You will be redirected to your online banking where you must login and confirm the transaction. Then, you will receive an email from “Simply Digital Technologies” with a request to make a transfer. A spread is the difference between the highest price a buyer is willing to pay and the lowest price a seller is willing to sell . They’ll also be able to tell when suspicious activity is detected on your account.
Coinbase is one of the well-established crypto exchanges that has survived the test of time. It is available in more than 100+ countries and is reputed as a safe and secure platform to buy Bitcoin, Ethereum, and 240+ other cryptocurrencies. Arthur invests in the stock market but doesn’t pay any https://forex-reviews.org/ fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it’s with the BitBuy online platform.
They were coming from all over the world most likely from bloggers paid by Coinsmart competitors. My withdrawal took 16 hours to go through the blockchain approvals and confirmations which are typical for any trading or exchange platform. Check FINTRAC for Coinsmart Government of Canada registration. Someone called me & told me someone was trying to access my bitcoin account & he was investigating it & was going to help me to get my money back.
Expert traders can click on Advanced Trade to use the graph, order book, place limits and see trade history. The portfolio on the dashboard shows you the total value and percentage of assets owned; the breakdown is below. Benzinga compared CoinSmart to other platforms to see how it fared. If you don’t want to contact support and need immediate answers, visiting the FAQ section is a good option. You can dive deeper into CoinSmart’s knowledge base if the FAQ section doesn’t answer your question. Had troubles with transferring my coin to another location.
CoinSmart – Summary of Features
Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission . For example, OSC banned Binance which was a popular crypto exchange for Ontarians. We then sold our bitcoin back to Canadian dollars for a total of $96.11, which was a loss of just $0.04. Then, we withdrew the amount back to our bank account via Interac. Spreads can often be hidden and the exchange won’t always be transparent. So you may think you are paying low fees, but in reality you’re paying hidden costs.
Once you read through a few coinsmart review, and decide to register on the exchange to try it out, you’ll need to deposit some money to get started. CoinSmart allows you to do that in a few different ways. The simplicity aspect also translates into speed, as well. The dashboard allows you to deposit funds and see cryptocurrency prices and trends.
This is possible because CoinSmart gives its user’s databases to another 3rd-party agency known as Equifax. To reap the benefits out of the CoinSmart exchange, users first need to register themselves on the platform by signing up and creating a CoinSmart account. Over-the-Counter and customizable services are also offered primarily for the premium traders.
2FA works just fine when logging in but refuses to work when trying to withdrawal anything! Totally not recommended, luring people with promotions which then are taken down without a word. I have spent few hours solving their quizes, got confirmation e-mails for solving them, and after a month site with quizes was taken down and I never received anything. SmartPay Invoicing makes it quick and easy to invoice customers and accept Crypto. With one click you can trade one altcoin to another, without having to trade to Bitcoin or Ethereum first.
A Very Beginner-Friendly Exchange
At the same time, it’s something that only centralized platforms can offer to their users, too. Likewise, under SmartGuarantee, a userâ€™s account will be credited for the deposit fee if the deposit is not credited on the same day. The same goes for the withdrawal fee, in case a userâ€™s fiat withdrawal request is not processed within the promised span of 5 business days. Finally, if a userâ€™s account verification is not processed on the same day it is submitted, CoinSmart guarantees the waiver of the deposit fee on a userâ€™s first deposit. As a customer, it’s a good way to hold a company accountable.
- Had troubles with transferring my coin to another location.
- We then sold our bitcoin back to Canadian dollars for a total of $96.11, which was a loss of just $0.04.
- Fiat deposits are free for transfer amounts over $2,500, and you can fund your Netcoins account with CAD or USD using Bank wire or Interact e-Transfer.
- This means they aren’t connected to the internet and, as a result, are much less vulnerable to hacking.
What is obvious is that Canadians no longer lack access to a cryptocurrency platform that is versatile enough for both beginners and experienced traders. This CoinSmart review covers how it works, assets offered, fees, pros and cons, whether it is safe, and how it compares to competitors like Bitbuy, NDAX, and Wealthsimple Crypto. If you are new to the crypto world, we’d recommend checking these best crypto exchanges in Canada. Besides CoinSmart, there are several other Canadian crypto exchanges to choose.
Pros and Cons of CoinSmart
They will need some form of government issued ID as well as a proof of address . Once you have signed up then they will ask you to confirm your account with a link that they sent to your email. Once that is confirmed you are free to log back into your account and complete the verification steps. So, in other words, all BTC and CAD trades will be charged at 0.3%. Coinsmart has stated that they will soon be adding other coins including EOS, Stellar, NEO, IOTA and OMG.
There are no deposit fees on Interact e-transfers if you deposit $2,000 or more, but a 1.5% fee on anything below that. An electronic funds transfer has a 1% fee, and credit/debit card deposits can have fees of up to 6%. This is perhaps what most seasoned cryptocurrency traders are used to. It is a standard trading platform with market books, charting, live positions and more bespoke order form functionality.
Is Coinbase Available in Canada?
CoinSmart is “designed for beginners and built for experts”. You can purchase Bitcoin, Ethereum, Litecoin, Bitcoin Cash, EOS, Stellar Lumens, USDC, Dogecoin, SHIB, Cardano, Polkadot, Solana and more. CoinSmart also allows EUR deposits via SEPA, wire and bank draft, for free. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges.
When in doubt, you should consult a qualified financial advisor before making any investment decisions. They also offer an exclusive service for over-the-counter trades, a learn and earn section where you earn free crypto for answering questions, and even a mining calculator. I’m keen on supporting Canadian-based exchanges because it feels more local. I also know the way they operate is going to be according to Canadian cryptocurrency laws and standards. Touted as being an obvious option for both beginners and experts alike, CoinSmart had me intrigued from the very beginning. If you wanted to deposit in fiat then it is just as simple.
CoinSmart Review 2023
For CAD, you can use Interac Money Request and Wire Transfer. All of them are aimed at providing a better experience for users, whether they are new to trading or have been doing so for years. It has grown to be one of the most popular options for Canadian users over the years. Its market presence has expanded, with access to over 40 countries and an increase in trading volume. Firstly, they do not have a mobile application or any API functionality.
If a citizen of an approved country is outside that country’s borders, the app cannot be downloaded. Reviews of the app by users offered some positive feedback; most people experienced challenges. They couldn’t use several features that you could easily use on a desktop, and many complained about the app not functioning properly. CoinSmart has addressed those issues and improved the app.