CoinSmart Review 2022 Get a $20 Sign Up Bonus - Comparewise
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CoinSmart Review 2022

  • Smart trade feature for quick trading
  • Instant account verification
  • Fund through e-transfer

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CoinSmart Financial Inc. is a company designed for people who are new to trading and want to begin investing in cryptocurrencies. It’s a publicly-traded company that provides expert-level services for all investors, whether you’re new to trading and cryptocurrencies or have some experience.

CoinSmart features include an easy-to-use platform that gives you access to various investment options so you can build a portfolio and determine which financial investments are best for your goals.

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CoinSmart makes it generally easy for new investors to get started. The platform is compatible as a mobile app and offers customers a quick, effortless way to check their accounts and investments’ performance. It’s a secure system that offers cold storage for crypto assets and access to tools that help investors decide how to fund their accounts without excessive fees or restrictions in viewing their financial investments’ options. Let’s get started with this CoinSmart review.

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Before you register with a cryptocurrency exchange, you may have questions about the legitimacy of CoinSmart, how it works, and the overall benefits of using this service for interim and long-term goals.

Since crypto assets are relatively new to many people, there may be initial apprehension about opening a new account, the risks involved, and the fees charged for investing. These questions are among the most commonly asked by new investors and individuals considering opening an account with a cryptocurrency exchange.

How to Register for CoinSmart

When you register for CoinSmart, it’s similar to signing up for other platforms and requires a bit of information to get started. When you visit the website, you’ll notice a registration page, which requires you to provide an email address to link your new account and verify your registration.

During the registration process, you’ll be prompted to provide personal identification to verify your authenticity and refer your credit history to Equifax, a major credit reporting company in Canada. The information you need to provide includes your date of birth, address, full legal name, phone number, and email. Once the online registration portion is completed, you’ll need to support the details provided to verify your identity.

These supporting documents include providing a copy of a government-issued ID. This accurate picture may include a photo ID from a government-issued driver’s license or passport and a copy of a recent bill to confirm your current address and name.

You’ll also need to provide banking information to safely and quickly make transactions by wire transfer, bank draft, debit or credit card, and e-transfer. Once your account is set up, you’ll have immediate access, though you’ll need to determine which deposit method you want to use to begin trading.

Setting Up Your CoinSmart Account for Trading

When your information is verified, and your account is established, you’ll need to decide how to add funding to your account, which can be done through your bank or financial institution. Once the funds are ready, you can begin trading right away. The platform offers a convenient mobile app with tools to begin buying and selling cryptocurrencies.

You can select which option to use, including buy, sell, or trade, and process your transaction on this page. When buying or selling, choose the currency you want and the quantity you wish to buy or sell, then click “sell now” or “buy now.”

If you become a premium trader on the CoinSmart platform, you’ll have access to OTC or over-the-counter trading service designed for investors trading or selling orders over $25,000. This premium service offers several perks: a dedicated account rep to address any concerns or transactions, special pricing on specific volumes, and discounted fees.

Pros and Cons of CoinSmart

There are substantial benefits to consider when reviewing CoinSmart, which can help new investors access cryptocurrency and investment options without too many barriers or difficulties. This platform is specially designed for new users and people who are not too familiar with crypto assets so that the process becomes less intimidating and easier to understand.

For new customers, CoinSmart provides incentives that may include a CoinSmart promo, CoinSmart welcome bonus, and referral codes for discounts or other perks.

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Learning Crypto for Beginners

For some beginners, investing for the first time can seem complicated at first, though CoinSmart offers an easier way to get familiar with the process. The company aims to make investing in cryptocurrencies fun and a learning experience that offers an OTC or over-the-counter trading, which offers convenient questions and answers for individuals learning about crypto and its benefits.

There are special incentives offered in this section, which offer the opportunity to earn free crypto for taking online tutorials and answering questions.

CoinSmart offers some tools that help new users get familiar with the platform while making it easier to learn and understand how cryptocurrency investments work, including access to a mining calculator.

