Review

CoinSmart Review: Best Crypto Exchange in Canada?

CoinSmart is a cryptocurrency exchange based in Toronto that caters to crypto users around the world. Founded in 2018 by Justin Hartzman and Jeremy Koven when they found it difficult to fund and get verified on other exchanges. They wanted to provide a reliable exchange that was both beginner friendly and easily accessible to Canadians.

The result was CoinSmart, a crypto exchange that offers fast verification, a user-friendly interface, bank-grade security and many options for funding in different fiat currencies. They also offer more advanced options for experienced and higher volume traders. Our CoinSmart Review will help you determine if it is right for you.

2023 Update: CoinSmart has been acquired by Bitbuy and will be winding down services as part of the merger. Bitbuy will retain most CoinSmart feature so if you’re interested in an account be sure to check out our Bitbuy review.

CoinSmart

Visit CoinSmart

Great on-ramp for anyone looking to get involved with cryptocurrency
Backed by Canadian financial institute
Small but powerful portfolio of different coins including Bitcoin, ETH, Litecoin and more
Easy set-up for new crypto users

Funding Methods e-Transfer, Credit & Debit Card, Bank Wire

Cryptocurrencies 10+

Countries Canada, United Kingdom, Germany, France and more

Meet Our Reviewing Team

Keegan Francis

Mrugakshee Palwe

Evan Jones

CoinSmart Pros & Cons

Pros

Fast sign-up and verification process
Easy to use interface
Same day deposits of funds
Backed by Canadian bank
24/7 client support and tax assistance

Cons

Not available in USA
Limited selection of crypto assets

How to Set Up Your CoinSmart Account

Setting up an account on CoinSmart is easy and they offer instant verification through Equifax meaning you can be verified and trading within minutes of sign up. Follow these steps to create a CoinSmart account:

Go to CoinSmart homepage
Enter email address and click “Get Started”
On the following page enter name and choose a password, click “Sign Up”
Verify email through email they send you
Enter phone number and verify through code they send you
Enter required information including full name, date of birth, and address
If they are able to instantly verify you at this point you are ready to fund and trade!

If they are unable to instantly verify your identity you will need to provide the following:

Clear copies of the front and back of your government issued ID
A selfie with you holding the same ID and a piece of paper with the word “CoinSmart” and today’s date on it.
A copy of a recent utility bill with your name and address.

After providing this information CoinSmart will manually verify your identity and you will then be able to fund your account and begin trading.

Cryptocurrencies You Can Buy on CoinSmart

CoinSmart has a somewhat limited selection of digital currencies for you to buy, sell, and trade. Here is the complete list of coins and tokens available:

Is CoinSmart Safe?

CoinSmart is safe to use as a cryptocurrency exchange and prides itself in its security. They are a FINTRAC registered Money Service Business meaning they are compliant with regulatory standards and that they provide documentation in order to maintain their license status. In addition they are backed by a registered Canadian bank.

CoinSmart Canada is able to prevent fraud by running a comprehensive identity verification process that is able to detect fake addresses and dates of birth using a database offered by data collection agencies. By using these agencies, CoinSmart is able to verify a person’s identity and also keep personal user information secure.

The company also offers its users the ability to use a two-factor authentication system (2FA). This will require the user to use a password generated on their phone the moment they attempt to log on. They will then have to enter the newly generated code as well as the information of their account.

CoinSmart also offers its users a cold digital wallet for each cryptocurrency offered on the exchange. Regardless of whether a user chooses to purchase a specific cryptocurrency or not, there is a cold wallet available for it. This wallet is protected using standard industry practices and procedures.

Where is CoinSmart Available?

Although CoinSmart launched as a Canadian-only exchange it recently expanded to a number of different jurisdictions around the world so that everyone can take advantage of its fantastic UI and easy on-boarding process.

Here’s a look at the updated list of where CoinSmart is available:

Canada
United Kingdom
Germany
France
Italy
Spain
Portugal
Sweden
Norway
Turkey
Poland
Ireland
Netherlands
Georgia
Estonia

What Are CoinSmart’s Fees?

CoinSmart has reasonable fees for fiat deposits and withdrawals, along with fairly standard crypto withdrawal fees. Their fees are somewhat in line with industry standards but are not a selling point of using the exchange.

For Canadian Dollar deposits, there is zero fees with a bank wire or draft, but these options require a minimum deposit of $10,000 and $500, respectively. If depositing with an Interac e-Transfer, there is no fees if you are depositing $2,000 or more, but a 1.5% fee for anything less. The 1.5% fee is quite common and you’ll also find it on fellow Canadian exchange Bitbuy. Credit and debit card funding is the most expensive in terms of fees with some fees reaching as high as 6%.

Meanwhile for Canadian Dollar withdrawals there is a 1% fee with a $15 minimum for both bank wire and electronic funds transfer methods. Crypto withdrawals incur a flat fee that varies depending on the asset. For example, the Bitcoin withdrawal fee is 0.0005 BTC and the Cardano withdrawal fee is 0.3 ADA.

Other countries will find similar fees.

Trading fees on the exchange are 0.2% when trading between Canadian Dollars and a crypto asset, and 0.4% when making a trade that does not involve Bitcoin. For example, trading Litecoin for Ripple.

For more exchange info, check out our VS pages:

Standout Features of CoinSmart

CoinSmart has a few different features that make it standout from the competition.

The first is that it’s a very beginner-friendly platform and it’s a great place for new crypto users to get started. The site has an excellent UI that makes depositing a breeze.

CoinSmart is also the only exchange that offers the SmartGuarantee, which offers the following benefits:

All deposits are placed in users accounts the day they are received
All accounts are verified the same day
All fiat withdrawals are processed within five days

Finally CoinSmart offers an excellent referral program where you can refer friends and if they deposit at least $100 then you both receive $15. It’s simple but effective.

CoinSmart Frequently Asked Questions

Is Coinsmart good for Canadians?

CoinSmart is good for Canadians as they offer fast identity verification and multiple funding methods in Canadian Dollars with fast deposit times.

Does Coinsmart accept Interac e-Transfers?

Yes! CoinSmart accepts Interac e-Transfers for deposits with a $100 minimum deposit required. Deposits of $100-$1,999 have a 1.5% fee while deposits over $2,000 have no fees.

What is the cheapest way to fund a CoinSmart account?

The cheapest way to fund a CoinSmart account is through a bank draft, as there are no fees on any deposit over the minimum of $500, whereas to get no fees with an Interac e-Transfer or bank wire requires deposits of $2,000+ and $10,000+, respectively.

Does CoinSmart require verification?

Yes, as a FINTRAC registered business, CoinSmart requires identity verification for all users.

Is the CoinSmart Multicoin Wallet safe?

Yes! The CoinSmart Multicoin Wallet is safe as they store almost all assets in cold storage. This means they are inaccessible in the event of a hack. We would still recommend storing your assets in your own hardware wallet when not trading them on an exchange.

What is CoinSmart Premium?

CoinSmart Premium is one of the largest Over the Counter (OTC) desks in the country. It is a service available to clients looking to complete buy or sell orders worth greater than or equal to $25,000.

The main features and benefits of using the CoinSmart Premium include:

Having a dedicated account representative.
Discounted Fees.
Optimal pricing based on order size/volume.