CoinSmart Review (2023)

Coinsmart is a cryptocurrency exchange platform that allows users to trade a wide range of digital assets.

It was founded in 2018 in Toronto, Canada, and has since expanded its services to other countries, including the UK and Australia.

The platform is designed to provide a user-friendly and secure experience for both beginners and experienced traders in the crypto space.

Coinsmart supports a wide range of digital assets, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, XRP, and several other popular cryptocurrencies.

In this review, we’ll look at Coinsmart’s features, services, and overall performance, including key aspects of the platform, customer support, regulations and compliance, user experience, and competitor analysis.

How We Rate CoinSmart

At Financer.com, all exchanges go through a thorough research and review process. Here’s how we rate CoinSmart:

Here’s what we’ll cover in this review:

👉 Want to skip the details? Jump to our final verdict here.

CoinSmart Overview

Coinsmart was founded in 2018 by Justin Hartzman, Roy Sebag, and Jeremy Koven, to make cryptocurrency accessible to a wider audience.

The company is headquartered in Toronto, Canada, and has expanded its operations to other countries, including the UK and Australia.

Coinsmart has received significant funding from investors, including $10.5 million in a Series A funding round led by Canaccord Genuity in 2019.

The platform has also partnered with several reputable financial institutions to provide secure and reliable payment methods for its users.

Overall, Coinsmart has established itself as a reputable player in the cryptocurrency industry, with a focus on providing a secure and user-friendly platform for its customers.

Here’s a quick summary of CoinSmart:

How Coinsmart Works

Coinsmart’s trading platform is intuitive and user-friendly, with a clean interface that is easy to navigate.

The platform offers a variety of trading options, including market and limit orders, as well as advanced charting tools for technical analysis.

The platform also provides real-time market data and price alerts to keep users informed about market trends.

Security and Compliance

Coinsmart takes security seriously, implementing several measures to ensure the safety of user funds and data. The platform uses two-factor authentication (2FA) to verify user identities, as well as cold storage to protect user assets.

Coinsmart offers insurance coverage for user funds in the event of a security breach or hack.

Deposits and Withdrawals

Coinsmart supports a variety of payment methods, including bank transfers, credit/debit cards, and Interac e-Transfer.

The platform also allows users to deposit and withdraw funds in multiple currencies, including USD, CAD, EUR, and GBP.

Customer Support

Coinsmart offers customer support through email, live chat, and phone support.

The platform also has a comprehensive knowledge base that provides answers to frequently asked questions. Their customer support team is available 24/7, with a commitment to responding to user inquiries promptly.

Regulations and Compliance

Coinsmart is a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

The platform is also registered with the Canadian Securities Administrators (CSA) as an Exempt Market Dealer (EMD) in certain provinces.

Coinsmart has strict Anti-Money Laundering (AML) and Know Your Customer (KYC) policies in place to ensure that all users on the platform are verified and compliant with relevant regulations.

The platform requires users to provide personal information and documentation to verify their identities and prevent fraudulent activities.

User Experience

Coinsmart aims to provide a seamless and user-friendly experience for trading cryptocurrencies, with a focus on accessibility and ease of use.

The account registration process on Coinsmart is straightforward and can be completed in a few minutes. Users are required to provide basic personal information and verify their identity through a KYC process.

Overall, Coinsmart’s user experience is designed to be accessible and easy to use, with a focus on providing a comprehensive trading experience for users.

The platform’s mobile app and educational resources add an extra layer of convenience and support for users, making it a popular choice for both novice and experienced traders.

Mobile App

Coinsmart has a mobile app available for both iOS and Android devices, allowing users to trade cryptocurrencies on the go.

The app has a similar interface to the desktop platform and offers a range of trading options, making it a convenient option for users who prefer to trade from their mobile devices.

CoinSmart Wallets

There is a ‘Wallet’ page that is dedicated to providing CoinSmart users with supported fiat and crypto wallets.

With crypto wallets, users can buy, sell, withdraw, deposit, and trade crypto. You can choose the wallet you want to use to complete your transaction.

There are also fiat wallets where you can withdraw or deposit fiat. Choose the wallet you want to use and select ‘Fiat’.

Coinsmart Fees

Coinsmart charges a competitive fee structure for its services, with fees ranging from 0.10% to 0.50% depending on the trading volume.

They are also quite transparent about their fee structure, which is a benefit if you are comparing multiple brokers.

Trading Fees

Trading fees are charged at 0.20% for single trades. This is when you trade with any crypto and fiat or trade with Bitcoin and another crypto.

