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CoinSmart Review: Is it legit, safe and trustworthy for UAE citizens and residents?

CoinSmart is a well-known digital currency exchange that began operations in 2018 in the city of Toronto, in the province of Canada. The exchange facilitates straightforward trading in Canadian dollars for the purpose of exchanging a variety of cryptocurrencies, including the most prominent coins such as Bitcoin and Ethereum. CoinSmart was created with the goal of democratizing access to digital assets for all traders by delivering a hassle-free, trustworthy, and user-friendly cryptocurrency trading experience on a centralized platform. The cryptocurrency exchange is not only appropriate for novice traders, but it also provides experienced and high-volume traders with access to a selection of complex trading tools. Visit CoinSmart Website.

CoinSmart is a major cryptocurrency exchange in Canada, and it was founded with the goal of making crypto currencies accessible to traders of all levels. The exchange enables users to engage in trading, as well as the purchase and sale of Bitcoin and other major cryptocurrencies.

The following cryptocurrencies are presently supported: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Stellar Lumens, EOS, Ripple, Tether USD, and Cardano's ADA. The easy cryptocurrency exchange is excellent for newcomers who are making their first foray into the crypto ecosystem. In addition to this, it provides advanced trading tools for high-volume traders and professional traders.

CoinSmart has its headquarters in Toronto, and both FINTRAC Canada and the Financial Intelligence Unit of Estonia regulate and license the company.

Other countries and territories, such as Brazil, Belgium, Bulgaria, Austria, Cyprus, Denmark, Finland, France, Georgia, Germany, India, Greece, Italy, Ireland, Jamaica, Malaysia, and many others, are also able to participate in the exchange. Canada and Estonia are two of the participating countries and territories.

The functionality of the CoinSmart exchange platform is identical to that of any other cryptocurrency trading platform. Users are required to establish an account on the registration page as the first step in the process. In order to register, the user will be asked for several data, including but not limited to their name, email address, and password. When the user's registration is finished, the platform will send a confirmation link to the email address that was provided during registration. To validate the email address, click on the link provided.

The link will check the user's email address before redirecting them to a new page where they may submit their personal information, such as their date of birth, mobile phone number, and address. The additional information that you provide is checked promptly by the platform against the databases maintained by Equifax. Users have the option of sending in documents to confirm and validate their identification in the event that the identity verification fails.

The following types of documentation are acceptable for verification purposes at CoinSmart:
Photocopy of any valid government-issued identification
Selfie showing the person holding the ID while also holding a piece of paper with the words "CoinSmart" inscribed on it.
A recent utility bill including a photocopy of the user's name and address should be provided.

Access to the platform will be granted to the user when the identity of the user has been validated on CoinSmart; however, users will not be able to trade until money have been deposited into their wallets.
Tweets by CoinSmart
CoinSmart, a well-known trading platform in Canada, has an astonishing array of features that are accessible to all types of traders. The following is a list of some of the important features that customers of this exchange may take use of:

The sign-up process is straightforward and brief. The verification and registration processes each need a few minutes and a few clicks of the mouse.

Exchange that is simple to use for both novice traders and more experienced ones.

The system is applicable in a number of regions throughout the globe, including areas of Asia, Europe, South America, North America, and Africa.

On the exchange, there is a choice of many payment methods that may be used for either depositing or withdrawing fiat currency or cryptocurrency.

Provides access to a wide variety of sophisticated trading options, such as limit orders, stop-loss orders, and real-time charting.

A security service that is above average for banks, with customer care available by phone, live chat, or email 24 hours a day, seven days a week, and cold storage.

The lengthy wait periods for account verification, deposits, and withdrawals are cut down significantly with Smart Guarantee.

On its trading platform, CoinSmart provides the following notable services and goods to its customers:

A market where cryptocurrencies and traditional money may be bought, sold, traded, deposited, and withdrawn.
It makes the transfer from fiat currency to cryptocurrency simple.
The GetSmart Hub on the site offers novice traders access to educational resources and information on cryptocurrencies.
Over-the-Counter (OTC) services and customised options are also provided, with the primary focus being on premium traders.

The Good and the Bad of CoinSmart:

Quick verification
Protracted period of time spent withdrawing
Supported by a total of two banks
Smart Guarantee is a Money Service Business (MSB) that is Registered.
Structure of fees that are competitive

Users need to first register themselves on the platform by signing up and creating a CoinSmart account in order to be eligible for any of the perks that come with using the CoinSmart exchange.

Proceed in the following manner:

Visit the official CoinSmart website and, on the first page, give information including your name, email address, and password. If a user has been recommended to the service by another user, they are also eligible to input the promotional code. (For further information, please see the Reference section.)

After the user has successfully registered, the exchange will send a link to the registered email ID in order to request confirmation of the user's registration. After the user's submission has been validated, the website will navigate them back to their CoinSmart account so that they may finish the verification process.

FINTRAC is the regulatory body that oversees the platform because it is considered an MSB (Money Service Business). In order for customers to begin trading on the platform, it is now necessary for them to successfully fulfill the obligatory KYC criteria and provide confirmation of their identity and address.

Users are required to submit their cell phone numbers as part of the identification verification procedure. After that, a message with the verification code will be delivered to the phone number that was provided at registration.

