Despite it advertising the phone number 1-855-390-2646, I believe that CoinSmart doesn't actually offer telephone support at all. Calling the number directs you to their email support option, and I've never been able to reach a real human being there in all the times I've tried.
With that said, Bitbuy offers excellent live chat support that’s nearly as convenient as phone support, and their agents respond extremely quickly (within seconds). Plus, Bitbuy is offering a $50 signup bonus for new users who register between now and October 4, 2022.
CLAIM MY $50 BONUSOffer ends soon.
How To Contact CoinSmart Support
CoinSmart's Phone Number
CoinSmart's customer support telephone number is 1-855-390-2646. This support number is only available for registered CoinSmart users, though, so if you aren't already registered, you can sign up using the link below to get a $50 signup bonus.
CLAIM MY $50 BONUSOffer ends October 4, 2022.
If you are already a CoinSmart user, give the number a call and try to reach one of their support reps. Every time I've called, they've said they're “experiencing higher than normal call volumes” and told me to reach out to them via live chat or email instead (see below).
Interestingly, there's no option to wait on hold when this happens, which suggests to me that CoinSmart doesn't actually have telephone support and only has an auto-message directing users to other support methods instead. I can't prove this, but I've called at very odd hours (e.g. Sunday at 2 a.m.) and received the same message, which suggests to me that they don't do telephone support at all.
The CoinSmart Knowledge Base has a decent amount of answers to common questions, including:
- Where is CoinSmart available?
- How do I delete my CoinSmart account?
- What cryptocurrencies does CoinSmart offer?
- How do I withdraw fiat currency from CoinSmart into my bank account?
Given the size of CoinSmart’s user base (200,000+ users), I would’ve expected to see more FAQs in their Knowledge Base, but it’s a decent start.
CoinSmart Live Chat
CoinSmart advertises its live chat functionality on its site, and even has a big button encouraging users to start a live chat conversation:
The only issue is that the live chat button doesn’t work. Nothing happens when you click it, which means that CoinSmart actually does not have live chat functionality.
This is disappointing, since phone and live chat are the only real-time methods of support crypto exchanges have at their disposal, and without either of them, users always have to wait to get their questions answered by CoinSmart.
CoinSmart Email Support
Email support is the only way to actually reach someone at CoinSmart, and I’ve communicated with them via email a handful of times. Here’s how long it took CoinSmart to respond to me the last 3 times I emailed their customer support team:
- 1 hour, 14 minutes
- 11 minutes
- 16 hours, 52 minutes
As you can see, the response times vary quite a lot, but if you reach out to them at the right time, they can get back to you very quickly.
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 CoinSmart||Bitbuy & CoinSmart|
|$10,000 Transfer From CoinSmart To Bitbuy (in Bitcoin)||N/A||0.00025 BTC (fixed fee)|
|$10,000 Cash Withdrawal||1% (fixed fee)|
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.