC) | Available |
| Bitcoin Cash (BCH) | Available |
| Ethereum (ETH) | Available |
| Ripple (XRP) | Unavailable |
| Solana (SOL) | Available |
| Dogecoin (DOGE) | Available |
| Polkadot (DOT) | Available |
| Polygon (MATIC) | Available |
| Cardano (ADA) | Available |
| Litecoin (LTC) | Available |
| Tether (USDT) | Unavailable |
In contrast, Gemini has over 100 cryptos on its platform, while NDAX lists more than 30. However, compared to its competitors, Coinsmart offers a CS Premium service with large liquidity pools and a personal account manager for high-volume traders.
Payment methods
You can deposit and withdraw in CAD. The Interac payment method has a $10,000 daily deposit limit and $10,000 daily withdrawal limit, wire transfer has a $5,000,000 daily deposit limit and $5,000,000 daily withdrawal limit, while both VISA and MasterCard have a $10,000 daily deposit limit and $15,000 daily withdrawal limit.
| Payment method | Limits |
|---|---|
| Interac daily limit (buying in FIAT) | £10,000 requires KYC verification, ID check and a selfie |
| Wire transfer daily limit (buying in FIAT) | £5,000,000 requires KYC verification, ID check and a selfie |
| VISA daily limit (buying in FIAT) | £10,000 requires KYC verification, ID check and a selfie |
| MasterCard daily limit (buying in FIAT) | £10,000 requires KYC verification, ID check and a selfie |
| Payment method | Limits |
|---|---|
| Interac daily withdrawal limit | £10,000 requires KYC verification, ID check and a selfie |
| Wire transfer daily withdrawal limit | £5,000,000 requires KYC verification, ID check and a selfie |
| VISA daily withdrawal limit | £15,000 requires KYC verification, ID check and a selfie |
| MasterCard daily withdrawal limit | £15,000 requires KYC verification, ID check and a selfie |
Shakepay requires multi-step KYC verification to buy, sell and trade cryptos and the company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement.
On the other hand, Gemini requires KYC checks to buy, sell and trade cryptos and the company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport and proof of residential address, which can be a utility bill, correspondence from a government department or bank account statement. In addition, Canadians need to provide a social insurance number.
CashtoCode eVoucher
You can’t fund your account with a CashtoCode eVoucher as this isn’t offered at Coinsmart.
Trading fees
You need to pay a 1.5% fee for Interac deposits under $2,000, an extortionately high 6.75% fee for credit and debit card deposits, a flat 1% fee for all withdrawals, a 0.2% trading fee for a single trade, a 0.3% trading fee for a double trade, differing rates of withdrawal fees for 16 listed cryptos and you need to pay a 30% commission fee on staking rewards. A single trade is when you trade any crypto with Bitcoin, but a double trade is when you trade any two cryptos except Bitcoin.
| Purchase amount | Singe trade | Double trade |
|---|---|---|
| $50 | $0.1 | $0.15 |
| $200 | $0.4 | $0.6 |
| $500 | $1 | $1.5 |
| $1,000 | $2 | $3 |
| $3,000 | $6 | $9 |
| $5,000 | $10 | $15 |
| $10,000 | $20 | $45 |
| $20,000 | $40 | $60 |
| $50,000 | $100 | $150 |
| $100,000 | $200 | $300 |
Staking
Coinsmart offers a program that allows users to stake only four cryptos. In comparison, Bitstamp offers a staking program with 10 eligible cryptos and annual percentage yields (APYs) of up to 4.4%.
| Cryptocurrency | APY |
|---|---|
| Ethereum | 4.14% |
| Polygon | 5.86% |
| Polkadot | 12.53% |
| Solana | 4.88% |
Is Coinsmart exchange safe?
As a regulated Over-the-Counter (OTC) exchange, Coinsmart has been in operation since 2018 and amassed over 260,000 users. The company has limited security measures in place that offer a relatively low level of security for users, from digital asset insurance coverage to holding customers' assets offline in a proprietary cold storage system.
A high percentage of users (66%) rate Coinsmart with five stars on Trustpilot, which is a high indicator of safety. In addition, the company hasn’t been involved in any known scandals and has seen its revenue increase tenfold in the last three years.
| Trustpilot | 3 star |
The most common issues raised are related to account and customer service concerns. However, people praise them for their CS Premium service and advanced trade feature.
Security
Coinsmart has limited security measures in place such as holding customers' assets offline in a proprietary cold storage system, adherence with Anti-Money Laundering (AML) guidelines and registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB). In addition, Coinsmart maintains $100 million insurance coverage for the digital assets it holds on behalf of customers.
| Safe coins storage | An undisclosed amount of deposits are held in geographically distributed cold storage systems. |
| Two-factor authentication | Two-factor authentication via SMS verification is required at Coinsmart. |
| Information security | Unknown |
| Platform security | Unknown |
| Network security | Unknown |
In contrast, Bitbuy has a range of security measures in place such as servers secured across multiple cloud providers that are all ISO, SOC and FIPS 140-2 compliant, monthly network audits, holding 97% of customers' assets offline in geographically distributed cold storage systems, end-to-end data encryption, all customer funds are backed 1:1 in custody, registrations with Ontario Securities Commission and FINTRAC as a Money Service Business. In addition, Bitbuy maintains third-party insurance coverage for the digital assets it holds on behalf of customers.