To speed up the process, it makes use of a third-party service known as Equifax, which retrieves the user's identification from its database and verifies the information that they have provided.

There is no way to dispute the significance of fees in the world of cryptocurrency trading. Any cryptocurrency exchange should have clear and understandable fee structures. So, let's go even further into the CoinSmart fee schedule, shall we?

CoinSmart features a straightforward trading fee schedule, with a flat charge of 0.3 percent for single trades, as stated by a number of evaluations that can be found online. The transactions are carried out using either cryptocurrency and Canadian dollars (CAD) or cryptocurrency and Bitcoin (BTC).

The exchange levies trading fees of 0.6 percent on all other types of cross cryptocurrency traders. If a user trades Litecoin or Ethereum to attach the processor to any other central cryptocurrency pair other than Bitcoin, for example, a charge of 0.6 percent will be applied to each trade. The fact that the trading charge is fixed at the same level (0.3 percent times two) for converting ether to bitcoin and subsequently bitcoin to litecoin is consistent with common sense. The trading charge is competitive when compared to the average across all industries worldwide.

When a user deposits funds into the exchange, the user will be subject to the deposit costs. Due to the fact that this is an inward transaction, the trader will not be required to pay any fees in order to fund their CoinSmart account with cryptocurrency.

However, a fee of 0.5 percent is assessed for Interac e-transfers and bank drafts issued in Canadian dollars. This applies to deposits made using Canadian dollars. However, the cost for deposits made through a bank or wire transfer is often less than one percent. The costs for deposits made with Flexepin and credit cards are 3 percent and 10 percent, respectively. Flexepin deposits are free of fees. The ten percent cost that is charged for deposits that are made using credit cards is considered exorbitant by many traders. CoinSmart does not have any influence over the ten percent fee, since it is charged by the payment processor.

When it comes to the costs associated with withdrawing cryptocurrency from the exchange, CoinSmart charges a fee that is on the lower end of the spectrum. This charge is not retained by the exchange; rather, it is used to compensate the miners for their work via a transaction fee. In contrast to other cryptocurrency exchanges, the withdrawal charge is always the same. The processing fee for withdrawing Canadian dollars from the exchange is two percent, regardless of the withdrawal option that is chosen (bank wire transfers or EFT). Visit the website if you want to get more specifics about the pricing structure if you wish to.

The fact that CoinSmart allows users to trade and invest in cryptocurrencies via a variety of different payment methods is one of the platform's strongest selling points. The following are some of the exchange's accepted methods of payment:
Interac E-transfer
Bank draft
SEPA
Wire transfer
Credit card
Debit card
Simplex cryptocurrency holdings

CoinSmart is compatible with nine important cryptocurrencies, each of which is one of the most influential digital currencies based on market capitalization.

Bitcoin is one of the supported cryptocurrencies (BTC)
Ethereum (ETH)
Bitcoin Cash (BCH)
Litecoin (LTC) Ripple (XRP)
Dollars in Tether (USDT)
Stellar Lumens (XLM)
Cardano (ADA)
EOS

Canada is one of the supported countries among many others.
Estonia, France, Germany
Greece
Georgia, India
Hungary
Italy, Ireland, Japan
Jamaica
Singapore
Spain
South Africa
Taiwan
Great Britain

The goal statement of CoinSmart has led to the meticulous construction of a one-of-a-kind, user-friendly exchange platform that makes trading possible for all types of traders with varying degrees of experience. The user interface provides a clean SmartTrade interface that may be utilized to purchase or dispose of crypto currencies. The layout is uncomplicated, making it an ideal starting point for new users who are exploring the capabilities of the platform for the first time. Price charting, live positions, and market books are just some of the features that make this trading platform appropriate for expert traders. Traders have the ability to choose from many different order types when they place an order. These order types include market order options, which let traders to trade at the current exchange rates, as well as stop order and limit order choices.

Last but not least, CoinSmart premium investors are given access to a customised Over-The-Counter (OTC) trading service. This service is geared for large-volume individual traders as well as companies who wish to purchase or sell orders with a value of 25,000 USD or more. It offers a devoted account representative, optimum pricing, and access to discounted costs based on the size or volume of the customer's orders.

The SmartSupport services are made available to each and every user of the exchange, regardless of whatever choice the users decide to go with. These services include a round-the-clock, omnichannel customer support team that is reachable by phone, live chat, or email.

CoinSmart provides its users with a mobile app that may be used for trading.

The most advantageous aspect of CoinSmart is that it features a devoted page for Wallet, which allows users to make deposits in both cryptocurrency and fiat currency.

Traders are able to trade, deposit, withdraw, purchase, or sell cryptocurrencies in a streamlined and instantaneous manner when using the finest crypto wallets. They only need to pick their chosen cryptocurrency wallet from the options provided by Open Wallet.

Users have the option to make deposits and withdrawals using fiat currency by going to the Wallet page and selecting the Fiat option.

