CoinSmart Review 2023: Is Scam? Must Read Before Start

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CoinSmart Review 2023: Is Scam? Must Read Before Start

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CoinSmart is a leading Canadian Crypto trading platform founded in 2018. The crypto exchange offer services in around 50 countries. With headquarters in Toronto, CoinSmart is ranked among the 15 best crypto exchanges in Canada. Let’s evaluate the platform through our in-depth CoinSmart review in 2023

While the platform’s user-interface suits both beginners and professionals, some still posted their concerns about it on the internet. However, we used CoinSmart for the first time and were not disappointed! 

In this detailed CoinSmart review 2023, we will go through every single feature of the platform, its pros and cons, and how it is better than its competitors.

CoinSmart Review 2023: At A Glance

Official Website www.coinsmart.com
Headquarters Toronto, Canada
Minimum Deposit $100
Accepted Currencies CAD, USD, EUR
Payment Methods Interac, Wire Transfer, Credit and Debit Cards
Transaction Fees 0.2% for a single trade, 0.3% for double trade
Maximum Withdrawal $5,000,000

CoinSmart Review: What Is CoinSmart?

CoinSmart is a Canada-based Crypto exchange launched in early 2018. The company aims to democratize cryptocurrencies by making buying and selling of these digital assets easy and accessible to everyone.

CoinSmart is a publicly traded company listed on NEO Exchange in Canada in November 2021 under the ticker SMRT. The move triggered confidence in clients about its transparency. 

Another innovative feature of the platform remains SmartPay services, the fastest crypto payment processor for small businesses, which lets them send invoices with real-time payment settlement. 

Moving forward with our detailed CoinSmart review, you’ll understand more about the platform’s regulations, fees and safety features. 

Is CoinSmart Legit And Safe?

Yes, CoinSmart is a legit Crypto exchange platform as it holds several licenses from top-tier regulatory watchdogs to operate in the industry. The platform hold licenses from Canada, USA and Estonia. 

  • Canada – OSC – Restricted Dealer & FINTRAC Registered
  • USA – FINCEN License
  • Estonia – Digital Assets & Wallet Provider License

That was the platform’s regulatory compliance. Let’s talk about its safety – The platform has joined hands with top custody providers Bitgo and Fireblocks to provide robust security to its clients. 

It is worth mentioning here that the platform uses 2FA for additional account and wallet safety. After evaluating the safety measures implemented by the platform, we can conclude that CoinSmart is absolutely legit and safe to trade with. 

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CoinSmart Services Reviewed

CoinSmart Services Reviewed

CoinSmart works more than just a retail crypto trading platform, which is clearly evident from its available services. Let’s have a look at them: 

Smart Trade

This innovative feature of the platform is enough to make an impression. Through the CoinSmart Smart Trade feature, you can directly trade one crypto for another without buying Bitcoin or Ethereum first. 

Advanced Trade

The Advance Trade features are more of a thing for professional crypto traders. They can use advanced tools like stop loss, real-time charting, and order books to place customized trade orders. 

SmartPay Invoicing

The CoinSmart SmartPay Invoicing feature makes it easy for small businesses to accept payment in Bitcoins. It also offers real-time settlements. 

SmartPay Auto Sell

As many businesses are afraid to accept Crypto payments due to price volatility, SmartPay Auto Sell sends funds to users’ bank accounts immediately.

CoinSmart OTC Trading

The CoinSmart OTC trading desk offers traders to trade with tighter spreads and high execution speed. 

CS Premium

The Function is specially designed for high-volume traders wanting to trade more than $25,000. The service features include excellent rates, deep liquidity and same-day settlements. 

Review Of CoinSmart Fees & Commission

Review Of CoinSmart: Fees & Commission

CoinSmart is a fee-free crypto exchange, meaning you’re not liable to pay any transaction fee. However, there is a commission fee for every trade placed on the platform. Here’s a detailed CoinSmart Fee Structure: 

Fees Amount
Commission Charges 0.20% for single trade

0.30% for double trade

As reviewing the platform for the first time, we found it tricky. Whether you charge commission or fees, it’s all the same. Also, the commission charges of the platform are slightly on the higher side in accordance with global industry standards. 

