Coinsquare Review (May 2022): Why We Don’t Like It

March 1, 2022
Reviews
Coinsquare

Coinsquare is a Canadian crypto exchange that allows you to trade Bitcoin, Ethereum, and several other cryptocurrencies. However, with its very high withdrawal fees of around 2%, I can’t fully recommend using it as your main crypto exchange.

Instead, I recommend you use CoinSmart, both for its security and its ease of use. Considering it also has the lowest trading fees in Canada, I can’t recommend CoinSmart enough.

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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.

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.

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

3. Coinsquare Customer Support

One of the main features that sets Coinsquare apart from other cryptocurrency exchanges is its customer support.

Users can contact a help center, email or use live chat to get their questions answered and problems solved 24/7.

Many people are unaware of how important it is to have quality customer service on a crypto exchange like this — after all, cryptocurrencies transactions happen without any third-party involvement, so there’s no one you can turn to if things go wrong unless you have a solid customer support service.

It also provides users with a secure platform that has yet to be hacked, as opposed to some of the other online cryptocurrency exchanges. This means that your money will always be safe, regardless of the currency you choose to trade in.

Cryptocurrencies On Coinsquare

Here are some 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 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 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: CoinSmart

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 is a lot of money for a withdrawal fee.

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

Introducing CoinSmart: Canada’s #1 Crypto Exchange

I recently broke down 10+ of Canada’s most popular crypto exchanges, and CoinSmart came out far ahead of everyone else. It scored so well because it excels on what I believe are the three most important factors when choosing a crypto exchange: fees, security, and customer support.

Here’s how CoinSmart performs in each of those areas, and why I believe they’re the best crypto exchange in Canada.

#1 Lowest Fees In The Industry

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 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 day trading possible and keeps more money in your pocket.

#2 Bank-Level Security

CoinSmart maintains a 95% cold storage policy, which means at least 95% of its users’ crypto is always held offline. This is a security measure that only the most advanced exchanges employ, and CoinSmart is leading the charge.

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. It’s regulated by FINTRAC (the Financial Transactions and Report Analysis Centre of Canada) and the OSC (Ontario Securities Commission), and its financials are audited by external professionals at least once per year.

#3 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

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In Summary

In short, Coinsquare is a safe and beginner-friendly Canadian cryptocurrency exchange that offers trading in several crypto coins. It’s a great option if you’re just starting out with crypto exchanges, but it’s not the best option out there considering its 2% withdrawal fees.

For this reason, we recommend you give CoinSmart a try instead. It has the lowest trading fees of any exchange in Canada, so if you’re looking for a secure, cost-effective way to buy and sell crypto, we can’t recommend CoinSmart highly enough.

CLAIM MY $50 BONUS
Offer ends May 19.

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

Unfortunately, there are no referral codes available. However, you can use our special link to sign up to Coinsquare at any time.

Does Coinsquare Report To The CRA?

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

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

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