{"id":625773,"date":"2023-06-12T09:40:06","date_gmt":"2023-06-12T09:40:06","guid":{"rendered":"https:\/\/info.cashtocode.com\/?post_type=product&p=625773"},"modified":"2024-01-16T14:29:11","modified_gmt":"2024-01-16T14:29:11","slug":"coinsmart-exchange","status":"publish","type":"product","link":"https:\/\/info.cashtocode.com\/en-ca\/reviews\/coinsmart-exchange\/","title":{"rendered":"Coinsmart exchange review"},"content":{"rendered":"\n
6.8<\/span>Expert Score<\/span><\/div>
Editor's comment<\/div>Coinsmart is a Canadian crypto exchange which is most well-known for enabling traders to start buying and selling crypto in minutes. Despite Coinsmart\u2019s great offerings, there are a plethora of fees, including an extortionately high fee for credit and debit card deposits, a low number of cryptos available to both trade and stake, a low number of payment methods that don\u2019t include digital options such as Google Pay or Apple Pay, limited security measures and no phone support. The advantages are instant biometric KYC verification processing via SumSub, a $15 referral bonus, an advanced trade feature with charting tools and multiple order types, as well as a CS Premium service which offers large liquidity pools and a personal account manager for high-volume traders. <\/div><\/div><\/div>
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Coin coverage<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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5.5<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Fees<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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6.4<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Security<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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10<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Features<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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6.7<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Payment methods<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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5.6<\/div>\r\n\t\t\t\t\t\t\t<\/div><\/div>
PROS<\/div>
  • Instant biometric KYC verification via SumSub\r<\/li>
  • Advanced trade feature\r<\/li>
  • CS Premium service\r<\/li>
  • Staking program \r<\/li>
  • Regulated in Canada \r<\/li>
  • 24\/7 live chat \r<\/li>
  • Referral bonus<\/li><\/ul><\/div><\/div>
    CONS<\/div>
    • Low number of cryptos available to trade\r<\/li>
    • Only four cryptos in the staking program\r<\/li>
    • A plethora of fees\r<\/li>
    • No Google Pay or Apple Pay \r<\/li>
    • Limited security measures\r<\/li>
    • No phone support<\/li><\/ul><\/div><\/div><\/div><\/div>\n\n\n\n

      Cryptocurrencies<\/h2>\n\n\n\n

      Coinsmart offers only 16 cryptos, including some of the biggest ones on the market such as Bitcoin, Ethereum and Polygon.  <\/p>\n\n\n\n

      Bitcoin (BTC)<\/td>Available<\/td><\/tr>
      Bitcoin Cash (BCH)<\/td>Available<\/td><\/tr>
      Ethereum (ETH)<\/td>Available<\/td><\/tr>
      Ripple (XRP)<\/td>Unavailable<\/td><\/tr>
      Solana (SOL)<\/td>Available<\/td><\/tr>
      Dogecoin (DOGE)<\/td>Available<\/td><\/tr>
      Polkadot (DOT)<\/td>Available<\/td><\/tr>
      Polygon (MATIC)<\/td>Available<\/td><\/tr>
      Cardano (ADA)<\/td>Available<\/td><\/tr>
      Litecoin (LTC)<\/td>Available<\/td><\/tr>
      Tether (USDT)<\/td>Unavailable<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      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 <\/strong>and a personal account manager for high-volume traders. <\/p>\n\n\n\n

      Payment methods<\/h2>\n\n\n\n

      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 <\/strong>and $15,000 daily withdrawal limit.  <\/p>\n\n\n\n

      Payment method<\/th>Limits<\/th><\/tr><\/thead>
      Interac daily limit (buying in FIAT)<\/td>\u00a310,000 requires KYC verification, ID check and a selfie<\/td><\/tr>
      Wire transfer daily limit (buying in FIAT)<\/td>\u00a35,000,000 requires KYC verification, ID check and a selfie<\/td><\/tr>
      VISA daily limit (buying in FIAT)<\/td>\u00a310,000 requires KYC verification, ID check and a selfie<\/td><\/tr>
      MasterCard daily limit (buying in FIAT)<\/td>\u00a310,000 requires KYC verification, ID check and a selfie<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
      Payment method<\/th>Limits<\/th><\/tr><\/thead>
      Interac daily withdrawal limit <\/td>\u00a310,000 requires KYC verification, ID check and a selfie<\/td><\/tr>
      Wire transfer daily withdrawal limit <\/td>\u00a35,000,000 requires KYC verification, ID check and a selfie<\/td><\/tr>
      VISA daily withdrawal limit <\/td>\u00a315,000 requires KYC verification, ID check and a selfie<\/td><\/tr>
      MasterCard daily withdrawal limit <\/td>\u00a315,000 requires KYC verification, ID check and a selfie<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Shakepay requires multi-step KYC verification<\/strong> 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.<\/p>\n\n\n\n

      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.<\/strong><\/p>\n\n\n\n

      CashtoCode eVoucher<\/h2>\n\n\n\n

      You can\u2019t fund your account with a CashtoCode eVoucher as this isn\u2019t offered at Coinsmart.<\/p>\n\n\n\n

      Trading fees<\/h2>\n\n\n\n

      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<\/strong>, 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. <\/p>\n\n\n\n

