The Review of CoinSmart 2022
CoinSmart is a well-known digital currency exchange that began operations in 2018 in the city of Toronto, in the province of Canada. The exchange facilitates straightforward trading in Canadian dollars for the purpose of exchanging a variety of cryptocurrencies, including the most prominent coins such as Bitcoin and Ethereum. CoinSmart was created with the goal of democratizing access to digital assets for all traders by delivering a hassle-free, trustworthy, and user-friendly cryptocurrency trading experience on a centralized platform. The cryptocurrency exchange is not only appropriate for novice traders, but it also provides experienced and high-volume traders with access to a selection of advanced trading tools.
The CoinSmart Synopsis
This comprehensive analysis of Paxful by CoinSmart includes all of the essential features, fees, deposit methods, withdrawal methods, advantages and disadvantages, and many other aspects of the platform.
What does “CoinSmart” stand for?
CoinSmart is a leading cryptocurrency exchange in Canada, and it was founded with the goal of making crypto coins accessible to traders of all levels. The exchange enables users to engage in trading, as well as the purchase and sale of Bitcoin and other major cryptocurrencies.
The following cryptocurrencies are currently supported: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Stellar Lumens, EOS, Ripple, Tether USD, and Cardano’s ADA. The easy cryptocurrency exchange is excellent for newcomers who are making their first foray into the crypto community. In addition to this, it provides advanced trading features for high-volume traders and professional traders.
CoinSmart has its headquarters in Toronto, and both FINTRAC Canada and the Financial Intelligence Unit of Estonia regulate and license the company.
Other countries and territories, such as Brazil, Belgium, Bulgaria, Austria, Cyprus, Denmark, Finland, France, Georgia, Germany, India, Greece, Italy, Ireland, Jamaica, Malaysia, and many others, are also able to participate in the exchange. Canada and Estonia are two of the participating countries and territories.
How does CoinSmart actually function?
The functionality of the CoinSmart exchange platform is identical to that of every other cryptocurrency trading platform. Users are required to establish an account on the registration page as the first step in the process. In order to register, the user will be asked for various details, including but not limited to their name, email address, and password. When the user’s registration is finished, the platform will send a confirmation link to the email address that was provided during registration. To validate the email address, click on the link provided.
The link will check the user’s email address before redirecting them to a new page where they can submit their personal information, such as their date of birth, mobile phone number, and address. The additional information that you provide is checked promptly by the platform against the databases maintained by Equifax. Users have the option of sending in documents to confirm and validate their identification in the event that the identity verification fails.
The following are the forms of identification that CoinSmart will accept for verification purposes:
• A photocopy of any valid government-issued identification
• A selfie of the user holding their ID and a piece of paper with the words “CoinSmart” inscribed on it.
• A photocopy of any recent utility bill bearing the user’s name and address, preferably from within the last three months.
Access to the platform will be granted to the user once their identification has been confirmed on CoinSmart; however, users will not be able to trade until funds have been deposited into their wallets.
The characteristics of CoinSmart
CoinSmart, a well-known trading platform in Canada, has an astonishing array of features that are accessible to all types of traders. The following is a list of some of the important features that users of this exchange can take use of:
• A straightforward and speedy process for registering. The verification and registration processes each need a few minutes and a few clicks of the mouse.
• An exchange that is simple to use for both novice and experienced traders alike.
• The system is applicable in a number of regions around the globe, including Asia, Europe, South America, North America, and Africa.
• The exchange supports a variety of payment methods, so users may both deposit and withdraw fiat currency and cryptocurrency using their preferred way.
• Provides access to a wide variety of cutting-edge trading tools, including limit orders, stop-loss orders, and real-time charting.
• Security that is superior to that of a bank, together with cold storage and round-the-clock customer care that can be reached via phone, live chat, or email.
• Impressive referral program.
The lengthy wait periods for account verification, deposits, and withdrawals are cut down significantly thanks to Smart Guarantee.
Services as well as Goods
On its trading platform, CoinSmart provides the following remarkable services and products:
• A marketplace where traditional currency and cryptocurrencies can be bought, sold, traded, deposited, and withdrawn.
