CoinSmart Review: The Safest Crypto Exchange?

CoinSmart currently has over 250,000 users. That is because it prides itself on the one thing that investors care most about: security. Experts estimate that in 2024 alone, over $2 billion has been stolen by cybercriminals. This is why it is essential to use a crypto exchange that you can trust.

Over the course of this review, we will give our opinion on CoinSmart, take a look at what coins it has and what protections it offers and run you through some of the basics of starting an account and depositing and withdrawing money.

Our CoinSmart review

CoinSmart is probably one of the most prominent platforms in Canada, but also one of the most important platforms throughout the world. At a beginner's level, it is intuitive but it also has more innovative features for experienced users.

On CoinSmart, you can use several payment methods when buying, selling or withdrawing cryptocurrencies. The way fees are charged is transparent and there aren't any nasty surprises.

For beginners, CoinSmart offers many educational resources to effectively train yourself in crypto investing with a modern and fun interface. Most CoinSmart reviews are very positive about the platform's user interface.

Although the range of crypto-assets could be a bit more extensive, CoinSmart is an enjoyable user experience and it is even possible to start trading while the account is still being verified.

What is CoinSmart?

CoinSmart is a crypto trading platform that allows you to invest and trade in cryptocurrencies. CoinSmart was created with the goal to democratize the world of cryptocurrency investments. It is a publicly-traded company.

What coins does CoinSmart offer?

Currently, there are 16 cryptocurrencies available on the CoinSmart platform:

How to buy Bitcoin on CoinSmart?

To give a sense of what using CoinSmart is like let's take an example. Say you have just opened your account and are looking to buy some Bitcoin. There are three ways to do this.

First, you can buy Bitcoin with a credit card, just like any other online purchase. The fees are higher for this, however, at around 6%. A cheaper way to buy is via a bank transfer or Interac e-transfer.

Alternatively, you can trade other coins already in your wallet for Bitcoin using the CoinSmart SmartTrade conversion tool.

Why is CoinSmart delisting xrp?

The American regulatory body the US Securities and Exchange Commission (SEC) has designated xrp a security. This means that it cannot be traded by crypto exchanges.

Canadian crypto exchanges are following US guidance in order to be able to continue trading there.

CoinSmart: the basics

• Launched: 2018
• Where is CoinSmart located: the CoinSmart HQ is at 1075 Bay St, Toronto
• Who owns CoinSmart: The company is publically-traded and the CEO and co-founder is Justin Hartzman
• Regulated by: FINTRAC
• Number of assets available: 16 cryptocurrencies
• Minimum deposit: $15
• Customer service: chat and email
• CoinSmart fees on fiat: 0 to 6%.
• Coinsmart fees on crypto withdrawals: variable depending on the crypto
• Payment methods: credit card, wire transfer, crypto assets
• Other assets: none
• Experience required: none
• Features: NFT, CoinSmart app, GetSmart hub

What services does CoinSmart Canada offer?

CoinSmart offers some specific services in addition to buying, selling and trading cryptocurrencies.

• The GetSmart Hub: is a wealth of resources and learning modules for beginners but also for investors who want to improve their skills and incorporates blog posts, how-to guides and various other content.
• NFT Marketplace: Recently, CoinSmart created a partnership through an asset placement on the Cross-Chain Bridge NFT marketplace and another partnership with Curate to facilitate NFT trading
• A mobile app: CoinSmart also offers a mobile app that is among the best on the market and allows you to buy and sell cryptocurrencies on the go.

Interested in seeing what features other crypto trading platforms have to offer?

Does CoinSmart offer crypto staking?

No! Currently, the CoinSmart platform does not offer a cryptocurrency staking service to its users.

However, CoinSmart may offer such a service in the future even though nothing has been announced.

Is CoinSmart safe?

Before you start investing you might wonder, "is CoinSmart legit?" The CoinSmart platform is recognized as being particularly safe and reliable. It is regulated by FINTRAC, which means that it has protocols and security systems that comply with legal standards in Canada.

CoinSmart is also backed by a registered Canadian bank, which guarantees the capital invested and your ability to withdraw it at any time.

CoinSmart also secures its clients' transactions, data and assets through various means including

• Cold-storage wallets: CoinSmart users' wallets are cold-stored on offline servers.
• Strong authentication: CoinSmart also features a 2FA two-factor authentication system for enhanced security.

What is the Streamer Affiliate Program?

Anyone based in Canada or Europe can become a CoinSmart affiliate. This is a deal which makes you money for each successful referral and also rewards the new people signing up too.

If you have a social media account with a large following and at least 30% of your audience is in Europe or Canada you can contact CoinSmart for a social media giveaway. Go to the CoinSmart website to learn more.

Interested in which other trading platforms offer rewards?

How to deposit money on Coinsmart?

On Coinsmart, you can deposit money in two different ways: bank transfer and Interac transfer. Online payments can be made with a bank card.

To make an Interac e-Transfer, follow these few steps:

1. Hit the CoinSmart login button
2. Click on the "Deposit" button from your Coinsmart account
3. Click on "Interac e-Transfer
4. Enter the amount to be deposited and click on "Send Deposit Request
5. Check your mailbox and validate the transfer by clicking on the link contained in it.
6. The Interac e-Transfer is usually processed in less than an hour.

For a traditional wire transfer deposit, follow these few steps:

1. Click on "Bank Transfer".
2. Enter the amount you wish to credit to your account
3. Click on "Confirm Deposit Amount
4. Make a note of the reference number received and proceed with the transfer from your bank.

How to withdraw money from Coinsmart?

How to withdraw from CoinSmart? You can easily withdraw money to your bank account or transfer your cryptocurrencies to another wallet.

For currency withdrawals, here are the steps to follow:

1. Click on the "Wallet" tab at the top of the page
2. Click on the "Fiat" tab and then on "Withdraw" under the chosen currency
3. Choose the option and the withdrawal method you wish to use
4. Enter the requested information and upload a document to confirm your name and account information.

To make a cryptocurrency transfer from CoinSmart to another wallet, follow these steps:

1. Click on "Wallet" in the top menu
2. Click on "Crypto" and select the token you wish to transfer
3. Click on "Withdraw" at the bottom of the page
4. Enter the withdrawal information
5. Enter your external wallet address and the amount you wish to transfer
6. Click on "Submit
7. Click "Accept" to start the process
8. Enter your 2FA code and validate by clicking on the link received by email

How long does CoinSmart verification take?

CoinSmart has a very efficient and quick verification process. Once you have given all the information asked for the process can be done within a few minutes.

In some cases, further information will be required in order to complete the verification process. In this case, it may take longer to verify your account, up to a couple of hours.

How to delete a CoinSmart account?

If you would like to close your CoinSmart account you will need to give them written notice. You may be asked for further information.

You can file a request to close your account at www.coinsmart.com/contact-us

What are the best alternatives to CoinSmart?

There is a wide variety of crypto exchanges to choose from, and different interfaces and bonuses may suit different people. Below is a list of our favourites:

If you would like to see what these different platforms offer, take a look at our comparison tool.

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Alexandre Desoutter

Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a as a contributor to several publications.