Coinsquare Review (2024): Is This Exchange Safe in Canada?

Coinsquare is a Canadian exchange that claims they are secure, user-friendly, and supports various cryptocurrencies. But does it live up to what it claims? In this Coinsquare review, we will explore everything from how safe it is to use to what it costs. Our goal is to give you a clear picture of whether Coinsquare is the right choice for getting into crypto trading in Canada.

Key Takeaways

• Coinsquare is a Canadian cryptocurrency exchange founded in 2014, registered with FINTRAC, and adheres to IIROC standards, emphasizing regulatory compliance.
• Coinsquare offers various products, including Coinsquare Trade, Coinsquare Wealth, Coinsquare Pro, and Coinsquare Wallet, each with its features and benefits.
• Coinsquare provides multiple funding methods, including Interac e-Transfer, wire transfer, and cryptocurrency deposits.
• Coinsquare’s regulatory compliance and strong customer support contribute to its reputation as a safe choice for cryptocurrency trading in Canada.

Coinsquare Review: What Is It?

Coinsquare is a Canadian cryptocurrency exchange established in 2014. Since then, this exchange has grown into one of Canada’s largest and most well-known exchanges, offering its users a wide range of features and services.

With over 500 million users, Coinsquare plays a significant role in enabling Canadians to participate in the rapidly evolving cryptocurrency market. The exchange has garnered substantial financial support, raising over $100 million in capital. Beyond that, it has facilitated cryptocurrency trades valued at over CAD 8 billion, reflecting its prominent position in the Canadian crypto landscape.

Coinsquare’s vision extends beyond traditional cryptocurrency exchange services. The platform aims to contribute to the future of decentralized finance by making financial products more accessible, transparent, and user-friendly. This trading platform has improved its design to simplify and enhance the management, trading, and transfer of financial assets, ensuring that users can confidently and easily navigate the world of cryptocurrencies.

However, what sets Coinsquare apart the most is its commitment to regulation. Coinsquare Exchange is fully recognized as a money services business by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Above that, the company also adheres to the regulatory standards of the Investment Industry Regulatory Organization of Canada (IIROC), which oversees all investment dealers in the country. This regulatory compliance provides users an added layer of security and trust when using the platform.

Coinsquare’s Pros

• Regulatory Compliance: Coinsquare Canada is registered with both FINTRAC and IIROC. This gives users a sense of security and trust, knowing that the exchange operates within established legal frameworks.
• Wide Range of Features: Coinsquare offers comprehensive features and services. Users can easily deposit and withdraw fiat currency, engage in margin trading, and access various order types. 
• Customer Support: Coinsquare has an experienced team of representatives. Users can rely on prompt assistance and guidance to address issues or inquiries during cryptocurrency trading.

Coinsquare’s Cons

• High Fees: Coinsquare charges relatively high fees for its services. This may affect the traders’ profit.
• Limited Coin Selection: Users looking for a wider variety of digital assets to trade may find the available options on Coinsquare to be somewhat limited.
• Limited Advanced Trading Features: While Coinsquare offers a range of trading features, some advanced traders may find the platform’s advanced trading features less comprehensive than those provided by certain other exchanges.

Coinsquare Exchange At A Glance

Coinsquare offers a diverse range of cryptocurrency-related services through its four products. Each of these products caters to different users and has various perks. Here’s an overview of Coinsquare’s key features.

Step By Step To Sign Up On Coinsquare Exchange

To sign up on Coinsquare Exchange, follow these step-by-step instructions:

1. Visit Coinsquare’s official website and locate the Get Started button.

2. You will then be required to enter your email address. Once you have entered the correct email address, click Get Started to proceed.

3. On the next page, you will be required to enter a code that will be sent to the email address you provided. Enter the code and press Continue.

4. After verifying your email address, you will now be required to provide your name and password and agree to the terms and conditions. 

5. Since Coinsquare is registered with FINTRAC, you must provide your phone number to proceed. Enter your mobile number and press Get code via text message.

6. Enter the code you’ll receive on your phone and click Submit code. Now, you should be all set. 

Coinsquare Fees

Coinsquare imposes various fees for different services and transactions. Here’s a breakdown of Coinsquare’s fees

Coinsquare Deposit Fees

CAD Deposits Fees

Interac e-Transfer Request: 0% fee, processing time typically within 0-30 minutes, with a minimum deposit of $20 and a maximum of $10,000.

