Cryptocurrencies are here to stay. We can no longer ignore the fact that people worldwide are making tons of money trading these digital assets.
Therefore, the way forward is for financial experts to review cryptocurrency exchanges so that their clients and followers know where to invest.
Coinsmart is such an exchange whose headquarters is in Toronto. Justin Hartzman and Jeremy Koven launched it in 2018.
A look at the pros and cons of this Canadian cryptocurrency exchange will show you the kind of investment partner you’re in bed with now.
Opening an account at Coinsmart
- Go to the Coinsmart register page to begin the process of opening your account.
- You will go through the usual procedure of filling in your personal information including the name and email address.
- Then you will receive an email with a link. Click that link to verify your account. Coinsmart uses Equifax for instant verification.
- If they can’t verify you, you will provide a copy of your ID, a utility bill, and a photo holding a paper with the word ‘Çoinsmart’ and the day’s date.
- Then you can fund your account and start trading.
- You can also fund your account using cryptocurrency.
Cryptos you can trade on Coinsmart
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Tether (USDT)
- Bitcoin Cash (BCH)
- EOS
- NEO
- Cardano (ADA)
- QCAD
- Stellar (XLM)
How to trade on Coinsmart
- Once you fund your account, the next step is to start making money.
- So, click on the buy/sell/trade menu.
- Select the currency you wish to sell/buy
- Enter the CAD or Crypto quantity you want
- Then click the ‘sell now’ or ‘buy now’ button.
- If you want to engage in a significant transaction of $25,000 and above, you will have access to a customized OTC (over-the-counter) service. You will also have an account representative on call, optimal pricing based on order/size volume, and several discounts.
Coinsmart fees
To withdraw your profits from Coinsmart, you will incur the following charges:
Crypto withdrawal fees
There is no processing period as the withdrawal is instant. When you withdraw your earnings for the first time, you will have to send a selfie to verify its you.
- Bitcoin (BTC) 0.0005
- Ethereum (ETH)0.015
- Litecoin (LTC)0.001
- Ripple (XRP)0.002
- Tether (USDT)10.00
- Bitcoin Cash (BCH)0.0001
- EOS 0.0005
- NEO 0.00
- Cardano (ADA) 0.30
- Stellar (XLM ) 0.00003
Trading fees
If you make a trade that does not have Bitcoin and trade Ethereum for Tether, the fee is 0.40%. However, if your trade involves Bitcoin, you pay 0.20%. You will also pay 0.20% for any transaction involving the Canadian Dollar (CAD) and crypto.
Coinsmart referral program
Do you feel that you can convince your friends and family to join Coinsmart? If yes, then you will earn some money through the referral program. For every person who enters using your link or code, and they make their first fiat deposit ($100 and above), you get $15. The person who is referred will also get $15.
Therefore, go to your account settings at the top right-hand side and click on the referral program. You will get a tab that will give you your link and code to share with your contacts. You will see every successful referral under the commissions tab.
However, if your friend makes a deposit using another crypto instead of CAD or EUR, you will not receive a commission. The $15 will reflect in your account within 5 business days.
How do I send crypto to an external wallet?
There is a wallet address for all the cryptocurrencies available on Coinsmart. Hence:
- Go to the ‘wallet’ page.
- Click ‘open wallet’ under the currency you want to transfer
- Click withdraw and enter the address of your external wallet.
- Click ‘submit’ then ‘accept.’
Kindly note that you will follow the same procedure if you want to receive cryptos from an external wallet. However, instead of ‘withdraw,’ you will click on ‘deposit.’
Is Coinsmart safe?
Every trader wants to know whether a crypto platform has cold storage to ensure their cryptos are safe from hackers and cyber attacks. Thus, for your peace of mind, know that Coinsmart has a cold digital store for every currency they offer. The store is totally offline and not connected to any network.
It also uses BitGo, an institutional digital currency custodian for crypto market leaders, to store its assets. Fiat deposits are in the hands of Canadian banks.
Moreover, for you to access your account on Coinsmart, you must enter a 6-digit code sent to your phone.
Is Coinsmart legit?
Yes, Coinsmart is registered and monitored by the Financial Transactions and Report Analysis Center of Canada(FINTRAC), which means complying with Canadian money service regulations.
Pros and Cons of coinsmart
Pros
- The interface is user-friendly; thus, it is ideal for both beginners and experts.
- The company stores most of its assets offline.
- 2-step authentication anytime you want to access the account
- Instant verification for new customers
- Speedy sign-up process
- Registered and regulated by FINTRAC
- Deposits reflect in your account the same day unless you use EUR
- Referral program for all users
- Low fees
- 24/7 customer service and tax assistance
- VIP services for those who trade large orders (Coinsmart Premium customers)
Cons
- You will wait for 1-5 business days for Fiat withdrawal
- Limited to Canadian citizens and permanent residents of Canada.
- It offers few cryptocurrency options.
- You have to fund your account in CAD unless you enroll for premium services.
The Bullish takeaway
Are you 18 years and above, and you live in Canada? Coinsmart keeps growing in popularity among Canadians because it is legit and safe. However, know that cryptocurrencies are volatile; hence, kindly risk what you can afford to lose.
No Comments