The following functionalities may be found on the Wallet page:
Personal financial standing in each wallet
The amount of cash that is accessible is denominated in Canadian dollars.
The total amount of compensation can be taken in either Canadian dollars (CAD), United States dollars (USD), or European Union euros (EUR).
Total cryptocurrency balance, expressed in terms comparable to bitcoins
Total balance denominated in a fiat currency, either CAD, USD, or EUR

The referral program on CoinSmart is appealing, much like the referral programs on many other cryptocurrency exchanges, because users are eligible to receive rewards once they have been verified on the exchange and have made deposits totaling more than c$100. The user who submitted the referral code will receive $100 in compensation for each new member that signs up using their code, and both of the users will receive $25 credited to their accounts for their participation. This commission will typically reflect in the bank account after a period of five to six business days from the day it was paid. Therefore, in order for customers to begin reaping the advantages of the referral program, they will first need to verify their accounts and then request a referral code from an already established member.

When it comes to CoinSmart's security, the platform prioritizes thwarting fraudulent activity at all costs. To this end, it conducts stringent identification checks on users and deletes accounts belonging to those who provide false information about their dates of birth and addresses. This is made feasible by the fact that CoinSmart shares its users' database information with a different third-party organization known as Equifax.

In addition to that, the traders attach the Google Authenticator application's two-factor authentication system, commonly known as 2FA, to their individual accounts. This system can be found in Google's app store. In order to log in, the two-factor authentication method requires a password, which is then texted to the user's registered phone number. In order to access a user's account, a passcode along with certain information about that user must first be entered.

In addition to this, users of the site may have access to cold storage digital wallets for any and all cryptocurrencies that are supported by the platform. Users that take advantage of this security feature do not want to subject their cryptocurrency coins to the dangers and ambiguities that are linked with the internet.

The exchange complies with the KYC criteria as well as the anti-money laundering rules. This is the last and most important point. The trading platform has integrated Chain analysis analytics software, which separates accessible wallet addresses into a variety of categories, such as Gambling and Darknet, according to the level of risk associated with each category. This makes trading more safe.

The fact that it is so simple to sign up for and get in touch with the CoinSmart trading platform is undoubtedly one of the platform's many strong points. Users have access to a variety of contact methods on the exchange, each one of which may be used to get in touch with the team at any time, day or night.

The conversation feature is always open for use. The ZenDesk technology underpinning some of the available contact options is almost identical to that of other cryptocurrency exchanges. Users also have the option of calling their toll-free number, although this method is only accessible from nine in the morning to six in the evening Eastern Standard Time (EST) every day.

Users can also examine the Frequently Asked Questions area if none of the other alternatives work. Because this part covers such a wide range of pertinent concerns, it is quite possible that users may find the answers to their queries here.

To conclude our CoinSmart Review, it is fair to say that this platform is deserving of the reputation of being among the most user-friendly and top-tier options now accessible in Canada and everywhere across the world. It is appropriate for cryptocurrency investors at every level of experience, from newbie to expert. Because of this, it is considered to be one of the best platforms for exchanging cryptocurrencies because it provides users with numerous options to buy, sell, trade, deposit, or withdraw cryptocurrencies, making use of a variety of payment methods such as Interac e-transfer, debit card, or credit card. The platform is made incredibly competitive as a result of all of these factors, which include a straightforward cost structure and superior security measures.

The CoinSmart cryptocurrency trading platform is one of the most popular options in Canada, and its costs are quite low when compared to the typical fees charged by other companies in the business worldwide. The features are outstanding and appropriate for both novice traders and expert traders who deal with enormous volumes of transactions.

In the Canadian cryptocurrency market, CoinSmart is a reliable and trustworthy trading platform. It is a Money Service Business, which means it is registered as such with FINTRAC, which stands for the Financial Transactions and Reports Analysis Centre of Canada.

CoinSmart has developed the platform in such a manner that the funds of its customers are shielded from the reach of dishonest individuals and computer hackers. Due to the fact that it is a non-custodial wallet, the platform stores the funds in a cold storage location that is inaccessible via the internet. This is done as a precautionary measure to protect bitcoin. In addition, the Canadian banks are the ones that hold the traders' deposits of fiat currency. Last but not least, the Two-Step Verification function of Google makes it far more difficult for cybercriminals to break into your account.

It is compatible with a total of nine cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple's XRP, Stellar Lumens, Tether USD, EOS, and Cardano's ADA.

On the exact same day that a user makes a deposit, the deposit will automatically be credited to the user's account. However, the processing time for withdrawal requests of cash is typically between five and six working days.

CoinSmart is a cryptocurrency exchange that has its headquarters in Toronto and provides services to customers located all over the world. It was founded in 2018 by Justin Hartzman and Jeremy Koven when they discovered that other exchanges made it tough for them to finance their accounts and get verified. They desired to offer a trustworthy exchange that was not only user- and learner-friendly, but also simple to use for residents of Canada. CoinSmart is the product of this process; it is a cryptocurrency exchange that has lightning-fast verification, a nice and intuitive user interface, bank-level security, and several alternatives for financing in a variety of fiat currencies. In addition to that, they provide more sophisticated choices for more experienced and frequent traders. Our analysis of CoinSmart will guide you in deciding whether or not it is suitable for your needs.

