Coinsquare Review (Jan 2023) + $50 Bonus

December 1, 2022
Reviews
Coinsquare

Coinsquare is a Canadian crypto exchange that allows you to trade BitcoinEthereum, and a handful of other cryptocurrencies. Compared to other exchanges, though, Coinsquare has high withdrawal fees (around 2%) and awful 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 VirgoCX, my #1-ranked Canadian crypto exchange. VirgoCX has 250,000+ satisfied users, charges very low trading fees, and is offering a $20 signup bonus from now until January 30, 2023.

What Is Coinsquare?

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. Coinsquare's team consists of talented individuals from all over the world who are passionate about cryptocurrencies, and they pride themselves on their commitment to security and transparency.

Coinsquare Features

1. Coinsquare Mobile App

For crypto traders who cannot be on their computers all the time, Coinsquare's mobile app will undoubtedly be a very useful tool to use.

coinsquare review

This app was developed for both Android and iOS and shares nearly the same functionality as the online trading platform.

2. Coinsquare's Referral Program

Coinsquare's referral program pays you up to 45% commission of their fees for referring users. You can copy your referral code from your dashboard and share it with anyone interested in creating a Coinsquare account.

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The person you refer will receive $10 in BTC when they fund their account with at least $100.

3. Coinsquare Customer Support

Coinsquare used to pride itself on its customer support – but not any more. I've personally reached out to Coinsquare's customer support team on multiple occasions, and most of the time they don't get back to me at all. This has happened so frequently that I believed for a while that Coinsquare didn't have a customer support team at all.

When Coinsquare does get back to you, it will often take 1 week or more, which is extremely slow. I've followed up multiple times on urgent support requests and simply got no response.

This is a big part of the reason I don't recommend Coinsquare to any Canadian crypto investors: if you can't reach someone when you have a problem, you shouldn't be using that exchange in the first place.

Cryptocurrencies On Coinsquare

Here's a list of the cryptocurrencies that Coinsquare currently supports:

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'll 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 are free, but withdrawing funds from Coinsquare incurs an additional transaction fee of 2%.

As for cryptocurrency fees, deposits are once again free, but withdrawals depend on the currency being withdrawn:

CryptocurrencyFee
Bitcoin (BTC)0.00025 – 0.0005 BTC
Ethereum (ETH)0.001 – 0.005 ETH
Bitcoin Cash (BCH)0.001 BCH
Bitcoin SV (BSV)0.001 BSV
Ethereum Classic (ETC)0.005 ETC
Litecoin (LTC)0.02 LTC
Ripple (XRP)0.5 XRP
Dogecoin (DOGE)2.0 DOGE
Stellar Lumens (XLM)0.5 XLM
Dash (DASH)0.002 DASH

Our Recommendation

Despite Coinsquare's wide array of supported cryptocurrencies, competitive trading fees and overall security measures, there's one big con that doesn't allow me to fully recommend this crypto exchange platform.

Deposits via INTERAC e-transfer and wire transfer are free, but withdrawals cost 2%. This can quickly add up to hundreds or even thousands of dollars on larger withdrawals, and that's a lot of money for a withdrawal fee that most other exchanges don't charge.

One way to counter this would be to use a crypto exchange with free withdrawals: with that in mind, I recommend using VirgoCX instead.

Introducing VirgoCX: Our #1-Rated Crypto Exchange In Canada

#2 In Canada

Trading Fees: 0% up to $200
Security: Best in class
Customer Support: Excellent

Top-notch security + low fees.

★★★★★

Rated 4.5/5

ZenGo is free to use, which means you get the industry's best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less.

ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.

As a new ZenGo user, you won't pay any trading fees on trades up to $200. ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account.

Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, ZenGo offers the best of both worlds.

Features

  • Supports 75+ crypto assets
  • 24/7 customer support
  • Extremely well-rated mobile app (4.7/5 on the App Store) 
  • Face scanning technology for even greater security
  • Up to 8% APY in crypto savings 
  • Cancel or speed up your sent transactions with one tap
  • Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)

Cost

  • Account Opening: Free
  • Trading Fees: 0% on trades up to $200

Best For

Crypto investors looking for the most secure trading experience + low fees.

SECURE MY CRYPTO FOR FREE
Sign up by January 30, 2023.

In Summary

Coinsquare is a Canadian crypto exchange that allows you to trade BitcoinEthereum, and a handful of other cryptocurrencies. Compared to other exchanges, though, Coinsquare has high withdrawal fees (around 2%) and awful 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 VirgoCX, my #1-ranked Canadian crypto exchange. VirgoCX has 250,000+ satisfied users, charges very low trading fees, and is offering a $20 signup bonus from now until January 30, 2023.

Coinsquare FAQs

How Can I Withdraw Funds From Coinsquare?

To do fiat withdrawals within Coinsquare, you only need to follow these steps:

  1. Sign in to your Coinsquare account.
  2. Click ‘Withdraw' in the top menu bar.
  3. Ensure ‘CAD‘ is your selected currency in the left side menu.
  4. Enter the amount you wish to withdraw. (The minimum amount for CAD withdrawals is $20).
  5. Select your withdrawal method. (For amounts between $20 to $10,000, select ‘Direct Bank Deposit'. For amounts between $10,000 to $100,000, select ‘Wire Transfer'.)
  6. Select your bank account, or click ‘Add Bank Account' and enter your bank account details. Fill in all information and attach a void cheque (or direct deposit/pre-authorized debit form).
  7. Enter the amount you wish to withdraw and click ‘Request Withdrawal'.

The steps you need to take in order to withdraw digital currencies is a bit different:

  1. Click ‘Withdraw' in the top menu bar.
  2. Select the currency you want to withdraw in the left side menu.
  3. Enter the amount you wish to send in the ‘Withdrawal Amount' field (ensure it is greater than the minimum but does not exceed your holdings).
  4. In the “Send To” field, enter the wallet address of the recipient (you can copy and paste this info to avoid any typos).
  5. Double-check to ensure that you have entered the information correctly, then click ‘Request Withdrawal'.
  6. Go to your email inbox and click on the confirmation link found in the confirmation email.

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 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 both 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.

Coinsquare Referral Code

The code YOREOYSTER will give you a $20 bonus upon signing up with Coinsquare and funding your account with $100 or more, though we still don't recommend Coinsquare to Canadian crypto investors. Check out our post on Coinsquare referral codes for full details and up-to-date codes that work.

Does Coinsquare Report To The CRA?

Yes. Coinsquare is compelled to disclose tax information to the CRA related to its customers.

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