However, if you want to trade cryptocurrencies commission-free, you should head to our best recommendation – InvestBy. 

CoinSmart Review: Deposit & Withdrawal Methods

CoinSmart supports a variety of payment methods for deposits and withdrawals. While Deposits are limited to just bank transfers and card payments, withdrawals can be requested in Cryptocurrencies.

Additionally, one more thing that we found odd on the platform is its limitation on minimum deposits and withdrawals. Let’s take a detailed look at all available payment methods:

CoinSmart Deposit Methods

Payment Methods Deposit Fees Minimum Deposit Maximum Deposit Processing Time
SEPA 0% 50€ 5,000,000€ 3-5 Business Days
Bank Wire 0% 10,000€ 5,000,000€ Same Day
Bank Draft 0% 500€ 5,000€ Same Day
Credit / Debit Cards Up to 6% 100€ 5,000€ Instant

CoinSmart Withdrawal Fees & Methods

Payment Methods Withdrawal Fees Minimum Withdrawal Maximum Withdrawal Processing Time
SEPA 0% 50€ 5,000,000€ 1–5 Business Days
Electronic Funds Transfer 1% 50€ 10,000€ 1–5 Business Days
Bank Wire 1% 10,000€ 1,000,000€ 1–5 Business Days
Bitcoin 0.00025 N/A N/A Instant
Ethereum 0.007 N/A N/A Instant
Litecoin 0.001 N/A N/A Instant
USDC 35.00 N/A N/A Instant
Bitcoin Cash 0.0001 N/A N/A Instant
EOS 0.0005 N/A N/A Instant
Stellar Lumens 0.00003 N/A N/A Instant
Cardano 0.30 N/A N/A Instant
Dogecoin 5.00 N/A N/A Instant
Polkadot 0.20 N/A N/A Instant
Shiba Inu 1,000,000 N/A N/A Instant
Chainlink 0.8 N/A N/A Instant
Uniswap 1.5 N/A N/A Instant
Solana 0.01 N/A N/A Instant
Polygon 15 N/A N/A Instant
Avalanche 0.05 N/A N/A Instant

CoinSmart Sign Up?

The account opening process of the CoinSmart platform is quite easy and takes a few minutes to complete. We have brought you a detailed step-by-step process on how to open a CoinSmart account: 

  • Visit the official website and click on the ‘Create An Account” icon. 
  • Now, enter your email address, create a strong password, enter the promo code (if any) and select country. 
  • Upon clicking on the Submit button, your account will be activated. 
  • Complete the verification process to access all services.

How To Complete CoinSmart Verification Process?

Here are some steps through which you can easily complete your account verification process:

  • Upload a copy of the front and back of your government-issued document, including your recent electricity bill or driving license. 
  • In addition, upload a selfie holding the same ID and a piece of paper with the word “CoinSmart” and the current date on it. 
  • After providing this information, CoinSmart will manually verify your identity, and you will then be able to fund your account.

What Cryptocurrencies Does CoinSmart Offer?

The major drawback of CoinSmart will remain its limited crypto offerings. In an industry where exchanges offer more than 100 cryptocurrencies, CoinSmart only supports 15. However, the platform has all the popular and established crypto coins, including 

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • EOS (EOS)
  • Stellar Lumens (XLM)
  • Cardano (ADA)
  • Tether (USDC)
  • Ripple (XRP)

CoinSmart Review 2023: User-Interface & Trading Platform

CoinSmart offers services through its website and an advanced mobile application. Our experience on CoinSmart. com was great; the features were easy to navigate, and the website looked interesting. Let’s now discuss the CoinSmart app.

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Coinsmart App Dashboard

CoinSmart App

Our CoinSmart review found its mobile app to be the smoothest and the most convenient. It also includes features like SmartTrade.

