Wealthsimple Crypto is another Toronto-based crypto exchange that is also regulated by FINTRAC & OSC. Beyond these similarities, CoinSmart differs considerably from Newton. CoinSmart outshines Newton in terms of funding options, supported fiat currencies and welcome bonus.
You can deposit Canadian dollars conveniently through Interac e-Transfer, wire transfer, or bank draft. Additionally, Euros can be deposited using SEPA, wire transfer, or bank draft, while USD deposits are available via wire transfer. For added flexibility, you can also purchase crypto directly using debit or credit cards, provided your bank supports such transactions. The platform stands out for its no deposit fees when using wire transfers or bank drafts, making it a cost-effective option. However, Interac e-Transfers under $2,000 incur a fee, and purchasing with credit or debit cards can cost up to 6%, so choosing the right funding method is key to saving money.
Wealthsimple Crypto Review
The management team includes industry professionals with backgrounds in fintech, compliance, and security. The platform is Canadian-owned and focused on serving local regulations. Coinsmart stands out for its strong regulatory position in Canada as both a FINTRAC-registered Money Services Business coinsmart review and a Restricted Dealer compliant with domestic securities rules. This framework gives me a high degree of confidence in the platform’s legitimacy and how it safeguards client assets under Canadian standards. For more details about what the platform offers regarding protection for your account, the risks you take when you trade, and their privacy terms, check the CoinSmart website.
- Go to your CoinSmart wallet and select the crypto asset you want to deposit.
- Founded in 2018 by Justin Hartzman and Jeremy Koven when they found it difficult to fund and get verified on other exchanges.
- Her work has been featured in leading publications across various industries, including CryptoVantage, The Quintessential Man, and The Greenest.
- Coinsmart states that it holds insurance coverage for digital assets stored on the platform, but details and coverage limits are not fully disclosed to the public.
- To do so, CoinSmart will ask for a valid piece of identification.
By keeping its operations shrouded in mystery, Coinsmart can evade direct scrutiny and complicate efforts by users to pursue complaints or legal actions. With over a decade experience in financial services, he’s passionate about personal finance, investing and helping people take control of their financial life. Unlike in CoinSmart, there’s no minimum investment requirement, deposit fee, withdrawal fee and trading fee on Wealthsimple Crypto.
Is CoinSmart safe?
And if you are an expert crypto investor, CoinSmart has an advanced trade tool. I’ll go into more detail about these services later on in the review. Since CoinSmart leans towards Canadian users, the main fiat currency supported by the exchange is CAD (Canadian Dollar). Because the exchange is fairly new, it is not available in most countries. Outside of Canada and the U.S., Coinsmart is available in approximately 40 countries.
The best part, you don’t need to wait 3-5 days for verification and you can start trading right away. CoinSmart is marketed as being “designed for beginners and built for experts,” offering something for everyone. You can trade a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, EOS, Stellar Lumens, USDC, Dogecoin, SHIB, Cardano, Polkadot, Solana, and more. Additionally, there’s a possibility of earning a passive income (a feature that is yet to be launched). If, on the other hand, your trade includes a trading pair made of two cryptocurrencies (labeled as a double trade – BTC/ETH, for instance), this would cost you 0.3% of the transaction.
Account access issue
- If keeping costs low is important to you, platforms like Bitbuy, with its tighter spreads and transparent pricing, are worth considering.
- We deposited $100 CAD into our CoinSmart account via Interac e-Transfer.
- These types of questions are common when signing up to Canadian crypto exchanges and their reasoning is that they can protect you by setting suitable trading limits to your account.
- The team at CryptoVantage.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers.
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Crypto Assets on CoinSmart
CoinSmart does not go into much detail about its security or compliance, but these few points are nevertheless highlighted on its website. We do wish CoinSmart would state what percentage of assets are held in cold storage, as this is a crucial part of an exchange’s security. We deposited $100 CAD into our CoinSmart account via Interac e-Transfer. Notably, this fee can be waived for deposits over $2000, making larger deposits more cost-effective.
Is CoinSmart Safe to Use & 100% Legit?
CoinSmart allows complete beginners to take their time with the exchange, and “learn the ropes” as they go. There are no complicated and over-the-top processes involved, and since CoinSmart doesn’t exactly support a large number of different cryptocurrencies, there shouldn’t be much confusion involved, either. As mentioned in the introductory part of this CoinSmart review, the exchange in question is a centralized platform.
It uncovers faky and scamming websites and their evil scamming tactics. I lost only a small amount because of trusting scammers like of GoldnRise.com I also now knowthere are many other people who lost in thousands of dollars. And I say to CoinSmart, thank you for your honesty and for your ability uncover the scammers and their evil tactics. We chatted with a Coinsmart tech Andre and he immediately closed my account due to 3rd party involvement. He acted quickly and ensured that the scammer would not be able to access the closed account.
Benzinga compared CoinSmart to other platforms to see how it fared. 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. This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio. All of the following cryptocurrencies can be paired with either the Canadian Dollar, US Dollar, or Euro.
All you need to do is accept the request and link it to your bank account. As soon as you have accepted the request, the funds will be delivered to your CoinSmart account in 1-60 minutes. As with other exchanges, you will have to provide your personal information like birth date, email account, and address to CoinSmart. To do so, CoinSmart will ask for a valid piece of identification. Whichever form of ID you choose, you will have to provide both a front and back photo of the ID.
Coinsmart placed my bitcoin withdrawal on hold and is not allowing me to send a Bitcoin withdrawal to my own verified Bitcoin exchange wallet. Their compliance emailed me, I answered all their questions, sent them the screenshots of my destination wallet and still they are holding my bitcoins for 3 business days now. In a similar fashion, both exchanges cater to experienced traders too, by offering more sophisticated trading instruments and advanced charting where you can follow market fluctuations. CoinSmart is a FINTRAC-registered Money Business Service in Canada and Estonia. The exchange is also a crypto trading platform that complies with the Anti-Money Laundering (AML) standards which are introduced as a protection against financial crimes. This Canadian exchange is considered to be one of the safest trading platforms around.
Also, you should be aware of the high fiat transaction fees levied by both Coinbase and CoinSmart. CoinSmart’s bank-grade security, safety protocols, regulations, and regular audits have proved to be successful in maintaining the platform’s overall trustworthiness and reliability. As a result, this platform has never had any security breaches or similar issues. When CoinSmart verifies your account, all you need to do is deposit some coins to your balance and start trading.