CoinSmart makes it simple to create an account, and the company provides immediate verification through Equifax. This means that you may be confirmed and start trading within minutes of signing up for the service. To create an account with CoinSmart, simply follow these steps:
Proceed to the homepage for CoinSmart.
After entering your email address, click the "Get Started" button.
On the screen that follows, enter your name and select a password, and then click the "Sign Up" button.
Confirm your email address via the email that they provide you.
Enter your phone number, and you will need to authenticate it with the code they email you.
Please provide the needed information, which includes your complete name, date of birth, and address.
If they are able to authenticate your identity immediately at this stage, you are now free to make deposits and engage in financial transactions.

In the event that they are unable to verify your identification immediately, you will be required to supply the following information:
Make copies in perfect clarity of both the front and back of the ID card supplied to you by the government.
a selfie of you holding the same ID as well as a piece of paper with the words "CoinSmart" and the current date printed on it.
A photocopy of one of your most recent bills for a service that lists your name and address.
After you have provided this information, CoinSmart will personally verify your identification. After that, you will be able to fund your account and start trading after they have given you the green light.

The number of different digital currencies that are available for purchase, sale, and trading on CoinSmart is fairly restricted. The following is an exhaustive rundown of the coins and tokens that may be obtained:
Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Iteration (XRP)
Cardano (ADA)
Stellar (XLM)
Bitcoin Cash (BCH)
EOS NEO Dash (DASH)
QCAD


As a cryptocurrency exchange, CoinSmart is risk-free to use, and the company takes great pleasure in its level of safety. They are a Money Service Business that is registered with FINTRAC, which indicates that they are in compliance with the regulatory criteria that are in place and that they present documents in order to keep their licensing status. In addition to this, they are backed by a Canadian bank that is registered.

CoinSmart Canada is able to deter fraudulent activity by employing a thorough identity verification procedure. This procedure makes use of a database compiled and maintained by data gathering organizations, and it is able to spot fictitious addresses and birth dates. CoinSmart is able to validate a person's identification and protect the privacy of individual user information by utilizing these third-party services.

A two-factor authentication mechanism is also made available to the consumers of the company's products and services (2FA). When the user attempts to log in, a password will be generated on their mobile device and they will be required to enter that password. After that, they will be required to input the freshly produced code, in addition to the account details, before continuing.

CoinSmart provides consumers with not just an exchange but also a cold digital wallet for each cryptocurrency that is available on the market. There is always a cold wallet available for a given cryptocurrency, regardless of whether or not the user decides to invest in that coin. This wallet has been secured by implementing common security principles and processes across industries.

Although CoinSmart started out as a Canadian-only exchange, it has recently expanded to a number of different jurisdictions around the world. This expansion was done so that users from all over the world can take advantage of the excellent user interface and straightforward registration process that CoinSmart offers.

Take a look at this recently updated list of locations where you may buy CoinSmart:
Canada
Kingdom of England
Germany
France
Italy, Spain
Portugal
Sweden
Norway
Turkey, Poland
Ireland
Netherlands
Georgia
Estonia

CoinSmart's rates for depositing and withdrawing fiat currency are competitive, while its fees for withdrawing cryptocurrencies are on par with industry norms. The costs that they charge are comparable to those charged by other companies in the business, however this is not the exchange's strongest selling point.

There are no transaction fees charged for Canadian Dollar deposits when using a bank transfer or draft; nevertheless, the minimum deposit required for these two methods is $10,000 and $500, respectively. If you are depositing $2,000 or more via an Interac e-Transfer, you will not be charged any fees; nevertheless, there is a cost of 1.5% for deposits of any amount less than $2,000. The price of 1.5 percent is pretty standard, and you'll also find it on another Canadian exchange called Bitbuy. When it comes to expenses, funding by credit or debit card is the most expensive option, with some fees reaching as high as 6 percent of the total.

On the other hand, withdrawals made in Canadian dollars are subject to a one percent fee, with a minimum charge of fifteen dollars, regardless of the mode of withdrawal (bank wire or electronic funds transfer). When withdrawing cryptocurrency, users are subject to a one-time flat cost that varies according to the asset. As an instance, the withdrawal charge for Bitcoin is 0.0005 BTC, but the withdrawal fee for Cardano is 0.3 ADA.

When trading between Canadian Dollars and a cryptocurrency asset, the trading costs on the exchange are 0.2 percent, but the trading fees for conducting a deal that does not include Bitcoin are 0.4 percent. As an illustration, consider exchanging Litecoin for Ripple.

CoinSmart is distinguished from its rivals by a number of distinct qualities that set it apart from the rest of the market.



The first advantage is that it is a highly user-friendly platform, making it an excellent location for newcomers to the world of cryptocurrency to get their feet wet. The user interface of the website is really good, which makes the process of depositing money very simple.

CoinSmart is also the only exchange that provides customers with the SmartGuarantee, which comes with a number of advantageous features, including the following:

Deposits are credited to users' accounts on the same day that they are received, regardless of the amount.

Every account gets checked and approved on the same day.
Within five days, each and every withdrawal of fiat currency is completed.

Last but not least, CoinSmart has a fantastic referral program that allows you to earn $15 each for yourself and your buddy if they make a deposit of at least $100 using your referral link. It is uncomplicated but efficient.

Is it a good idea for Emiratis to use Coinsmart? CoinSmart is a wonderful option for those living in the UAE since they provide quick identification verification as well as different financing ways that can be paid for in UAE dirhams and have quick deposit periods.

