CoinSmart Review

CoinSmart Review

Written by Matthew Taylor
Fact-checked by Caitlin Wood
Last Updated May 12, 2022

Due to growing interest, cryptocurrency is becoming a more popular investment. Cryptocurrencies that started out costing fractions of a cent now cost tens of thousands of dollars. Every investor is hoping that their cryptocurrency experiences this kind of meteoric price jump. They just need a place to purchase their cryptocurrency – and CoinSmart is a great place to do it.  

What Is CoinSmart?

CoinSmart is a cryptocurrency trading platform developed and based in Canada. Many cryptocurrency trading platforms are not available in Canada, so CoinSmart created a platform specifically for Canadian consumers. The platform currently offers the ability to trade ten different cryptocurrencies and will be adding more in the future. 

Check out our roundup of crypto cards in Canada.

CoinSmart Features

CoinSmart has a number of features that make it an attractive platform for cryptocurrency investors:

  • Quick Deposits: Deposits are credited to your account the same day that CoinSmart receives them.
  • Variety of Funding Options: CoinSmart accepts a variety of options to fund your account, including Interac, SEPA, wire transfers, e-transfers, and all the cryptocurrencies that are supported with CoinSmart.
  • Track Your Activity: You can easily monitor your deposits, withdrawals, and trading activity. 
  • Customer Support: CoinSmart offers 24/7 support via email or live chat.
  • Safe and Secure: CoinSmart has several ways to keep its customers and their cryptocurrency safe. The platform has a two-factor authentication system which can be used to require two passwords to access an account. It also uses a comprehensive identity verification process to prevent fraud. Finally, CoinSmart keeps its customers’ cryptocurrency safe by keeping it in cold wallets that do not have access to the Internet. These wallets prevent hackers from accessing them and stealing the cryptocurrency inside.
  • Advanced Features: The platform’s Advanced Trade feature offers limit orders, stop loss and real-time charting. 
  • Ease of Use: Instead of having to trade your cryptocurrency to Bitcoin or Ethereum first like some other trading platforms, CoinSmart allows you to directly trade between all the cryptocurrencies it offers.
  • Instant Verification: Instead of having to wait to trade cryptocurrency, your CoinSmart account can be verified instantly so you can get trading right away.

How Much Does CoinSmart Cost?

CoinSmart charges fees to fund your account and to withdraw funds or cryptocurrencies from your account.

Funding Fees

Funding MethodFeesMinimum Funding AmountMaximum Funding Amount
Interac e-Transfer1.5% below $2,000$100$10,000
Bank Wire0%$10,000$5,000,000
Bank Draft0%$500$5,000
Credit / Debit CardsUp to 6%$100$5,000

Withdrawal Fees

Withdrawal MethodFeesMinimum Withdrawal AmountMaximum Withdrawal Amount
Electronic Funds Transfer1% (minimum of $15)$50$15,000
Bank Wire1% (minimum of $15)$10,000$5,000,000

Crypto Withdrawal Fees

If you’re withdrawing cryptocurrency, CoinSmart takes part of your cryptocurrency as a withdrawal fee. This fee can range from 0.00003 for Stellar to 15.00 for Tether and USD Coin.

Trading Fees

CoinSmart charges 0.20% for commission on trades between Canadian dollars and any cryptocurrency or between two cryptocurrencies when one of the cryptocurrencies is Bitcoin. The platform charges 0.30% for commission on trades between two cryptocurrencies that are not Bitcoin.

Find out how you can secure a loan with cryptocurrency.

How To Create A CoinSmart Account

To create an account with CoinSmart, you must sign up on its registration page. You will then have to verify your email address via a link that CoinSmart sends in an email. Next, you will have to go through CoinSmart’s identity verification process by entering personal information such as your date of birth and address. The platform verifies your identity through Equifax. If you cannot get your identity verified, you can send CoinSmart proof of identity such as a copy of a government-issued ID. Once your identity is verified, you can fund your account and start trading cryptocurrencies.

CoinSmart FAQs

Is CoinSmart safe to use?

Yes, CoinSmart is safe to use. The company is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business, meaning that it strictly adheres to Canadian financial regulations. CoinSmart’s funds are backed by a registered Canadian bank called Luminus Financial. Your coins are kept in cold wallets that have no access to the Internet to prevent problems with hackers getting to them.

What crypto coins are supported with CoinSmart?

CoinSmart supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), Stellar (XLM), EOS, Tether (USDT), USD Coin (USDC), and Cardano (ADA).

What is CoinSmart’s referral program?

CoinSmart has a referral program where you and the person you refer get $15 CAD if they sign up through your referral code or link and deposit at least $100 CAD.

Bottom Line

CoinSmart is a cryptocurrency trading platform specifically tailored for Canadian cryptocurrency investors. The platform has a variety of features that make it an attractive choice for cryptocurrency investment, including keeping cryptocurrencies in cold wallets with no Internet access to prevent hackers from accessing them. There are fees to fund your account and to withdraw either cash or cryptocurrency, but these fees are fairly minimal. If you are looking for an easy-to-access platform to use to trade cryptocurrencies, then CoinSmart might be for you.

Rating of 5/5 based on 1 vote.

Matthew joined the Loans Canada writing team in 2021 while was finishing up a Bachelor's degree at the University of Saskatchewan. It was there that he discovered his love of writing. His work has appeared in several publications, including the Canadian Student Review and In his spare time, Matthew enjoys reading, geocaching, and spending time with his family and pets.

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