Wirex has a variety of security measures in place such as accounts being secured with state-of-the-art facial verification and biometric technology, as well as 256-bit AES data encryption. The majority of assets deposited onto the platform are held in multi-signature cold storage vaults and Wirex adheres to both Anti-Money Laundering and Combating the Financing of Terrorism (CFT) guidelines. The company is a licensed e-money issuer with the UK’s Financial Conduct Authority (FCA) and is also regulated by the Croatian Financial Services Supervisory Agency.
How to start trading at Coinsmart exchange?
Registration
You need to create an account in order to register with Coinsmart and this can be done by:
- Visiting the homepage and inputting your full name and email address so you can create a username and password.
- You then need to verify your email address.
- After verifying your email address, you need to enter your country of residence.
- You then have to enter your phone number to receive an SMS verification text message.
- After verifying your phone number, you have to complete KYC verification.
- Upon successful registration and passing verification, access to all functions of the site including higher limits are available to you.
KYC
After filling in your account details, you need to go through multi-step KYC verification. This process is required for anyone who wants to buy, sell or exchange cryptos on the platform. Passing KYC checks also unlocks functionalities such as large liquidity pools via the advanced trade feature or the ability to earn rewards on your crypto balance through a staking program.
You must provide a clear and visible picture of the front and back side of your documents such as proof of address and passport. In addition, you need to submit a selfie.
Customer support
Coinsmart offers a range of customer service options including a Help Center displaying FAQs, 24/7 live chat and an email address.
| Live chat | Available |
| Phone support | Unavailable |
| support@coinsmart.com | |
| FAQs | Available |
Coinsmart uses a ticketing system where users can fill in an online form with a subject, description and optional attachment in order to contact the company. For users who are dealing with emergency account issues, there’s a direct way to speak with customer support via live chat.
Conclusion
Coinsmart is recommended to high-volume traders who are looking for a regulated exchange that offers digital asset insurance and a CS Premium service with large liquidity pools and a personal account manager. However, there are a low number of cryptos available to both trade and stake, making the service less accessible for active traders and a low number of payment methods that don’t include digital options such as Google Pay or Apple Pay.
But if you don’t mind this, Coinsmart can still be a great option if you’re looking to start buying and selling crypto in minutes with instant biometric KYC verification via SumSub, which is a major differentiating factor and unique selling point (USP) for the platform. The platform could improve its service by introducing phone support or increasing the available range of payment methods and cryptos that can be traded and staked.
Alternatives of Coinsmart
- Low trading fees
- Staking program
- Tradeview feature
- Top-rated mobile app
- Phone support available
- Modern interface
- Low number of cryptos
- Limited number of payment methods
- VISA debit card with spending rewards in crypto
- Staking program available for 22 different cryptos
- Online Crypto.com University with educational resources for traders
- Trading fee discounts
- Top-rated mobile app
- High fees unless you use CRO in trades
- Limited payment method options
- No customer phone support
- Low trading fees
- Staking program
- NDAX Wealth Desk feature
- Live chat and phone support
- Advanced security measures
- No deposit or withdrawal limits
- Learn Centre with free educational resources for traders
- Low number of cryptos available to trade
- Only five cryptos in the staking program
- Credit or debit cards not accepted
Bitstamp offers a program that allows users to stake 10 cryptos including Ethereum, Bitcoin and Tether with zero commission fees and APYs up to 4.4%. The company has a Tradeview feature with price charts and technical indicators such as Exponential Moving Averages (EMAs). In addition, there’s advanced security measures in place such as all customer funds being backed 1:1 in custody, custodians holding insurance for client assets in cold wallets, a Bitstamp Board Risk and Audit Committee, holding 95% of crypto in securely stored offline in bank-grade Class III vaults and over 180 of their staff members perform compliance, legal and security functions.
Gemini offers a program that allows users to stake two cryptos with zero commission fees and APYs up to 4.8%. The company has an ActiveTrader feature with charting tools, crypto derivatives trading and multiple order types like market, limit, stop limit and auction modes. In addition, there’s advanced security measures in place such as annual third-party penetration tests, a private bug bounty program, a coordinated disclosure program related to hacking research, a digital multi-signature scheme and the company is secured by PCI DSS and has SOC 1, SOC 2 and ISO 27001 certifications.
NDAX offers a program that allows users to stake five cryptos including Ethereum, Polygon and Polkadot with zero commission fees and high APYs up to 12%. The company has a Wealth Desk feature with large liquidity pools for high-volume traders. In addition, NDAX has advanced security measures in place such as Multi-Party Computation (MPC) wallet technology, holding customers' assets offline in multi-signature cold storage vaults, data servers that are monitored 24/7 with video cameras and a highly coveted SOC II certification.
FAQs
Yes, because Coinsmart has been in operation since 2018, amassing over 260,000 users and has developed a good standing with community members.
There’s four cryptos available within the staking program with APYs up to 12.53%.
Yes, but to be eligible you must have a trading volume of at least $25,000.
If you refer the Coinsmart exchange to any of your friends or family and they deposit any amount into their account upon opening, you can earn a cash bonus of $15.
No, but you must utilise your transaction history report to fulfil local crypto tax obligations.
Specification: Coinsmart exchange review
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