CoinSmart Review + $50 Signup Bonus (Oct 2022)

September 27, 2022
Reviews

CoinSmart is, without a doubt, one of my top-rated crypto platforms in Canada. It supports 16 coins, has excellent customer support, and charges extremely low fees on trades.

As a publicly-traded company, CoinSmart is also subject to highly rigorous financial controls, which ensures it’s an extremely secure company to invest with. As someone who’s personally traded with CoinSmart for more than a year, I can’t recommend them highly enough. Claim your $50 signup bonus by opening a CoinSmart account using my referral link and promo code YOREOYSTER.

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What Is CoinSmart?

Founded in 2018, CoinSmart is one of Canada's fastest-growing and most trusted cryptocurrency platforms. It supports 16 of the biggest cryptocurrencies and is one of the easiest ways for Canadians to trade crypto. CoinSmart is available in 40+ countries and supports 3 fiat currencies (CAD, EUR, and USD).

Once you've opened and verified your CoinSmart account, you can fund your account using INTERAC e-Transfer, wire transfer, bank draft, cryptocurrency, or your credit or debit card. CoinSmart’s SmartGuarantee guarantees that all deposits are credited to your account the same day CoinSmart receives them, all cash withdrawals are processed within 5 business days, and all account verifications are processed same day.

To start off this CoinSmart review, let’s look a bit deeper at CoinSmart's pros, cons and features so you can get a better feel for what they have to offer.

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 bonus ends October 4, 2022.

★★★★★

Rated 4.9/5

CoinSmart Pros & Cons

CoinSmart Pros

  • Supports 16 cryptocurrencies
  • Instant account verification
  • Competitively low trading fees (0.2%)
  • Available in 40+ countries
  • 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
  • Customer support available 24/7
  • $50 signup bonus using our link

CoinSmart Cons

  • Credit & debit card deposits cost up to 6%
  • Limited coin offering
  • 1.5% fee when depositing less than $2,000 in one go

CoinSmart Features

1. CoinSmart's Extremely Low Fees

CoinSmart’s trading fees are just 0.20%, the lowest of any crypto platform in Canada. And those savings add up quickly: if you trade $100,000 worth of Bitcoin in a given year, you can save $800 in trading fees alone, when compared to other exchanges that charge 1% or more in trading fees.

Perhaps more important than trading fees, though, are spreads: the difference between the Buy price and the Sell price. CoinSmart has razor-thin spreads, which makes frequent trading possible and keeps more money in your pocket.

Most CoinSmart deposits are free, fiat withdrawals cost 1%, and crypto withdrawals incur only network fees. However, depositing fiat using credit or debit cards can be expensive – fees can go as high as 6%. If you're just getting started we recommend sticking to other funding methods like INTERAC e-transfers or bank transfers.

Additionally, CoinSmart is one of the few Canadian exchanges that guarantees that all deposit will be available the same day you make them and all (most) accounts are verified instantly.

The CoinSmart mobile app has several features that users love, including SmartTrade, a widget that is available on desktop and mobile that allows for very quick trades – with a couple of clicks you can sell and purchase crypto.

2. Fantastic Mobile App

CoinSmart's mobile app is available on Android and iOS, with an average rating of 3.4/5 on both. The app also has security features like biometric login and Two-Factor Authentication (2FA) to keep your assets safe at all times.

3. Bank-Level Security

CoinSmart uses several mechanisms to make sure all accounts are completely secured: for starters, all accounts are required to use Two-Factor Authentication (2FA) when login-in. CoinSmart also has a 95% cold storage policy in place; all crypto assets are stored offline in geo-diversified locations to prevent any possible hack.

CoinSmart is regulated by FINTRAC and the Ontario Securities Commission (OSC), and it is one of the select few crypto trading platforms in Canada to be granted a Securities Dealer License. It’s also an official member of the anti-money laundering group TRUST, whose other members include Coinbase, Kraken, Gemini, and Robinhood.

