Justin Hartzman on LinkedIn: CoinSmart Announces Acquisition by Coinsquare, Creating one of Canada’s 24 comments

They also have 24/7 customer support and something called SmartPay, which allows you to invoice people and get paid in crypto. You can instantly convert your crypto to fiat and have it wired to your bank, or you can hold the crypto. Let me give you an example of how crypto marketing works at CoinSmart, which is a regulated cryptocurrency exchange that’s compliant with the Ontario Securities Commission. In our marketing, we can tell people to come to our website.

• This extensive list of currencies is admirable, as other platforms such as Shakepay only offer two options.
• The platform’s Advanced Trade feature offers limit orders, stop loss and real-time charting.
• Our total buy fees were 3.85% and our total withdrawal fees came to 16%.

We purchased bitcoin on CoinSmart and the spread was 2.1%, which is high. So while trading fees are low, the large spreads can make trading on CoinSmart expensive. In comparison, the spread on Bitbuy was 0.24% when we bought bitcoin.

Advanced Trade

It mentions that it keeps every cryptocurrency in cold storage but the specific amounts are not mentioned. After you have completed the verification process you will need to read through the user agreements and verify some additional details. These questions will be related to your income status, risk tolerance, and prior knowledge of the cryptocurrency industry. To start the registration process, users can click the “Create an Account” in the top right corner of the CoinSmart homepage. That will take you to a registration form where you will need to register an account with an email address.

This is also higher than the leading Canadian crypto exchanges. CoinSmart offers Over-The-Counter (OTC) services for premium traders placing large orders. OTC customers receive discounted pricing, same-day settlement, a dedicated CoinSmart Premium Account Manager, and VIP access to CoinSmart events, among other benefits. Where the exchange falls behind other exchanges is in the hidden fees for fiat withdrawals and trades.

CoinSmart

The ad you see above is the perfect example of a fake celebrity influencer scam. Users see a post from Justin Trudeau, Elon Musk, Keanu Reeves about a crypto opportunity. They are then scammed into believing they will receive the same investment returns and that it is a safe and legitimate platform to use. Lately, many scammers have been targeting CoinSmart users and cheating them out of their hard-earned money. In this article, we will be looking at the different methods scammers could be using to dupe you.

You can deposit Canadian dollars using Interac e-Transfer, wire transfer, or bank draft. You can deposit Euros via SEPA, wire transfer or bank draft and USD via wire transfer. The ability to purchase crypto using debit and credit cards is also available, as long as your bank allows it. Registering with CoinSmart is a simple process and not as complicated as some other crypto exchanges we have used. After submitting everything we were verified within 20 minutes. CoinSmart has a comprehensive knowledge centre on its website offering articles, guides, and how-tos.

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If your account is frozen you will need to contact CoinSmart’s support team. Examples of suspicious activity could be trading larger amounts than usual or more frequently, or depositing and withdrawing larger amounts than usual. We could not find information about CoinSmart’s liquidity. Deep liquidity is necessary for making large trades and preventing high spreads. CoinSmart does have an OTC Desk, so if you are debating whether to make a large trade with CoinSmart, you have that option.

1 The use of “featured”, “popular”, “best” and “top” on Finty do not constitute a product rating or recommendation and are subject to our general disclaimer. Calculations in comparison tables will vary based on personal data input. CoinSmart is aimed at people who have never used cryptocurrencies in the past. CoinSmart is based in Toronto, Canada and has attracted users from across the world. It was founded in 2018 by Justin Harzman as well as Jeremy Koven. But in the end, Coinsquare believed the deal wasn’t worth the high costs of acquiring a public company, Mr. Richmond said.

CoinSmart: the basics

This CoinSmart review covers how it works, assets offered, fees, pros and cons, whether it is safe, and how it compares to competitors like Bitbuy, NDAX, and Wealthsimple Crypto. Foreign currency withdrawals are generally processed within 5 business days. First, you can buy Bitcoin with a credit card, just like any other online purchase. A cheaper way to buy is via a bank transfer or Interac e-transfer. 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.

All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only. When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial https://forex-reviews.org/coinsmart/ and legal services provider. You can submit a support ticket or use CoinSmart’s live chat function on their website. They offer 24/7 customer support including phone support, however, a phone number is not listed on their support page.

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A high percentage of digital assets are kept on cold storage systems that are not constantly connected to the internet, making them much less likely to be compromised. User accounts are protected with two-factor authentication, as is common with crypto exchanges. In this Coinbase Review, I take a close look at one of the world’s most popular cryptocurrency exchanges. I cover the most important features, pricing for Canadian users, and the pros and cons. I let you know if Coinbase is worth it for Canadians, and share a few alternatives. On March 29, 2021, the OSC communicated  to crypto asset trading platforms that they must contact Staff to initiate the registration process, or face enforcement action.

We can even give new customers a small amount of bitcoin if they deposit a minimum amount. However, we can’t directly ask or tell them to buy crypto coins. Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions.

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Currently, the CoinSmart platform does not offer a cryptocurrency staking service to its users. Canadian crypto exchanges are following US guidance in order to be able to continue trading there. Besides CoinSmart, there are several other Canadian crypto exchanges to choose. While crypto itself is decentralized, crypto exchanges are centralized and have the power to freeze anybody’s account if they suspect suspicious behaviour.

Our goal at RetireHappy is to present readers with reliable financial advice and product choices that will help you achieve your financial goals. Originally, you could only trade Bitcoin and Ethereum, but they now support more than 50 coins. You can also stake Ethereum and Solana with just a couple of clicks, and earn up to 4.5% APY. After watching the videos, Coinsmart will have you complete a brief quiz demonstrating that you’ve learned the material.