Since the company’s start in 2018, CoinSmart has come a long way in developing a platform that is increasingly more user-friendly and simple to navigate so that the complexities of trading crypto become more accessible for everyone. Essentially, CoinSmart’s goal is to make cryptocurrencies’ trading process a level playing field for everyone involved, from expert investors to beginners.

Banking, Security, and Payment Options

CoinSmart makes it effortless to connect to your bank account, so you can make deposits and withdrawals without waiting for several days. This process is done through the Smart Guarantee feature, which speeds up account verification, and transfers funds quickly and without delays.

This Toronto-based company offers specific advantages for Canadian investors on the platform, offering a solid relationship and connection to Canadian banks and financial institutions, making it easier to invest by bank transfer, wire transfer, and Interac e-transfer.

You’ll also save on the cost of transfer rates, which tend to be higher with banks, including converting other currencies into CAD, including crypto assets. You’ll also enjoy the benefit of direct trading between any crypto coins and CAD through the SmartTrade platform.

The company offers a secure platform that rivals significant banks, investment firms, and financial institutions. These security features include access to cold wallet storage and access to reports for tax purposes.

CoinSmart is registered with FINTRAC or the Financial Transactions and Reports Analysis Center of Canada as a legitimate money service in Canada. The company vigorously protects crypto assets from hackers by storing investments in cold wallets kept offline, which lowers the risks of unauthorized access and withdrawals.

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CoinSmart provides a two-step authentication process through Google to further enhance your account’s security, which prompts users to enter a six-digit code when logging in.

While this process may seem frustrating for some users, who prefer biometrics or a one-step sign-in, it’s now a standard way of adding another layer of protection to your financial assets. CoinSmart offers in-depth information and details on the company’s privacy terms, security features, and other platform options on its website.

User-friendly Platform

CoinSmart makes it easy to access all the tools available on the company’s platform, which offers 24/7 access and customer service. The interface is user-friendly and offers a wide range of learning tools and support to get familiar with the investment options at your own pace.

It’s compatible with most Android and Apple devices, so you can quickly view and monitor your crypto assets on the go. CoinSmart is considered one of the top crypto exchanges in Canada and provides a CoinSmart referral code program and other incentives to new users.

Additional Benefits of CoinSmart

CoinSmart is an easy platform to join, which only takes a few minutes to register and provide information. There is instant verification for new customers, and it is a well-established, trusted, and publicly traded company with a solid reputation.

The platform is versatile and not as intimidating as expected for getting familiar with cryptocurrencies, and there is also a decent variety of cryptocurrencies available to diversify your investments effortlessly.

CoinSmart Drawbacks

While the CoinSmart platform offers new users a wide range of benefits, it may prove frustrating for some users. One major drawback is the timeframe of one to five days for fiat withdrawals, which is unpredictable and not a good option when you need funds quickly.

Unlike standard banks and financial institutions in Canada, CoinSmart is not protected with CDIC or CIPF insurance, common among investment companies that offer cryptocurrencies or a crypto exchange.

Since CoinSmart is a Canadian-based company, there is a more significant advantage for Canadian investors, such as direct access to Canadian-based banks, financial institutions, and investment tools. While CoinSmart is accessible outside of the country, not all banks may offer the same level of compatibility, which can prove challenging when traveling overseas or on vacation.

CoinSmart’s cryptocurrency selection is decent, though Canadian-based cryptocurrency exchanges offer many more, which may be a drawback for investors looking for more superb options. Fortunately, CoinSmart continues to add more currency options, which are regularly introduced, so you may find registering for an account worthwhile for the long term.

While there are notable restrictions to using CoinSmart outside of Canada and European countries, the company strives to improve access and features available to investors through its platform.

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CoinSmart Funding Option Limits

There are various limits on deposits and withdrawals, depending on the funding option you choose for your cryptocurrency platform. For example, e-transfers require a minimum investment of $100 and a maximum of $3,000 if chosen as your funding source.

These amounts vary considerably based on other funding sources, including bank wires, which require a minimum deposit of $10,000 to a maximum of $5,000,000, a bank draft, which must be at least $500 to a maximum of $5,000, and credit or debit cards, which must be a minimum of $100 or up to $5,000.

