What is CoinSmart?
CoinSmart is a global cryptocurrency exchange based in Toronto, Canada. It’s a relatively new exchange that intends to make cryptocurrency easily accessible and beginner-friendly.
CoinSmart was set up to cater to Canadian investors. However, the exchange accepts traders from over 42 countries including Finland, Greece, France, India, Lithuania, Spain, Slovenia, and more.
At the time of writing, CoinSmart supports trading for 16 cryptocurrencies including Bitcoin, Ethereum, Litecoin, Cardano, and more.
- Based in Toronto, CoinSmart aims to make crypto trading accessible to Canadians and easier for beginners.
- Initially, the exchange only catered to Canadians, but later on, expanded its service to 42 more countries.
- The exchange supports over 16 cryptocurrencies for trading, which includes most of the major cryptocurrencies.
CoinSmart Company Overview
CoinSmart is headquartered in Toronto, Canada. The exchange was founded in 2018 by Justin Hartzman and Jeremy Koven. The founders wanted to provide a solution to beginners and make cryptocurrencies easily accessible.
Notably, they wanted to set up a Canadian-only exchange for Canadian traders. As Canadian traders, they found it difficult to get verified on crypto exchanges. It was even more difficult to fund their accounts. To solve these issues, they created CoinSmart, which offers faster verification and beginner-friendly UI.
As mentioned earlier, CoinSmart offers its services in 42 countries including Canada, India, Finland, France, Estonia, Greece, and more. You can find the full list of countries here on the official page.
In November 2021, CoinSmart went public and got listed. The company is listed under the ticker SMRT.NE. Users can also invest in CoinSmart through the NEO exchange.
How Does CoinSmart Work?
CoinSmart is a crypto exchange that lets users buy, sell, and trade digital assets.
With a CoinSmart account, users can:
- Buy, sell, and trade cryptocurrencies, stablecoins, and other digital assets
- Use the advanced trading platform
- Get access to a cold wallet
- Use CoinSmart mobile app
How to Sign Up on CoinSmart
As the exchange intends to cut down on the verification process, signing up on CoinSmart is fast and easy.
Here’s a quick overview of the signup process:
- Visit the official CoinSmart website and click on “Get Started” or “Create An Account”
- Enter your email address and set up a password
- Verify your email address and phone number
- Enter all the information that you’re prompted
- Once your account is verified, you can put in funds and start trading
CoinSmart Review: Pros and Cons
Here are CoinSmart’s pros and cons weighed, so you can make a better decision.
- Beginner-friendly interface
CoinSmart was opened with the aim of making crypto trading easier for beginners. The sign up process is fast and quick. The trading process too, is
- Quick sign-up process
Justin Hartzman and Jeremy Koven wanted to make the verification procedure easier for users. So, the exchange has a quicker verification process when compared to other exchanges.
- Completely Regulated
CoinSmart has obtained all the necessary permits and certifications. The exchange is regulated by Estonia’s FIU and is registered with FINTRAC.
- Limited currencies
The exchange has a rather limited collection of cryptocurrencies. Currently, CoinSmart supports 16 coins, which includes major coins like Bitcoin, Litecoin, Ethereum, and more.
CoinSmart Supported Cryptocurrencies
CoinSmart has a rather limited selection of cryptocurrencies. As of now, you can trade 16 cryptocurrencies.
Here are the 16 coins available on the exchange:
- Bitcoin Cash
- Shiba Inu
On CoinSmart, fees are competitive. For fiat deposits, the exchange charges reasonable fees. If you compare CoinSmart to other similar exchanges, you’ll find that the fees are similar. So, fees aren’t exactly a selling point here.
Here’s an overview of the fees:
For more details, you can visit the official website here.
CoinSmart Deposit Methods
CoinSmart accepts fiat currencies like CAD, EUR, and USD.
The exchange enables you to deposit funds via:
- Bank Wire
- Credit/Debit Cards
Depending on your location, the funding options may vary.
CoinSmart Trading Services Offered
CoinSmart offers trading services for beginners as well as expert traders. With an easy-to-understand interface, new traders can get the hang of the process easily. Meanwhile, advanced trading appeals to expert traders.
For pro traders, the exchange has an advanced trading option. Traders get access to advanced charts, several order types, and more. Users can execute advanced orders like market, limit, and stop loss.
SmartTrade goes beyond trading pairs. This feature enables traders to trade one altcoin for another directly without first having to convert to BTC or ETH.
CoinSmart has an OTC desk for expert traders. With this, traders can settle their orders (above $25,000) fast and get tight spreads. To top it off, OTC users get a dedicated account representative and discount fees.
Other Features and Services Offered by CoinSmart
Apart from trading, CoinSmart has a bunch of other features that complement trading.
Here’s an overview of some of the important features:
SmartGuarantee is a unique feature offered by CoinSmart. With this, the exchange guarantees that:
- All deposits are placed in users' accounts the day they are received
- All accounts are verified the same day
- All fiat withdrawals are processed within five days
To know more, you can visit the SmartGuarantee Page here.
SmartPay lets traders receive crypto payments and convert them into fiat currency instantly. This is meant for those who want to avoid the volatility of the market and not get exposed to price fluctuations. SmartPay has guaranteed exchange rates and low transaction fees.
So far, CoinSmart has not faced any security breaches, hacks, or thefts. When it comes to security, CoinSmart has taken security measures seriously. To begin with,, it has teamed up with Equifax to eliminate IDs with fake information. This ensures that only genuine IDs make it to the exchange.
Further, CoinSmart offers cold wallet for every cryptocurrency supported by the platform. Traders that prefer not to store their assets online can take advantage of this facility.
CoinSmart also complies with all the KYC standards and anti-money laundering policies. The exchange has also deployed Chainalysis to get wallet data and sort them into different categories depending upon how risky they are.
User Account Security at CoinSmart
When users sign up on CoinSmart, they are prompted to verify their email ID and phone number. Users are also asked to set up a strong password.
In addition to this, traders are asked to set up Two-Factor Authentication with Google Authenticator app. For safe storage of funds, users can also get a cold wallet.
CoinSmart Alternatives: CoinSmart vs Coinbase
- If you’re looking another Canadian-only exchange, then Bitbuy is another great option. The OSC certified has about 25 coins and several CAD to crypto pairs. Note that Bitbuy is not available in the US.
- Traders looking for a basic platform can check out Coinbase. It has about 150 coins and is very beginner-friendly. However, note that primary Coinbase has high fees. To avoid fees, you can switch to Coinbase Pro.
- For advanced trading and more coins, traders can check out Binance. It has over 600 coins, and also gives you access to margin trading and derivatives.
Here’s a quick comparison of all the platforms:
CoinSmart Customer Satisfaction
Due to the Coinsmart focusing primarily on the Candaian market and only offering 16 different currencies for trading, they didn’t rank in either the market presence or trading volume lists in our recent study of crypto exchanges.
That’s tnot to say they’re bad or that their users dislike them.
All it says is that they are earlier in their journey than oteher exchanges.
If you’re in Canada, there would likely be a lot of benefit to having an exchange that specialises in people from your region.