The app is available on both Google’s Play Store and Apple’s App Store and comes with a biometric login and two-factor authentication to keep users’ data safe.

A Look At CoinSmart Wallet Services

A Look At CoinSmart Wallet Services

The CoinSmart wallet services are great and safe. The cold wallet offered by the platform is secured using standard industry practices. All available crypto can be stored on this platform. 

Whether an investor chooses to buy a cryptocurrency on the platform or not, cold wallet services are still available. 

CoinSmart Review: Promotions & Referral Program

CoinSmart Review: Promotions & Referral Program

CoinSmart’s referral program seems to be the best in the industry. And the earning program of the platform allows users to earn while they spend. Let’s have a look at the bonuses, promo codes and ongoing referral programs: 

CoinSmart Referral Program Review

The platform is giving away $15 CAD on every successful referral. A successful referral refers to when your contact signs up with your link and makes a first deposit of $15. There are four phases in CoinSmart referral programs: 

  • Advocate: Refer 0-5
  • Promoter: 6-10
  • Ambassador: 11-20
  • Partner: 20+

CoinSmart Earn & SmartRewards

We had a positive review about the CoinSmart earning program; however, when we tried to click on the feature icons, it redirected to ‘The Page Not Found.’ So, we couldn’t find anything under this section.  That was such a distressing part!

CoinSmart Affiliate Program Review

The CoinSmart Affiliate program allows businesses to earn upto $50 on each new user registering on the platform. Whenever someone registers and verifies their account using your link, you’ll get $20. And, if they make a deposit, you’ll get $30 additional. In total, your earnings will be $50 for each referral. 

However, when we tried to contact the platform regarding its Affiliate program, the exchange demanded $50 CAD for providing its affiliate link. That was unacceptable and uncommon for any Crypto exchange. 

CoinSmart Review 2023: Educational And Research Insights

The platform’s research and educational offerings are appreciable. It includes everything a Crypto user would ever want. Let’s take a look at the platform’s educational and research material through this detailed CoinSmart review: 

Educational Support – CoinSmart GetSmart Section

  • Articles
  • Blogs
  • How To Guides

Research Support

  • Currency Converter
  • Password Generator
  • Mining Calculator

CoinSmart Customer Support Review

CoinSmart Customer Support Review

CoinSmart has above-average customer support, but what lacks here is dedicated phone support. It offers a dedicated FAQ section, where you’ll find all general questions related to the platform. And, there’s a ‘Submit A Ticket’ section where you can lodge your complaint. There is also a live chat option where you can get answers to your queries in real time.

The CoinSmart customer support services are also available on various social networks, including: 

  • Twitter
  • Facebook
  • Instagram
  • Linkedin

CoinSmart Review 2023: Pros And Cons

After analyzing the platform’s main features and fee structure, it’s time to look at its advantages and disadvantages for its users through this CoinSmart Review. 

Pros Cons
Low Minimum Deposit Requirement Lacks Phone Support
Same Day Deposit & Withdrawals Availability of Limited Cryptocurrencies
Interesting & Rich Educational Support
Interactive Mobile App
Regulated by Top-Tier Financial Watchdogs
Generous Referral Program
Simplified Account Opening Process

What Made Us Interested In CoinSmart?

If we neglect some of the issues on the platform, CoinSmart can be said to be the best crypto exchange Canada. Some of the platform’s unique features are enough to attract the Crypto investors (like us). 

  • Accessibility to a larger audience
  • Transparency in operations
  • Regulatory Compliance
  • Implemented Security Measures
  • Educational Support

CoinSmart Reviews & Ratings

Exploring the various review websites, the platform seems to have average customers’ ratings. CoinSmart has 3.5/5 star ratings on Trustpilot, based on 312 reviews. 

CoinSmart Reviews & Ratings

Top CoinSmart Alternatives & Competitors in 2023

While exploring the internet, we found the top alternatives to CoinSmart. Let’s compare them to see who wins the battle of being the best crypto exchange in Canada. 