• It enables a straightforward transition from fiat currency to cryptocurrency.
For beginner traders, the GetSmart Hub on the platform provides access to educational resources and information regarding cryptocurrencies.
• Over-the-Counter (OTC) services as well as customised options are also provided, with the primary focus being on premium traders.
Review of CoinSmart: The Good and the Bad
Pros
• Quick verification
• Supported by a total of two banks
• A Licensed Money Service Business, often known as an MSB
• Smart Guarantee
• A pricing structure that is competitive
Cons
• Protracted process of going through withdrawal
The Registration Procedure for CoinSmart
Users need to first register themselves on the platform by signing up and creating a CoinSmart account in order to be eligible for any of the perks that come with using the CoinSmart exchange.
Please proceed in the following manner:
• Navigate to the official CoinSmart website and, on the first page, supply the first page with your name, email address, and password. If a user has been referred to the service by another user, they are also eligible to input the promotional code. (For further information, please see the Reference section.)
• Once the user has successfully registered with the exchange, it will send a link to the registered email ID in order to request confirmation from the user. After the user’s submission has been validated, the page will navigate them back to their CoinSmart account so that they can finish the verification process.
• FINTRAC is the regulatory body that oversees the platform because it is considered an MSB (Money Service Business). In order for customers to begin trading on the platform, it is now necessary for them to successfully complete the mandatory KYC standards and provide confirmation of their identity and address.
Users are required to enter their mobile numbers in order to proceed with the identity verification process. After that, a message with the verification code will be delivered to the phone number that was provided at registration.
• To expedite the procedure, it makes use of a third-party service known as Equifax, which retrieves the user’s identification from its database and verifies the information that they have provided.
CoinSmart Service Charges
There is no way to dispute the significance of fees in the world of cryptocurrency trading. Any cryptocurrency exchange should have clear and understandable fee structures. So, let’s delve even further into the CoinSmart fee schedule, shall we?
Trading Fees
CoinSmart features a transparent trading fee schedule, with a flat charge of 0.3% for single trades, as stated by a number of evaluations that can be found online. The transactions are carried out using either cryptocurrency and Canadian dollars (CAD) or cryptocurrency and Bitcoin (BTC).
The exchange imposes a 0.6% trading fee on all other types of cross-cryptocurrency traders. If a user trades Litecoin or Ethereum to attach the processor to any other central cryptocurrency pair other than Bitcoin, for example, there will be a charge of 0.6% for every trade. The fact that the trading charge is fixed at 0.3% times two for both the conversion of Ethereum to Bitcoin and subsequently from Bitcoin to Litecoin makes this fee reasonable. The trading fee is competitive when compared to the average across all industries worldwide.
Deposit Fees
When a user deposits funds into the exchange, the user will be subject to the deposit costs. Due to the fact that this is an inward transaction, the trader will not be required to pay any fees in order to fund their CoinSmart account with cryptocurrency.
However, there is a charge of 0.5% for Interac e-transfers and bank drafts issued in Canadian dollars. This applies to deposits made in Canadian dollars. However, the deposit cost for bank or wire transactions is only about 1% of the total amount. The fees for deposits made with Flexepin and credit cards are 3% and 10%, respectively. Flexepin deposits are free of fees. The 10% cost that is charged for deposits that are made using credit cards is considered excessive by many traders. CoinSmart does not have any control over the fee, as it is levied by the payment processor.
Fees for Withdrawals
When it comes to the fees associated with withdrawing cryptocurrency from the exchange, CoinSmart charges a fee that is on the lower end of the spectrum. This charge is not retained by the exchange; rather, it is used to compensate the miners for their work via a transaction fee. In contrast to other cryptocurrency exchanges in Canada, it does not charge a variable fee for withdrawals. The processing fee for withdrawing Canadian dollars from the exchange is 2%, and this fee is charged regardless of the withdrawal option that is chosen (bank wire transfers or EFT). Visit the website if you want to learn more specifics about the pricing structure if you wish to.