Wire Transfers: 0% fee, processing time usually within 0-2 business days, with a minimum deposit of $10,000 and no maximum limit.

Crypto Deposit Fees

Coinsquare does not charge fees for depositing cryptocurrencies from your wallet or another exchange.

Coinsquare Trading Fees

Trading Fees – Coinsquare Trade

Coinsquare Trade calculates its fees as a spread that is added to the best-observed price for buying or subtracted from the best-observed price for selling, resulting in a spread between 0.5% and 1.85%. During adverse market conditions or if liquidity is not readily available for a specific crypto asset pair, the spread may increase by 2%. No other transaction fees apply; the quoted price is valid for ten seconds.

In cases of extreme volatility, Coinsquare may choose not to offer a quote, but clients can request to execute trades outside the 3.85% maximum spread by contacting compliance@coinsquare.com.

Trading Fees – Coinsquare Pro:

Trades made through Coinsquare Pro are subject to Maker and Taker fees. Both Maker and Taker fees are 0.50%.

Coinsquare Withdrawal Fees

CAD Withdrawal Fees:

• Interac e-Transfer: 0% fee, processing time within 24 hours, with a minimum withdrawal of $20 and a maximum of $2,000. Note that Interac e-Transfers are limited to 1 withdrawal per 24 hours.
• Direct Bank Deposits: 1.5% fee, processing time typically within 0-3 business days, with a minimum withdrawal of $20 and a maximum of $100,000.
• Wire Transfers: 1.5% fee, processing time usually within 0-2 business days, with a minimum withdrawal of $10,000 and no maximum limit.

Crypto Withdrawal Fees

The withdrawal fee for the coins below is free.

• XRP (XRP)
• Litecoin (LTC)
• Bitcoin Cash (BCH)
• Stellar Lumens (XLM)
• Dash (DASH)

However, for other digital assets, the withdrawal cost depends on the specific currency and the chosen withdrawal method.

Coinsquare Funding Methods

Coinsquare provides several funding methods for users to deposit money and cryptocurrencies into their accounts. These funding methods offer flexibility to Coinsquare users, allowing them to choose the option that best suits their needs and preferences when depositing funds. Here are the available funding methods on Coinsquare:

• Interac e-Transfer: This method allows you to deposit Canadian dollars (CAD) conveniently into your Coinsquare account. Interac e-transfers are processed relatively quickly, usually within 1-2 hours.
• Wire Transfer: A wire transfer is suitable for users who want to deposit more money. Wire transfers typically take 1-2 business days to process.
• Cryptocurrency Deposits: Coinsquare supports cryptocurrency deposits for a variety of digital assets, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Dogecoin (DOGE). Cryptocurrency deposits are usually processed within minutes.
• Bank Transfers: The minimum withdrawal amount is $20 per request, and the maximum is $100,000.

Related Article: Bitget Review (2024): Trading Fees, Pros & Cons, and More 

Supported Cryptocurrencies on Coinsquare Exchange

Coinsquare offers support for over 40 currencies and over 900 trading pairs. This means many more cryptocurrencies are available for trading on this platform. These assets can typically be deposited, traded, and withdrawn as well. Here’s a list of some supported currencies and a clarification on trade-only assets.

• Bitcoin (BTC)
• Ethereum (ETH)
• Ethereum Classic (ETC)
• XRP
• Litecoin (LTC)
• Bitcoin Cash (BCH)
• Stellar Lumens (XLM)
• USD Coin (USDC)
• Dogecoin (DOGE)
• Shiba Inu (SHIB)

However, there are some cryptocurrencies categorized as “trade-only assets”. This means traders can buy, sell or hold them on Coinsquare but not deposit or withdraw these cryptos. These trade-only assets include:

• Algorand (ALGO)
• Filecoin (FIL)
• Tezos (XTZ)
• EOS
• Avalanche (AVAX)
• Cosmos (ATOM)
• Lido DAO (LDO)
• NEAR Protocol (NEAR)
• Optimism (OP)

Related Article: MEXC Review 2024: Exchange Security, Fees, Pros, Cons & More 

Coinsquare App Review

Coinsquare’s mobile app is convenient for users who want to access the exchange’s services and trade cryptocurrencies while on the go. This app is available for download from both the Google Play and App Store.