A bank draft is the most cost-effective way to fill a CoinSmart account because there are no fees on any deposit that is at least the required minimum amount of $500. In contrast, a bank wire needs contributions of $2,000 or more and $10,000 or more, respectively.

One of the most significant Over the Counter (OTC) desks in the nation is located within CoinSmart Premium. It is a service that may be made available to customers who are interested in completing orders to purchase or sell items with a value of $25,000 or more.

Since its inception in 2018, CoinSmart has become one of the most reputable and rapidly expanding cryptocurrency platforms in Canada. Because it is simple for Canadians to purchase and sell digital currencies such as Bitcoin, Ethereum, and others, it is the ideal exchange for Canadians who wish to invest in the burgeoning markets for cryptocurrencies.


Your CoinSmart account can be funded using an INTERAC e-Transfer, wire transfer, bank draft, cryptocurrency, or your credit or debit card once it has been opened and validated by you. The SmartGuarantee offered by CoinSmart ensures that all deposits will be reflected in your account on the same day that CoinSmart receives them, that all cash withdrawals will be completed within five business days, and that all account verifications will be processed on the same day.

To get you started with our evaluation of CoinSmart, let's take a closer look at the benefits, drawbacks, and features of CoinSmart so that you can have a better idea of what the company has to offer.

The following is a list of the most important features and advantages of utilizing CoinSmart Premium:
Having a specific representative for each of your accounts.
Fees with a Discount.
price that is optimized for the size and volume of the purchase.

CoinSmart has among of the lowest trading costs in all of Canada, which is a definite pro (0.2 percent )
Extremely tight spreads on all transactions (around 0.3 percent )
Assistance with customer service is offered around the clock by phone, live chat, and email.
Over ninety-five percent of crypto assets are kept in cold storage and are insured for up to one hundred million dollars.
Strong, cutting-edge trading platform for serious investors and traders
Instantaneous verification of accounts for the majority of users
Web platform that is simple to use and the CoinSmart app
Instantaneous processing of both deposits and withdrawals
It is simple and inexpensive to trade between the two alternative cryptocurrencies (just 0.3 percent )
Supports a total of 16 different cryptocurrencies.
Accepts credit & debit card deposits
A Money Services Business That Is Registered with FINTRAC
platform that is sold on public markets and is subject to rigorous financial monitoring
Accessible to citizens of a multitude of nations, including the UAE, among others.

CoinSmart Cons: INTERAC e-transfer deposits cost 1.5 percent if depositing less than $2,000
Mining costs for cryptocurrency withdrawals often range between $0.50 and $10.
Credit & debit card deposits cost up to 6 percent
Only accepts Canadian dollars as legal currency for transactions (no USD, EUR, etc.)

The trading costs on CoinSmart are only 0.20 percent, making them the lowest of any cryptocurrency platform in Canada. And those savings add up quickly: if you trade $100,000 worth of Bitcoin in a given year (buying and selling $25,000 worth twice), you'll save $800 in trading fees compared to an exchange that charges 1 percent ($200 vs. $1,000) if you trade Bitcoin through a platform that charges 0.2 percent ($50 vs. $100).

Spreads, which are the difference between the buy price and the sell price, are maybe even more essential than trading costs. The razor-thin spreads offered by CoinSmart make it easy to engage in frequent trading, which, in turn, helps you keep more money in your pocket.

According to the table below, the vast majority of CoinSmart deposits are free of charge, the fee for withdrawing fiat currency is one percent, and the fee for withdrawing cryptocurrencies is rather insignificant. Using a debit or credit card to make a deposit into your CoinSmart account is the one and only thing I would advise against doing. A fee of up to 6 percent may be assessed for deposits made using debit cards and credit cards. While this is certainly a high rate, it is not out of line with what is typical for the industry. Instead, you should make your deposit through an e-transfer through INTERAC or a transfer from your bank to avoid having to pay those costs.

The CoinSmart mobile app includes various features that consumers appreciate, including SmartTrade, which makes trading incredibly simple and bears trading costs of just 0.2 percent. This feature is one of the reasons why the CoinSmart mobile software is excellent. The application also comes equipped with a number of safety measures, like as fingerprint login and two-factor authentication, to ensure that your possessions are protected at all times.

CoinSmart employs a 95 percent cold storage policy, which implies that at least 95 percent of its users' cryptocurrency is maintained offline. This policy provides bank-level security to CoinSmart's consumers. Trading cryptocurrencies with CoinSmart is almost risk-free as a result of this feature, which significantly improves the security of customers' crypto assets against theft by hackers and other malicious parties. CoinSmart is subject to oversight from both FINTRAC and the Ontario Securities Commission (OSC), and the company ensures that it complies fully with all applicable Canadian rules.

Since CoinSmart is the only cryptocurrency exchange in Canada that is publicly listed, it is subject to a far higher level of financial scrutiny than any other platform that is currently available. It is impossible for me to overstate how much faith this instils in me that CoinSmart is a safe marketplace for trading: the quantity of financials that they are required to submit as part of their annual audit is incredible, and this makes it nearly impossible for them to commit any type of financial fraud or wrongdoing. CoinSmart is undeniably one of, and quite probably the most secure cryptocurrency exchanges in Canada when taking all of this into consideration.

