Coinsquare Review: 2024 Edition

In this comprehensive review, we’ll discuss Coinsquare, the benefits and drawbacks of using this crypto exchange platform and explore its features in detail while comparing it to some of the most prominent players on the market.

What Is Coinsquare? 

Coinsquare is a Canadian cryptocurrency exchange founded in Toronto in 2014. The company offers a smartphone app and online wallet services for buying, selling, and trading cryptocurrencies such as Bitcoin, Ether, Litecoin, and Dai. Coinsquare also allows users to buy gift cards with cryptocurrencies.

Since its debut eight years ago, Coinsquare’s platform has been home to more than nine million trades, and the company boasts over eight billion in trade volume. Coinsquare prides itself on the transparency and simplicity of its trading system, which has made the platform a go-to marketplace for Canadian traders in the past decade.

Coinsquare Features

Coinsquare is one of the most popular exchanges in Canada that has been in the business for almost a decade. During that time, it changed its offer and services several times, trying to keep up with the industry trends.

So how does the company provide a seamless trading experience equally suited to beginner and veteran investors, casual and large-scale traders? By offering three core products aimed at different audiences: Coinsquare Trade, Coinsquare Pro, and Coinsquare Wealth.

Coinsquare Trade

This is the standard trading option you’ll see right after you sign-in on your phone. In other words - here is where you’ll be doing most of your mobile trading on the platform, whether through an Android or an iOS device. Coinsquare Trade offers no-fee deposits and withdrawals in CAD through Interac, wire transfers, or crypto deposits.

Trading is as simple as downloading the app from Apple’s App Store or Google Play, verifying your account, and picking your preferred currency from a list of 40 or so options. The app and platform have recently been rebranded, and if you’ve had dealings with Coinsquare before, you may know it as Coinsquare Quick Trade. 

In short, though - standard, low-volume trades will be made at market prices plus a spread (more on this later), while limit orders are handled through Coinsquare Pro, which used to be known as Advanced Trade.

Coinsquare Pro

If you are looking for a more in-depth trading experience, Coinsquare Pro has you covered. This platform offers a more complex yet intuitively laid out trading interface, ideal for experienced and large-volume traders. You’ll have access to features such as a live order book, advanced fill instructions, and detailed trade logs while benefiting from a tiered fee schedule that incentivizes active trading through lower Maker and Taker fees.

Coinsquare Wealth

In addition to a web platform for advanced traders and an excellent app for mobile trading, the company also offers a premium service aimed at the most dedicated traders. 

Coinsquare Wealth is a special account type that offers users a dedicated company representative to help with everything from setting up and funding their accounts to market and investing advice. 

For example, crypto taxes can be a tricky subject for new investors, but the helpful staff at Coinsquare can guide you through the entire tax process and explain everything you need to know. 

Better still, you’ll be able to get same-day settlements in CAD and USD and the most competitive prices on the platform. That said, this account type is only for big-time traders, and you’ll ideally want orders of $25,000 or more to make the most out of it.

Coinsquare Fees 

While most cryptocurrency exchanges offer a choice between scaling trade fees and margins or spreads, Coinsquare does both. Standard low-volume users will be given trade quotes that use a spread and differ from the median value you can see for purchase and sell orders on the Markets screen. 

The company does not disclose the margins, but you can calculate the trading fees by comparing the values in the Markets and Trade screens.

Coinsquare Pro makes things much simpler. It uses a tiered system that lowers Maker and Taker fees as the trade volume increases. These fees start at 0.50% for trades of up to $10k and can be reduced to as little as 0.05% for Maker and 0.14% for Taker transactions if their volume is over $20m. Y

our current fee isn’t fixed - instead, it’s based on trade volume in the previous month and calculated before every trade. You can see the complete list below:

Coinsquare Currencies

While it cannot compare to the likes of Coinbase or other crypto exchanges with hundreds of cryptocurrencies, Coinsquare still has a decent selection of altcoins and stablecoins to choose from.

Tradeable coins include big names like Bitcoin, Ether, and Solana, but also less popular cryptos like SushiSwap, and even stablecoins like Dai. There are around 40 cryptocurrencies to choose from and as many as 820 trading pairs, often linked with BTC, ETH, or stablecoins.

The selection is far leaner regarding fiat currencies, and you’ll mostly be dealing in Canadian dollars. Coinsquare Wealth customers can also deposit in USD, but the minimum amount is $10,000.

Coinsquare Deposits and Withdrawals

Speaking of deposits, you’ll be happy to know that there are no deposit or withdrawal fees to worry about. In fact, deposits are completely free, whether you use Interac or wire transfers. Direct bank account deposits and incoming wire transfers come with a 1.5% processing fee, but if you withdraw the funds through Interac, you won’t have to pay anything.

Interac also guarantees the fastest processing times but also lower maximum withdrawal amounts. You should also be aware that you’re limited to one Interac withdrawal per 24 hours. Here are two handy tables that show how it works:

Of course, you can also use crypto wallets if you’re looking to get your hands on some Bitcoin or trade your stash on the Ethereum network for another altcoin. 

Coinsquare Insurance, Security, and Trustworthiness

There has been a lot of talk about Coinsquare in recent years, and not always in a way that paints the company in a good light. 

In 2020, the Ontario Securities Commission (OSC) accused the company’s CEO Cole Diamond,  CCO Felix Maze, and founder Virgile Rostand of “wash trading,” or manipulating trading volumes. All three subsequently resigned and were forbidden to have any dealings with the platform for the next few years.

Despite this major scandal, the company has generally functioned well over the years, as over 500.000 satisfied Canadian customers can attest. Coinsquare takes security measures very seriously, holding 95% of assets in cold storage and using advanced encryption methods while encouraging users to secure their accounts with 2FA tools. 

Furthermore, the company uses regulated custodian partners for hot and cold storage, and these provide up to $470m in asset insurance. It is also registered at FINTRAC, so you know things are above board regarding trading regulations.

Coinsquare Customer Support

Whether you’re having login problems or need information about a particular cryptocurrency or payment method, you can reach Coinsquare support with any potential questions through an email ticketing system or live chat 24/7.

Final Verdict

In our opinion, Coinsquare is a worthwhile platform to check out but definitely has room for improvement. The cryptocurrency selection is varied enough but could be much larger, and you can only deposit fiat money if you have USD or CAD.

The standard trading fees rely on often unfavourable spreads, but if you become a more active trader, Coinsquare Pro offers very competitive rates. Even better, if you have the time and money to get fully invested, Coinsquare Wealth is a unique and useful service.

The company places a lot on security and customer support, doubly so after the trading scandals in 2019. If you can get past somewhat checkered history and plan on becoming a large-scale trader, Coinsquare could be well worth your time.