Is CoinSquare Legit? Should you trust it enough to rely on it for your moneymaking objectives? Is there any better alternative to it in the market? Welcome to today’s review where we shall be having a look at what this platform has to offer, and whether it is one that other customers are already loving. Below are the major highlights of the review:
- What is CoinSquare?
- How does CoinSquare work?
- Is there anything that makes CoinSquare different?
- Day Trading on CoinSquare
- The fees charged on this platform
- Can advanced traders really rely on this platform?
- Is CoinSqauare Genuine or Is It a Scam?
- Pros and Cons
Name of the platform: CoinSquare
Official Website URL: https://coinsquare.com/
Overall Rating: (2.3 / 5)
Recommended: Not Recommended
Is CoinSquare Legit? (What is it about?)
CoinSquare is an intelligent day trading platform that was blaunched back in 2014. The platform has gradually grown into a reputable one, more so in Canada and Europe. As of now, the platform boasts of a customer base of more than 100,000 users, with its owners claiming that these numbers are growing by the day.
The platform is also perceived as a fiat gateway platform that is out to make it easy for the customers to purchase or trade in cryptos. Most of the features that it has are designed with all types of traders in mind. Whether you are getting started with day trading or you are a high-rolling professional trader, you can give this platform a try.
When it comes to the new customers, CoinSquare presents a platform that is easy to access, and one that is packed with features that make it easy for them to trade intelligently. Everything on the dashboard is explained in simple terms, hence newbies do not need to put in a huge amount of time to learn the platform’s ins and outs.
How does CoinSquare work?
You can get your CoinSquare account up and running by following three simple steps as outlined below:
You will be requested to submit some basic information (including your functional email address) to CoinSquare, in a bid to set up your trading profile.
The next step is to provide CoinSquare with the verification details they are requesting from you so that you can begin trading.
Adding the funds
Finally, you can choose from the funding options presented to you by CoinSquare to fund your account. The options availed include dollars, euros, as well as digital currencies.
Is there anything that makes CoinSquare different?
CoinSquare’s range of cryptos is at the moment quite limited, in comparison to the other well-established platforms. You can access the main coins, including: Ethereum, Litecoin, Dash, Bitcoin Cash and Dogecoin. The good thing is that they keep on adding coins from time to time, so you can pop into your account from time to time to see if they have the cryptos you are interested in.
CoinSquare happens to be one of the secure platforms of its kind that have not been hacked successfully, so the level of security on this platform is impressive. Traders can worry about the other aspects and not the security aspect.
Day Trading on CoinSquare
CoinSquare supports day trading from any type of device. You can use the CoinSquare app to follow the prices just by the touch of a button. Those whose main objective is to earn money on a daily basis can benefit from this capability since they can make a leap into certain markets at the perfect time.
The fees charged on this platform
There are platforms that are not very transparent with their fees but not CoinSquare. The trading fees are quite straightforward and to some extent quite competitive. The platform also offers order types such as “quicktrade”, which lets one purchase cryptos very quickly, just by using a simple buy order that is on the main dashboard. The currency one purchases is usually added to the personal wallet at a flat fee.
CoinSquare offers many options for customers to deposit and withdraw funds, Canadian customers can use the CAD funding options, and this makes it simpler for them to managed the funds in their account. Whereas this platform’s fees are mostly straightforward, there are costs that you can incur that it does not have control over, such as the fees charged for using your credit card to load your CoinSquare account. With credit cards, for instance, you are usually charged about 10% of the amount you are transacting, which is a fee that’s significantly higher than what you can incur by using other methods on other platforms.
Can advanced traders really rely on this platform?
As already highlighted, this platform is not just for the beginners and day traders. It has also put in a lot of work to ensure that the high net worth traders are also earning an income. Those who are out to start mining venture firms or capital markets’ divisions are invited to try out CoinSquare.
Thing is, the advanced traders can access custom tools on the Advanced Trade Tab. Tools such as Tradingview charting can easily run a wide range of technical analyses tasks, to give the advanced traders in-depth information for them to complete their order books with a better picture of the market.
Is CoinSqauare Genuine or Is It a Scam?
So far, I think I can only say that this platform is genuine. It has been around for several years now and has been serving a fairly large number of customers so far. No cases of hacking have been reported so far, so the security measures have been taken quite seriously.
What about the customers? What do they think about this platform? The customer service is unfortunately not that impressive. On a customer trust site like Trustpilot, for instance, this platform has a rating of (2.3/5) stars, which is considered as poor. The major concern that has been raised by the customers is that the crypto balance keeps on decreasing. Whereas the platform has not been hacked so far, this loss of cryptos to CoinSquare is definitely worrying, to the extent that I would not be very vocal about leading anyone to use this platform.
There are other safer alternatives that you can rely on and not have to worry about the loss of your hard-earned money, including the one I have recommended below:
Pros and cons
- Features that favor both the beginners and advanced traders
- Has not been hacked so far
- Poor customer ratings
- Unexplained loss of cryptos
- Generally not one that can be recommended as a reliable platform
Final Words and Verdict
Verdict: Legit ( But Not Recommended)
Overall Rating: (2.3 / 5)
CoinSquare is a legit platform that has been around for quite a number of years now, but it is unfortunately one that I would not highly recommend owing to the poor ratings and the negative consumer feedback. Until the platform fixes the nature of its services, however, you can rely on more reliable alternatives.
That’s all for today on my review about whether CoinSquare is legit. I hope you gained value from it and that you know what direction to take with regards to buying, selling and storing your cryptos. If you have any questions, do not hesitate to drop them in the comments section.
Eric. Bitcoin investor and blogger at StartMakeStopWaste.