CoinSmart vs Coinbase

Features CoinSmart Coinbase
Regulations Restricted Dealer & FINTRAC Registered, FINCEN License and Digital Assets & Wallet Provider License Unregulated
Fees 0.2% for single trades and 0.3% for double trades. Flat fee of $0.99 to $2.99 for crypto purchases of $10-$200
Sign up Bonuses $50 for first $200 deposit $10 for first $100 deposit
Supported Coins 15+ 100+
Available Countries 15+ 100+

CoinSmart vs Bitbuy

Features CoinSmart Bitbuy
Regulations Restricted Dealer & FINTRAC Registered, FINCEN License and Digital Assets & Wallet Provider License Unregulated
Fees 0.2% for single trades and 0.3% for double trades. 0%-1.5%
Sign up Bonuses $50 for first $200 deposit $50 for first $250 deposit
Supported Coins 15+ 25+
Available Countries 15+ For Canadian Investors Only

CoinSmart vs Newton

Features CoinSmart Newton
Regulations Restricted Dealer & FINTRAC Registered, FINCEN License and Digital Assets & Wallet Provider License Unregulated
Fees 0.2% for single trades and 0.3% for double trades. 0.53% (Spreads)
Sign up Bonuses $50 for the first $200 deposit $25
Supported Coins 15+ 70+
Available Countries 15+ Canada and Noth America

Conclusion

After this in-depth CoinSmart review 2023, we can conclude that it is a versatile crypto trading platform, offering users the ability to trade anytime through its mobile app, although it is currently limited to iOS. I was pleasantly surprised by its unique features, including the “Learn and Earn” section. 

Therefore, we strongly recommend that you sign up with CoinSmart if you’re investing in cryptocurrency for the first time in Canada. And if you are already a professional crypto investor who has been investing for a while, the platform still has enough advanced features. 

However, the fees and the customer support are where it lacks. So, if you wt to trade cryptocurrencies with the lowest fees and need highly responsive customer support, you should surely head to InvestBy. Apart from Cryptos, the platform allows users to invest and trade in 350+ assets across all major financial markets. 

FAQs

Is CoinSmart Available Worldwide?

CoinSmart Canada majorly focuses on offering services in Canada and North America. Apart from this, it also serves 15+ countries, including

  • Austria
  • Belgium
  • Cyprus
  • Denmark
  • Finland
  • France 
  • Germany
  • Ireland
  • Italy
  • Netherlands 
  • Norway 
  • Portugal 
  • Spain 
  • Sweden
  • Turkey

How Does The CoinSmart Referral Program Work?

 Here’s how the CoinSmart referral program works: 

  • After creating your account, get your unique referral link. 
  • Refer the link to your friends and family. 
  • If someone clicks on your link, open an account and makes the first deposit, you’ll get $15 CAD credited to your account. 

How Does The CoinSmart Affiliate Program Work?

Here’s a step-by-step process to understand the CoinSmart affiliate program: 

  • Whenever you apply for an affiliate with the platform, you will get a partner portal on Impact Radius.
  • You can track the clicks and sign-ups through the partner portal.
  • Whenever someone registers and verifies their account using your link, you’ll get $20. And, if they make a deposit, you’ll get $30 additional. In total, your earnings will be $50 for each referral. 

Can I Use CoinSmart In the USA?

Yes, you can use CoinsSmart in various parts of the USA. However, it is restricted in a few US States due to the strict legislation and regulatory compliance. Read our detailed CoinSmart review for more information. 

How Can I Deposit In CoinSmart?

To deposit funds in your CoinSmart account, follow these steps: 

  • Sign into your account using the CoinSmart login and click on the ‘fiat’ icon. 
  • Now, you’ll see your CAD wallet; click on the ‘Deposit’ button.
  • Select your payment method: INTERAC E-Transfer or Wire Transfer. 
  • Your funds will be credited to your account instantly. 

