Logging Into CoinSmart? Read This First

August 18, 2022
Blog
CoinSmart

Before you log in to CoinSmart, here’s something to think about: CoinSmart is my #2-rated crypto exchange in Canada, but not my #1. It’s significantly more expensive than trading with my #1-rated exchange, and its clunky user interface makes simple tasks like depositing and withdrawing funds more difficult than they need to be. 

That’s why I recommend you try Bitbuy, the crypto platform that received the highest scores across my exhaustive testing of 10+ crypto exchanges in Canada. Bitbuy has the lowest fees of any crypto exchange in Canada, and with its current $50 signup bonus, there’s never been a better time to join.

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How To Log In To CoinSmart

Here's a simple step-by-step to sign in to your CoinSmart account from a desktop computer or mobile browser:

  1. Go to CoinSmart.com and click Login in the top menu.
  2. Enter your email address and password.
  3. Confirm your login by entering the 2-factor authentication code provided by the Google Authenticator app on your phone.

Note: If you haven't already signed up for a CoinSmart account, you can get a $50 bonus by using my special referral link here. Offer ends soon.

Signing into CoinSmart usually just takes a second or two, though if you're logging in from outside of Canada, it's possible that you'll also be asked to verify your account via email. If you live outside of Canada and run into this issue consistently, you can use a VPN to change to a Canadian IP address and avoid the additional email confirmation.

How To Log In To The CoinSmart App

  1. Download the CoinSmart app from Google Play Store or the App Store.
  2. Open the app and enter your email address and password.
  3. Confirm your login by entering the 2-factor authentication code provided by the Google Authenticator app.

Why I Recommend Using Both Bitbuy & CoinSmart

#1 Significantly Lower Fees

Here’s something you may not have considered: by using two or more crypto exchanges together, you can capitalize on the strengths of each while ignoring their weaknesses. One area where this becomes particularly prevalent is with fees. 

For example, if you only have a CoinSmart account, you have to pay a 1% fee on cash withdrawals, with a minimum fee of $15. If you move that money into your Bitbuy account first, though, you can withdraw it for free. 

The table below shows how much you’d pay in fees by using only CoinSmart vs. using both Bitbuy and CoinSmart. In this example, I’ll assume you have $10,000 of Bitcoin that you want to convert into cash and withdraw into your Canadian bank account.

Only CoinSmartBitbuy & CoinSmart
$10,000 Transfer From CoinSmart To Bitbuy (in Bitcoin)N/A0.00025 BTC (fixed fee)
~$5
$10,000 Cash Withdrawal1% (fixed fee)
$100
Free
Total Fees$100~$5

As you can see, working with both Bitbuy and CoinSmart saves you 95% of the fees on this transaction. And it works the other way, too; on some transactions, having both accounts is much more advantageous than having just a Bitbuy account. 

#2 Tax Advantages

In Canada, any crypto transactions greater than $10,000 need to be reported to the Canada Revenue Agency by the crypto platforms directly. This subjects the investor (you) to additional scrutiny during tax season, and requires quite a bit of additional tax paperwork that you may not want to deal with.

If you use multiple exchanges, though, you can stay below the $10,000 limit and make more transactions without falling under the watchful eye of the CRA. Of course, you’ll need to file your taxes appropriately regardless of the number of exchanges you use, but submitting your tax obligations to the CRA on your own will generally save you quite a bit of headache down the road.

#3 Greater Security & Stability

Bitbuy and CoinSmart both take security extremely seriously: they’re Money Services Businesses registered with FINTRAC, store the vast majority of their users’ crypto offline in cold storage, and work with third-party security firms to undergo rigorous security audits. But the reality is that no exchange is 100% safe, and millions of crypto investors have lost billions of dollars to security flaws in the past.

That’s why it’s a good idea to avoid putting all your eggs in a single basket; the odds of two exchanges getting hacked are exponentially smaller than the odds of one. I keep my investments spread across both exchanges to minimize my risk, and I strongly recommend you do the same.

If you don’t already have accounts with both CoinSmart and Bitbuy, click the buttons below to get a $50 signup bonus for each, exclusive to Yore Oyster readers. 

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Offer ends October 4, 2022.

CoinSmart Login FAQs

How do I set up Google Authenticator for my CoinSmart account?

To set up Google Authenticator for your CoinSmart account, follow these steps:

  1. Download the Google Authenticator app from the Google Play Store or the App Store.
  2. Inside the app, click the + sign in the bottom-right.
  3. Scan the QR code CoinSmart gives you for your account.
  4. Enter the code that the app gives you to sign in to your CoinSmart account.

Moving ahead, you’ll need to enter a 2FA code from Google Authenticator every time you log in to CoinSmart or make a withdrawal.

How do I remove 2-factor authentication from my CoinSmart account?

As of late 2021, every CoinSmart user must have 2FA (two-factor authentication) set up on their account. 2FA goes a long way in reducing fraud and hacking, and it’s an effective, relatively easy way to keep your funds safe from bad actors.

I have my 2FA (two-factor authentication) tied to my Google Authenticator app, which gives me a new 6-digit code every 30 seconds. All I need to do to confirm 2FA is open up the Google Authenticator app and type the CoinSmart number into my web browser or the CoinSmart app.

Why doesn’t my Google Authenticator code work when logging in to CoinSmart?

The most common reason Google Authenticator codes don’t work is due to having the time set manually on your phone. If your phone’s clock is even 30 seconds different from the real Internet time, your Google Authenticator codes won’t work.

To reset the time in your Google Authenticator app, go to the app’s main menu, tap Settings, then Time correction for codes, and then Sync now. This change only affects the internal time on your Google Authenticator app, and doesn’t affect any other date or time settings on your phone.

Want to earn $50 in the next 6 minutes?

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CLAIM MY $50 BONUS
Offer ends October 4, 2022.