Coinsmart review 2022: CoinSmart is a popular cryptocurrency exchange founded in the year 2018 located in Toronto, Canada. It allows traders to trade with Canadian dollars and allows the exchange of a range of cryptocurrency, including major coins such as Bitcoin or Ethereum. CoinSmart was designed to make digital assets available to everyone who trades by providing an incredibly secure and safe cryptocurrency trading with a simple platform.
The cryptocurrency exchange isn’t just for novices however, it also provides several advanced trading features for high-volume and experienced traders.
Coinsmart Review 2022
What is CoinSmart?
CoinSmart is a renowned Canadian cryptocurrency exchange that was created to provide crypto coins to all traders. It supports buying, trading as well as selling Bitcoin and other major crypto currencies.
It is currently supported by Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Stellar Lumens, EOS, Ripple and Cardano’s ADA along with Tether USD. This simple cryptocurrency exchange is appropriate for people who are just entering the crypto world at first. It also has advanced trading options for professionals and large-volume traders.
CoinSmart is located in Toronto and is licensed and regulated under FINTRAC Canada and FIU in Estonia.
Alongside Estonia and Canada The exchange is open to other countries like Brazil, Belgium, Bulgaria, Austria, Cyprus, Denmark, Finland, France, Georgia, Germany, India, Greece, Italy, Ireland, Jamaica, Malaysia, Japan, and many more.
What is CoinSmart Function?
CoinSmart exchange platform operates as any other trading platform. The first step is to sign up for an account via this page to register. The user must provide their name, email address and password, as well as other information to sign up. After the registration is completed the platform will email an acknowledgement link to the email address registered. Click the link to confirm that the address is correct.
The link will confirm the email ID and lead users to a different page that allows them to enter personal details including mobile phone number address, address, and birth date. The platform immediately validates additional details using the Equifax databases. If it fails to confirm the identity of the user, they can submit their documents to verify and prove their identity.
CoinSmart will accept the following documentation to verify CoinSmart accepts the following documents for verification
- Photocopies of government IDs.
- Selfie taken by the user who holds the ID with CoinSmart printed on a piece of paper.
- A photocopy of any recent utility bill, containing the name of the customer and their address.
After the identity of the user is confirmed on CoinSmart the platform, access will be granted to the platform, however users cannot trade until funds are available in the wallet.
The features of CoinSmart
The well-known Canadian exchange, CoinSmart has impressive options to all types of traders. Here are a few noteworthy features that CoinSmart users can benefit from:
- Quick and simple registration process. Both the registration and verification process take just a few minutes with a few only a few clicks.
- Simple to use exchanges to both advanced and beginner traders.
- The platform is available across the world, including Asia, Europe, South America, North America, and Africa.
- There are a variety of payment options offered on the exchange for depositing and withdrawing fiat currency and cryptocurrency.
- Features a range of sophisticated trading options including stop-loss, real time charting Limit orders.
- A high-quality bank-level security service that includes 24×7 customer service available via live chat, telephone, or email, as well as cold storage.
- Amazing referral program.
- Smart Guarantee cuts down on long waiting time for account verification as well as withdrawals, deposits and.
Services & Products
CoinSmart provides the following amazing products or services available that are available on their trading platform
- A marketplace for selling, buying or trading, transferring funds, and withdrawing fiat currencies.
- It facilitates the conversion of fiat into cryptocurrency.
- GetSmart Hub, a platform offers cryptocurrency education and tools for learning for novice traders.
- Over-the-Counter and customized services are also available to those who are considered to be the best traders.
CoinSmart Review: Pros and Con
|Process of withdrawal that is lengthy
|The bank is backed by two banks
|Registered Money Service Business or MSB
|Flexible fee structure
Sign-Up Process of CoinSmart
To get the most benefit from this CoinSmart exchange, customers first must sign up on this platform, by sign-up and establishing an account. CoinSmart account.
Follow the steps below The steps are as follows:
- Go to the official site of CoinSmart and input your email address, name as well as your password at the top of page. Customers can also use coupon codes if they’ve been received a referral from another person. (Check Referral section for more details)
- Once the user has signed up, the platform will request confirmation via the email ID of the registered user. After confirmation, the website will redirect the user to their CoinSmart Account to finish the remainder of the verification process.
- Because it is an MSB (Money Service Business) and is regulated by FINTRAC. This means it is required that users meet the required KYC requirements and prove their identity as well as their address in order to begin trades on this platform.