Methods of Payment That Are Accepted
The fact that CoinSmart allows users to trade and invest in cryptocurrencies via a variety of different payment methods is one of the platform’s strongest selling points. The following are some of the payment methods accepted on the exchange: –
• Interac E-transfer
• Bank draft
• SEPA
• Money transfer through wire
• Credit card
• Debit card
• Simplex
• Blockchain-based assets
Currencies and Countries That Are Supported
CoinSmart is compatible with nine important cryptocurrencies, each of which is one of the most influential digital currencies based on market capitalization.
Cryptocurrencies That Are Supported
• What is Bitcoin? (BTC)
• Ethereum (ETH)
The Bitcoin Cash Symbol (BCH)
• Litecoin (LTC)
• Ripple (XRP)
• US Dollar Tether (USDT)
• Stellar Lumens (XLM)
• Cardano (ADA)
• EOS
Some of the Countries that Have Received Support
• Canada
• Estonia
• France
• Germany
• Greece
• Georgia
• India
• Hungary
• Italy
• Ireland
• Japan
• Jamaica
• Singapore
• Spain
• Southern Africa (South Africa)
• Taiwan
• The Kingdom of the United Kingdom
The User Interface for CoinSmart
The goal statement of CoinSmart has led to the meticulous construction of a one-of-a-kind, user-friendly exchange platform that makes trading possible for all types of traders with varying degrees of experience. The user interface provides a clutter-free SmartTrade interface that may be utilized to buy or sell cryptocurrency. The layout is uncomplicated, making it an ideal starting point for new users who are exploring the capabilities of the platform for the first time. Price charting, live positions, and market books are just some of the features that make this trading platform appropriate for advanced traders. Traders have the ability to choose from several different order types when they place an order. These order types include market order options, which permit traders to trade at the current exchange rates, as well as stop order and limit order choices.
Last but not least, CoinSmart premium investors are given access to a fully customizable Over-The-Counter (OTC) trading service. This service is directed toward large-volume individual traders as well as companies that want to buy or sell orders with a value that is greater than or equal to USD 25,000. It offers a devoted account representative, optimum pricing, and access to discounted costs based on the size or volume of the customer’s orders.
The Smart Support services are made available to each and every user of the exchange, regardless of whatever choice the users decide to go with. These services include a round-the-clock, omnichannel customer support team that is reachable by phone, live chat, or email.
CoinSmart Mobile App
CoinSmart provides its users with a mobile app that may be used for trading.
Wallet from CoinSmart
The most advantageous aspect of CoinSmart is that it features a devoted page for Wallet, which allows users to make deposits in both cryptocurrency and fiat currency.
Traders are able to trade, deposit, withdraw, purchase, or sell cryptocurrencies in a streamlined and instantaneous manner when they use the finest crypto wallets. They only need to choose their chosen cryptocurrency wallet from the options provided by Open Wallet.
Money Orders or Fiat Wallets
Users have the option to make deposits and withdrawals using fiat currency by going to the Wallet page and selecting the Fiat option.
Features of the Wallet
The following characteristics can be seen on the Wallet page: –
• The total amount in each person’s wallet
• The balance that is available is denominated in Canadian dollars.
• You have the option of receiving your total compensation in either Canadian Dollars (CAD), United States Dollars (USD), or Euros (EUR).
• Total cryptocurrency balance, expressed as an equivalent amount in Bitcoin
• Total balance of fiat currency in Canadian dollars, United States dollars, or Euros
Program for Referring Customers to CoinSmart
The referral program on CoinSmart is appealing, much like the referral programs on many other cryptocurrency exchanges, because users are eligible to earn rewards once they have been verified on the exchange and have made deposits totaling more than c$100. The user who submitted the referral code will receive $100 in compensation for each new member that signs up using their code, and both of the users will receive $25 credited to their accounts for their participation. This commission will typically reflect in the bank account after a period of five to six business days from the date it was paid. Therefore, in order for customers to begin reaping the benefits of the referral program, they will first need to verify their accounts and then request a referral code from an already established member.
