Are you exploring the world of cryptocurrency and wondering if Coinsmart is the right exchange for you? Look no further! Our in-depth review of Coinsmart covers all the essential features, from trading fees to user experience, to help you make an informed decision. Discover the pros and cons of Coinsmart and how it compares to other exchanges in the market.
Coinsmart is a Canadian cryptocurrency exchange platform that was established in 2018 by Justin Hartzman, the CEO and co-founder. The exchange is headquartered in Toronto, Canada, and has over 40 employees based mainly in Toronto and Ontario.
Coinsmart aims to make cryptocurrency trading more accessible and user-friendly for beginners, with a strong focus on security, ease of use, and customer support. Coinsmart offers a very limited range of 16 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, EOS, Stellar, and a few others.
Coinsmart is available in over 40 countries, which includes most European countries, Japan, Canada, UK, Singapore, South Africa, and a few other countries. However, restricted countries include the US and most countries in South America and Asia.
The exchange is estimated to have over 250,000 registered customers, making it a smaller exchange in comparison to competitors. Coinsmart's services are also available on Android and IOS, where the apps have been downloaded over 50,000 times with an average 3.9-star rating.
Coinsmart Signup & KYC
The signup process on Coinsmart is a bit more complex than other exchanges. Users must first provide an email, password and country of residence. Once the account has been created, users are asked to immediately complete KYC in order to access the account.
Coinsmart is an exchange that requires KYC for all users and it's not even possible to signup without first being verified. In terms of verification time, assuming the uploaded documents are correct, Coinsmart can verify users in a matter of minutes. Once the verification has been completed, users must also connect their 2FA before they can finally access their account.
Coinsmart Products & Services
Coinsmart is a small and rather limited exchange that offers its users the ability to buy and sell 16 cryptocurrencies either via the spot exchange or credit card.
While the product range is not vast, the exchange is beginner-friendly, making it easy for total beginners to navigate. Besides buying and selling cryptocurrencies, users can also enable price alerts and not much else.
Unfortunately, liquidity on the exchange is not great, which translates to higher spreads and ultimately higher fees for users. Nevertheless, the exchange targets the beginner audience and for those who fall into this category, Coinsmart could be a stepping stone.
In terms of trading fees, Coinsmart charges 0.2% for single trades and 0.3% for double trades. Single trades refer to trading between any fiat currency or any cryptocurrency, while double trades are when users trade two cryptocurrencies that are not Bitcoin (BTC). These are of course not the lowest trading fees on the market but overall, not too bad considering it's a smaller exchange.
Coinsmart is an exchange that supports fiat currency deposits in USD, EUR and CAD. The exchange offers several deposit methods, including SEPA for EUR, Wire Transfers for USD, Interac e-Transfer for CAD and credit/debit card deposits with Visa or Mastercard.
Deposits made with SEPA and Wire Transfers are free of charge, while Interac e-Transfers have a 1.5% fee for deposits under $1,999 and are free above that. The minimum deposit amount is 50 EUR, and the process time can take up to 5 business days.
Finally, card purchases are also possible but are much more expensive and begin with a commission of 6.75% and a minimum fee of $10.
How to withdraw from Coinsmart?
Coinsmart offers its users the option to withdraw fiat currencies such as USD, EUR, and CAD via Wire Transfer or SEPA withdrawals. SEPA withdrawals are free of charge and take 1-5 days to process. Withdrawing funds via Bank wire or Interac e-Transfer comes with a 1% commission or $15, whichever is higher.
When it comes to withdrawing cryptocurrencies from Coinsmart, the fees vary depending on the blockchain. For instance, Bitcoin withdrawals come with a 0.00025 BTC fee, Ethereum with a 0.003 ETH fee, and Solana with a 0.01 SOL fee. If a user wishes to withdraw their ERC-20 USDC, Coinsmart charges a 10 USDT fee.
In conclusion, Coinsmart is a beginner-friendly Canadian cryptocurrency exchange platform that prioritizes user-friendliness and security for its customers.
It currently boasts over 250,000 registered users in over 40 countries but, unfortunately, restricted in some countries, including the US and most countries in South America and Asia.
While the exchange offers a very limited range of 16 cryptocurrencies, it's available on both Android and IOS, averaging a 3.9-star rating with over 50,000 downloads. Coinsmart requires KYC for all users and has a more complex signup process than other exchanges.
The exchange charges 0.2% for single trades and 0.3% for double trades, with fiat currency deposits supported in USD, EUR and CAD. Deposits made with SEPA and Wire Transfers are free of charge, while Interac e-Transfers have a 1.5% fee for deposits under $1,999.
Although liquidity on the exchange is not great, Coinsmart's spot fees and deposit options are competitive, making it an attractive option for beginner investors looking for a safe and user-friendly experience.
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Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.