CoinSmart is the debut of the well-known digital currency exchange in Toronto, Canada. On the exchange, it is simple to trade a number of cryptocurrencies, including well-known ones like Bitcoin, Ethereum, and Ripple, using Canadian dollars. In order to make digital assets accessible to every trader, CoinSmart was developed. It provides a reliable and secure environment for cryptocurrency trading on a platform that is easy to use for beginners. In addition to being appropriate for beginners, the cryptocurrency exchange has a few sophisticated trading options for experienced and high-volume traders.
Table of Contents
What Is Coinsmart?
The goal of leading Canadian cryptocurrency exchange CoinSmart was to make digital currencies available to all traders. The exchange facilitates the exchange, purchase, and sale of Bitcoin and other significant cryptocurrencies.
It currently supports the following digital currencies: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Stellar Lumens, EOS, Ripple, Cardano’s ADA, and Tether USD. Beginners who are first joining the cryptocurrency community should use the simple cryptocurrency exchange. For experienced and high-volume traders, it also provides cutting-edge trading features.
In addition to being licensed and governed by FINTRAC Canada and FIU in Estonia, CoinSmart has its headquarters in Toronto.
The exchange is open to many other countries and regions in addition to Estonia and Canada, including Brazil, Belgium, Bulgaria, Austria, Cyprus, Denmark, Finland, France, Georgia, Germany, India, Greece, Italy, Ireland, Jamaica, Malaysia, and Japan.
Coinsmart Pros & Cons
CoinSmart Pros
- Supports 16 cryptocurrencies
- Instant account verification
- Competitively low trading fees (0.2%)
- 24/7 customer support.
- Supports 3 fiat currencies (EUR, CAD, USD)
- Assets insured for up to $100 million
- App available on Android and iOS (3.4/5 rating)
- 95% cold storage policy
- Cold storage wallets and 2FA.
- $50 signup bonus using our link
CoinSmart Cons
- Credit & debit card deposits cost up to 6%
- Limited coin offering
- No Android mobile app at present
The Functions Of Coinsmart
You can register here and enter the necessary registration information (name, email address, phone number, date of birth, and address; there is also a $50 bonus when you deposit $200).
With the platform’s “instant verification” feature through Equifax, you can typically start trading right away.
You can upload some supporting documentation to have it done manually if they are unable to instantly confirm your identity:
- Copy of your government-issued ID (front and back)
- A selfie with you holding the same ID and a piece of paper with the word “CoinSmart” and dated
- an image of your most recent utility bill showing your name and address
The Ontario Securities Commission’s KYC requirements must be met in order to submit this documentation.
You can deposit money into your new account using Interac e-Transfer, electronic fund transfers, bank wire, cryptocurrencies, and bank drafts. Credit cards are another method of purchasing cryptocurrency.
Coinsmart Registration
To register, go to the CoinSmart webpage and click “Create an Account.”
Give the necessary information. Included are first and last names, emails, passwords, any promotional codes, and the country. After confirming that you are not a robot, accepting the terms of service and privacy policy, agreeing to receive email correspondence from CoinSmart, and agreeing to them, click “Sign Up.” ” Users must be 18 years of age or older to open a CoinSmart account.
You must validate your email address after creating an account. Click “Activate Your Account” in your email by going there.
You will be asked to log in to your CoinSmart account after you have activated your account.
Get instantly verified with CoinSmart after logging in. Choose how you want to receive your verification code after entering your phone number.
After entering the verification code, select “Next.”
For the verification process to be completed, you will now need to provide more information.
The next step is to confirm your government-issued ID after you have clicked “Submit.”
You must get your identification ready and confirm its validity before starting. Furthermore, you must agree to CoinSmart’s terms and conditions and their processing of your personal data.
Click “Next” after choosing your document’s type and country of issuance.
Upload the front of your document as prompted and then click “Next”
Then, as instructed, you must take a selfie.
You are prepared to begin trading once the verification procedure is complete.
Coinsmart Fees
Working with CoinSmart has its advantages, one of which is the variety of payment methods available. Interac e-Transfer, bank wire, credit and debit cards are all options. CoinSmart offers same-day transactions and has reasonable fees.
The fee for all transfers between $100 and $1,999 when funding through Interac is 1.5%, and the minimum transfer amount is $100. CoinSmart does not charge a fee for transfers over $2,000 in value. The maximum amount for this kind of deal is $10,000.
Transfers done by bank wire between $10,000 and $50,000 are free of charge. Using credit or debit cards, you can transfer money between the $100 and $5,000 range. Your benefit from rapid processing is that the cost is higher at 6%.
You can use an electronic funds transfer to withdraw money for amounts ranging from $50 to $15,000. By bank wire, amounts ranging from $10,000 to $5,000,000,000 can be obtained. Fees in both cases are 1% with a minimum of $15, and processing durations in both cases range from 1 to 5 days. We also took a deeper look at CoinSmart’s fees for purchasing and selling cryptocurrencies.
The commission rates for CoinSmart are fairly clear-cut. For a single trade, the rates are 0.2%, and for a double trade, they are 0.3%. Therefore, the trading fee for $500 worth of BTC will be $1. There is a 0.3% commission fee if you use CoinSmart to exchange Dogecoin for Stellar Lumens, for instance.
How To Withdraw From Coinsmart
To withdraw fiat (cash) from CoinSmart, follow these steps:
- Log in to the app and click Wallet
- Click on the Fiat menu at the top
- Click Withdraw
- Choose a Withdrawal method – keep in mind fees will change depending on the method
- Fill in some basic information like amount, bank name, and account number
- Upload a document to confirm your account info
- Click Confirm Withdrawal Amount
To withdraw crypto from CoinSmart, follow these steps:
- Log in to the app and click Wallet
- Click Portfolio and select the crypto you want to withdraw
- Click Transfer then Withdrawal
- Enter a Wallet Address and type an amount of crypto
- Click Continue and confirm the code sent to your email
- Click the link on your email to confirm the transfer
Is Coinsmart Safe?
Since CoinSmart recently became public, any prospective customers may now see all of their financial information. Additionally, depending on the jurisdiction, CoinSmart is governed by several regulatory organizations and has an effective Know Your Client and Anti Money Laundering Compliance policy. All customer money at BitGo, a market leader in digital assets, are stored in cold storage.
Simply Digital Technologies Inc., the company that manages the CoinSmart exchange, is recognized as a money service business by the Financial Transactions and Reports Analysis Centre of Canada and is subject to its jurisdiction.
The Google Authenticator app must be used to set up a two-factor authentication system, and in order to begin trading, customers must enter a 6-digit code each time they log into their account.
Conclusion
Coinsmart is an excellent option for Canadians seeking for a clear cryptocurrency exchange that’s easy to comprehend and utilize. Because it was designed for both beginners and specialists, the exchange is a very inclusive platform for users with all degrees of cryptocurrency experience.
The most well-known digital assets are accessible to consumers through Coinsmart, despite the fact that it doesn’t offer as many cryptocurrencies as some of its competitors. We also find the commitment to protecting user monies to be admirable. Verify whether there is cold storage and whether it is safe and secure. Two-factor authentication, that’s right. Customers rely on Coinsmart for the best security in the business.