Coinsquare is a Canadian crypto exchange that allows you to trade Bitcoin, Ethereum, and a handful of other cryptocurrencies. Compared to other exchanges, though, Coinsquare has high withdrawal fees (around 2%) and poor customer support, which is why I don't recommend it for any Canadian crypto investors.
For a better overall trading experience with significantly lower fees, I recommend opening an account with Kraken, my #1-ranked Canadian crypto exchange. Kraken has 250,000+ satisfied users, charges very low trading fees, and is offering a $10 signup bonus (no referral code required) from now until September 28, 2023.
How To Use Your Coinsquare Referral Code
Coinsquare has a referral program for new users. When you sign up with Coinsquare using the referral code YOREOYSTER, you'll receive a $20 bonus deposited into your account. The only requirement is to use the code and fund your account with at least $100, and you'll receive the bonus immediately.
To use the promo code:
- Visit Coinsquare’s website. Scroll down to the Setup Your Account section.Â
- Choose a username, link your email address, and pick a password (important: in this step, you have to use the referral code F4sE2. If you don’t use it in this step, you will not be able to use it after creating your account, and you will miss out on the referral bonus).
- Confirm your phone number and verify your identity with a government-issued ID (passport, driver’s license).
- Fund your account with $100 or more.
Keep in mind that to receive the bonus, you have to fund it with at least $100, and after you fund it you will receive your referral code to start inviting your friends and receiving $20 for each successful referral.
What Is Coinsquare?
Coinsquare is a Canadian digital currency exchange that allows you to trade Bitcoin, Ethereum, and several other cryptocurrencies. Coinsquare has been around since 2014, so they’ve had plenty of experience developing their platform to ensure it’s user-friendly and safe for traders.
What Coins Does Coinsquare Offer?
| Bitcoin (BTC) | Litecoin (LTC) |
| Ethereum (ETH) | Ripple (XRP) |
| Bitcoin Cash (BCH) | Dogecoin (DOGE) |
| Bitcoin SV (BSV) | Stellar Lumens (XLM) |
| Ethereum Classic (ETC) | DASH |
Coinsquare Fees
Coinsquare offers two distinct order types: QuickTrade and Bit Markets.
If you’re using the QuickTrade feature, you will pay 0.20% of your entire trade-in BTC and 0.40% on all transactions using other cryptocurrencies in fees.
On the other hand, Bit Market fees are lower (A Maker fee is only 0.1%, while a Taker fee is capped at 0.2%). Deposits cost nothing, but withdrawing funds from Coinsquare incurs an additional transaction fee of 2%.
These fees are very low (except for the withdrawal fee) and puts Coinsquare in the same league as VirgoCX, CoinSmart and Bitbuy.
Fees for specific cryptocurrencies vary; you can head to our full Coinsquare review for the complete list.
How To Sign Up With Coinsquare
#1 Visit Coinsquare‘s website. Scroll down to the Setup Your Account section.
#2 Choose a username and link an email address. (important: this is where you use the referral code YOREOYSTER. If you don’t use it in this step, you will not be able to use it after creating your account, and you will miss out on the referral bonus).
#3 Before you start trading you will need to confirm your mobile number. Keep in mind that Coinsquare is only available for resident Canadian citizens.
#4 The last step is to verify your identity with a government ID (passport, driver’s license, ID card) and fund your account. Keep in mind that you have to fund it with at least $100 to receive the $20 bonus.
Coinsquare’s Referral Program
After creating and funding your account, you will find your referral link in the Referral section or by reaching out to Coinsquare support. Once you have your referral code, you can:
- Share your code via text, email, or through social media.
- Once a referee signs up and funds their account with at least $100, you both will receive an additional $20.
- There’s no limit to how many people you can invite.
Is Coinsquare Safe?
Well, for starters, it’s worth reminding you that cryptocurrency trading is risky regardless of the platform you use to do so. However, I’ve mentioned earlier in this article that, like other exchanges we've reviewed, including Newton, Shakepay, VirgoCX, Bitbuy, CoinSmart and even Wealthsimpre Crypto, Coinsquare has yet to be hacked, so you can be sure that the platform is pretty safe.
Is Coinsquare Legal In Canada?
Yes. Coinsquare is fully regulated by the Ontario Securities Commission and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
This means that Coinsquare has met all Canadian regulatory requirements for cryptocurrency trading platforms, so you can be sure it’s a legitimate platform to use when trading cryptocurrencies.
That being said, Coinsquare is not a member of the Canadian Investor Protection Fund (CIPF), which means that you should be prepared to lose all your investments if the company becomes insolvent.
Introducing Kraken: Our #1-Rated Crypto Exchange In Canada
#2 In Canada
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Total Fees: ~3.2% |
★★★★★ Rated 4.7/5 |
VirgoCX doesn't charge any trading fees, deposit fees or withdrawal fees—yet its extremely high spreads make it one of the more expensive crypto exchanges in Canada. Those spreads are generally around 3.2%, which means you pay 20x the fees as you would trading with Kraken, which is absurd.
Aside from the high fees, though, VirgoCX is a great exchange. Its trading platform and mobile app are intuitive and easy to use (even for beginners), it supports 50+ cryptocurrencies, and it offers 24/7 customer support via live chat and email, plus an extensive FAQ section on its site.
VirgoCX covers the first $6 in mining fees on crypto withdrawals, which means you generally won't pay anything to withdraw crypto. For security, VirgoCX maintains a 95% cold storage policy and requires 2-factor authentication on all accounts.
As a new VirgoCX user, you'll receive a $20 bonus upon funding your account with $100 or more.
If working with an easy to use platform is important to you, VirgoCX is a solid choice.
Features
- Supports 50+ cryptocurrencies
- Free fiat deposits and withdrawals
- Free deposits and withdrawals on most cryptocurrencies
- 24/7 support available via live chat and email
- User-friendly for both beginners and more advanced traders
- 95% cold storage policy
- Regulated by FINTRAC
Cost
- Trading Fees: 0%
- Spreads: 2% – 3.5%
- Fiat Deposit Fee: 0%
- Fiat Withdrawal Fee: 0%
Signup Bonus
$20 when you fund your account with $100 or more using this link.
Best For
Crypto investors who can't sign up with Kraken.
In Summary
Coinsquare is a Canadian crypto exchange that allows you to trade Bitcoin, Ethereum, and a handful of other cryptocurrencies. Compared to other exchanges, though, Coinsquare has high withdrawal fees (around 2%) and poor customer support, which is why I don't recommend it for any Canadian crypto investors.
For a better overall trading experience with significantly lower fees, I recommend opening an account with Kraken, my #1-ranked Canadian crypto exchange. Kraken has 250,000+ satisfied users, charges very low trading fees, and is offering a $10 signup bonus (no referral code required) from now until September 28, 2023.
