For Canadian residents looking for a reliable cryptocurrency exchange platform, there are a few options available, although many of the globally-known exchanges offer limited access to their services. This CoinSmart review will explore the features of a Canada-based cryptocurrency exchange, providing an overview of its services and potential benefits for users.
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What is CoinSmart?
CoinSmart is a cryptocurrency exchange that is making the crypto-verse less cryptic and more accessible to users. With its motto of “making the cryptocurrencies less cryptic,” CoinSmart is removing the barriers between the crypto-verse and the world of users who find it both complex and alluring. CoinSmart is designed to make it easier for users to buy, sell, and trade cryptocurrencies, and to provide a secure platform for users to store their digital assets. The exchange also offers a range of educational resources to help users understand the complexities of the crypto-verse. With its user-friendly platform, CoinSmart is making the crypto-verse more accessible and less intimidating for users.
The platform is a Toronto-based digital currency exchange that entered the crypto scene in July 2018. It has quickly gained a reputation for its strong customer support and custom tools and interfaces that make it easier for new traders to enter the world of crypto trading. CoinSmart offers a variety of features, including a mobile app, a secure wallet, and a range of trading options, such as spot trading, margin trading, and futures trading. It also provides educational resources to help traders understand the crypto market and make informed decisions. With its user-friendly platform, competitive fees, and 24/7 customer support, CoinSmart is a great choice for those looking to get started in the world of crypto trading.
Key Features of CoinSmart
Here are some notable features of CoinSmart:
- Designed for both newbie and advanced users.
- The Smart Guarantee feature is meant to reduce long wait times for deposits, withdrawals, and account verification.
- Provides greater convenience to Canadian users, with deposit and withdrawal methods for Canadians including interac e-transfer, bank transfer, and wire transfer.
- SmartTrade allows you to trade any coin against CAD directly.
- Allows users to save money on conversion and transfer costs by avoiding bank-imposed conversion fees for Canadian dollars (CAD).
- The GetSmart program’s learning tools can make it easier to get started in trading.
- Simple trading interface paired with 24/7 customer support.
Key Advantages of CoinSmart
CoinSmart is a legitimate cryptocurrency exchange offering a range of benefits and features for users to take advantage of.
Full KYC and AML Compliance
CoinSmart complies with strict KYC (Know Your Customer) laws and regulations. It requires customers to provide their name, surname, ID, financial status, and residential address in order to register and access all of its features. The exchange offers a wide range of coins and tokens, as well as a variety of trading tools and features. It also provides a secure platform with advanced security measures, such as two-factor authentication and cold storage. CoinSmart also offers a user-friendly interface and 24/7 customer support. With its wide range of features, CoinSmart is a great choice for both experienced and novice traders.
It enforces strict KYC and AML checks on its users, allowing them to remain assured that all other individuals on the exchange are also vetted and legitimate. User CoinSmart reviews mention how the exchange is able to react to any legislation changes in a fast and efficient manner, providing a secure trading environment. The exchange is centralized, meaning users can be sure that their funds are safe and secure.
Cold Storage Devices for Crypto Assets
To ensure the safety of its users’ crypto assets, CoinSmart stores a large portion of its crypto assets in cold wallets, which are insured. Cold wallets are the best way to ensure the security of crypto assets, as they are not accessible to hackers or malicious parties without physical access to the wallet. This is just one of the many ways that CoinSmart demonstrates its commitment to the security of its users’ funds. With its cold wallet storage and insurance, CoinSmart is a reliable and secure exchange for users to store their crypto assets.
A Very Approachable Exchange
CoinSmart is a beginner-friendly cryptocurrency exchange that allows users to quickly and easily buy and sell digital assets. It is designed to be user-friendly and is available to users in Canada, EU, Asia, and South America. CoinSmart is ideal for both beginners and experienced traders, as it offers a simple and straightforward process for trading cryptocurrencies. It also allows users to perform trades quickly, which is beneficial for day traders. With its user-friendly interface and fast trading process, CoinSmart is a great choice for those looking to buy and sell digital assets.
24/7 Customer Support Services
CoinSmart is a cryptocurrency exchange that provides 24/7 customer support, a feature that is rare in the decentralized crypto world. This is possible due to the fact that CoinSmart is a centralized exchange, which allows it to map and assign transactional data to users’ personal accounts. Multiple user reviews have praised CoinSmart for its customer support, which is available in many different countries around the world. This makes CoinSmart a great choice for those looking for a reliable and secure cryptocurrency exchange with excellent customer support.
