CoinSmart Review 2023: Canada’s Crypto Exchange

Editor's note: CoinSmart was acquired by Bitbuy. All existing accounts will be transferred to the Bitbuy platform. New customers can create an account on Bitbuy and get an improved experience.

If you are looking for a Canadian-based cryptocurrency platform, CoinSmart might be the right fit for you. But choosing where to trade crypto isn’t simple, as there are many things to consider before deciding on the platform that will potentially suit you.

In this in-depth CoinSmart review, we analyze the exchange’s features, pros and cons, and how it measures up against the competition.

CoinSmart Overview 

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.

CoinSmart went public on NEO Exchange in Canada in November 2021 under the ticker SMRT, aiming to inspire confidence in clients and operate transparently in a market still considered a bit of an enigma by the broader public.

The company adheres to the rules and regulations of Canada’s top financial authorities regulating cryptocurrencies, such as the Canadian Securities Administrators, Investment Industry Regulatory Organization of Canada, and Ontario Securities Commission, making CoinSmart one of Canada’s most credible crypto exchanges.

The funding methods on CoinSmart include Canada’s Interac, the European Union’s SEPA e-transfers, bank wire transfers, and credit and debit cards. The platform allows you to deposit CAD, USD, and EUR into your account.

CoinSmart Features

CoinSmart offers features that make it a good choice for both experienced cryptocurrency users and those new to digital currencies.

SmartTrade

The feature called SmartTrade makes trading crypto easy, as you don’t have to trade in pairs. You can simply choose which coins you wish to trade and do it in a single transaction, without having to trade to Bitcoin or Ether first.

Mobile App

We found using CoinSmart’s mobile app to be a smooth experience. Some of our favourite CoinSmart features are there, including SmartTrade.

The app is available for iOS and Android and comes with a biometric login and two-factor authentication to keep your data safe.

Security Features 

CoinSmart is a publicly-traded crypto exchange. As already mentioned, it is regulated by FINTRAC and the Ontario Securities Commission. That makes the company accountable to investors and requires its security to be up to par.

The platform uses 2FA on all accounts and requires you to download Google Authenticator first and then connect it to your account. You can access your account via the CoinSmart app by using a 6-digit code that is newly generated every time you need to log in. 

Like many other crypto exchanges, CoinSmart uses cold storage for your cryptocurrency wallet, which means that tokens are held on servers offline, making a data breach impossible. A majority of CoinSmart-traded cryptocurrencies, around 95%, use this technology to keep your assets secure.

OTC Trading

CoinSmart’s CS Premium platform offers over-the-counter crypto trading to corporate and individual investors eyeing large orders. Some features provided with OTC trading include expedited KYC/AML verification, a dedicated premium account manager, deeper liquidity, and VIP access to exclusive events.

Coinsmart Fees

One of the benefits of working with CoinSmart is that it offers multiple ways in which you can transfer funds. You can choose among Interac e-Transfer, bank wire, and credit and debit cards.

CoinSmart has attractive fees and promises same-day transactions.

If you’re funding through Interac, the minimum transfer amount is $100, and the fee is 1.5% for all transfers between $100 and $1,999. For transfers above $2,000, CoinSmart doesn’t charge any fee. This type of transaction is capped at $10,000.

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%. 

You can withdraw funds using electronic funds transfer for amounts ranging from $50 to $15,000. You can make bank wire withdrawals of between $10,000 and $5,000,000. The fees are, in both cases, 1%, or a minimum of $15, and processing takes 1-5 days. 

We also looked closer at CoinSmart to review its fees for buying and selling cryptocurrencies. 

CoinSmart commission fees are pretty straightforward. The rates are 0.2% for a single trade and 0.3% for a double trade. So, if you buy $500 worth of BTC, the trading fee will be $1. If you want to use CoinSmart to get Dogecoin for Stellar Lumens, for example, you’ll pay a 0.3% commission fee.

When you withdraw cryptocurrencies to your wallet, you pay the following withdrawal fees:

CoinSmart vs. Bitbuy

Another popular choice for Canadians when it comes to trading crypto is Bitbuy, and we set out to see how CoinSmart measures up.

Bitbuy has 25 cryptocurrencies on offer compared to CoinSmart’s 16, and our opinion is that both companies could benefit from expanding their crypto catalogues.

While Bitbuy has the upper hand on the selection of coins, CoinSmart leads in terms of enabling the use of credit and debit cards, though it does charge a steep 6% fee on these transactions.

CoinSmart also offers more fiat options to fund your account – CAD, USD or EUR – while Bitbuy only supports CAD.

Both companies take security seriously, and we couldn’t find fault with either.

In conclusion, both CoinSmart and Bitbuy offer reliable services at competitive prices, with CoinSmart featuring just a little bit more in terms of managing your funds and withdrawal options.

If you’re interested to learn more about Bitbuy, you can read our full review of its services here. 

Bottom Line

The crypto market can be both exciting and daunting at times. As the number of cryptocurrencies rises, the services diversify, and it will be wise to shop around a bit before settling on a trustworthy company.

The main takeaway of our review of CoinSmart and its pros and cons? The company is doing its best to contribute to fair business practices in the crypto market, helping shape it into a safe haven for investors big and small.