- The process for confirming identity will require users to supply the mobile number of their choice. A verification code will be delivered to the registered number.
- It is an third 3rd-party service referred to as Equifax which pulls the identity of the user from its database and validates their details in order to speed up the process.
There is no doubt fee charges can be a big deal for every trader who uses crypto. The fees structure of any crypto exchange must be clear. Therefore, let’s dig deeper into the fee schedule for CoinSmart.
According to numerous online feedback, CoinSmart has a transparent pricing schedule for fees and the 0.3 percent flat rate for trades that are only one-time. The trades are made using cryptocurrency in conjunction with Canadian dollars (CAD) or between Bitcoin and cryptocurrency (BTC).
For different types of traders that cross crypto The exchange will charge 0.6 percent in fees for trading. For example, if an individual makes a trade in Litecoin as well as Ethereum to connect the processor for any central cryptocurrency pair that is not Bitcoin each transaction will be priced at 0.6 percent. This is reasonable because it’s exactly the same (0.3%*2) established for the conversion of Ethereum in Bitcoin and to Bitcoin and then Bitcoin into Litecoin. The fee for trading is fair in comparison to the global average.
Deposit fees are charged when a customer deposits funds into the exchange. There is no charge for traders who wish to add funds to the CoinSmart account using cryptocurrency since it’s an outward transaction.
However, for the case of CAD funds, i.e., deposits made using Canadian dollars 0.5 percent is charged. Interac E-Transfers and Bank Drafts. For wire or bank transfers deposit fees are less than 1percent. For deposits made with Flexepin and credit cards the charges are at 3% and 10 percent for each. A lot of traders find the fees of 10% on deposits made using credit cards to be excessive. It is not the responsibility of CoinSmart since the processor of payment charges the fee.
Fees for Withdrawal
Concerning the fees for withdrawals, CoinSmart charges a relatively low amount to withdraw crypto at the Exchange. The exchange doesn’t take the fee in its pocket instead, but it does pay the miners the transaction fee. The exchange fixes the fee for withdrawals, which is different from other cryptocurrency exchanges in Canada. The exchange has the processing fee of 2% to withdraw Canadian Dollars regardless of the withdrawal option (bank wire transfer or electronic funds transfer). If you’d like to learn more details about the fee structure, visit its website.
Pay Method Accepted
One of the most appealing benefits of CoinSmart is the fact that it provides various payment options to invest and trade in cryptocurrency. The payment options offered by CoinSmart include options: –
- Interac E-transfer
- Bank draft
- Wire transfer
- Credit card
- Debit card
- Crypto assets
supported currencies and Countrie
CoinSmart offers 9 important digital assets, which are among of the most popular digital currencies based on market capitalization.
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ripple (XRP)
- USD Tether (USDT)
- Stellar Lumens (XLM)
- Cardano (ADA)
A few of the supported Countries
- South Africa
- The United Kingdom
CoinSmart’s mission has been carefully developed a unique, simple exchange platform that offers the ability to connect with all kinds of traders with different levels of experience. The user interface is simple SmartTrade interface that allows you to purchase or sell crypto-coins. The layout is straightforward and provides a good start point for people who are who are trying this platform first. It can also be used by advanced traders, as it has price charts as well as live positions and market books. Customers can choose from a variety of order types they want to place such as the market order option that allows traders to trade at the current exchange rates, as well as stop order and limit option.
The last but not least lastly, CoinSmart high-end investors are supplied with a bespoke OTC or Over-The-Counter trading option designed for large-volume traders and businesses that wish to purchase or sell orders that are greater than or equivalent to USD 25,000. It offers a personal account manager as well as a customized pricing system as well as access to reduced costs based on the quantity of orders or the size.
No matter which method users select regardless of which option they choose, the exchange offers SmartSupport services to all users which include a 24*7 multichannel customer support which can be reached via Live chat, and via email.
CoinSmart Mobile App
CoinSmart has a mobile application to its customers for trading.
The greatest aspect of CoinSmart is that it comes with an individual page for Wallet that can be used for both cryptocurrency and fiat deposit.
With the most reliable cryptocurrency wallets traders are able to transfer funds, trade and withdraw funds, purchase or sell cryptos easily and immediately. All they need to do is choose their preferred cryptocurrency account from Open Wallet.