How Do I Use CoinSmart?

CoinSmart can be used to invest and trade in cryptocurrencies. CoinSmart Canada allows users to trade in 15+ popular and established crypto coins. 

What Is The Difference Between Coinbase And CoinSmart?

Despite Coinbase and CoinSmart being both crypto trading platforms, they still have many differences. The most prominent difference between Coinbase and CoinSmart is that the former is available in 100+ countries, while the latter is available in only 15 countries. 

How Do I Withdraw Money From CoinSmart?

Follow these steps to withdraw money from CoinSmart:

  • Firstly, visit the app and click on the CoinSmart wallet. 
  • Tap on the currency, click on the Transfer button and tap the Withdrawal icon. 
  • Enter your wallet address & the amount and click on the Continue button. 
  • You’ll soon receive an email with a confirmation link. Once you click the link, your withdrawal request will be processed. 

How Long Does A Coinsmart Deposit Take?

Most of the deposit requests are processed instantly, while some requests may take upto 5 business days in some circumstances. Read our detailed CoinSmart review for more information. 

How Do I Contact CoinSmart?

You can contact coinsmart through the ‘Submit A Ticket’ section and live chat. The CoinSmart customer support services are also available on various social networks, including Twitter, Facebook, Instagram and Linkedin.

What Is CoinSmart?

CoinSmart is a Canada-based Crypto exchange launched in early 2018. The company aims to democratize cryptocurrencies by making buying and selling of these digital assets easy and accessible to everyone.

CoinSmart is a publicly traded company listed on NEO Exchange in Canada in November 2021 under the ticker SMRT. The move triggered confidence in clients about its transparency. 

Why Is Coinsmart Delisting XRP?

CoinSmart had delisted and suspended all trading with XRP from November 2021 due to the lawsuit against Ripple. 

How To Withdraw Money From CoinSmart?

Follow these steps for CoinSmart withdrawals:

  • Firstly, visit the app and click on the CoinSmart wallet. 
  • Tap on the currency, click on the Transfer button and tap the Withdrawal icon. 
  • Enter your wallet address & the amount and click on the Continue button. 
  • You’ll soon receive an email with a confirmation link. Once you click the link, your withdrawal request will be processed. 

Where Is CoinSmart Located?

CoinSmart is a Canada-based Crypto exchange launched in early 2018. The headquarters of the company is situated in Toronto Canada. The company aims to democratize cryptocurrencies by making buying and selling of these digital assets easy and accessible to everyone.

Who Owns CoinSmart?

CoinSmart is owned and operated by Coinsquare Limited. Justin Hartzman is the CEO and co-founder of the platform. Read our detailed CoinSmart review for more information.

Is CoinSmart Legit?

Yes, CoinSmart is a legit Crypto exchange platform as it holds several licenses from top-tier regulatory watchdogs to operate in the industry. The platform hold licenses from Canada, USA and Estonia. 

  • Canada – OSC – Restricted Dealer & FINTRAC Registered
  • USA – FINCEN License
  • Estonia – Digital Assets & Wallet Provider License

How Do I Buy Bitcoins With CoinSmart?

To buy Bitcoins on CoinSmart, follow these simple steps: 

  • Visit the official website and log in to your account. 
  • Search for the Bitcoin Ticker symbol – BTC and click on Buy.
  • Enter the amount and click on ‘Continue’ to complete the transaction. 

Does CoinSmart Have Shiba?

Yes, CoinSmart supports the Shiba Inu tokens, meaning you can easily buy and sell SHIB on the platform. 

What Coins Can You Buy On CoinSmart?

The platform allows users to trade in 15+ popular and established crypto coins. 

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • EOS (EOS)
  • Stellar Lumens (XLM)
  • Cardano (ADA)
  • Tether (USDC)
  • Ripple (XRP)

Do You Need A Wallet For CoinSmart?

Yes, you’ll need a wallet for CoinSmart to store the purchases done on the platform. The platform offers a cold wallet for storing cryptocurrencies. 

