Choosing a suitable crypto exchange can be daunting in the ever-growing cryptocurrency world. With so many options available, finding one that is reliable, secure, and easy to use is essential. Suppose you’re a Canadian looking to get started with crypto. In that case, CoinSmart can be seen as one of the best options available.

In this CoinSmart review, we’ll delve into its features, ease of use, fees, and security measures to give you a crystal-clear picture of the exchange.

Key Takeaways:

  • CoinSmart is a crypto exchange based in Canada that enables Coinsmart users to buy and sell 16 different digital currencies using CAD, USD, or EUR.
  • This crypto exchange is a registered MSB with FINTRAC and uses SmartSecurity to safeguard user funds and data.

CoinSmart Review: What is It?

Coinsmart Homepage

CoinSmart is one of the prominent Canadian crypto exchanges that facilitate the buying, selling, and trading of digital currencies. Renowned as one of Canada’s largest and most popular crypto exchanges, it boasts an extensive user base exceeding 150,000 users. The platform adheres to regulatory compliance by registering with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC).

This crypto exchange offers an advanced platform with an array of trading tools, such as limit orders, stop loss, and real-time charting. Additionally, institutional investors or high-volume traders can avail themselves of CoinSmart’s over-the-counter (OTC) desk. By using the OTC desk, you can enjoy fast and secure transactions, competitive rates without price slippage, and personalized support from CoinSmart’s dedicated OTC team.

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CoinSmart Pros & Cons

CoinSmart’s Pros

  • It has a simple and intuitive interface that allows users to buy and sell crypto on any device.
  • The platform offers various payment options to fund and withdraw from the account, such as Interac, SEPA, and wire transfers.
  • The platform has a fast and responsive customer service team to assist with any issues.
  • CoinSmart is regulated in various jurisdictions such as FINCEN (USA), Digital Assets & Crypto Wallet Provider License (Estonia), and FINTRAC (Canada).

CoinSmart’s Cons

  • CoinSmart does not offer margin trading, futures trading, options, or other derivatives that some advanced traders may prefer.
  • It has a limited list of supported coins and does not offer new and low-cap altcoins.

Step by Step to open CoinSmart Account

Step 1: Create an account

Visit CoinSmart and select the “Get Started” option at the top right corner of the page. Fill in your name, email address, phone number, date of birth, and address in the registration form and select Create Account.

Create Account On Coinsmart

Step 2: CoinSmart KYC Verification Process

Upload a copy of your government-issued photo ID and a selfie to confirm your identity. You can also use your webcam or smartphone camera to take photos.

Step 3: Buy Crypto

Once your account is confirmed, you can deposit fees using Interac e-Transfer, wire transfer, credit card, or crypto. After your funds are credited, you can purchase crypto and sell various of them on the platform.

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CoinSmart Funding Methods

CoinSmart offers the following ways to fund your account:

ProcessingMinimum DepositMax. Deposit
Interac e-TransferSame Day$100$10,000
Bank WireSame Day*$10,000$5,000,000
Credit/Debit CardsInstant$50 USD$10,000 USD

You can also deposit any of the supported cryptocurrencies on CoinSmart, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and more. The minimum deposit amount for crypto is 10 Canadian dollars (CAD) equivalent, and the maximum is unlimited. 

CoinSmart Fees

Funding Fees

Funding Options On Coinsmart

When you deposit money into your CoinSmart account, the fees depend on your funding method and deposit amount. Here are some typical depositing fees you may be charged:

  • Interac e-Transfer:  The fee is charged depending on transaction amounts. For transfers exceeding $2,000, you don’t need to pay any charges. For transfers within the range of $100 to $1,999, a 1.5% fee is levied.
  • Bank Wire: Do not involve any fees.
  • Credit/Debit Card: The transactions initiate with a fee starting from $10 or 6.75%, varying based on the transaction amount and card provider.

Withdrawal Fees

Here are the withdrawal fees with withdrawal limits depending on different methods:

Interac e-Transfer1%*Instant**$50$9,999
Electronic Funds Transfer1%*Up to 5 Business Days$50$15,000
Bank Wire1%Up to 5 Business Days$15,000$5,000,000

To withdraw crypto, the Bitcoin transfer fee is 0.0005 BTC on the Bitcoin network. Similarly, the Ethereum transfer fee is 0.003 ETH on the ERC20 network. These crypto withdrawal fees are subject to change depending on the network congestion. Check full CoinSmart’s fee structure here.

Trading Fees

CoinSmart charges a flat rate of 0.20% for single trades and 0.30% for double trades. A single trade occurs when you trade from any fiat currency to any cryptocurrency or when trading between two crypto currencies when one of the cryptocurrencies is Bitcoin (BTC). ( BTC/USDT, ETH/USDT or ETH/BTC)

A double trade occurs when you trade between two cryptocurrencies that are not Bitcoin (BTC), such as Litecoin (LTC) and Ethereum (ETH). (LTC/ETH)

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CoinSmart’s Key Features


SmartGuarantee is a unique feature that CoinSmart provides its clients to ensure a high-quality customer experience. It covers the following aspects of the service:

  • Deposits: All deposits will be reflected in your account when CoinSmart receives them. If not, you will get a refund for the deposit fee.
  • Withdrawals: All cash withdrawal requests are processed within 5 business days. If not, you will get a refund for the withdrawal fee.
  • Verifications: All account verifications are processed on the same day. If not, the deposit fee on your first deposit will be waived.

However, there are some exceptions and conditions that apply to the SmartGuarantee. You can read more about it here.