While the e-transfer and credit or debit card transactions are more straightforward for lower investment amounts, higher fees are associated with these options. E-transfers through Interac are charged a fee of 1.5% on any amount below $2,000 and no fees for amounts $2,000 or more.

Debit and credit cards are often the most convenient option for many investors, though these carry the highest fee of up to 6%, depending on your bank or financial institution.

Withdrawals have a different set of limits, requiring you to withdraw a minimum amount from your cryptocurrency account. There are two ways to withdraw funds from your account, bank wire and EFT or electronic funds transfer.

The minimum amount for an EFT is $50, with a maximum of $10,000, and the minimum amount for a bank wire is $10,000 with a maximum of $1,000,000. Both types of transactions include a fee of 1% or a minimum of $15 for every transaction.

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CoinSmart Referral Incentives

CoinSmart offers some great incentives when you refer family and friends to sign up with the website’s platform. This referral program allows you to cash in on extra money when you provide a CoinSmart referral code or CoinSmart referral link for a new user to sign up. When they deposit a minimum of $100, you’ll receive $15 within five business days that can be used for any purpose, including crypto investments.

CoinSmart’s Mobile App

Live in a country where CoinSmart operates, such as Canada or one of the participating European countries that support the exchange platform. You’ll have easy access to the mobile app. Once you travel outside of these countries, you may not have the same access to features on the app, and the mobile app cannot be readily downloaded. In most cases, you’ll have no issues using the app and all its features within Canada.

CoinSmart is a reasonably new company that continues to improve the website and app’s interface. If there are issues with specific features, the company is quick to address these issues through its customer service team and technical support.

Customer Service and Technical Support

CoinSmart offers excellent customer service, which is one of the top features of this company. It’s also a great way to establish trust with investors while providing support through several channels, including live chat, email, and phone. Customer support is available 24/7, and you’ll likely receive a response quickly, without waiting for more than a minute. In most cases, customers receive the support and tools they need to resolve an issue within several minutes.

While convenient types of customer service options are available, you’ll only have access to live chat and phone support when you register for an account. You’ll find all the contact information available on the company’s website, including an icon on the mobile app to initiate live chat.

If your question or concern is relatively common, you may find your answer under the FAQ section on the CoinSmart website or app. The company also provides helpful tips and information on various social media platforms, including Discord, YouTube, Twitter, LinkedIn, and Facebook.

In some cases, you may receive information directly through one of these options, though the best and fastest way to get help is through the live chat option available in the mobile app.

CoinSmart’s Premium Option

If you plan on making large purchases and trading $25,000 or more, there is a premium membership feature that offers a variety of benefits. This service features personalized, dedicated account reps, support for multiple currencies, and OTC or over-the-counter services.

The premium membership for CoinSmart also offers investors access to special offers and exclusive options, including same-day fund settlements and lower fees for transactions.

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Alternatives to CoinSmart

Many new crypto investment platforms provide services, investment options, and tools to optimize your financial goals. The top competitors include Wealthsimple, NDAX, and Bitbuy, which provide many of the same services, cryptocurrencies, and fee structures for users.

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CoinSmart offers many of the same benefits, including a wide selection of cryptocurrency options such as ETH, BCH, EOS, BTC, LTC, XLM, etc. When you sign up, you’ll receive notifications by email or mobile app alerts on new cryptocurrencies introduced into the platform and significant changes that will impact your assets.

How CoinSmart Compares to NDAX, Wealthsimple, and Bitbuy

Funding options are essentially the same across all cryptocurrency investment platforms, which allows for various methods of transactions, including e-transfers, bank drafts, wire transfers, and debit and credit card transactions. On average, CoinSmart offers slightly more options for investors, which provides greater flexibility if you don’t typically use bank wires or e-transfers as an option.

Fees are pretty competitive and tend to be on the lower end of the scale, which is a good option for new users and anyone who wants to limit the number of charges they pay for frequent withdrawals and deposits.