How Long Does It Take To Verify CoinSmart?

CoinSmart instantly processes the verification requests. It remains the platform’s unique and most appreciable feature.

How Long Does It Take To Transfer Money To CoinSmart?

The majority of money transfers are processed immediately on CoinSmart. However, it may take up to 3-5 working days in some circumstances. 

Does CoinSmart Have An App?

Yes, CoinSmart offers an app that is available on both Google’s Play Store and Apple’s App Store and comes with a biometric login and two-factor authentication to keep users’ data safe.

What Is The Best Way To Buy Crypto In Canada?

The best and the most common way to buy Crypto in Canada is through a reliable and trustworthy Crypto exchange like CoinSmart. 

How Long Does It Take To Withdraw Funds From CoinSmart?

CoinSmart processes the majority of withdrawals instantly. However, it may take up to 3-5 working days in some circumstances. 

How Do I Transfer Money From CoinSmart To Bank Account?

Follow these steps to transfer money from CoinSmart to your bank account:

  • Firstly, visit the app and click on the CoinSmart wallet. 
  • Tap on the currency, click on the Transfer button and tap the Withdrawal icon. 
  • Select payment method and upload documents to verify your name and account information. 
  • Now, tap on the ‘Confirm Withdrawal Amount’, your request will start to process. 

How Do I Verify CoinSmart?

Here are the steps to verify your CoinSmart account. 

  • After registering on the platform, you will get the verification link in your email. 
  • Click on the Activation link in the email. 

Alternatively, you can also verify using your mobile number; just enter the OTP. 

Is CoinSmart Worth It?

Yes, CoinSmart is a worthy crypto exchange all thanks to its unique features like accessibility to a larger audience, Transparency in operations, Regulatory Compliance, Implemented Security Measures and Educational Support.

Is CoinSmart A Good Crypto Exchange For Canadians?

CoinSmart is a good crypto exchange for Canadians as it works more than just a retail crypto trading platform, which is clearly evident from its available services like Smart Trade and SmartPay feature. 

What Is CoinSmart Exchange?

CoinSmart is a Canada-based Crypto exchange launched in early 2018. The company aims to democratize cryptocurrencies by making buying and selling of these digital assets easy and accessible to everyone.

How Does Coinsmart Verify Your Identity?

The platform manually verifies the identity of its users. They will need to upload a copy of a government-issued identity card and the team manually verifies it and activates the account thereafter. 

Is CoinSmart Safe To Use?

CoinSmart uses 2FA for additional account and wallet safety. After evaluating the safety measures implemented by the platform through a detailed CoinSmart review, we can conclude that CoinSmart is absolutely safe to use. 

Can You Buy Dogecoin On CoinSmart?

Yes, you can buy Dogecoin on CoinSmart with fiat currencies like CAD, EUR, and USD. The current Dogecoin price today on CoinSmart is $0.061994. Read our detailed CoinSmart review for more information. 

How To Buy Bitcoin In Canada?

To buy Bitcoin in Canada, you’ll first need to choose a reliable and trustworthy Crypto exchange like CoinSmart. Create an account on the platform and start buying bitcoins. 

What Are CoinSmart Fees?

CoinSmart is a fee-free crypto exchange, meaning you’re not liable to pay any transaction fee. However, there is a commission fee for every trade placed on the platform. The commission for CoinSmart is as follows: 

  • 0.20% for single trade
  • 0.30% for double trade

What Is The Price Of CoinSmart Stock?

The CoinSmart stocks are traded on the NEO exchange under the ticker SMRT. The holding company is CoinSmart Financial Inc. the current price of one CoinSmart share is $0.13. 

How To Buy Cryptocurrency In Canada?

To buy Cryptocurrency in Canada, the first thing you’ll need is to choose a reliable and trustworthy Crypto exchange like CoinSmart. Create an account on the platform and start buying cryptocurrencies. Read our detailed CoinSmart review for more information. 

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