CoinSmart provides customer assistance around the clock by phone, live chat, and email; moreover, their customer care representatives are kind and knowledgeable (rather than just following a script). They are incredibly attentive via live chat and email, and I've never had to spend more than about 60 seconds on hold while trying to get help from them.

The one and only time I had a problem with CoinSmart, I phoned customer support, and within five minutes, the problem was solved. Because telephone and live chat assistance are only available to registered customers, the best way to have a question answered by CoinSmart is to sign up for an account. Keep in mind that if you have a question for CoinSmart, the best way to get it answered is to sign up for an account.

The following is a list of the many methods you may get in touch with Coinsmart's customer support team:
Email: support@coinsmart.com
Phone: (855) 390-2646

CoinSmart also responds to support questions posted on other social media platforms, including Facebook, LinkedIn, Twitter, YouTube, and Instagram. However, if you want a response as quickly as possible, I recommend contacting them using the live chat feature included in the app itself.

To become a member of CoinSmart, all that is required of you is to supply your full name, date of birth, address, telephone number, and email address. The vast majority of user accounts are validated in a matter of minutes; nevertheless, a minority of customers will have to manually complete the verification process by submitting a few forms of identification.

In order to manually verify your account, the following papers will need to be provided by you:
A photograph of the ID that was issued by the government (front and back)
A picture of you holding that ID in a selfie.
A duplicate of the most current bill

When compared to those of other cryptocurrency exchanges in Canada, CoinSmart's trading costs are among the most affordable. CoinSmart's trading fees are as low as 0.2 percent for single trades and 0.3 percent for double deals:

When you trade between fiat currencies (or Bitcoin) and one or more cryptocurrencies, this is considered to be a single exchange (e.g. trading Canadian dollars for Dogecoin)

When you trade between two cryptocurrencies that are not Bitcoin, the transaction is known as a double trade (e.g. trading Solana for Dogecoin).

Simply comply with the following steps in order to get your money out of your CoinSmart account:

Touch on the currency that you would want to withdraw from your account on the homepage of your account, then tap on the red "Withdraw" button at the bottom, and then tap on "Enter Withdraw Information."

After entering your wallet address (or scanning your QR code), input the amount that you would want to withdraw, and then hit the "Submit" button.

To confirm your subscription, click the link provided in the email from CoinSmart. After you have completed these steps, it will take the blockchain a few minutes to validate the transaction before the funds are sent to your external wallet.

Is it safe to use CoinSmart? Putting money into CoinSmart is risk-free, you don't need to worry about it. They are regulated by the OSC, and they are a registered Money Services Business with FINTRAC. Additionally, they have a 95 percent cold storage policy that ensures the coins of their users are kept offline and in a secure environment.

In addition to this, CoinSmart is a publicly traded company, which means that they are subjected to an extremely high level of financial scrutiny due to the legal requirement that they have their financials audited by a third-party firm at least once per year. CoinSmart is also subjected to this extremely high level of scrutiny because they are required to have their financials audited by a third-party firm at least once per year. Because of this, as well as the company's other security measures, CoinSmart is considered to be one of the most reliable and secure cryptocurrency exchanges in which Canadians may make investments.

Is CoinSmart Legit? Yes, CoinSmart is a legitimate cryptocurrency exchange for a number of reasons, including the fact that it adheres to a cold storage policy of 95 percent, that it insures its users' cryptocurrency holdings to the tune of $100 million, and that it is a publicly traded exchange that has its financials audited at least once every year. Get your $50 signup bonus with CoinSmart here if you're looking for a reputable cryptocurrency exchange that's trusted by more than 200,000 Canadians. CoinSmart is a legitimate business.

Is CoinSmart Covered by Insurance? Yes, all of CoinSmart's bitcoin assets are stored with BitGo, a reputable cryptocurrency custodian whose wallets are covered by an insurance policy from Lloyd's of London for a total amount of $100 million.

Is CoinSmart a Reputable Trading Platform? CoinSmart is, in fact, a very good exchange for a variety of reasons, including the fact that it charges cheap fees, has excellent customer service, and operates a trading platform that is both simple and safe to use.

Is CoinSmart able to facilitate the purchase of Dogecoin? CoinSmart does, in fact, support the purchase of Dogecoin. To accomplish this, log in to your CoinSmart account, navigate to the bottom of the main screen, and click the Buy button next to Dogecoin.

Is Buying XRP With CoinSmart Possible? Ripple is not supported by CoinSmart any more, unfortunately (XRP). After Ripple got into regulatory issues with the Securities and Exchange Commission (SEC) in the United States and the Ontario Securities Commission (OSC) in Canada, many Canadian exchanges discontinued their support for the cryptocurrency.

How can I go about purchasing CoinSmart stock? You may discover CoinSmart listed for sale on the NEO Exchange if you are interested in purchasing their shares of stock.

Do CoinSmart's Transactions Get Reported To The CRA? CoinSmart is obliged to file reports with the Canada Revenue Agency since it is a Money Services Business that is registered with FINTRAC (CRA). Having said that, CoinSmart is only obligated to notify transactions to the CRA if the total amount is greater than $10,000. The CRA does not require you to record any transactions that are less than that amount.