Wealthsimple Crypto charges a higher trading fee of 1.5%, though there is no commission on withdrawals or deposits. On the other hand, Bitbuy offers a lower fee for trading, between 0.10 and 0.20%, which is closer to the fee structure of CoinSmart and NDAX, at 0.20%.

Overall, cryptocurrency exchanges offer similar benefits to investors, with some companies offering a few more currency options, incentives for new users, and referrals. The fee structure is similar, though minor differences between exchanges may add up if you regularly deposit, sell, buy, and trade funds.

How Does CoinSmart Compare with Coinbase?

Coinbase is a much larger exchange, which gives customers greater access to more options, though there’s a higher risk of crashing during peak trading times. CoinSmart’s platform is smaller, which means better control over the system, and fewer interruptions.

Coinbase is less likely to provide adequate support, especially during peak times, so you’ll have less chance of reaching a live representative. It may take longer to resolve issues with transactions and other situations.

While there are significant drawbacks to Coinbase in terms of customer service quality, this platform offers nearly triple the number of cryptocurrencies, though they also charge higher fees. Both platforms offer excellent mobile apps that are user-friendly and compatible with most mobile devices, and CoinSmart offers a better deal, including cheaper rates, fees, and better customer support.

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How Does CoinSmart Compare with Bitbuy?

Bitbuy is Canada’s largest cryptocurrency exchange, making it an ideal choice for investors looking to maximize their investment options. You’ll find the platform fees are relatively affordable and comparable to CoinSmart. Most of the features between these platforms are the same, which are easy to use and provide a visually appealing interface.

One of the main differences between CoinSmart and Bitbuy is that Bitbuy doesn’t offer live chat as a customer support option.

When you contact Bitbuy with an inquiry or concern, it can take up to 10 days to receive a response from customer service, which is not preferable when you need a quick resolution. While Bitbuy offers decent sign-up bonuses and incentives, it’s generally less responsive and supportive than CoinSmart.

How Does CoinSmart Compare with Binance?

Binance is an excellent option for experienced traders, with hundreds of cryptocurrencies to choose from for your investments. While it’s a popular and well-established platform, CoinSmart offers beginners and less experienced traders more resources. Aside from offering a competitive number of cryptocurrencies on one platform, Binance doesn’t offer a substantial advantage to CoinSmart, which is overall a better choice.

CoinSmart Invoicing for Businesses

One of the critical features of CoinSmart’s exchange is the option for businesses to conduct transactions with cryptocurrencies, including invoice options. CoinSmart offers SmartPay invoicing, making it easier to accept payments and make transfers directly to bank accounts without unnecessary delays or high fees.

You’ll also receive receipts automatically every time you make a transaction, and these receipts make it easier to track payments and deposits for auditing and taxation purposes.

CoinSmart Review Conclusion

Time to wrap up our CoinSmart review. CoinSmart is one of the top cryptocurrency exchanges for all levels of investing, which primarily provides excellent benefits for beginners. While there are many more extensive exchanges with more excellent crypto-asset options, CoinSmart is an excellent place to start and learn about the benefits of cryptocurrency investments.

It’s a high-ranking platform that provides a safe and secure way to make investments without concerns about illegal activities, fraud, or security breaches. While there is a lot of volatility in cryptocurrency investments, CoinSmart aims to provide the best experience possible for all investors. Thanks for checking out our CoinSmart review.

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FAQs about CoinSmart

How long does it take for a withdrawal to process?

The timeframe for receiving funds following a withdrawal can vary from one to five days, depending on the payment method chosen. While deposits are fast, occurring within one day or instantly, withdrawals take longer, which can vary depending on the bank or financial institution through bank wire or Interac e-transfer. When you withdraw crypto assets, the timeframe is faster than the standard timeframe of one to five days.

Is CoinSmart a legitimate company that operates legally in Canada?

Yes. CoinSmart is a legal company that operates legitimately in Canada. The company is registered with FINTRAC, which ensures the cryptocurrency exchange follows regulations set and governed by the OSC and is supported by Luminus Financial, a registered Canadian bank.

