Coinsquare Wealth Review (Oct 2022): Why We Love It

September 13, 2022
Reviews

Coinsquare Wealth is a cryptocurrency OTC (over-the-counter) trading desk offered by Coinsquare, a well-known Canadian crypto exchange. It has many positive features that make it an ideal platform for crypto traders looking to make large crypto trades: for instance, it has enhanced liquidity from Coinsquare's internal markets, has partnerships with top crypto partners across the globe, has priority service from a dedicated Wealth Director that will help you set up and maintain your account, and allows direct crypto-to-crypto trades between 40 crypto assets.

Considering that you'll also have access to market insights and same-day settlements in the fiat currency of your choice, Coinsquare Wealth offers a level of customer service that no other regular crypto exchange can match. I fully recommend creating an account and trying this crypto OTC trading desk today.

What Is Coinsquare Wealth?

Coinsquare Wealth is a cryptocurrency OTC (over-the-counter) trading desk offered by Coinsquare, a Canadian crypto exchange originally founded in 2014. Coinsquare has had plenty of experience developing its platform to ensure it’s user-friendly and safe for traders, and Coinsquare’s team consists of seasoned sales and trading people with deep capital markets experience and market knowledge.

Coinsquare Wealth will be useful for crypto traders looking to make large crypto trades of $50,000 or more per year (when I say more, I mean it: the largest block trade that this platform has had was CAD 40,306,555 worth of crypto).

It has plenty of features that will help large crypto traders, such as enhanced liquidity from Coinsquare's internal markets and personalized service from a dedicated Wealth Director for every individual Coinsquare Wealth user. Additionally, this platform will allow you to make direct crypto-to-crypto trades between 40 crypto assets.

Pros & Cons Of Coinsquare Wealth

Pros

  • Has enhanced liquidity pools ideal for large crypto trades.
  • Offers personalized service from a dedicated Wealth Director.
  • Allows crypto-to-crypto trades between 40 assets.
  • Has banking relationships with American and Canadian banks to allow for same-day settlements.
  • Wealth Directors offer market insights so that you can conduct well-informed trading decisions.
  • Supports 860 trading pair options.

Cons

  • The platform can only be used if you meet one of two criteria (you either have to be looking to trade $50,000 or more per year or have assets greater than or equal to $500,000).
  • The platform doesn't have its pricing information readily available, and you'll need to consult it directly to get it.

Features Of Coinsquare Wealth

#1 Coin-To-Coin OTC

When using Coinsquare Wealth, not only can you use CAD and USD to buy large amounts of crypto, but you can also directly trade one crypto for another without the need of converting your tokens first.

This is pretty convenient, as it reduces the number of trades that you have to make, therefore reducing the number of fees you have to pay. It's also a welcome feature that not all OTC desks have.

#2 Enhanced Liquidity Pools

If you usually conduct large crypto trades, then you probably know what slippage (the difference between a trade's expected and actual price) is. It will be the bane of your existence, and it's also a very common occurrence if you're using a retail exchange. Because the crypto market moves so quickly and there are so many more crypto traders in a retail exchange, your losses will be quickly mounting up, making your investment returns smaller and smaller as you progressively buy more and more crypto.

Coinsquare Wealth has got you covered in this regard: not only do they have a smaller userbase that provides a stable crypto market, but the platform also has much deeper liquidity pools that prevent slippage from happening at all. This means that you don't have to worry about losing any money when conducting large trades.

Additionally, Coinsquare Wealth has a smart order routing capability that aggregates liquidity on its own. This will benefit you by finding crypto at the best price while simultaneously reducing market impact for large trades.

#3 Same-day Settlement

Sending and receiving large sums of crypto on regular retail exchanges is usually a hassle. If you were to send a wire transfer of $100,000 to a retail exchange, it would first be processed in chronological order, meaning that you wouldn't have a clue as to how many transactions the exchange has to go through before it gets to processing yours. You'd also have to wait for 1 to 3 business days before the funds appear in your account, and you wouldn't even know if there are additional verifications you have to go through before you can use these funds.

Additionally, there's the issue of customer support response times: if you had a question about your wire, retail exchange customer support could take a day or even more to give you an answer. Considering just how big your transaction is, this would be nerve-wracking, to say the least.