Several Options for Funding Your Account
CoinSmart is a reliable and secure crypto exchange that offers users a convenient way to buy, sell, and trade cryptocurrencies. It allows users to deposit money via bank wire, eTransfer, or credit/debit card and offers competitive fees. CoinSmart also provides users with a range of features, such as 24/7 customer support, a user-friendly interface, and advanced security measures. With its wide range of features and competitive fees, CoinSmart is a great choice for those looking to get into the crypto market.
Transaction Fees Are Relatively Low
CoinSmart is a great choice for cryptocurrency traders and investors, as their fees are very competitive. Trading fees range from 0.2% to 0.3%, depending on the number of trades made, while deposit and withdrawal fees are also quite low. Blockchain fees associated with trades are also worth considering, but they’re not as impactful as exchange-specific ones. All in all, CoinSmart fees are towards the lower end of the spectrum, making it a great choice for those looking to trade or invest in cryptocurrencies.
Key Disadvantages of CoinSmart
Despite its many advantages, CoinSmart has had some negative user reviews, so it’s important to consider these before deciding to use the platform.
Not Supported in the US
CoinSmart is a crypto exchange platform that is supported in many countries around the world, except for the US. This means that a huge portion of people are unable to use the exchange due to the complex and strict regulations in the US when it comes to cryptocurrencies. Despite this, CoinSmart is still a safe exchange to use for crypto trading and exchanging needs, as evidenced by the example of Binance, which had to offer a separate, US-exclusive version of their exchange due to similar regulations.
Support for Cryptocurrencies is Limited
CoinSmart is a cryptocurrency exchange that has been met with mixed reviews due to its limited selection of supported cryptocurrencies. CoinSmart does, in fact, support many of the major coins. Listed out, it would look something like this:
- Bitcoin
- Bitcoin Cash
- Ethereum
- XRP
- Litecoin
- Tether (only partially supported)
- Cardano
- EOS
- Stellar
- USDC
- DOT
- Dogecoin
It is a great choice for those just starting out with crypto, as it only supports major and established projects, minimizing the chance of a rug pull or exit scam. However, for those looking to diversify their portfolio and trade a wider selection of coins, CoinSmart may not be the best choice, as it does not offer a large variety of coins and tokens.”
How to Register on CoinSmart?
First, let’s go over the registration process one step at a time.
- Step 1: Go to the CoinSmart official website.
- Step 2: Once there, click the big red “Create an Account” button at the top-right of the page.
- Step 3: You’ll be taken back to the initial registration page. Simply enter (create) all of the required information (email address, password, coupon codes, if applicable, etc.) and continue.
- Step 4: Next, verify your email address by going to your inbox and verifying your address.
- Step 5: You will then be prompted to enable two-factor authentication, which is required if you want to continue signing into your account. It’s also a good thing because this feature improves account security, and making it mandatory ensures that all individuals have access to advanced security features for their CoinSmart accounts.
- Step 6: After entering your Google Authentication codes into the website, you’ll be redirected to your account – that’s all there is to it!
How to Buy / Sell / Deposit / Withdraw Crypto on CoinSmart?
CoinSmart is a secure and reliable cryptocurrency exchange platform that requires all users to complete KYC verification before they can partake in any form of transaction or money transfer. This is to ensure that the platform is compliant with anti-money laundering regulations and to provide an extra layer of security for its users. While it may not be the most convenient option for those who are looking to trade small amounts of crypto, the general idea still stands. CoinSmart is dedicated to providing its users with a safe and secure trading experience.
The platform is easy to use and provides a secure environment for users to conduct their transactions. To start trading on CoinSmart, users must first pass the KYC verification process, which involves verifying their phone number and identity. This process is quick and allows users to choose their preferred verification methods, such as uploading a copy of their ID, passport, driver’s license, or permit of residence. Once the verification is complete, users will have full access to all of CoinSmart’s services.
While it is not frequently mentioned in various user CoinSmart reviews, the exchange in question does make the entire process relatively painless. There are some exchanges that do – it may take hours to submit all required information, and even then, you may have to wait days for your account to be verified.
Conclusion
CoinSmart is a secure and reliable cryptocurrency exchange platform that offers a modern and slick user interface and around-the-clock customer support. It emphasizes security with features such as 2FA and user verification checks, and keeps a large portion of its crypto assets in cold storage devices. The only notable shortcomings of the exchange are the limited number of coins that it supports, and also the fact that it’s not available in the US. Despite these drawbacks, CoinSmart is still a great option for beginner crypto traders, and is definitely worth checking out.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