If CoinSmart doesn't have CDIC insurance, how are deposits or funds protected?

CoinSmart’s crypto assets are held by BitGo, a reputable custodian of crypto funds that includes wallets insured by Lloyd’s of London. The amount insured is $100 million.

What makes CoinSmart a safe and secure cryptocurrency exchange?

CoinSmart is legit and safe because it maintains almost all crypto assets in cold storage wallets, with a 95% cold storage policy. The company’s crypto holdings are insured through Lloyd’s of London for $100 million. CoinSmart is also a publicly traded exchange, which means it’s audited annually. Many Canadians currently use the cryptocurrency exchange regularly, which has grown in popularity, with over 200,000 customers in Canada.

Are there any CoinSmart referral codes or promotions that offer discounts or incentives?

Yes. CoinSmart regularly offers signup bonuses, referral bonuses, and sign-up incentives, including a $50 bonus for using a referral link and a promo code YOREOYSTER. There are plenty of referral codes and limited promotions available on websites that feature coupons and codes.

Is CoinSmart located in Canada?

Yes. The company’s headquarters is located in Toronto, Canada, and operates within Canada and in several countries in Europe.

Are there earning features available on CoinSmart?

At this time, CoinSmart doesn’t offer any features for earnings. However, since the platform continues to improve and expand the number of cryptocurrencies available, it may be worthwhile to register for future benefits.

Does CoinSmart offer crypto wallets for storing digital assets?

CoinSmart offers wallets compatible with various digital assets, including AVAX, BTC, SOL, ETH, etc. The company further secures your funds by using cold storage. Most of the holdings are kept offline and not subject to risks associated with crypto exchanges that maintain assets online.

Is CoinSmart risky because it handles cryptocurrency?

CoinSmart is as secure as possible so that your crypto assets are protected, though there is always volatility in the cryptocurrency market. CoinSmart offers exceptional quality crypto options and services compared to other crypto-asset exchanges, and it’s also easy to use on your mobile app or website.

The company ensures that only crypto assets with high reputations are offered through the exchange. For example, Ripple (XRP) experienced regulatory issues, which caused further trouble with the SEC (Securities and Exchange Commission in the United States) and OSC in Canada, and was removed from the selection of available currencies on the CoinSmart exchange.

Is there a risk of CoinSmart going down or crashing when there are high-volume trading times?

CoinSmart is consistently online, so you won’t likely experience any delays or problems with outages when you trade on the platform. It’s a smaller cryptocurrency exchange, allowing for greater platform control during peak times. It keeps the web hosting server working at its best, even during busy trading times, so it’s not likely to slow or crash in the same way as larger platforms.

Does CoinSmart offer the option of purchasing cryptocurrency with a credit card?

In most cases, credit cards are compatible with CoinSmart, so you can purchase crypto assets with your card if your bank or financial institution is agreeable with the transaction. You can also use your card to transfer in CAD and Euro currencies to purchase digital assets.

How Compliant is CoinSmart with Canada's OSC?

While some cryptocurrency exchanges have run into problems with compliance due to not following regulations, CoinSmart has consistently shown to be a reliable and reputable option for Canadians. While Binance is a popular choice for many investors, it was banned by the OSC (Ontario Securities Commission). Other exchanges have had similar issues with compliance, which can decrease a sense of confidence in using various platforms. Fortunately, CoinSmart offers a solid option for investing in cryptocurrency for Canadians.

What is the minimum age to sign up for CoinSmart?

You must be 18 years of age and from Canada or an approved country. CoinSmart operates in Canada and several European countries while offering other countries to adopt the platform for greater access and further expansion worldwide.

How likely is CoinSmart will add more cryptocurrencies to the exchange platform?

CoinSmart may not offer as many crypto-asset options on the platform for investors, though with further expansion and success, there are opportunities to add more shortly. CoinSmart has proven to be a solid platform that’s highly secure and compliant, making it a good contender for expansion.