If you are a fan of cryptocurrencies and you live in either Canada or the United States of America, you have probably run across the issue of how few legally recognized exchanges there are where you may buy, trade, or store cryptocurrencies. This may have left you feeling frustrated. This is mostly attributable to the more stringent restrictions that come along with those more sophisticated countries.

Because of their Canadian ancestry, Justin Hartzman and Jeremy Koven ran into the similar problem in 2018, when they struggled to be registered, vetted, and approved to trade on other exchanges. This was due to the fact that they were Canadian citizens. They didn't just sit around and complain about the issue; rather, they took action to find a solution by creating an exchange that is both guaranteed by the law and enables speedy verification. As a result, the Coinsmart exchange came into being.

In this post, we will discuss crucial details regarding the Coinsmart exchange, assess its advantages and demerits, and perhaps assist you in determining whether or not it is the appropriate exchange for you to use. Let's get right in and begin with a general review, shall we?

The Coinsmart exchange launched in July 2018 with the goal of making cryptocurrency trading simpler and more approachable for the average consumer in any region of the world. It is headquartered in Toronto, Canada, and has made significant progress toward accomplishing its goal. Additionally, it has made it simpler to trade cryptocurrency and hold it in an expanding number of nations.

The following are some noteworthy aspects of it:

Because Sumsub is one of its partners, it can do verification almost immediately.
The authorities in charge of financial matters in Canada have duly registered and controlled it.
It is not restricted to the territory of Canada alone but also encompasses the territory of about fourteen other nations.
Trading cryptocurrencies is made simple for even inexperienced traders because to the platform's intuitive user interface.
It provides its customers with something called the Smartguarantee, which assures that the verification, depositing, and withdrawing operations are completed in a very timely manner.
It provides referral bonuses in which you and the person you suggest both gain $15 when the other person makes a deposit of at least $100 worth of cryptocurrency.

Coinsmart became a publicly listed business on the NEO platform on November 2, 2021, and its ticker symbol is SMRT. This day marks the company's debut on the Canadian stock exchange.

Users must be able to buy and sell cryptocurrencies in order for a crypto exchange to be considered legitimate. Coinsmart simplifies this process for you by allowing you to swap cryptocurrencies for either other cryptocurrencies or fiat currency. At the moment, customers are able to trade against three fiat currencies while using this exchange. These currencies are the Canadian Dollar (CAD), the United States Dollar (USD), and the Euro (EUR).

On Coinsmart, you may make one of two different kinds of deals. The single trade and the double trade are their respective names. A single trade is the buying or selling of one cryptocurrency for another cryptocurrency or for Bitcoin. The commission rate for this particular kind of trade is 0.2 percent. On the other side, double trade refers to the practice of trading two cryptocurrencies against each other that are not BTC.

At the moment, the exchange is compatible with the trading of thirteen different cryptocurrencies. These are Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Monero, Cardano, USD Coin, EOS, Dogecoin, Chainlink, Polkadot, Uniswap, Shiba Inu, and Tether. Other cryptocurrencies that are supported on the exchange include Shiba Inu and Tether (USDT). In the not too distant future, additional coins will be made available.

Coinsmart implements Know Your Customer (KYC) requirements to prevent dishonest individuals from gaining access to its services. These restrictions are in line with the Anti-Money Laundering Policy that governs all licensed financial institutions. This is accomplished through a partnership with Sumsub and the use of databases that are provided by data gathering organizations. The process of verification is also fairly quick, and it is typically finished within the same day, with the exception of when there are mitigating factors to consider. As our conversation continues, we will elaborate further on the KYC protocol that will be followed.

Coinsmart is accepted in a variety of nations across the world. They also intend to include participants from more nations as time goes on. Australia, the United Kingdom, Nigeria, Japan, France, Russia, Ukraine, and Italy are just some of the nations that are now receiving funding, but there are many more.

At this time, residents of the United States are not permitted to trade on the platform. However, this may soon be subject to change, particularly considering that the Coinsmart exchange has recently been granted a FinCen license by the government of the United States of America.

The procedure of creating an account with Coinsmart is quite easy to understand and follow. Proceed in the manner that is described below:

Visit their website and in the upper right-hand corner of the page, you'll see a button labeled "Create an account."
Please provide your first and last names, email address, secure password, current location, and complete the Captcha verification.
You should expect an email to be sent to the address that you supplied. Follow the link that was sent to you through email in order to activate your account.
After you have completed the steps of registering and activating your account, the following step is verification.

Your phone number will first need to be validated before moving on to the next verification stage. In order to proceed, enter your phone number followed by the appropriate country code. A text message with a code will be sent to the phone number you provided, and you will need to input that code on the screen.

On the following page of verification, you will be sent to a form where you will be requested to fill out further information about yourself. This information may include your name, occupation, date of birth, address, and other details. When you have finished filling out the form, your registration on the platform will be considered complete. However, your process of verification is not yet finished.

After performing the steps outlined above, a button labeled "Verify Me" will appear. Clicking on that button will finish the verification process for your account. In this section, you will need to upload a video of yourself taking a selfie along with a government-issued identification document. To guarantee that this procedure is completed as quickly as possible, the exchange has formed a partnership with Sumsub, a business that specializes in sophisticated online verification.

