Coinsquare is a Canadian crypto exchange that allows you to trade Bitcoin, Ethereum, 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 Kraken, my #1-ranked Canadian crypto exchange. Kraken has 250,000+ satisfied users, charges very low trading fees, and is offering a $10 signup bonus (no referral code required) from now until December 5, 2023.
What Is Coinsquare?
Coinsquare is a crypto exchange platform that has been around since 2014. It has had plenty of time and experience developing the 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.
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 on 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 also receive $10 in BTC when they fund their account with at least $100.
This referral program is great if your referral uses the platform and continues to make trades over time since you'll keep earning the more they trade. However, if your referral only funds their account with the minimum $100 to get their $10 bonus, you'll only earn a couple of dollars at most. In this sense, other referral bonuses like those of CoinSmart, VirgoCX and Bitbuy will give you a much better short-term bonus that's almost guaranteed.
3. Coinsquare Customer Support
Coinsquare used to pride itself on its customer support – but not anymore. 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. I had a similar experience with Wealthsimple Crypto, but this is by far worse.
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:
| Cryptocurrency | Fee |
| 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 |
Despite the withdrawal fees, Coinsquare is actually a lot cheaper than other options like Shakepay and Newton, but not as cheap as VirgoCX.
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 Kraken instead.
Introducing Kraken: Our #1-Rated Crypto Exchange In Canada
Solid Option
|
Total Fees: ~3.2% |
★★★★ Rated 4.0/5 |
VirgoCX doesn't charge any trading fees, deposit fees or withdrawal fees—yet its extremely high spreads make it one of the more expensive crypto exchanges in Canada. Those spreads are generally around 3.2%, which means you pay 20x the fees as you would trading with Kraken, which is absurd.
Aside from the high fees, though, VirgoCX is a great exchange. Its trading platform and mobile app are intuitive and easy to use (even for beginners), it supports 50+ cryptocurrencies, and it offers 24/7 customer support via live chat and email, plus an extensive FAQ section on its site.
VirgoCX covers the first $6 in mining fees on crypto withdrawals, which means you generally won't pay anything to withdraw crypto. For security, VirgoCX maintains a 95% cold storage policy and requires 2-factor authentication on all accounts.
As a new VirgoCX user, you'll receive a $20 bonus upon funding your account with $100 or more.
If working with an easy to use platform is important to you, VirgoCX is a solid choice.
Features
- Supports 50+ cryptocurrencies
- Free fiat deposits and withdrawals
- Free deposits and withdrawals on most cryptocurrencies
- 24/7 support available via live chat and email
- User-friendly for both beginners and more advanced traders
- 95% cold storage policy
- Regulated by FINTRAC
Cost
- Trading Fees: 0%
- Spreads: 2% – 3.5%
- Fiat Deposit Fee: 0%
- Fiat Withdrawal Fee: 0%
Signup Bonus
$20 when you deposit $100
Best For
Crypto investors who choose not to sign up with Kraken.
In Summary
Coinsquare is a Canadian crypto exchange that allows you to trade Bitcoin, Ethereum, 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 Kraken, my #1-ranked Canadian crypto exchange. Kraken has 250,000+ satisfied users, charges very low trading fees, and is offering a $10 signup bonus (no referral code required) from now until December 5, 2023.
Coinsquare FAQs
How Can I Withdraw Funds From Coinsquare?
To do fiat withdrawals within Coinsquare, you only need to follow these steps:
- Sign in to your Coinsquare account.
- Click ‘Withdraw' in the top menu bar.
- Ensure ‘CAD‘ is your selected currency in the left side menu.
- Enter the amount you wish to withdraw. (The minimum amount for CAD withdrawals is $20).
- 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'.)
- 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).
- 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:
- Click ‘Withdraw' in the top menu bar.
- Select the currency you want to withdraw in the left side menu.
- 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).
- In the “Send To” field, enter the wallet address of the recipient (you can copy and paste this info to avoid any typos).
- Double-check to ensure that you have entered the information correctly, then click ‘Request Withdrawal'.
- 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.
