• Minimum Deposit: $50-$10,000 (depending on payment method)
  • Commission Fee: 0.20% for single trade, 0.30% for double trade
  • Account Options: Limited
  • Access to Financial Advisors: Yes
  • Customer Support: Email, live chat, phone

CoinSmart Review: Pros & Cons [Reviewed in 2022]

Do you want to get started with cryptocurrency trading but don't know how?

CoinSmart is a popular choice among Canadian crypto users. In this CoinSmart review, we'll go over the features, security, and fees to help you decide if this is the right platform for you.

  • Minimum Deposit: $50-$10,000 (depending on payment method)
  • Commission Fee: 0.20% for single trade, 0.30% for double trade
  • Account Options: Limited
  • Access to Financial Advisors: Yes
  • Customer Support: Email, live chat, phone

Best For

User Experience


  • Beginner-friendly platform
  • Same-day deposits
  • Instant profile verification
  • 24/7 live support
  • Advanced trading tools
  • Modern security


  • A small number of cryptocurrencies
  • Longer withdrawal processing time
  • Credit/debit card funding fees of up to 6%


CoinSmart, founded in 2018 in Canada, is a digital currency trading platform that offers a simple, intuitive, and convenient way to buy and sell cryptocurrencies. The company’s mission is to make cryptocurrency trading accessible to everyone, regardless of experience or location.

It has grown to be one of the most popular options for Canadian users over the years. Its market presence has expanded, with access to over 40 countries and an increase in trading volume. CoinSmart stock is also available on the Canadian exchange market, which provides additional liquidity and security.


CoinSmart Canada, as a digital trading platform, provides a wide range of features and services. All of them are aimed at providing a better experience for users, whether they are new to trading or have been doing so for years.

Same-Day Deposits

This is one of the company’s most important selling points. It claims that all deposits are processed almost instantly, allowing you to start trading right away. You won’t have to wait days or weeks to get your hands on your coins. Withdrawals take a little longer, with a processing time of 1-5 days.

Multiple Funding Methods

CoinSmart supports Interac, SEPA, wire transfers, and e-transfers as funding methods. For CAD, you can use Interac Money Request and Wire Transfer. They only offer Wire Transfer for US Dollars. And for Euro, you can use SEPA and Wire Transfer. 

All deposits are processed and added to your account the same day they are received in the CoinSmart bank. The withdrawal processing time can range from 1 to 5 business days, depending on the sending and receiving bank transfer times.

Track Your Trading Activity

Most investors like to keep track of their progress and performance. CoinSmart’s platform allows you to do just that. You can view your balance, portfolio, and trade history with CoinSmart Dogecoin and other cryptocurrencies all in one place.

Simply select the Activity tab after logging in to the website or the CoinSmart app, which can be downloaded from the App Store or Google Play.


This is essentially an insurance policy that guarantees that all deposits will be credited to your account on the same day they are received. Besides this, all cash withdrawals will be processed within 1-5 business days, and account verifications will be completed on the same day.

This guarantee should provide users with peace of mind when using the platform. It’s one of the ways CoinSmart distinguishes itself from other exchanges.


This feature is used to trade from one altcoin to another. All you have to do is specify the amount you want to trade and the currencies you want to trade between. You won’t have to first trade in Bitcoin or Ethereum tokens and then convert to the currency you want.

You can buy any of the digital currencies using Canadian dollars or euros in the SmartTrade section.


The fact this platform is the only crypto exchange that offers 24/7 customer support speaks volumes. If you have questions or problems, please contact the SmartRep via email or live chat, and they will assist you in resolving the problem as soon as possible.

You can also find answers to your questions by visiting their comprehensive FAQ section or the GetSmart Hub.


Any crypto exchange’s top priority is to prevent fraud and protect user funds. CoinSmart takes security seriously, employing multiple layers of security.

For starters, two-factor authentication is used to protect all user accounts. This means that even if someone were to hack your account, they could not access it unless you gave them permission.

All coins held on the platform are kept in cold storage. This means they aren’t connected to the internet and, as a result, are much less vulnerable to hacking.

There’s also a comprehensive risk management system in place to protect user coins. This system monitors activity and flags any suspicious behaviour. If there’s ever any doubt about the safety of user funds, the transaction will be frozen until it can be investigated.

Advanced Trade

This feature is designed for more experienced investors. It enables you to use limit orders, stop losses, and real-time charting, all of which can give you an advantage in the market.

Besides that, CoinSmart Premium users receive Over-The-Counter (OTC) trading services to fill large orders, brokerage, and VIP access to exclusive CoinSmart events.

Variety of Cryptocurrencies

In a rapidly growing market, it’s important to have a platform that supports a variety of coins. CoinSmart currently supports Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, EOS, USD Coin, Cardano, Dogecoin, Polkadot, Shiba Inu, Chainlink, Uniswap, Solana, Polygon and Avalanche. This extensive list of currencies is admirable, as other platforms such as Shakepay only offer two options.

You can use your CoinSmart wallet to store, buy, sell and trade cryptocurrencies. In general, it is a detailed interface and report center that allows you to track your progress and activity. The platform is also very user-friendly, making it an excellent choice for those who are new to cryptocurrency exchange.

Referring Friends

Earn money by referring friends. Simply create a CoinSmart account, verify it, copy your referral link, and share it with people you know. When they make a fiat deposit, they will receive $15 CAD, as will you. Within 5 business days, the $15 credit will apply to both accounts.

Deposit and Withdrawal Methods & Fees

Before you trade on CoinSmart, you should know the potential fees associated with various transactions. When it comes to pricing, the platform is quite transparent, which is always a good sign. Knowing what CoinSmart fees to expect can help you make informed decisions about your trading strategy.

