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CoinSmart is a good choice for Canadian cryptocurrency investors as the exchange trades top cryptocurrencies on the market, and had low, competitive commission rates and transaction fees.
If you want to buy cryptocurrency in Canada, an option is CoinSmart. CoinSmart is a Canadian exchange registered with FINTRAC. With CoinSmart it possible for investors with Canadian bank accounts to make Interac transfers for free when they are $2000. Or there is only a 1.5% fee for transactions that are less than $2000.
Let’s take a closer look at some of the features that make CoinSmart a good choice for Canadian, as well as international, cryptocurrency investors.
CoinSmart currently buys and sells the following cryptocurrencies: Bitcoin, Ethereum (ETH), Litecoin, Ripple, Bitcoin Cash, EOS, NEO, Stellar (XLM) and Cardano (ADA).
Users can link their bank accounts to their CoinSmart wallet. This makes it easy and fast to exchange your cryptocurrency for fiat currency. The verification process is very straightforward, and it takes about 24 hours to confirm your identity.
Because CoinSmart is FINTRAC registered, the ID process is linked to Canadian Equifax, which makes it fast and easy. And, with increasing regulations surrounding cryptocurrencies, it is can be nice to use an exchange that is up to date with the necessary Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
CoinSmart uses cold storage to store the vast majority of the cryptocurrency they hold. That means that only about 5% of their cryptocurrency holdings are ever held on the exchange. Cold storage is the best way for exchanges, and traders, to keep cryptocurrency safe from theft.
When cryptocurrency is held in hot storage (online), it is easier to steal. It is best to keep only the requisite amount of crypto in hot storage for trading and use.
The company also uses BitGo wallets. BitCo is an industry leader when it comes to digital asset storage. The wallets are insured by Lloyd’s of London for $100 million.
BitGo wallets security features include:
- Multi-signature access to the wallets: which means that in an emergency wallets can be accessed by multiple sources. This is important in the event of private key loss, or death.
- Wallets are rigorously put through security checks.
- Whitelisting wallet addresses so that withdrawals can only be made to listed wallet addresses.
Backed by Canadian banking institutions
CoinSmart is also backed by several Canadian financial institutions. That means that CoinSmart’s funds remain in Canada. This is a plus for Canadian bank holders, as legislation around cryptocurrencies is in a state of flux. That means it is conceivable that if your cryptocurrency is being held in Switzerland or Bermuda, regulations could change. At that point, it may become more difficult to access funds, or it may mean that surprise fees or penalties are incurred.
SmartPay is a feature that lets users accept payments in cryptocurrency. It also means that your BTC can be converted the same day into CAD, and then deposited into your bank account. The feature also gives users guaranteed exchange rates to reduce the effects of price volatility.
CoinSmart also offers CS Premium to traders who want to make high-volume trades. For accounts of $25,000+, CoinSmart can offer individual investment support, deep liquidity, and same-day settlements.
Another service available is Smart Guarantee. This service guarantees the date of your transactions for a fee.
And, CoinSmart has a referral program for recruiting new clients. Each time a user successfully refers someone new their account is credited.
Easy To Use
CoinSmart has a clean and easy-to-use interface, both on your desktop and smartphone. Clarity and usability are at the forefront of CoinSmart’s design and customer support. They also have a clear FAQ and quick response times from customer support.
Lastly, compared to other exchanges, CoinSmart’s fees are very competitive.
- 1.5% for E-mail/Interac Transfers
- 0% for E-mail Money Transfer (for $2000 plus)
- 8.75% for Credit Cards (min. $10 fee)
- 0% Wire Transfer
Withdrawal Fees:(Canadian Dollars)
- 1% for Electronic Funds Transfer
- 1% for Wire transfers
- as low as 0.2-0.4% (this depends on if it is a single or double trade)
As is the case with most exchanges, high-volume trades come with lower exchange fees. However, with low commission fees, CoinSmart is also a great exchange for traders moving smaller volumes.