The impressive 4.6 out of 5-star rating on the App Store indicates high user satisfaction with the app’s functionality and features. Here are some of the positive elements of the app:

• User-Friendly Interface: Many users appreciate Coinsquare for its user-friendly interface, which makes it accessible to both beginners and experienced traders. A straightforward and intuitive platform can significantly enhance the overall user experience.
• Wide Range of Features: Coinsquare is famous for its diverse features catering to different users’ needs and preferences. This includes various trading options, fiat deposit and withdrawal methods, and more.

At the same time, there were a few complaints on the following issues.

• Slow Withdrawal Times: Another recurring issue mentioned in negative reviews is slow withdrawal times. Delays in withdrawing funds can be frustrating for users who need quick access to their assets.
• Bugs: Some complained of the Coinsquare app not working and reported encountering bugs. This is common for most apps, but Coinsquare continually works to fix the bugs and enhance their users’ experience.

Coinsquare Customer Support

There are few resources on Coinsquare support reviews. However, as with any service, there are positive and negative reviews.

How To Reach Coinsquare Customer Support

To contact Coinsquare customer support, you can use the following methods:

• Send an Email: You can send an email to support@coinsquare.com. 
• Fill out a Contact Form: Coinsquare customer service provides a contact form on their website. You can access it by visiting the following link: Coinsquare Contact Form. 
• The best time to contact Coinsquare support is from 9:00 AM to 5:00 PM Eastern Standard Time (EST) on Monday to Friday. The team indicates a response time of 1-3 days, but they try to reach out within 12 hours.

Conclusion: Is Coinsquare Safe?

Coinsquare is a safe crypto exchange in the blockchain space. This Canadian-based cryptocurrency exchange is a full-fledged ecosystem for crypto enthusiasts. Its robust offerings span Coinsquare Trade, Coinsquare Pro, Coinsquare Wealth, and Coinsquare Wallet, enhancing a trader’s choice, convenience, and accessibility.

Above this, Coinsquare is registered with FINTRAC and adheres to IIROC standards. These regulatory commitments provide users with a sense of trust and security.

The platform’s commitment to transparent financial products, user-friendly interfaces, responsive customer support, and various funding options make it an exchange for everyone in the crypto community. 

Coinsquare Review- FAQs

How to transfer from Coinbase to Coinsquare

To transfer from your Coinbase account to Coinsquare, here is our guide:

1. Logging in to your Coinbase account.
2. Once logged in, navigate to the Withdraw page and select the cryptocurrency you wish to transfer.
3. Opt for External Wallet as your withdrawal method, and proceed to enter your Coinsquare Bitcoin wallet address in the To Address field.
4. Specify the amount of cryptos you intend to transfer, review the transaction details for accuracy, and finalize the transfer by clicking the Withdraw button.

This straightforward process ensures your crypto assets move securely from Coinbase to your Coinsquare wallet.

Is Coinsquare reputable?

Coinsquare is a reputable cryptocurrency exchange in the Canadian market. It is known for its commitment to regulatory compliance, being registered with FINTRAC, and adhering to IIROC standards.

Additionally, Coinsquare has a generally positive reputation among users, with a TrustPilot rating of 4.4 out of 5 stars based on 887 reviews. However, it’s essential to consider both positive and negative feedback when assessing its reputation, as user experiences can vary.

Is Coinsquare safe in Canada?

Coinsquare is safe in Canada. This crypto exchange prioritizes security and regulatory compliance. It is registered with FINTRAC as a money services business and adheres to IIROC standards. Additionally, the platform holds client assets in external trusts like Coinbase Custody and Tetra Trust Company to ensure asset recovery in case of a security breach. This provides users with an added layer of security and trust when using the platform.

However, as with any cryptocurrency exchange, users should take appropriate security measures, such as enabling two-factor authentication and following best practices for securing their accounts.

How much does Coinsquare charge per trade?

Coinsquare’s fee structure varies depending on the specific product within the platform. For example, Coinsquare Trade generates trade quotes using a spread ranging between 0.5% and 1.85%, with a possible additional 2% in adverse market conditions.

Coinsquare Pro, on the other hand, charges both Maker and Taker fees, both of which are 0.50%. It’s important to review the specific fee details for the product you intend to use on the Coinsquare platform, as fees may differ for different services.

Is Coinsquare a Canadian company?

Yes, Coinsquare is a Canadian company. It was established in Canada in 2014 and has become one of the country’s largest and most well-known cryptocurrency exchanges. It is headquartered in Canada and primarily serves the Canadian market, offering services to Canadian users. Coinsquare’s compliance with Canadian regulatory authorities further solidifies its status as a Canadian company.