Coinsquare Review: A Popular Canadian Crypto Exchange

August 28, 2021
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Coinsquare is a popular cryptocurrency exchange from Canada that offers trading in 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 – which is why they offer 2FA authentication and cold storage for their customers funds.

This Coinsquare review post will cover everything you need to know about the platform, including what makes it different from other crypto exchanges, what its fees are, what security features it has, what cryptocurrencies it supports, and how the platform's referral program works as well.

What Makes Coinsquare Different?

For starters, Coinsquare offers a variety of cryptocurrency trading options in addition to Bitcoin, Ethereum and others. These coins include Litecoin, Bitcoin Cash, Dogecoin, and Dash, with plans already set in place to add more coins in the future.

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.

How Do I Sign Up To Coinsquare?

Coinsquare's signup process doesn't differ much from other cryptocurrency exchanges.

To get started, you sign up and verify both your email address and your phone number. Once you've done that, you'll need to provide additional (and legally required) information, which includes the following:

  • A government-issued ID (such as a passport)
  • A utility bill or bank statement

After your account has been fully verified, you can start allocating funds to it by using Interac e-Transfer, digital currency deposits, and/or wire transfers.

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.

What Cryptocurrencies Does Coinsquare Support?

Some of the cryptocurrencies Coinsquare currently supports are:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Bitcoin SV (BSV)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • Ripple (XRP)
  • Dogecoin (DOGE)
  • Stellar Lumens (XLM)
  • DASH

What Are Coinsquare's Fees?

Fees at Coinsquare are transparent, straightforward, and competitive, being just half the expense of other cryptocurrency exchanges out there.

The system also 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 cost nothing, 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:

  • 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

Is Coinsquare Legitimate?

Now, I've mentioned earlier in this article that Coinsquare has yet to be hacked, so it's pretty safe. But is it a legitimate cryptocurrency exchange platform?

Well, for starters, it's worth reminding you that cryptocurrency trading is risky regardless of the platform you use to do so. However, 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.

How Does Coinsquare's Referral Program Work?

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.

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.

In Summary

In short, Coinsquare is a safe and beginner-friendly Canadian cryptocurrency exchange that offers trading in several crypto coins.

Coinsquare's fees are both transparent and competitive. They also offer two order-type features: the QuickTrade feature and the BitMarket feature, with varying fees for both fiat and cryptocurrencies.

Coinsquare is regulated by both the Ontario Securities Commission and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which gives Coinsquare legitimacy when it comes to trade in cryptocurrencies. Coinsquare does not offer any kind of insurance for investors if the company becomes insolvent, though, so keep that in mind.

Coinsquare's referral program pays you up to 45% commission for referring your friends, and Coinsquare offers bonuses of $100 in BTC when users fund their account with at least $100.

So, if you're looking for an easy-to-use Canadian cryptocurrency exchange platform, Coinsquare is a great choice.

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