There is a 0.40% fee for double trades. This refers to when you trade two cryptos other than Bitcoin.

Deposit and Withdrawal Fees

There are no fees for supported crypto deposits and there are no fees for funding supported crypto wallets.

When using Interac e-Transfer, there are no fees for deposit amounts over $2,000. Anything less than this will attract a 1.5% fee.

For crypto withdrawals, the fees are as follows:

Fees for fiat deposits are as follows:

Coinsmart Pros and Cons

Here are some of the pros and cons of the Coinsmart crypto exchange:

Pros

• Advanced trading options available
• Easy account opening
• Multiple fiat options available for withdrawals and deposits
• Access to SmartTrade
• Coinsmart has a global presence
• 24/7 customer support
• Good security features

Coinsmart offers advanced trading options for beginner and advanced traders. This includes limit and market orders, with stop-loss functionality.

24/7 support is available via phone, email, live chat, and ticket system.

There are multiple fiat options available for withdrawals and deposits, making it easier for users in various countries. Coinsmart is regulated by MSB and FINTRAC.

Coinsmart has good security, with cold storage wallets and two-factor authentication (2FA).

Coinsmart only supports 11 crypto coins: Bitcoin, Ethereum, Litecoin, Ripple, Cardano, Stellar, Bitcoin Cash, EOS, NEO, Dash, and QCAD.

Who Is Coinsmart For?

Coinsmart is an ideal platform for anyone looking for a simple and user-friendly way to trade cryptocurrencies.

The platform’s focus on accessibility, low fees, and a seamless trading experience makes it an excellent choice for both novice and experienced traders.

Coinsmart is also a good option for Canadian traders, as it is based in Canada and registered with FINTRAC and the CSA.

The platform supports Canadian dollars and provides a convenient and secure way for Canadians to trade cryptocurrencies.

In addition, Coinsmart’s educational resources and mobile app make it an excellent choice for traders who prefer to stay informed and manage their portfolios on-the-go.

Who It’s Not For

While Coinsmart offers a comprehensive trading experience, there are certain types of traders who may not find it suitable for their needs.

1. High-frequency traders: Coinsmart’s trading platform may not be ideal for high-frequency traders who require lightning-fast execution speeds and advanced trading options such as margin trading, futures trading, and options trading.
   
2. Advanced traders: Although Coinsmart’s trading platform offers advanced charting tools, it may not provide the level of customization and depth of analysis that advanced traders require. Advanced traders may prefer platforms such as Kraken or BitMEX, which offer a more comprehensive range of trading options and features.
   
3. Traders outside Canada: Coinsmart is a Canadian-based platform and is primarily suited for Canadian traders. Traders located outside Canada may face certain restrictions when using Coinsmart, including limited deposit and withdrawal options and currency conversion fees.

How To Get Started with Coinsmart

Getting started with Coinsmart is easy. Here are the steps:

Step 1

Visit the Website

Go to the Coinsmart website, enter your email and click on ‘Create an Account’. Fill in your personal details and verify your email address.

 

Step 2

Verify your account

Take a few minutes to verify your account and contact details:

Step 3

Start trading

Once you’ve verified your account you can fund your account and start trading.

How Financer.com Rates CoinSmart

Is Coinsmart safe? Yes, at Financer.com we recommend Coinsmart.

At Financer.com, all exchanges go through a thorough research and review process. We don’t make recommendations lightly.

Overall, Coinsmart’s platform features provide a comprehensive and user-friendly experience for trading cryptocurrencies.

The platform’s security measures and payment options add an extra layer of protection and convenience for users.

Chosen 45 times

• Fees range from from 0.10% to 0.50%
• 24/7 customer support
• Advanced trading options
• Seamless and user-friendly experience

See offerMore Info

5.0Read 1 reviews

Sign Up Process

We’ve tested the signup process and it takes less than 10 minutes. See above.

Fees

Coinsmart has a transparent fee structure that includes reasonable fiat deposit and withdrawal fees and crypto withdrawal fees that are quite standard.

Customer Service

Coinsmart’s customer service is quite impressive with fast response times. They’re active on Twitter and other social media platforms.

They also have a Discord support community.

Coinsmart Alternatives

Here’s a list of Coinsmart alternatives and how it compares to other brokers:

More Coinsmart Reviews

What Users On the Web Are Saying

Coinsmart gets 3.7 out of 5 stars on Trustpilot, with most users commenting on the customer service:

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