None of these things happen when using Coinsquare Wealth, though. Not only can it process incoming transfers much faster due to having a smaller group of clients, but it also has partnerships with U.S. and Canadian banks in order to allow for same-day settlements, eliminating any waiting time that could exist. And even if you have questions about your wire, your dedicated Wealth Director will be there to answer immediately.

#4 Dedicated Wealth Investor

Because Coinsquare Wealth works with a smaller user base, it can take its time to provide the best possible service to its users. And what better way to do so than to provide them with a dedicated Wealth Investor that will be there to guide them through every step of the way? These professionals will also provide market insights so that you can make better crypto investments both in the short and long term, and you'll be able to reach them via phone and email whenever you need them.

This is a breath of fresh air compared to customer support at retail exchanges, which can take days to answer your questions or not answer them at all because they expect you to go through the exchange's entire FAQ section.

#5 Strong Security

Coinsquare and Coinsquare Wealth are very hard to match in terms of security and regulation. For starters, Coinsquare is actively engaged with Canadian regulatory bodies in order to ensure compliance with Canadian crypto laws, which increases its legitimacy as a platform. Additionally, the platform goes through regular security audits in order to test and improve its security measures, and it even got a SOC 1 certification as a result of these security audits.

As if that weren't enough, the platform's independent regulated custodian partners (Tetra Trust and Coinbase Custody) offer a combined $470,000,000 in insurance for customer assets, meaning that you can fully rest easy using this platform every step of the way.

#6 Excellent Mobile App

Coinsquare also has its own mobile app, which is available for Android and iOS devices. The app will let you do everything that you can do on the desktop platform (including accessing Coinsquare Wealth and making large crypto OTC trades), making it a pretty versatile crypto app.

As for the app's ratings and overall customer satisfaction, it has over 50,000 downloads on the Google Play Store and 4.6 out of 5 stars based on 4,200 reviews on the Apple App Store, indicating that the app has been very well received.

Pricing

Buying and selling crypto with Coinsquare Wealth costs between 0.25% – 1%, depending on the size of the transaction (larger transactions pay lower fees).

This may sound high when compared to retail exchanges like Bitbuy that charge less than 0.5%, but when you consider that Coinsquare Wealth has far superior slippage protection than a retail exchange—and that that coverage grows in value the larger your transactions are—the two really can't be compared.

When compared to other Canadian OTC brokers, Coinsquare Wealth's pricing is competitive. For example, Satstreet charges a flat 1% fee on all transactions, making Coinsquare Wealth a more affordable alternative.

In Summary

Coinsquare Wealth is a cryptocurrency OTC (over-the-counter) trading desk offered by Coinsquare, a well-known Canadian crypto exchange. It has many positive features that make it an ideal platform for crypto traders looking to make large crypto trades: for instance, it has enhanced liquidity from Coinsquare's internal markets, has partnerships with top crypto partners across the globe, has priority service from a dedicated Wealth Director that will help you set up and maintain your account, and allows direct crypto-to-crypto trades between 40 crypto assets.

Considering that you'll also have access to market insights and same-day settlements in the fiat currency of your choice, Coinsquare Wealth offers a level of customer service that no other regular crypto exchange can match. I fully recommend creating an account and trying this crypto OTC trading desk today.

Coinsquare Wealth FAQs

How Much Does Coinsquare Wealth Cost?

Coinsquare Wealth costs between 0.25% – 1% in fees whenever you buy and sell using the platform, depending on the size of the transaction.

Is Coinsquare Wealth Worth It?

Yes, Coinsquare Wealth is worth it because it will allow you to completely forget about slippage when making large crypto trades. Additionally, it allows you to trade crypto with USD and CAD.

Is Coinsquare Wealth Safe?

Yes, Coinsquare Wealth is safe because it goes through regular security audits in order to test and improve its security measures. Even if these measures were to fail and your funds got hacked, though, Coinsquare also offers up to $470 million in insurance for customer funds thanks to their independent regulated custodian partners (Tetra Trust and Coinbase Custody). 

Is Coinsquare Wealth Legit? 

Yes, Coinsquare Wealth is legit because is actively engaged with Canadian regulatory bodies in order to ensure compliance with Canadian crypto laws. 

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