CoinSmart is also the only publicly-traded crypto exchange in Canada, which means it’s subject to far more financial scrutiny than any other platform out there. I can’t stress how much confidence this gives me that CoinSmart is a secure place to trade: the amount of financials they have to submit in their annual audit is incredible, and it makes any financial fraud or wrongdoing nearly impossible. With all this in mind, CoinSmart is definitely one of, and possibly the most secure crypto exchange in Canada.

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4. OTC Trading platform

High-volume traders and institutions have the option to participate in Over-the-counter (OTC) trading, an exclusive CS Premium service that comes with preferential pricing and a dedicated account manager, ready to answer all your questions. Some of the benefits of beeing part of CS Premium include VIP access to exclusive CoinSmart Events, same-day settlements on all trades, and an overall lower slippage.

When using the OTC trading desk you can use any of the biggest five currencies (CAD USD, EUR, GBP, and JPY) to place orders, and KYC and AML verifications are expedited for you.

5. Excellent Customer Support

CoinSmart offers customer support via a ticket system on their web page. They also offer 24/7 support for any question, and you can connect with one of their SmartRep staff through email or live chat, and they’re actually helpful rather than just following a script.

The only time I ran into an issue with CoinSmart, I called them and had it sorted out within 5 minutes. Keep in mind that telephone and live chat support is only available for registered users, so if you have a question for CoinSmart, the best way to get it answered is to open an account

Additionally, you can access a very thorough FAQs section and a comprehensive database of articles, blogs, and how-to guides, called the GetSmart Hub. This is ideal for beginners trying to learn more about crypto. All educational resources are completely free to use.

Here are some of the ways you can reach Coinsmart's support team:

  • Email: support@coinsmart.com
  • Phone: (855) 390-2646
  • Support page: Via the “FAQ” page

6. Instant Account Verification

To sign up with CoinSmart, you just need to provide your name, date of birth, address, phone number and email address. Most accounts are verified within minutes, though a small number of users will need to go through the verification process manually by uploading a few documents.

coinsmart review 2021

The documents you'll need to provide in order to verify your account manually are:

  • A photo of a government-issued ID (front and back)
  • A selfie of you holding that ID
  • A copy of a recent bill

Cryptocurrencies On CoinSmart

CoinSmart currently supports 16+ cryptocurrencies, including all of these:

Bitcoin (BTC)Stellar (XLM)Chainlink (LINK)
Ethereum (ETH)Cardano (ADA)Uniswap (UNI)
Polygon (MATIC)USD Coin (USDC)Shiba Inu (SHIB)
Bitcoin Cash (BCH)Dogecoin (DOGE)Solana (SOL)
EOS (EOS)Polkadot (DOT)Avalanche (AVAX)
Litecoin (LTC)

CoinSmart Fees

CoinSmart Trading Fees & Spreads

  • Trading Fees: 0.20%
  • Crypto Pair Trading Fees: 0.30% 

CoinSmart Deposit & Withdrawal Fees

Here are CoinSmart’s deposit fees:

  • Deposit Fees (Interact e-Transfer): Free (1.5% if depositing less than $2,000)
  • Deposit Fees (Bank Wire): Free
  • Deposit Fees (Credit/Debit Cards): 6%
  • Deposit Fees (Crypto): Free

Here are CoinSmart’s withdrawal fees:

  • Withdrawal Fees (EFT): 1%
  • Withdrawal Fees (Bank Wire): 1%
  • Withdrawal Fees (Crypto): Depends on the crypto (0.00025 BTC for Bitcoin)

In my experience, INTERAC e-transfers are processed very quickly by CoinSmart and appear in your account in just a couple of minutes. Crypto withdrawals are processed immediately and show up in your wallet within about 5 minutes.

