What is Coinsmart? How effectively does it work? Is it one that you can trust and even recommend to your friends? In today’s review, I will be taking through various elements of Coinsmart in a bid to help you obtain clear answers to the questions above. Let’s get into it right away:
- What is Coinsmart?
- How does one set up their account on Coinsmart?
- Which cryptocurrencies can you purchase on Coinsmart?
- What are the fees that are charged for using this platform?
- Is Coinsmart Genuine or is it a Scam?
- Pros and cons
Name of the platform: Coinsmart
Official Website URL: https://www.coinsmart.com/
Overall rating: (3.7 / 5)
Recommended: Yes ( For those who do not mind accessing a limited collection of cryptos )
What is Coinsmart?
Coinsmart is a Toronto-based crypto exchange that was created and launched back in July 2018. The platform is a brainchild of Justin Hartzman and Jeremy Koven, who previously worked at Needls and WeSellYourSite respectively. WeSellYourSite existed as a website brokering service, while Needls is a popular digital marketing agency. Justin and Jeremy also managed to bring on board Edmund Liu as their technical advisor. Edmund previously worked as a CTO at World Gaming and DealTap.
Coinsmart actually came to birth as a result of the difficulties that its founders faced as they were trying to trade cryptos on other platforms. They could, for instance, not get past Fiat funding complications. They also were frustrated with the slow verification process.
Not forgetting that most of the exchanges that they interacted with were complicated and were not built to cater to the needs of those who were entirely new to the concept of crypto trading. The final product was created had a personal touch to it, and was one that could be perceived as a user-friendly platform.
How does one set up their account on Coinsmart?
Setting up an account on this platform is quite easy. Instant verification is offered through Equifax. One can therefore get verified and begin trading within a matter of minutes. Here are the steps that one should follow:
- Head to the Coinsmart homepage.
- Enter your active email address and click on “Get Started”.
- You will be required to enter your name on the following page and enter a password, then click “Sign up”.
- You will then have to verify your email by opening the email that is sent to you.
- Enter your active phone number, and then verify it through the code that is sent to you.
- You should then provide the required information. This includes your full name, your date of birth, and current address.
- If your account gets verified at this stage, you can fund it and begin trading right away.
If your account cannot be verified at this stage, then you will be asked to provide the following documents as proof of identity:
- Front and back copies of your Identity Card – It has to be government-issued.
- A selfie of you holding your ID, along with a piece of paper on which the word “Coinsmart” and the present date are written.
- A copy of one of your recent utility bills containing your name and address.
Which cryptocurrencies can you purchase on Coinsmart?
This platform has a limited collection of coins for buying, selling, and trading activities. Currently, the list is limited to:
- Bitcoin Cash
If you are just getting started with cryptocurrency trading, this may be a very decent collection of cryptos. For the advanced traders who need a wide variety of cryptos, this platform may not be the ultimate go-to choice.
What are the fees that are charged for using this platform?
Coinsmart’s fiat deposit and withdrawal fees are quite reasonable. The same applies to the crypto withdrawal fees. The fees charged are to a great extent in line with what is already being charged in the crypto industry. I, however, do not think that the low fees happen to be one of Coinsmart’s main selling points.
If you make Canadian Dollar Deposits that you make, you will not be charged a single penny if you do this through a bank wire or a draft. These options, however, call for you to make a minimum deposit of $10,000 for the bank wire or $500 for the draft.
If you decide to use Interac e-Transfer, you will not incur any fees by when you deposit $2,000 or more. You will, however, will incur a 1.5% fee if you deposit anything less.
Credit and debit cards happen to be the most expensive option in terms of fees. Depending on the card type, you may end up being charged as high as 6% of the transaction amount.
When making the Canadian Dollar withdrawals, you will be charged a 1% fee for bank wire as well as electronic funds transfers. In both cases, you are required to make a minimum withdrawal of $15.
The crypto withdrawal usually incurs a flat fee, though it differs from one asset to the other. The withdrawal fees charged for Bitcoin is 0.005BTC, while that charged for Cardano withdrawals is 0.3DA.
Trading on Coinsmart is not quite expensive as well. If you are trading between Canadian dollars and digital tokens, you will be charged a fee of 0.2%. If you will be charged a 0.4% fee if you are making trade between the Canadian dollars and any non-bitcoin token, e.g Ripple and Litecoin.
Is Coinsmart Genuine or is it a Scam?
In my opinion, this platform is not a scam. It is one that is still trying to expand its customer base in order to compete with the better performing platforms in the industry. The platform has a rating of (3.7/5) stars on Trustpilot, which is an average rating. On most other consumer trust sites, Coinsmart has an average of (4/5) stars, which clearly shows that the platform is not doing bad in terms of customer service. I, however, think it is not the very best platform to pick up and grow with right from the word go.
If you want a platform that you can use from the get-go and not have to upgrade to one that has more options, then you can check out what my number one recommended alternative to Coinsmart has to offer.
Pros and Cons
- It is user friendly
- Telephone support
- There is no API functionality
- Limited coins
- No mobile app
Final Words and Verdict
Overall Rating: (3.7 / 5)
Coinsmart is a crypto exchange platform that offers its customers access to a few cryptos to trade with as they figure their way around the world of digital tokens. On the overall, I think this platform is mainly good for those who may be okay with making do with a limited number of cryptos. There are other alternatives in the market that have way more than what Coinsmart is offering, like the platform I have recommended below (read the full review to see what you stand to gain as a new customer).
Thank you for making it to the end of my review about what Coinsmart is out to achieve. I hope you enjoyed it and that you now know if it a platform that you can rely on. If you have any questions or comments, kindly drop them in the comments section, and I will get back to you right away.
Eric, Investor, and blogger at Start Make Stop Waste!