Funding Method Fees Processing Time Minimum Amount Maximum Amount
Interac e-Transfer 0% on $2000+

1.5% on $100 – $1999

Received on the same day $100 $10,000
Bank Wire 0% Received on the same day $10,000 $5,000,000
Debit/Credit Cards Up to 6% Processed Instantly $100 $5,000

Withdrawal fees are usually the same regardless of the coin. It is entirely up to you to choose a method, depending on your preferences. Unfortunately, withdrawal processing times aren’t as efficient when compared to other services, nDAX in particular, but if time isn’t exactly a deal-breaker for you, it won’t make much of a difference.

Withdrawal Options Fees Processing time Minimum Amount Maximum Amount
Electronic Funds Transfer 1% ($15 minimum) 1-5 Days $50 $15,000
Bank Wire 1% ($15 minimum) 1-5 Days $10,000 $5,000,000

In contrast, crypto withdrawal is a different story. The fee is solely determined by the type of coin you wish to withdraw. Fortunately, all transactions have a short processing time and can be withdrawn almost instantly.

Cryptocurrency Fee Cryptocurrency Fee
Bitcoin 0.00025 BTC Dogecoin 5 DOGE
Ethereum 0.007 ETH Polkadot 0.2 DOT
Litecoin 0.001 LTC Chainlink 0.8 LINK
Stellar 0.00003 XLM Uniswap 1.5 UNI
Cardano 0.3 ADA Shiba Inu 1,000,000 SHIB
Bitcoin Cash 0.0001 BCH Solana 0.01 SOL
USD Coin 35 USDC Avalanche 0.05 AVAX
EOS 0.0005 EOS Polygon 15 MATIC

Trading itself has a cost, as each transaction is assessed a commission fee:

Trading Fees Fee
Commission 0.20% for single trade

0.30% for double trade

Eligibility and Application Process

You must be at least 18 years old to use the CoinSmart service. Because the platform is currently only available in Canada and Europe, you must be a resident of one of those two regions.

To register, you must provide information such as your email address, a promo code, and country of residence. After that, you can create a valid username and password. The next step is account verification. You begin by entering your phone number and verifying the 5-digit code, after which you upload your ID documentation (passport, driver’s license, ID card, residence permit).

The two-step verification and the account appropriateness questionnaire are the last steps. After that, you’re ready to trade.

Is CoinSmart Safe?

The two-factor authentication (2FA) is a great security measure, as it adds an extra layer of protection. In case your account is ever hacked, the intruder won’t be able to do much without access to your phone.

CoinSmart also uses Bitgo and Fireblocks, which are both industry-leading cryptocurrency wallets. These services provide top-notch security for your assets and they’re constantly being updated to reflect the latest changes in the market.

The service is licensed by OSC and FINTRAC Canada, a trading platform regulatory body. This means that CoinSmart is subject to audits and has to follow certain guidelines. The company also complies with FINCEN USA and the Estonia Digital Assets & Wallet Provider Certification.

Customer Support

As mentioned previously, the trading platform offers an all-around support experience. You can find a detailed FAQ section on the website, which covers most of the topics you might be interested in. 

In case you need more help, there’s also a live chat, email or phone call feature with educated professionals who are more than happy to help you out. The customer service is available 24/7 and always ready to answer any inquiries. This arrangement is in line with similar platforms, including Bitbuy and its round-the-clock support team.

Want to Consider Other Options?

If CoinSmart isn’t exactly up your alley, don’t worry: there are plenty of other excellent cryptocurrency trading platforms available. Though they are all similar in a way, they share some characteristics that make them unique and worthwhile.

CoinSmart vs Netcoins

Netcoins is yet another Canadian cryptocurrency exchange that allows you to buy and sell cryptocurrencies. One of the most significant advantages it has over CoinSmart is that it has no funding fees and allows you to withdraw funds whenever you want.

It also makes use of blockchain technology to prevent fraud and track any suspicious activity through the use of analytic and forensic tools BitRank and QLUE.

CoinSmart vs Coinberry

Coinberry, another platform based in Canada, offers a wide variety of cryptocurrencies for trading. It nearly doubles CoinSmart’s altcoin offering, which may be a deciding factor for some users.

Coinberry also has a simple and easy-to-use interface, which is ideal for newcomers to the game. With a shorter verification process, you can open an account and begin trading in a matter of minutes.

There are no trading fees. No charges are made for CAD deposit or withdrawal, which is always a nice perk.

Final Verdict

A consensus among CoinSmart reviews is that it’s a great choice, especially for those who are new to the world of cryptocurrency exchange. The platform is user-friendly, and it offers a variety of features that can be very helpful for both newcomers and experienced traders.

Despite its somewhat limited availability, the service is worth checking out, especially if you’re looking for a reliable way to buy, sell or trade cryptocurrencies. Just make sure to do your research before making any investments.


Is CoinSmart legit?

Yes, CoinSmart is a legitimate cryptocurrency exchange platform with multiple regulatory licenses and certifications.

Is CoinSmart a good exchange?

While it all depends on your personal preferences, many users consider CoinSmart to be a great choice for digital exchange, particularly for those who are unfamiliar with the process.

How long do CoinSmart withdrawals take?

As we mentioned in our CoinSmart review, withdrawals are typically processed within 1-5 days of the request.

How do I withdraw money from CoinSmart?

Users can withdraw funds using one of two methods: bank wire or electronic funds transfer.


Despite her formal background in linguistics, Maja has always been fascinated by the world of finance. She has spent years and years analyzing the market, including trades, investments, pitfalls to avoid as well as the stock exchange. As of recent, she has been studying some non-mainstream stocks in Canada. When I’m not immersed in numbers, I like to spend time with my dog and plan my next trip.