Users are also able to make fiat deposits and withdrawals through the Wallet page and choosing Fiat.
features of a Wallet
The Wallet page has these features:
- Balance of the individual wallet
- The balance available is in Canadian dollars.
- Total compensation is offered in USD, CAD or EUR
- The total balance of cryptocurrency in Bitcoin equivalent
- Total balance of fiat currency in USD, CAD, USD or EUR
CoinSmart Referral Program
As with many other crypto exchanges that offer referral programs, CoinSmart is appealing as customers can earn money once they have been verified by their exchange, and they have made deposits greater than $100. Each time a user joins with an referral coupon, the one who supplied the referral code will receive 100 dollars in compensation, and both users receive $25 added to their accounts. It generally takes between 5 and six business days for this payment to show up on your bank account. In order to begin reaping the benefits of this referral program, the users have to verify themselves and then receive the referral number from an current customers.
CoinSmart Secure Measures
In terms of CoinSmart security, foremost, CoinSmart strives to avoid fraud by employing strict verification of user identity. This eliminates users who have fake birth dates and addresses. This is feasible because CoinSmart provides its users’ databases to an additional third-party company known as Equifax.
Additionally, traders utilize a 2FA, or two-factor authentication method from Google Authenticator. Google Authenticator application and link to their respective accounts. The 2FA system is based on a password which is sent to the registered number upon the login. This password and the particular information of the user have to be entered in conjunction in order to access their account.
Furthermore it also gives access to digital wallets that store cold storage for every cryptocurrency that is supported by the platform. With this feature of security, users are not tempted put their cryptocurrency assets to the dangers and uncertainties that are associated with internet access.
The last but not least is that the exchange adheres to KYC standards as well as anti-money laundering regulations. To help make trading more secure, the platform added the Chain Analysis Analytics software, which divides wallet addresses available into various types (like Gambling, Darknet) according to the risk.
CoinSmart Help for Customers
One of the greatest aspects of this CoinSmart trading service is that it’s easy to sign up and simple to contact. There are a variety of contact options available on the exchange , and customers can contact the team at any time.
Chat is available at all times. Many contact options are like other cryptocurrency exchanges powered through ZenDesk technology. Customers can also call their toll-free numbers, however this is only available between 9 am and 6 pm EST every day.
If none of the solutions are working, users may look into for answers in the FAQ area. The FAQ section is a vast variety of questions that are relevant which means that users can find solutions to their issues there.
CoinSmart Review Finalization
In order to summarize the contents of this CoinSmart Review, it is justifiable to consider this platform one of the most simple and most reliable platforms that are available in Canada as well as other regions of the world. It is suitable for beginners and professionals who are interested in cryptocurrency. It is, therefore, an among the most popular cryptocurrency exchange platforms, which offers a variety of choices to purchase or sell, trade deposits, withdraw or buy cryptocurrency, with a variety of payment options, such as Interac electronic transfer credit card, debit card or credit card. These make the platform highly competitive, with a an open fee structure and top-of-the-line security features.
Is CoinSmart an Good Exchange?
Yes CoinSmart is a good choice. CoinSmart digital currency trading service is among the most popular source of cryptocurrency of cryptocurrency in Canada and their charges are fairly competitive in comparison to the industry average in the world. The features are outstanding and ideal for novice as well as professional traders with high volumes.
Is CoinSmart Secure as well Legit?
CoinSmart is a legitimate cryptocurrency trading platform that is based in Canada. It is licensed under FINTRAC as well as the Financial Transactions and Reports Analysis Centre of Canada as an MSB or Money Service Business.
Can CoinSmart be hacked?
No! CoinSmart has created the platform in it is designed in a way that customers’ money is secure from hackers and fraud. As a non-custodial account and a non-custodial platform, CoinSmart keeps money in cold storage which is not accessible via the internet. This is to ensure security for cryptocurrency. Furthermore, the money that is deposits made by traders are kept with Canadian banks. Additionally, the Google Two Factor Authentication function makes it much more difficult for hackers to access your account.
Which Coins Can CoinSmart Use?
It is compatible with nine cryptocurrency coins, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple’s XRP, Stellar Lumens, Tether USD and Cardano’s ADA and EOS.
How Much Time Does CoinSmart Allow to Deposit Money?
All deposits are credited to account of the user on the day that they receive them. However the cash withdrawal requests are typically processed within 5 to six business days to process.