CoinSmart Broker Review
CoinSmart is based in Toronto, Canada, and attracts users from all over the world. It was founded in 2018 by Justin Harzman as well as Jeremy Coven.
Over the years, the company has become one of the most popular options for Canadian users. The company has expanded its presence in the market, gaining access to more than 40 countries and increasing trading volume. CoinSmart stock is also available on the Canadian exchange market, providing additional liquidity and security.
Account currencies: CAD
Minimum Deposit: $50
Leverage: ✅
Legal: CoinSmart is headquartered at 1075 Bay St, Toronto, and its CEO and co-founder is Justin Hartzman.
Tools: Cryptocurrencies and Altcoins
Trading Tools and Commissions
CoinSmart offers a somewhat limited selection of digital currencies to buy, sell and trade.
CoinSmart’s trading fees are only 0.20%, making it one of the lowest among all cryptocurrency platforms in Canada. And those savings are rapidly increasing: if you trade $100,000 worth of bitcoin for a year, you can save $800 in trading fees alone, compared to other exchanges that charge 1% or more in fees.
Perhaps more important than the trading fees is the spread: the difference between the buy price and the sell price. CoinSmart has very tight spreads, which makes private trading possible and keeps more money in your pocket.
Most deposits on CoinSmart are free, fiat withdrawals cost 1% and cryptocurrency withdrawals only have a network fee. However, depositing fiat funds with credit or debit cards can be expensive – fees can be as high as 6%. If you’re just starting out, we recommend using other deposit methods, such as INTERAC e-transfers or bank transfers.
Deposit and withdrawal
One of the best features of CoinSmart is that it offers multiple payment options for trading and investing in cryptocurrencies. Payment options on the exchange include the following:
- – Interac wire transfer
- – Bank draft
- – SEPA
- – Wire transfer
- – Credit Card
- – Debit Card
- – Symplex
- – Crypto Assets
Security at CoinSmart
This is definitely one of the biggest questions that almost every newcomer has. In the case of CoinSmart it is easy to answer.
Simply Digital Technologies Inc. (MSB M18755033), which operates the CoinSmart exchange, is registered as a Money Service Business and regulated by the Financial Transactions and Reports Analysis Center of Canada (FINTRAC). The company is also licensed to operate in the United States by FINCEN.
While it’s easy to get an account, CoinSmart’s systems run checks to detect things like fake birth dates and addresses.
Most digital assets are stored in cold storage systems that are not permanently connected to the Internet, making them much less likely to be hacked. User accounts are protected by two-factor authentication, as is common on cryptocurrency exchanges.
Conclusion on CoinSmart
CoinSmart, we can justifiably call this platform one of the easiest and leading platforms available in Canada and other parts of the world. It is suitable for both beginners and professional cryptocurrency investors.
Although CoinSmart does not offer as many cryptocurrencies as other exchanges, they support the most popular and well-known coins. The fees are competitive with the market, and the service guarantees are reassuring to the target market of novice traders.
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