CS Premium

CS Premium is a customized service for over-the-counter (OTC) trading for individuals and corporations who want to trade large volumes of cryptocurrencies. Some of the advantages of CS Premium are:

  • Competitive prices: It gives excellent rates and minimum spreads for big orders.
  • High liquidity: CS Premium has a large pool of liquidity providers and can execute orders fast and effectively.
  • Quick settlements: It can process transactions and wire money to your bank account on the same day.
  • Reliable account management: It provides a dedicated account manager for each client who can offer personalized support and advice.
  • Verified coin: CS Premium ensures all coins are checked and compliant with regulatory standards.

To use CS Premium, you need to create an account on CoinSmart and contact their OTC desk. The minimum order size for CS Premium is $25,000.

Affiliate and Referral Program

Affiliate And Referral Program On Coinsmart

If you want to invite your friends and family to join CoinSmart, you can sign up for a CoinSmart referral program. When entering this program, you will have a referral code and a referral link that you can share with your network. With the referral program, you will earn $15 for each referral who deposits at least $100, and they will also earn $15 as a bonus.

With the affiliate program, you will earn up to $100 for every new customer who signs up and trades on CoinSmart by using your affiliate link. When your referral deposits for the first time, you’ll earn $65. But, if you refer more than 100 customers monthly, you’ll get $100 per referral instead of $65.

CoinSmart’s Mobile App Review

Coinsmart'S Mobile App

The CoinSmart app is compatible with both iOS and Android devices. You can download it from the App Store or Google Play. The app is free to use, but you need to sign up and verify your identity to start trading.

Using the CoinSmart app, you can easily buy and sell up to 16 cryptocurrencies and use SmartPay to send and receive crypto payments from anyone. Also, you can track the balance of your crypto assets, transactions, and performance, as well as set up alerts and notifications to stay updated on market trends and opportunities.

This app also offers an easy-to-use customer support portal. You can contact the CoinSmart team via live chat, phone, or email. They are very friendly and helpful. They also have a FAQ section covering the most common questions and issues.

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Supported Cryptocurrencies On CoinSmart

CoinSmart exchange does not support numerous cryptocurrencies, the platform exclusively offers established coins for trading. CoinSmart currently supports only 16 coins and tokens, including:

Security: Is CoinSmart Safe?

CoinSmart is one of the safest international exchanges in Canada. They have implemented the following security features on their platform, including:

  • Biometric verification: CoinSmart partners with Sumsub, a third-party service, to authenticate the identity of every user using biometric data, such as facial recognition and document scanning. This is a mandatory requirement by the OSC regulations and helps deter fraud and identity theft.
  • Two-factor authentication (2FA): It mandates every user to activate 2FA, which is an additional layer of security that requires a 6-digit code generated by the Google Authenticator app on the user’s phone. The code is needed to access the account and to confirm any withdrawals.
  • Cold storage: The exchange stores most of their assets in cold storage, which means they are kept offline and away from internet access. This minimizes the risk of hacking or theft. CoinSmart also encrypts the data transmission and follows the industry-standard security protocols.
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CoinSmart’s Alternatives

Some of the other alternative Canadian cryptocurrency exchanges are Coinsquare and Shakepay. Here is a brief comparison:

Launched Date201820142015
Supported Coins16+40+BTC and ETH only
Trading FeesUp to 0.3%Maker: 0.5%Taker: 0.5%Zero Fees
Deposit MethodsInterac e-Transfer and Bank WireInterac e-transfer, Credit Card, Bank draft, Money order, and moreInterac e-Transfer and Wire transfer


To sum up the CoinSmart review article, CoinSmart is a trustworthy and reputable cryptocurrency exchange that meets the needs of Canadian crypto investors. It offers various features and benefits for both newbies and experts in the crypto space. It also allows you to deposit and withdraw funds in fiat currencies such as CAD, USD, and EUR with various methods.

However, the CoinSmart platform also has some limitations, such as its restricted selection of altcoins and lack of advanced trading features such as leverage, margin trading, and copy trading

CoinSmart Review- FAQs

Is CoinSmart Legal?

CoinSmart is a legal and compliant crypto asset trading platform in Canada and Europe. It has registered as a Money Service Business (MSB) with FINTRAC in Canada and as a provider of virtual currency services with the Estonian Financial Intelligence Unit (FIU) in Europe.

CoinSmart was also among the first crypto trading platforms to be registered as a restricted dealer by all Canadian securities regulators and has obtained status as a Restricted Dealer (Dealer and Marketplace) by the Ontario Securities Commission (OSC). It adheres to all the relevant laws and regulations in each jurisdiction. It has an extensive Know Your Client and Anti Money Laundering Compliance program.

How long does it take to withdraw money from CoinSmart?

CoinSmart’s Bank wire withdrawals usually take 1 to 5 business days, depending on the sending and receiving bank transfer times. Electronic fund transfer withdrawals are generally processed within 24 hours. However, they can take up to 5 business days to appear in your bank account.

Crypto withdrawals are typically processed within 1 hour of the request. However, the confirmation time on the blockchain can vary depending on the network conditions and the number of confirmations required. CoinSmart provides an estimated processing timeframe for each crypto withdrawal on its website.

Who owns CoinSmart?

CoinSmart is a public company traded on the NEO Exchange under the ticker symbol SMRT and on the Frankfurt Stock Exchange under the ticker symbol IIR. The CEO and co-founder of CoinSmart is Justin Hartzman. CoinSmart Financial Inc. is the parent company of Simply Digital Technologies Inc., which operates as CoinSmart.

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