CoinSmart Review

The CoinSmart trading platform receives four out of five stars. It’s simple for beginners to navigate and contains features that advanced traders need. Besides Canadian dollars, you can fund your account with U.S. dollars and Euros.

Beginners can easily buy or sell cryptocurrencies with the click of a button. Expert traders can use advanced charts, order books, stop losses and limits to enhance their strategy.

Depositing funds requires you to click on deposits in the dashboard and select a preferred payment method. On the SmartTrade section, you select to buy or sell cryptocurrencies. Then, you choose the coin you want to trade with fiat or other cryptocurrencies.

You can withdraw fiat or cryptocurrencies by clicking on the wallet icon.

Besides offering the main coins such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash, CoinSmart also offers altcoins. You can purchase coins such as Doge, Shibu Inu, Cardano, Solana and several others. You can have wallets for all the coins without funding them.

Once you’re in the dashboard, you can select how to contact CoinSmart if you have a query using the 24/7 live chat or email. CoinSmart phased out the call option from the dashboard.

If you don’t want to contact support and need immediate answers, visiting the FAQ section is a good option. You can dive deeper into CoinSmart’s knowledge base if the FAQ section doesn’t answer your question.

The live chat is your best option if all else fails. You can get more answers from the chatbot or a consultant. A consultation with a consultant via live chat got a response in less than a minute. In this scenario, the rep was able to explain about the company relisting XRP but couldn’t say why CoinSmart’s services are unavailable to U.S. residents.

You can also submit a ticket, and support will contact you. Depending on your query, its response can take up to 24 hours or three business days due to high volume. Emails usually receive an initial response in just over an hour.

The fees and processing time for Canadian and European customers vary. The same applies to most trading platforms that cater to global customers.

CoinSmart doesn’t charge Canadian residents to fund their accounts using bank wire and bank draft. The fees are zero if you deposit over $2,000 via Interac e-Transfer. For anything under $2,000, you’re charged 1.5%. Although bank wire transfers are free, the minimum deposit is $10,000 and can take three to five days to reach CoinSmart.

Credit card deposit fees are up to 6%. The funds reflect immediately in your trading account, but $5,000 is the maximum deposit.

CoinSmart charges a 1% withdrawal fee via electronic funds or bank wire. Processing can take one to five days, and the minimum withdrawal via bank wire is $10,000. The platform charges various fees for cryptocurrency withdrawal, but the processing is immediate.

The great news for Benzinga readers is the sign-up bonus. If you sign up for a CoinSmart account and deposit at least $100, the platform will add $20 to your account. 

CoinSmart offers services to certain countries and makes its app available only within the physical borders of those nations. If a citizen of an approved country is outside that country’s borders, the app cannot be downloaded. Reviews of the app by users offered some positive feedback; most people experienced challenges. They couldn’t use several features that you could easily use on a desktop, and many complained about the app not functioning properly. CoinSmart has addressed those issues and improved the app.  

The best part about CoinSmart is that it’s simple to use. You don’t have to be an expert trader or crypto investor to trade on this platform. But if you are, you’ll also benefit from its advanced tools.

Securing your investments is crucial. That’s the reason CoinSmart mandated two-factor authentication (2FA) and requires personal documents. The company is regulated by the Ontario Securities Commission and other Canadian security regulators.

Although it’s proud of its Canadian roots, CoinSmart offers services to more than 40 countries.

The dashboard tracks your trades and provides a complete history of trades, deposits and withdrawals.

You can also use the dashboard for deposits and withdrawals. CoinSmart processes deposits the same day it receives them. Canadian residents using Interac e-Transfer shouldn’t be surprised to see funds the same day in their trading account.

Besides Interac e-Transfer, you can deposit money via bank wire, bank draft and credit card. European customers can also use the Single Europe Payments Area (SEPA).

CoinSmart offers a smart guarantee. As a customer, it’s a good way to hold a company accountable. The company wants to provide good service, so it rewards its customers when they experience poor service from CoinSmart. As an example, if CoinSmart doesn’t verify your account the same day you applied (considering you provided the correct documents), the company will waive the fee of your first deposit.

After the verification process, the platform makes cryptocurrency investing easy. The navigation makes buying and selling cryptos simple and allows you to see the trading history. It also shows you price trends and lets you open wallets for all the coins without funding them.

Investors who want a simple and secure trading platform can find it in CoinSmart. You should use it on a desktop to experience optimal convenience.

CoinSmart vs Competitors

Benzinga compared CoinSmart to other platforms to see how it fared.

Canadian users have several advantages over international users. This platform is simple and secure. It’s good for beginners and experts.

CoinSmart provides great support with efficient live chat and email response.

The verification process is straightforward and takes a few minutes. The platform offers various deposit methods, but the fees are a bit steep. CoinSmart’s services are available to more than 40 countries, although it excludes the U.S.

CoinSmart Tutorial

The verification process requires you to submit:

• Email address
• Cellphone number
• Proof of identification
• Address
• Photo captured in real-time

CoinSmart’s system needs a few minutes to verify your details and documents. Once that’s done, you can access the dashboard.

The dashboard allows you to deposit funds and see cryptocurrency prices and trends. After you deposit funds, the dashboard reveals a SmartTrade section. Click on buy or sell and choose the cryptocurrency you want to transact. 

Another way to trade is to click on Wallet and choose a coin. That process creates your wallet and shows you details about the coin such as a pending withdrawal and available balance.

The portfolio on the dashboard shows you the total value and percentage of assets owned; the breakdown is below. At the bottom is support contact information.

Clicking on Buy/Sell/Trade icon gives you the option to buy or sell cryptocurrencies against fiat or trade between cryptocurrencies — the simplest methods for trading on this platform.

Expert traders can click on Advanced Trade to use the graph, order book, place limits and see trade history.  

Frequently Asked Questions

How secure is CoinSmart?

CoinSmart prides itself on the security features it offers. It’s regulated by the Ontario Securities Commission, and it mandates 2FA.

Answer Link

Is CoinSmart available in the U.S.?

No. It makes crypto investing available to 40 countries but not the U.S.

Answer Link

• Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.
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• Source: https://www.benzinga.com/money/coinsmart-review/