CoinSmart Crypto Exchange Review – Is This Crypto Trading Platform Safe and Legit?

4.7/5

Team of STO Investment Platforms Reviewers

Interested in crypto and want to make the smartest investments possible? The right trading platform is essential. In this CoinSmart review, we’ll delve into what the platform offers and help you determine whether it’s the right choice for your needs or not.

 

What Is the CoinSmart Platform?

 

CoinSmart was founded in 2018, so it’s not as old as many of the more established crypto trading platforms. However, in just a few short years, it has become the fastest-growing cryptocurrency platform in Canada. It allows members to trade a wide range of cryptocurrencies quickly and easily.

 

How Does CoinSmart Compare to Other Options?

 

As part of any impartial CoinSmart Canada review, we need to compare CoinSmart to other trading platforms. How does it stack up? Actually, it compares very well, at least for people outside the United States (CoinSmart is only available in specific nations, and the US is not one of them).

 

What Are the Key Features of CoinSmart?

 

As part of our CoinSmart crypto trading platform expert review, we need to dig into the key features it offers so you can understand how it might fit your needs. The key attributes you need to be aware of here include:

 

·         Fast, painless registration that takes just a few minutes

·         A platform designed for anyone, from beginners to experts

·         Access from many nations (not the US)

·         Choose from a host of funding options

·         You can deposit and withdraw fiat currency and cryptocurrencies

·         Access to advanced trading features, including:

o   Real-time charting

o   Limit orders

o   Stop loss

·         Excellent security from the world’s leading provider

·         Two of Canada’s leading banks back the platform.

·         Customer support is available 24/7 by phone, email, and live chat

·         Earn more with the platform’s referral program

 

What Are the Benefits and Disadvantages of Using CoinSmart?

 

Our crypto exchange review is designed to help you make an informed decision about the platforms you use, and that requires digging into the pros and cons of CoinSmart.

 

The Pros

 

·         Fees as low as 0.2%

·         Trade spreads as narrow as 0.3%

·         24/7 customer support

·         Cold storage for most assets

·         Assets insured for up to $100 million

·         Designed to satisfy the needs and expectations of advanced traders

·         Easy enough for beginners to use with confidence

·         A user-friendly mobile app

·         Fast deposits and withdrawals

·         Low fees for altcoin trains

·         Trade up to 16 cryptocurrencies

·         FINTRAC-registered money services business

·         Part of the TRUST anti-money laundering group

·         Publicly traded company

·         Sign up bonuses

 

The Cons

 

·         You’ll pay to withdraw cryptocurrency, from .50 to $10.

·         If you want to use a credit or debit card to make a deposit, it will cost you up to 6%.

·         The only fiat currency accepted is the Canadian dollar.

·         If you’re depositing less than $2,000, be prepared for 1.5% INTERAC e-transfer costs.

 

Can You Withdraw Crypto from CoinSmart?

 

Yes, you can withdraw cryptocurrency from CoinSmart. To do so, you simply need to visit the Wallet page and choose the crypto you want to withdraw. You’ll need an external wallet to withdraw your cryptocurrency into, and you’ll also need to acknowledge the platform’s scam warning. Finally, you’ll receive an email that your withdrawal is pending and then another when it is complete.

 

How Long Do CoinSmart Withdrawals Take?

 

According to CoinSmart, you can expect your withdrawal to be processed within five business days. It’s important to realize that these are not instantaneous, so timing your trades accurately is essential.

 

How Does CoinSmart Make Money?

 

CoinSmart makes money in several ways. As covered earlier in this CoinSmart review, the platform does charge fees for its services. While they are very low, they do provide the ability for the platform to generate income. Second, you’ll find that CoinSmart charges a commission on single trades and double trades (0.20% for single trades and 0.30% for double trades).

 

What Crypto Is on CoinSmart?

 

Currently, CoinSmart supports up to 16 cryptocurrencies. These include:

 

·         Bitcoin and Bitcoin Cash

·         Ethereum

·         Litecoin

·         Ripple

·         Cardano

·         Stellar

·         EOS

·         NEO

·         Dash

·         QCAD

·         Tether

 

Can CoinSmart Be Trusted?

 

Worried that you can’t trust this crypto platform? That’s smart – there are plenty of people in the crypto world that want nothing more than to part you from your money. However, CoinSmart is not part of that. It’s a reputable, publicly-traded organization that is fully insured. They are also members of TRUST, which is an anti-money laundering organization. While you’re not guaranteed to make money on your trades, you can trust this platform.

 

Company Ratings

 

Ease of Use/Navigation

 

We rate CoinSmart highly for its ease of use and simplicity of navigation in this crypto exchange review. That includes the mobile app, which is well designed and doesn’t have a steep learning curve.

 

Creative Use Cases

 

CoinSmart does make it simple and fun to trade cryptocurrencies and the platform supports multiple options to help investors enjoy the process.

 

Liquidity

 

CoinSmart enjoys high liquidity and withdrawals are processed in just five business days. Deposits are processed immediately.

 

Reputation

 

CoinSmart is fully insured, publicly traded, and a member in good standing of critical industry organizations. As such, the platform has a solid reputation for legitimacy, performance, and reliability.

 

Security

 

CoinSmart works with one of the industry’s most established security providers, ensuring full protection for your fiat and cryptocurrencies. Note that CoinSmart is not affiliated with any brokers, advisors, coaches, or others in the crypto industry, ensuring a non-biased, neutral platform for all members. It also complies with all industry and government rules and regulations.

 

Score: 4.7/5 stars

 

Summary

 

CoinSmart might not be the most established crypto trading platform in the world, but it is growing rapidly in popularity and for many reasons. Users enjoy low fees, immediate deposits, and trades in many different cryptocurrencies. However, there are some downsides to the platform, including the fact that it’s not available to US investors, although it does have a global footprint. With industry-leading security, affordable trades, and a solid reputation for reliability and ease of use, it’s one of today’s most promising platforms.