Are you wondering if CoinSmart is safe? Is CoinSmart legit? In this CoinSmart review, we will be looking at all its features, background, fees, and we'll give you the answer to whether or not CoinSmart is worth your time.
If you would like to get a $15 Bonus on your first deposit, follow the link below!
CoinSmart Review: Background
CoinSmart opened its doors in 2013 after the initial Bitcoin blockchain fork occurred. During these early years, they focused on developing a foundation for future growth based around customer service and underwriting insurance policies across Canada to help spread awareness of Blockchain technology. In 2016, CoinSmart began reviewing new improvements before deploying them to the market by establishing the first Peer-to-Peer marketplace that allows users to instantly buy and sell crypto in an efficient manner using direct bank transfers between buyers and sellers. Their Peer-to-Peer is currently used as one of the top P2P exchanges in Canada with over $1 million USD traded each month.
To drive continuous growth, CoinSmart has developed the Smart Wallet software that is one of the most secure digital wallets available on any mobile device or personal computer. The Smart wallet allows users to make instant P2P transactions in a protected environment with built-in security protocols and features. This technology enables users across Canada to better manage their cryptocurrencies while always being in control of their funds at all times. In addition, as part of its mission statement, CoinSmart wants to provide its clients access to free credit scores (a $19 value) each month to help them build their credit profile and stay on top of their finances. With CoinSmart's free credit score service, you can see what your current score looks like, understand why it was calculated the way it was, and how to improve your score in the future.
All of these accomplishments have led to Coinsmart receiving various awards for being one of the best Canadian blockchain organizations in recent years.
CoinSmart Review: Security
CoinSmart is able to prevent fraud by running a comprehensive identity verification process that is able to detect fake addresses and dates of birth using a database offered by data collection agencies. By using these agencies, CoinSmart is able to verify a person’s identity and also keep personal user information secure.
CoinSmart also offers its users the ability to use a two-factor authentication system (2FA). To enable this extra layer of security, users can download the Google Authenticator app and connect it to their account. This will require the user to use a password generated on their phone the moment they attempt to log on. They will then have to enter the newly generated code as well as the information of their account.
CoinSmart offers its users a cold digital wallet for each cryptocurrency offered on the exchange. Regardless of whether a user chooses to purchase a currency or not, there's a cold wallet available. This wallet is protected using standard industry practices and procedures. Cold storage of cryptocurrencies just refers to the practice of keeping these coins away from internet access. Most crypto exchanges will opt to keep a majority of their crypto in cold storage to keep it maximally protected against hacking attempts.
CoinSmart has employed an industry-leading cold storage provider, BitGo, to store the cryptocurrency entering the exchange.
Who is BitGo?
BitGo is an industry leader for the storage of digital assets, specifically cryptocurrencies. They have many large clients, like The Royal Mint, along with several other cryptocurrency exchanges.
BitGo wallets are insured by Lloyd's of London for $100 million, in the highly unlikely event of a breach. This level of protection is unparalleled in the industry and is why CoinSmart has selected BitGo to protect its digital funds.
What are some benefits of CoinSmart using BitGo for their cold storage services?
BitGo provides CoinSmart with some of the most secure cold storage wallets in the industry. These probably are the highest standard of cold storage security you can find in this space.
Additional benefits of BitGo wallets include:
- Multi-signature access to the wallets, so in the event of emergencies, the wallets can be accessed by multiple sources.
- Rigorous security checks and penetration tests.
- Additional risk controls, such as whitelisting wallet addresses and customized transactional limits.
CoinSmart uses multiple Canadian banks and payment institutions.
By depositing money into a cryptocurrency exchange backed by a bank in Canada you know your money will stay in that specific country.
This is important to consider since cryptocurrency regulation is still up in the air. If you deposit your funds in an exchange that doesn't tell you where it stores them, then your money may be subjected to regulatory changes in whichever country they are deposited in.
CoinSmart Review: Fees
CoinSmart's fees are very straightforward, check out the details below.
- Interac e-Transfer - $100 - $1999 = 1.5% Fee | Deposit $2000+ = 0% Fee
- Wire - 0%
- SEPA - 0%
- Credit Card - 8.75% (Min. $10 fee)*
- EFT (Electronic Funds Transfer) - 1% or $15**
- Wire - 1%
- SEPA - 0%
|Bitcoin Cash (BCH)||0.0001|
- 0.20% for single trade*** | 0.40% for double trade****
EG: You execute a trade for $1,000 the trading fee will be $2.00 for a single trade.
*Credit card purchases are processed through Simplex. CoinSmart has no oversight or access to Simplex purchase orders.
**The fee on fiat withdrawal through Wire and EFT is 1% or $15 minimum (whichever is higher). I.E. if the 1% calculated on the withdrawal amount is less than $15, then a minimum of a $15 fee will be charged.
***A single trade occurs when you trade between any fiat currency and any cryptocurrency or when trading between two cryptocurrencies when one of the cryptocurrencies are Bitcoin (BTC)
****A double trade occurs when you trade between two cryptocurrencies that are NOT Bitcoin (BTC) eg: Litecoin (LTC) to Bitcoin Cash (BCH)
CoinSmart Review: Availability
CoinSmart is currently accepting 18+ years and older residents from the following countries to onboard on the platform:
Austria, Belgium, Brazil, Bulgaria, Canada, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Georgia, Greece, Hungary, India, Ireland, Italy, Jamaica, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Mexico, Netherlands, Nigeria, Poland, Portugal, Romania, Russia, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Taiwan, Thailand, Turkey, Ukraine, United Kingdom.
**Please note, if you have been on a waitlist to join the CoinSmart platform and decide to join before receiving a waitlist invitation, you will not be eligible for any signup or referral bonuses until your spot in the waitlist has been called.**
CoinSmart Review: Features
Same day deposits
Access your funds the same day CoinSmart receives them. Leverage the market without a long wait.
Multiple funding methods
CoinSmart accepts Interac, SEPA, Wire Transfers, E-transfers, and all available cryptocurrencies on the platform as funding methods - CoinSmart makes it as easy as possible to fund your account.
Track all your trades
Track all of your trading activity, deposits, and withdrawals with ease.
Your destination for crypto knowledge & learning tools.
Level up your crypto game and really understand your investments. With comprehensive articles, blog posts, and how-to guides, CoinSmart has content suitable for everyone - whether you are a crypto newbie or an advanced trader.
CoinSmart Review: Pros & Cons
- Well established company
- Great for beginners
- Easy to use
- Nice design and interface
- Great customer support
- Transparent fees
- Strong security
- Lacks advanced features for experienced traders
- No mobile app
- Withdrawals can be lengthy
- No options for earning interest on your assets
CoinSmart Review: Verdict
After our CoinSmart review, we found this to be one of the easiest platforms for beginners who want to get into crypto.
CoinSmart was founded in Canada back in 2013 and it's a very solid and well-established company.
The whole interface is extremely simple and most people will have no problem figuring out how to use it, in any case, even if they face problems, they can always contact CoinSmart's customer support which is one of the best in the industry.
CoinSmart takes security very seriously and all its measures will make most users feel pretty safe.
Unfortunately, if you are an advanced trader looking for more features such as leverage trading, CoinSmart is not for you.
CoinSmart also lacks staking and interest payments on your held assets.
To sum it all up, if you're simply looking for a simple, safe, straightforward way to buy and hold cryptocurrencies, CoinSmart is a great choice, if you want a more advanced option for crypto trading and want to earn interest on your assets, you should look at some other options.
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