CoinSmart Review: Best Crypto Exchange in Canada?
Because of the continuous growth of digital assets, there is an increasing amount of interest in cryptocurrencies in Canada. As a result, knowing where to go if you want to buy Bitcoin in Canada, and which exchanges enable you to do so using Canadian dollars, is beneficial. Coinsmart is a good alternative.
CoinSmart is a Canadian-based cryptocurrency exchange that allows you to purchase the most popular cryptocurrencies with Canadian dollars.
Here are a few of the reasons why CoinSmart is a fantastic choice for Canadians looking to purchase Bitcoin and other cryptocurrencies:
- Canadian banking options that adhere to Know Your Customer and Anti-Money
- Laundering regulations
- Cold storage and BitGo are both covered by insurance.
- Purchase and sale orders are simple, and there are no limits.
- Program for smart guarantees and referrals
- Canadian Financial Institutions
The ability to link your Canadian bank account to your digital wallet on CoinSmart makes this exchange extremely easy for both users and merchants. It is a simple verification process that takes approximately 24 hours to complete because they need to verify your identity.
Some crypto-investors may be reluctant to give their personal information with cryptocurrencies, and this is understandable. Due to the ebb and flow of cryptocurrency rules, it is prudent to maintain your crypto-transactions above board, as most nations need you to declare your crypto-earnings.
Originally, Bitcoin was designed with the idea of anonymous transactions at its core, and this is still very much a possibility. However, cryptocurrencies have grown to be far more significant than they were when they were first introduced in 2008. The vast majority of Bitcoin being held in reserve, rather than being used for tiny everyday purchases, as was originally intended.
However, if you want to buy Bitcoin in Canada, it is simply easier to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements than it is in other countries. For the simple reason that when you go to sell your cryptocurrencies and want CAD, you will only need to provide banking information and ID verification, making the process a lot simpler. You may link your CoinSmart account to your bank account, which makes it simple to convert your cryptocurrency holdings into cash.
Revenue Canada has more information on how digital assets are treated on their website.
Low fees, a smart guarantee, and a referral programme are all available.
CoinSmart also offers a variety of one-of-a-kind consumer services that make trading on the exchange a pleasant experience. For starters, there are those that charge very cheap transaction and commission fees.
Referrals to CoinSmart will also earn you points, which you can apply towards future purchases. For every successful referral you make to a new member, you will receive credit that can be used on their exchange. In addition, there is the Smart Guarantee, which is a service that guarantees the date of your transactions in exchange for a small price.
Fees for deposits:
Email Money Transfer – 1.5 percent 0 percent for E-mail Money Transfer $2000 or more Credit Cards – 8.75 percent (minimum cost of $10) 0 percent for E-mail Money Transfer
Withdrawal Fees: There are no withdrawal fees if you use a wire transfer (Canadian Dollars)
Fees for electronic funds transfers are 1 percent; wire transfer fees are 1 percent; and trading fees are 1 percent.
As low as 0.2-0.4 percent can be achieved.
CoinSmart charges modest costs when compared to other exchanges, making it an even more enticing option for investors looking to purchase Bitcoin.
Simple trades and limit orders are available.
Another advantage of CoinSmart is the ease with which it can be navigated through the UI. Utilizing the exchange is a pretty simple and basic process. As a result, it is quite simple to conduct transactions on the exchange, as well as to deposit and withdraw CAD from your bank account. It is also quite simple to establish limit orders for both buy and sell.
The site also has an extensive FAQ section on their website if you have any queries about how to execute any of these services. All you have to do is type your inquiry into a search engine, and the solution to your question is almost always already there, written in plain English.
A Brief History of Cold Storage and BitGo
CoinSmart places a high premium on security, which should be music to the ears of any crypto-investor. They keep the vast bulk of their bitcoin in cold storage, which implies that it is kept away from the public internet. The low temperature of cold storage reduces the likelihood of theft.
CoinSmart also stores its digital assets on BitGo, which is owned by BitGo. BitGo is the market leader in cryptocurrency storage, and they have a long list of high-profile clients, like The Royal Mint, to their credit. As a result, in the unusual event that the exchange is stolen or attacked, the exchange is protected.