There are advanced charting and order types available, plus you can trade on margin and trade futures contracts if you wish. You should consider whether you fully understand them and whether you can afford to take the high risk of losing your money. The content of Coin Argus does not constitute any type coinsmart review of investment advice. CoinSmart Premium is the largest Over the Counter (OTC)desk in the country. This service is available to clients who need to place buy-sell orders greater than $25,000. You can place orders using OTC trading desks in any of the five largest currencies (CAD USD. EUR. GBP. and JPY).
- They couldn’t use several features that you could easily use on a desktop, and many complained about the app not functioning properly.
- The way fees are charged is transparent and there aren’t any nasty surprises.
- 1 The use of “featured”, “popular”, “best” and “top” on Finty do not constitute a product rating or recommendation and are subject to our general disclaimer.
Well, if you are looking for a transparent Canadian exchange that simplifies crypto while still having advanced functionality, then you should consider it. Coinsmart says that they will be introducing a mobile app so we will have to wait and see how it looks before passing judgement. While most traders are unlikely to take advantage of this feature, it is a helpful tool nonetheless.
For individuals or institutions that place larger trades, CoinSmart Premium is available. This service offers OTC trading, which allows you to get the best rates and avoid disrupting markets. A dedicated CoinSmart Premium account manager is available. CoinSmart charges fees to fund your account and to withdraw funds or cryptocurrencies from your account. The platform’s Advanced Trade feature offers limit orders, stop loss and real-time charting. You can also easily monitor your deposits, withdrawals, and trading activity through CoinSmart.
Coinsmart has a help center on their website, while Kraken provides a blog, videos, a podcast, and numerous guides about cryptocurrency. Both exchanges offer helpful troubleshooting articles to support their clients in resolving any issues they may face. CoinSmart’s iOS app has a 3.4-star rating with 309 reviews. Users of the app say the app crashes, is slow, and often freezes. This is why we would recommend using their desktop version.
Advanced Trade
If you are a miner it sometimes helps to cross check your numbers with other resources to make sure you have the correct assessment. Something that we quite liked about Coinsmart was how open they were and easy to reach. There are a range of contact options through which you can get a hold of them and most of these are available 24/7. Given that Coinsmart is a MSB that is regulated by FINTRAC, they are required to complete compulsory KYC on their users. This means that they need to confirm your identity and address in order to let you start trading. The two-factor authentication (2FA) is a great security measure, as it adds an extra layer of protection.
Inside this review
As of recent, she has been studying some non-mainstream stocks in Canada. When I’m not immersed in numbers, I like to spend time with my dog and plan my next trip. Yes, CoinSmart is a legitimate cryptocurrency exchange platform with multiple regulatory licenses and certifications.
CoinSmart User Interface
We also liked their advanced trading platform and, unlike many other new exchanges, they seem to have strong levels of liquidity in all of their markets. This means that you can safely execute larger trades without worrying about order slippage. 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.
You are unable to access moneywise.com
CoinSmart states that it has a 97% customer satisfaction rate, which is pretty good. We contacted them, and our problem was resolved within a few hours. This trading platform offers a comprehensive amount of data and tools. You can use drawing tools to make lines on the charts, and you can also select indicators such as moving averages.
What are the best alternatives to CoinSmart?
Canadian-based cryptocurrency platform CoinSmart launched in early 2018. The company’s goal is to make buying, selling, and using cryptocurrencies easy and accessible to everyone. Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points. Coinsmart is a Toronto-based cryptocurrency exchange founded in 2018. Their goal is to simplify the complex world of crypto by offering a simple and secure platform for Canadians.
If you don’t want to contact support and need immediate answers, visiting the FAQ section is a good option. You can dive deeper into CoinSmart’s knowledge base if the FAQ section doesn’t answer your question. 2 Products with instant approval have a provisional decision within 60 seconds. The credit provider’s final decision is made at their discretion, subject to decisioning criteria. CoinSmart use BitGo’s cold storage service, which are insured by Lloyd’s of London for $100 million.
CoinSmart Review: Pros & Cons [Reviewed in 2022]
As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD. To use CoinSmart’s advanced features such as limit orders, you can use their advanced trading platform, which is accessible within your user dashboard. Kraken is a Canada-friendly, but US-based crypto exchange that has been operating since 2013.
The fees are, in both cases, 1%, or a minimum of $15, and processing takes 1-5 days. Bank wire transfers start at $10,000 and go up to $50,000, with no fees charged. With credit or debit cards, you can transfer funds in the range of $100 to $5,000. You’ll get the benefit of instant processing, but the fee is higher, at 6%. CoinSmart’s CS Premium platform offers over-the-counter crypto trading to corporate and individual investors eyeing large orders. Coinsmart is not the best platform in Canada for funding and withdrawals since it charges fees.
It will take 5 business days from the date of funding for the commission to show up in your account. This also only counts for fiat deposits and not those that are made with crypto. You can use your CoinSmart wallet to store, buy, sell and trade cryptocurrencies.