One of the reasons many people join the platform is due to its smaller exchange, which makes it more accessible, with fewer interruptions and better customer service. It’s less busy than larger platforms so you can use it without delays or technical problems.

What is GetSmart Hub?

If you’re new to investing in cryptocurrencies, GetSmart Hub is a great tool that offers learning tools and tutorials that help you navigate through the platform. In this section, you’ll find many excellent resources, including blog posts, articles, how-to guides, and other tools that help anyone at various experience levels in trading.

When was CoinSmart started?

CoinSmart was established in 2018 by Jeremy Koven and Justin Harzman. The company is based in Toronto, Canada. CoinSmart started to address concerns and frustrations from investors on other platforms that regularly encountered delays, problems with verification, and poor customer service and support.

CoinSmart, while it’s a smaller platform, offers a higher quality of service and compliance, with fast verification and reasonable fees that make registering for an account and investing easy and affordable.

Who should use CoinSmart?

CoinSmart is ideal for anyone, including beginners or individuals new to learning about the benefits of investing in cryptocurrencies. While the platform is ideal for people with all investment knowledge and experience levels, it’s especially great for beginners, as there are many tools and resources offered to get started.

What is SmartGuarantee, and how does it work?

SmartGuarantee provides a layer of protection and confidence that you’ll receive the benefits of specific services when you invest in CoinSmart. These include guarantees that your deposits will be credited to your account on the same day that the company receives them, that withdrawal requests are always processed within five business days, and that verifications are completed and processed within one day (the same day).

Can I use CoinSmart in the United States?

No. At this time, CoinSmart is not available to residents of the United States. This may become an option if the platform expands to include the U.S. and other countries in the future.

Do I need a wallet to store my crypto assets with CoinSmart?

No. It’s an option to use your wallet, though you can also use the CoinSmart wallet provided by the company.

What is Advanced Trade?

If you’re an experienced investor, you may want to consider this option, which gives you access to real-time charting, graphs, and books to support your investment decisions and provide you with resources for investment strategies.

You’ll also have access to features that allow you to set a defined price and wait for this amount to appear on the market before making a purchase to cash in on the best deals available. While this service is available to anyone who wants to opt in, it’s best for individuals with a solid background in cryptocurrency investments.

CoinSmart is well protected, insured, and covered with the SmartGuarantee to protect investors. Are there any items not included in this protection?

Yes. Several items are not covered under SmartGuarantee, including any additional information that the compliance team may request to verify your account, the impact or loss of any funds, or similar issues due to providing incomplete or inaccurate details before you make a transaction.

Suppose you initiate any transactions that are not in compliance with the Terms of Service, or exceed transaction limits, or are not permitted. In that case, these deposits or withdrawals will not be covered. In some cases, your bank or financial institution may be the source of delays in processing a transaction, which will not be covered under the SmartGuarantee.

If there is sufficient reason to suspect fraud or illegal activity on your cryptocurrency account, there is a risk of having your account suspended. This may also occur through no fault of the investor if suspicious activity or theft may have occurred, in which case the account must be frozen to investigate.

What happens if I don't provide enough information to verify my account?

The registration process is straightforward, though you’ll need to provide documentation to establish your ID, such as your name, address, and banking details. If there is a delay in sending these documents, or there are missing items, this will delay your opportunity to begin trading online.

Can I share my account with someone?

No. If you have a friend or family member interested in investing in cryptocurrency and registering with CoinSmart, there are excellent referral bonus incentives available.

Do I need to provide a credit history before I invest with CoinSmart?

No. CoinSmart will review your credit history and rating through Equifax, so you won’t have to provide details to the company.

Is CoinSmart one of the best cryptocurrency exchanges in Canada?

It’s not the largest or most comprehensive platform, though CoinSmart is the safest and supported by a Canadian bank, making it a great choice. For many people, safety and compliance with regulatory bodies are vital, as it establishes trust and confidence in a company’s performance. CoinSmart offers this level of security, which is above average compared to other cryptocurrency exchanges.

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CoinSmart Review 2022

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May 27, 2022
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