      Purchase amount<\/th>Singe trade <\/th>Double trade<\/th><\/tr><\/thead>
      $50<\/td>$0.1<\/td>$0.15<\/td><\/tr>
      $200<\/td>$0.4<\/td>$0.6<\/td><\/tr>
      $500<\/td>$1<\/td>$1.5<\/td><\/tr>
      $1,000<\/td>$2<\/td>$3<\/td><\/tr>
      $3,000<\/td>$6<\/td>$9<\/td><\/tr>
      $5,000<\/td>$10<\/td>$15<\/td><\/tr>
      $10,000<\/td>$20<\/td>$45<\/td><\/tr>
      $20,000<\/td>$40<\/td>$60<\/td><\/tr>
      $50,000<\/td>$100<\/td>$150<\/td><\/tr>
      $100,000<\/td>$200<\/td>$300<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Staking<\/h2>\n\n\n\n

      Coinsmart offers a program that allows users to stake only four cryptos.<\/strong> In comparison, Bitstamp offers a staking program with 10 eligible cryptos and annual percentage yields (APYs) of up to 4.4%. <\/p>\n\n\n\n

      Cryptocurrency<\/th>APY<\/th><\/tr><\/thead>
      Ethereum<\/td>4.14% <\/td><\/tr>
      Polygon<\/td>5.86%<\/td><\/tr>
      Polkadot<\/td>12.53%<\/td><\/tr>
      Solana<\/td>4.88%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Is Coinsmart exchange safe?<\/h2>\n\n\n\n

      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,<\/strong> from digital asset insurance coverage to holding customers' assets offline in a proprietary cold storage system. <\/p>\n\n\n\n

      A high percentage of users (66%) rate Coinsmart with five stars on Trustpilot, <\/strong>which is a high indicator of safety. In addition, the company hasn\u2019t been involved in any known scandals and has seen its revenue increase tenfold in the last three years. <\/p>\n\n\n\n

      Trustpilot<\/td>3 star<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      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.<\/p>\n\n\n\n

      Security<\/h3>\n\n\n\n

      Coinsmart has limited security measures in place<\/strong> 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. <\/p>\n\n\n\n

      Safe coins storage<\/td>An undisclosed amount of deposits are held in geographically distributed cold storage systems. <\/td><\/tr>
      Two-factor authentication<\/td>Two-factor authentication via SMS verification is required at Coinsmart. <\/td><\/tr>
      Information security<\/td>Unknown<\/td><\/tr>
      Platform security<\/td>Unknown<\/td><\/tr>
      Network security<\/td>Unknown<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      In contrast, Bitbuy has a range of security measures in place such as servers secured across multiple cloud providers <\/strong>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. <\/p>\n\n\n\n

      Wirex has a variety of security measures in place such as accounts being secured with state-of-the-art facial verification and biometric technology, <\/strong>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\u2019s Financial Conduct Authority (FCA) and is also regulated by the Croatian Financial Services Supervisory Agency.<\/p>\n\n\n\n

      How to start trading at Coinsmart exchange?<\/h2>\n\n\n\n

      Registration<\/h3>\n\n\n\n

      You need to create an account in order to register with Coinsmart and this can be done by:<\/p>\n\n\n\n

        \n
      1. Visiting the homepage and inputting your full name and email address so you can create a username and password. <\/li>\n\n\n\n
      2. You then need to verify your email address. <\/li>\n\n\n\n
      3. After verifying your email address, you need to enter your country of residence. <\/li>\n\n\n\n
      4. You then have to enter your phone number to receive an SMS verification text message.<\/li>\n\n\n\n
      5. After verifying your phone number, you have to complete KYC verification.<\/li>\n\n\n\n
      6. Upon successful registration and passing verification, access to all functions of the site including higher limits are available to you.<\/li>\n<\/ol>\n\n\n\n

        KYC<\/h3>\n\n\n\n

        After filling in your account details, you need to go through multi-step KYC verification<\/strong>. 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. <\/p>\n\n\n\n

        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. <\/strong><\/p>\n\n\n\n

        Customer support<\/h2>\n\n\n\n

        Coinsmart offers a range of customer service options <\/strong>including a Help Center displaying FAQs, 24\/7 live chat and an email address. <\/p>\n\n\n\n

        Live chat<\/td>Available<\/td><\/tr>
        Phone support<\/td>Unavailable<\/td><\/tr>
        Email<\/td>support@coinsmart.com<\/td><\/tr>
        FAQs<\/td>Available<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

        Coinsmart uses a ticketing system<\/strong> 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\u2019s a direct way to speak with customer support via live chat.<\/p>\n\n\n\n

        Conclusion<\/h2>\n\n\n\n

        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<\/strong>, <\/strong>making the service less accessible for active traders and a low number of payment methods that don\u2019t include digital options such as Google Pay or Apple Pay. <\/p>\n\n\n\n

        But if you don\u2019t mind this, Coinsmart can still be a great option if <\/strong>you\u2019re looking to start buying and selling crypto in minutes with instant biometric KYC verification<\/strong> 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. <\/p>\n\n\n\n

        Alternatives of Coinsmart<\/h2>\n\n\n\n