How To Withdraw From CoinSmart

To withdraw fiat (cash) from CoinSmart, follow these steps:

  1. Log in to the app and click Wallet
  2. Click on the Fiat menu at the top
  3. Click Withdraw
  4. Choose a Withdrawal method – keep in mind fees will change depending on the method
  5. Fill in some basic information like amount, bank name, and account number
  6. Upload a document to confirm your account info
  7. Click Confirm Withdrawal Amount

To withdraw crypto from CoinSmart, follow these steps:

  1. Log in to the app and click Wallet
  2. Click Portfolio and select the crypto you want to withdraw
  3. Click Transfer then Withdrawal
  4. Enter a Wallet Address and type an amount of crypto 
  5. Click Continue and confirm the code sent to your email
  6. Click the link on your email to confirm the transfer

In Summary

CoinSmart is, without a doubt, one of my top-rated crypto platforms in Canada. It supports 16 coins, has excellent customer support, and charges extremely low fees on trades.

As a publicly-traded company, CoinSmart is also subject to highly rigorous financial controls, which ensures it’s an extremely secure company to invest with. As someone who’s personally traded with CoinSmart for more than a year, I can’t recommend them highly enough. Claim your $50 signup bonus by opening a CoinSmart account using my referral link and promo code YOREOYSTER.

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CoinSmart FAQs

Is CoinSmart Safe? Can I Trust CoinSmart?

Yes, you can trust CoinSmart, because investing with CoinSmart is completely safe. They maintain a 95% cold storage policy to keep users' coins offline in a safe environment, are regulated by the OSC, and are a registered Money Services Business with FINTRAC.

On top of that, CoinSmart is a publicly-traded company, which means that they’re subjected to an extremely high level of financial scrutiny due to their legal requirement to have their financials audited by a third-party firm at least once per year. This, in combination with CoinSmart’s other security policies means that they’re one of the safest Canadian crypto exchanges to invest with.

Is Coinsmart Legal In Canada?

Yes, CoinSmart operates fully legally in Canada. It's registered as a Money Services Business with FINTRAC, follows all regulations set by the OSC, and is backed by a registered Canadian bank, Luminus Financial.

Is CoinSmart Legit?

Yes, CoinSmart is legit for several reasons: it maintains a 95% cold storage policy, has its users' crypto holdings insured for $100 million, and is a publicly-traded exchange that has its financials audited at least once per year. If you’re looking for a legitimate, trustworthy crypto exchange that’s trusted by 200,000+ Canadians, get your $50 signup bonus with CoinSmart here.

Is CoinSmart Insured?

Yes, CoinSmart’s crypto holdings are held by BitGo, a well-respected cryptocurrency custodian whose wallets are insured by Lloyd’s of London for $100 million.

Is CoinSmart A Good Exchange?

Yes, CoinSmart is a very good exchange for a number of reasons: it offers low fees, has great customer support, and runs an easy to use, highly secure trading platform.

CoinSmart Referral Code

To claim your $50 signup bonus with CoinSmart, sign up using my referral link and the promo code YOREOYSTER. To learn more about promo codes, here's my full post on CoinSmart referral codes.

Can I Buy Dogecoin With CoinSmart?

Yes, you can buy Dogecoin using CoinSmart. To do so, open your CoinSmart account, scroll down to Dogecoin on the main screen and click Buy.

Can I Buy XRP With CoinSmart?

No, CoinSmart no longer supports Ripple (XRP). Many Canadian exchanges stopped supporting Ripple after the coin ran into regulatory trouble with the Securities and Exchange Commission (SEC) in the United States, and with the OSC in Canada.

How Can I Buy CoinSmart Stock?

If you’re interested in buying CoinSmart stock, you can find them listed on the NEO Exchange.

How Long Does CoinSmart Verification Take?

CoinSmart instantly verifies most accounts that sign up through a referral link, so you won't have to wait at all to start trading. If you don't get verified automatically, though, you should only have to wait 1-2 business days to get your account verified and start investing.

Does CoinSmart Report To The CRA?

Yes—as a Money Services Business registered with FINTRAC, CoinSmart is required to report to the Canada Revenue Agency (CRA). With that said, CoinSmart is only required to report transactions larger than $10,000 to the CRA. Transactions below that amount do not need to be reported to the CRA.

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