Taking Safety Precautions with CoinSmart
When it comes to CoinSmart’s security, the platform prioritizes thwarting fraudulent activity at all costs. To this end, it conducts stringent identity checks on users and deletes accounts belonging to those who provide false information about their dates of birth and addresses. This is made feasible by the fact that CoinSmart shares its users’ database information with a different third-party organization known as Equifax.
In addition to that, the traders attach the Google Authenticator application’s two-factor authentication system, commonly known as 2FA, to their individual accounts. This system can be found in Google’s app store. In order to log in, the two-factor authentication method requires a password, which is then texted to the user’s registered phone number. In order to access a user’s account, a passcode along with certain information about that user must first be entered.
In addition to this, users of the site can gain access to cold storage digital wallets for any and all cryptocurrencies that are supported by the platform. Users that take advantage of this security feature do not want to subject their cryptocurrency coins to the dangers and ambiguities that are associated with the internet.
The exchange complies with the KYC criteria as well as the anti-money laundering rules. This is the last and most important point. The trading platform has integrated Chain analysis analytics software, which separates available wallet addresses into a variety of categories, such as Gambling and Darknet, according to the level of risk associated with each category. This makes trading more secure.
Support for Customers of CoinSmart
The fact that it is so simple to sign up for and get in touch with the CoinSmart trading platform is undoubtedly one of the platform’s many strong points. Users have access to a variety of contact methods on the exchange, each one of which can be used to get in touch with the team at any time, day or night.
The conversation feature is always open for use. The ZenDesk technology underpinning several of the available contact options is almost identical to that of other cryptocurrency exchanges. Users also have the option of calling their toll-free number, although this method is only accessible from nine in the morning to six in the evening Eastern Standard Time (EST) every day.
Users can also examine the Frequently Asked Questions area if none of the other alternatives work. Users will probably find the answers to their inquiries in this part because it covers such a broad spectrum of pertinent topics and questions.
The Last Word on CoinSmart: Conclusion
To conclude this CoinSmart Review, it is fair to say that this platform is deserving of the reputation of being among the most user-friendly and top-tier options now available in Canada and everywhere across the world. It is appropriate for cryptocurrency investors at any level of experience, from newbie to expert. Because of this, it is considered to be one of the best platforms for exchanging cryptocurrencies because it provides users with numerous options to buy, sell, trade, deposit, or withdraw cryptocurrencies, making use of a variety of payment methods such as Interac e-transfer, debit card, or credit card. The platform is made incredibly competitive as a result of all of these factors, which include a straightforward fee structure and superior security measures.
FAQs
Is CoinSmart a Reputable Trading Platform?
The CoinSmart bitcoin trading platform is one of the leading sources in Canada, and their fees are rather competitive when compared to the typical fees charged by the global market. The features are outstanding and appropriate for both novice traders and expert traders who deal with enormous volumes of transactions.
Is CoinSmart a Reliable and Authentic Option?
In the Canadian cryptocurrency market, CoinSmart is a reliable and trustworthy trading platform. It is a Money Service Business, which means it is registered as such with FINTRAC, which stands for the Financial Transactions and Reports Analysis Centre of Canada.
Is it Possible to Break Into CoinSmart?
No! CoinSmart has developed the platform in such a way that the funds of its customers are shielded from the reach of dishonest individuals and computer hackers. Due to the fact that it is a non-custodial wallet, the platform stores the funds in a cold storage location that is inaccessible via the internet. This is done as a method of protecting cryptocurrency investments. In addition, the Canadian banks are the ones who hold the traders’ deposits of fiat currency. Last but not least, the Two-Step Verification function of Google makes it significantly more difficult for cybercriminals to break into your account.
Which Cryptocurrencies Are Supported by CoinSmart?
It is compatible with a total of nine cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple’s XRP, Stellar Lumens, Tether USD, EOS, and Cardano’s ADA.
How Much Time Does It Take for CoinSmart to Deposit?
The exact same day that a user makes a deposit, that day’s deposit total is shown in the user’s account balance. However, the processing time for withdrawal requests of cash is typically between five and six working days.
