User CoinSmart reviews will tell you that the process with CoinSmart is rather similar, as well. The exchange is registered with FINTRAC, and thus, employs all of the KYC and AML (Anti-Money Laundering) checks towards all of its users. On one hand, it adds to the legitimacy of the platform, and allows you to be sure that you will be trading on an established exchange.
- You begin by entering your phone number and verifying the 5-digit code, after which you upload your ID documentation (passport, driver’s license, ID card, residence permit).
- ” will be happy to find out that the exchange is supported in many different countries around the world.
- They take extremely long time to process deposits and withdraws, which leads me to believe they are taking profit from the delays.
They also have an Advanced Trade feature for users who are more experienced with crypto and would like to use advanced tools. CoinSmart also has a SmartGuarantee where CoinSmart commits to processing verification requests and deposits on the same day they are received. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC). For example, OSC banned Binance which was a popular crypto exchange for Ontarians. CoinSmart uses a verification process that can detect fake information by using a database offered by data collection agencies.
Who are CoinSmart?
Coinberry also has a simple and easy-to-use interface, which is ideal for newcomers to the game. With a shorter verification process, you can open an account and begin trading in a matter of minutes. CoinSmart also uses Bitgo and Fireblocks, which are both industry-leading cryptocurrency wallets. These services provide top-notch security for your assets and they’re constantly being updated to reflect the latest changes in the market.
This helps to prevent fraudsters from opening accounts with fake addresses, birthdates, etc. It enables you to use limit orders, stop losses, and real-time charting, all of which can give you an advantage in the market. As mentioned, this is a limited selection but one which is powerful in terms of trading volume and popularity.
CoinSmart: the basics
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. Essentially, for every new trader who signs up with your referral code and funds $100, both of you will get $25 credited to your accounts. It will take 5 business days from the date of funding for the commission to show up in your account.
While CoinSmart’s app clearly needs work, its desktop platform is beginner-friendly. It is easy to navigate, deposit, and purchase cryptocurrency. To make use of advanced features such as limit orders and charting, you have to use their advanced trading platform, which is accessible within your user dashboard. CoinSmart also allows users to trade altcoin to altcoin without having to trade to Bitcoin or Ethereum first. They also have 24/7 customer support and something called SmartPay, which allows you to invoice people and get paid in crypto. You can instantly convert your crypto to fiat and have it wired to your bank, or you can hold the crypto.
Should they continue to grow at the rate they have in just the first three years, the exchange will quickly become one of the best in the industry. Overall, CoinSmart is a very comprehensive exchange operation. They are extremely secure, and transparent in how they work as well as being accessible to many traders not only in Canada but more than 40 countries around the world. With a simple and user-friendly interface, CoinSmart reduces the barrier to entry for beginner investors.
CoinSmart Pros and Cons
Now that you have a pretty good idea of what CoinSmart is and what it can be used for, you might be interested in trying the exchange out for yourself. Once you read through a few CoinSmart reviews, and decide to register on the exchange to try it out, you’ll need to deposit some money to get started. CoinSmart allows complete beginners to take their time with the exchange, and “learn the ropes” as they go. The identification is usually pretty simple – you register on an exchange, and have to provide it with your name, surname, ID, financial status, and residential address.
The company is doing its best to contribute to fair business practices in the crypto market, helping shape it into a safe haven for investors big and small. If you’re funding through Interac, the minimum transfer amount is $100, and the fee is 1.5% for all transfers between $100 and $1,999. For transfers above $2,000, CoinSmart doesn’t charge any fee. The feature called SmartTrade makes trading crypto easy, as you don’t have to trade in pairs.
Unlike some other platforms, CoinSmart have fixed the fee for withdrawing your digital currencies. CoinSmart has a very efficient and quick verification process. Once you have given all the information asked for the process can be done within a few minutes. For which purpose or for what kind of people is the cryptocurrency wallet best for. It consists of you verifying your phone number, and also your identity, too. While that is great news for people residing in these regions, the not-so-ideal fact is that CoinSmart isn’t supported in the US.
Coinbase was last place with a total BTC purchase fee of 4.54%. The cheapest publicly traded platform was Netcoins with a 1.24% total purchase fee. While coinsmart review they don’t offer as many cryptocurrencies as their competitors, Coinsmart does provide access to the most popular digital assets on the market.
Any crypto exchange’s top priority is to prevent fraud and protect user funds. CoinSmart takes security seriously, employing multiple layers of security. The owner(s) of this website may be compensated to provide opinions on products, services, websites and various other topics. Even though the owner(s) of this website receives compensation for our posts or advertisements, we always give our honest opinions, findings, beliefs, or experiences on those topics or products. The views and opinions expressed on this website are purely the author.
You buy 1000€ worth of Bitcoin, the trading fee will be 2.00€. This is the learning part of the platform, designed to help beginners increase their crypto knowledge and understand how to maximise their investments. Here you can expect to find a good assortment of blog posts, how-to guides, articles and educational content.