CoinSmart Review (Jul 2022): Canada’s #1 Crypto Exchange

June 7, 2022
Reviews
CoinSmart

CoinSmart is the best cryptocurrency trading platform in Canada in 2022. 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’s an easy way for Canadians to buy and sell digital currencies like Bitcoin, Ethereum and more, making it the ideal exchange for Canadians who want to invest in the booming cryptocurrency markets.

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.

$50 Signup Bonus

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

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★★★★★

Rated 4.8/5

CoinSmart Pros & Cons

CoinSmart Pros

  • Some of the lowest trading fees in Canada (0.2%)
  • Very narrow spreads on trades (around 0.3%)
  • Customer support available 24/7 via phone, live chat and email
  • 95%+ of crypto assets are held in cold storage and insured up to $100 million
  • Robust advanced trading platform for serious traders
  • Instant account verification for most users
  • Easy to use web platform and CoinSmart app
  • Very quick deposits and withdrawals
  • Easy to trade between two altcoins with low fees (just 0.3%)
  • Supports 16 cryptocurrencies
  • Accepts credit & debit card deposits
  • Registered Money Services Business with FINTRAC
  • Official member of the anti-money laundering group TRUST
  • Publicly-traded platform that’s subject to intense financial scrutiny
  • Available for residents of dozens of countries, including Canada
  • $50 signup bonus using our link

CoinSmart Cons

  • INTERAC e-transfer deposits cost 1.5% if depositing less than $2,000
  • Crypto withdrawals cost around $0.50 – $10 in mining fees
  • Credit & debit card deposits cost up to 6%
  • Only accepts Canadian dollars as fiat (no USD, EUR, etc.)

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 (buying and selling $25,000 worth twice), you’ll save $800 in trading fees with CoinSmart compared to an exchange charging 1% ($200 vs. $1,000).

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 carry a fairly negligible fee, as shown in the table further down in this post. The only thing I suggest avoiding with CoinSmart is depositing money using your debit or credit card. Debit and credit deposits cost up to 6%, which is definitely high, but not out of line with the rest of the market. Instead, deposit your money using an INTERAC e-transfer or bank transfer so you can avoid those fees.

2. Excellent Mobile App

The CoinSmart mobile app has several features that users love, including SmartTrade, which makes trading extremely simple and carries trading fees of just 0.2%. The app also has security features like fingerprint login and 2-factor authentication to keep your assets safe at all times.

3. Bank-Level Security

CoinSmart maintains a 95% cold storage policy, which means at least 95% of its users’ crypto is held offline. This makes a big difference in protecting users’ crypto assets from hackers and bad actors, and it means trading with CoinSmart is almost completely risk-free.

CoinSmart is regulated by FINTRAC and the Ontario Securities Commission (OSC), and it follows all Canadian regulations to a tee. It’s also an official member of the anti-money laundering group TRUST, whose other members include Coinbase, Kraken, Gemini, Robinhood, and others.

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. Excellent Customer Support

CoinSmart offers 24/7 customer support via phone, live chat and email, and their customer service reps are actually helpful (rather than just following a script). I’ve never had to wait more than about 60 seconds on hold, and they’re very responsive via live chat and email, too. 

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

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
  • Support icon inside the app

CoinSmart also handles support queries through social media (Facebook, LinkedIn, Twitter, YouTube, Instagram, and Discord), though for the fastest response, I suggest reaching out to them via live chat inside the app.

5. 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 coins, and continues to add new coins every month. Here are the coins you can buy and sell using CoinSmart today:

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

CoinSmart Fees

CoinSmart’s trading fees are very competitive when compared with other Canadian crypto exchanges. Trading with CoinSmart costs just 0.2% for single trades and 0.3% for double trades:

  • A single trade occurs when you trade between fiat currencies (or Bitcoin) and another cryptocurrency (e.g. trading Canadian dollars for Dogecoin)
  • A double trade occurs when you trade between two cryptocurrencies that are not Bitcoin (e.g. trading Solana for Dogecoin).

Here’s some more information about CoinSmart’s fee structure:

CoinSmart Deposit & Withdrawal Fees

Fiat transaction typeFeeProcessing Time
INTERAC e-Transfer Deposit0% on $2000+
1.5% on $100 – $1999
Same day
Wire Transfer / Bank Draft Deposit 0%Same day
Credit/Debit Card DepositUp to 6%Instant
INTERAC e-Transfer Withdrawal1%
($15 minimum)
1-5 business days
Bank Wire Withdrawal1%
($15 minimum)
1-5 business days

In my experience, INTERAC e-transfers are processed very quickly by CoinSmart and appear in your account in a matter of minutes. I haven’t made any bank wire deposits or withdrawals with CoinSmart yet.

Cryptocurrency deposits are free with CoinSmart, though crypto withdrawals are subject to the following fees, generally ranging from $0.50 to $10 per crypto withdrawal.

CryptocurrencyWithdrawal Fee
Bitcoin (BTC)0.00025 BTC
Ethereum (ETH)0.005 ETH
Litecoin (LTC)0.02 LTC
Bitcoin Cash (BCH)0.001 BCH
Ripple (XRP)0.02 XRP
Stellar Lumens (XLM)0.02 XLM
EOS (EOS)0.02 EOS
AAVE (AAVE)0.03 AAVE
Chainlink (LINK)0.3 LINK
Dogecoin (DOGE)3 DOGE
Polkadot (DOT)0.1 DOT
Cardano (ADA)1 ADA
Uniswap (UNI)0.75 UNI
SushiSwap (SUSHI)2 SUSHI
Polygon (MATIC)10 MATIC
Solana (SOL)0.005 SOL

Crypto withdrawals are processed immediately and show up in your wallet within about 5 minutes.

How To Withdraw Money From CoinSmart

To withdraw funds from your CoinSmart account, follow these simple steps:

  1. From your account homepage, tap on the currency you’d like to withdraw, then tap the red “Withdraw” button at the bottom, and then “Enter Withdraw Information.”
  2. Enter your wallet address (or scan your QR code), enter the withdrawal amount, and tap “Submit.”
  3. Click the confirmation link in the email from CoinSmart. Once you’ve done so, the transaction will take a few minutes to confirm on the blockchain before being transferred to your external wallet.

Fiat withdrawals cost 1% with CoinSmart, while crypto withdrawals are subject to the withdrawal fees in the table above.

In Summary

CoinSmart is the best cryptocurrency trading platform in Canada in 2022. 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.

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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The Best Crypto Exchanges In Canada

Best Overall

Trading fees: 0.1%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.9/5

$50 Signup Bonus

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

Trusted by 200,000+ Canadians.

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5