At this time, Coinsmart does not have its own own token. However, it is important to note that the exchange is a publicly traded firm that is listed on the NEO platform. Since the 2nd of November in 2021, it has been available on the public market with the ticker symbol SMRT.

Coinsmart is one of those exchanges that, to a certain extent, allays the concerns of its customers about the security of the assets they store on the platform to some degree. In what specific way? Consider:

It has a registration with Canada's Financial Transactions and Reports Analysis Centre (FINTRAC). As a result, the money service agency may be trusted. It is not a sham in any way.

Bitgo wallets, also known as cold wallets, are used to store crypto assets since they are disconnected from the internet. These wallets provide the best possible level of protection from cybercriminals. In addition, Bitgo offers an unrivaled 100,000,000 USD insurance policy, which, in the extremely improbable case of a security breach, will be utilized to recover the cash of Bitgo customers.

The local Canadian banks are where fiat assets are kept as safekeeping. In the event that rules become more stringent or business conditions become less favorable, this makes it more safe because users will still be able to access their assets.

Users of the platform also have the option to log in using a two-factor authentication method. This makes it easier to strengthen account security and minimizes the possibility that an attacker would use a keylogger.





According to the information provided on their website, the exchange is subject to regulation by the appropriate authorities. The following authorizations are shown on the website of the exchange as having been received by the company:

A license that states the holder is a "Restricted Dealer Registered" from the Ontario Securities Commission in Canada

An authorization to conduct business in Canada from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

An authorization to practice financial crime from the Financial Crimes Enforcement Network (FINCEN) in the United States of America

A license to operate as a provider of digital assets and wallets in Estonia.

Therefore, it is abundantly evident that the Coinsmart exchange is appropriately authorized and regulated, making it a reliable location for you to save your money.

Trading cryptocurrencies is fraught with peril and has a high degree of exposure to price swings. However, those with a courageous spirit who prefer to navigate these muddled waters shouldn't have to contend with stringent verification processes in order to be granted trading privileges. This is something that the Coinsmart exchange wants to make easier initially for people in Canada and later for people in other nations.

It is my aim that this post has assisted you, regardless of whether you are a Canadian resident or not, in gaining a better understanding of the Coinsmart exchange and determining whether or not you are able to make use of it for your cryptocurrency endeavors. However, you should always keep in mind that you are the only one responsible for the decisions you make about crypto. As a result, you should never, ever neglect to examine thoroughly before you jump.

CoinSmart is on a mission to make cryptocurrencies like Bitcoin and Ethereum, as well as alternative coins like Doge and Solana, accessible to each and everyone as the cryptocurrency sector experiences explosive growth. CoinSmart simplifies the process of buying and selling cryptocurrencies by providing a trading platform that is designed to remove the barriers posed by complicated and perplexing cryptocurrency transactions. In addition, CoinSmart provides omnichannel support around the clock and learning tools for users of all experience levels. CoinSmart is a regulated cryptocurrency asset trading platform with its headquarters in Canada. It is registered with the Ontario Securities Commission as well as other securities regulators across Canada. CoinSmart makes it possible for Canadians to buy and sell cryptocurrencies in as little as five minutes. CoinSmart is one of the first Canadian trading platforms to have an international presence, admitting customers from more than 40 countries at a time when the digital asset market is continuing to quickly develop. CoinSmart is also one of the first trading platforms to be managed in Canada.

The CoinSmart trading platform earns a score of four stars out of a possible five. It is straightforward to use even for novices, while it provides expert traders all the functionality they want. You have the option of funding your account with Canadian dollars, as well as United States dollars and Euros.

A simple click of a button makes it possible for novices to purchase or trade cryptocurrencies with ease. The trading strategies of experienced traders can be improved by the utilization of sophisticated charting tools, order books, stop-loss orders, and limit orders.

To make a deposit, you will need to navigate to the "deposits" section of the dashboard, click on it, and then choose a preferred payment option. You may either purchase or sell bitcoins using the SmartTrade feature of the platform. The next step is to decide which coin, if any, you wish to swap for another cryptocurrency or fiat currency.

By clicking on the wallet icon, you will be able to withdraw either fiat currency or cryptocurrency.

CoinSmart is able to provide customers with a variety of alternative cryptocurrencies in addition to the major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. You have the ability to acquire cryptocurrencies like as Doge, Shibu Inu, Cardano, Solano, and many others. You are able to have wallets for each of the coins even if you do not finance them.

When you are on the dashboard, you have the option to choose how to get in touch with CoinSmart if you have a question. You may choose between the 24/7 live chat and email support. The call function was removed from the dashboard by CoinSmart over time.

Checking through the Frequently Asked Questions area is a fantastic choice if you don't want to get in touch with help but need answers right away. If you have a query that isn't addressed in the Frequently Asked Questions area, you may go further into CoinSmart's knowledge base.

If all else fails, the live chat is the greatest alternative you have left. Either the chatbot or a consultant can provide you with more answers to your questions. A response was sent in under one minute for a consultation with a professional that was conducted over live chat. The representative was able to provide an explanation about the relisting of XRP by the firm, however they were unable to provide an explanation regarding why CoinSmart's services are not available to citizens of the United States.

You also have the option to submit a ticket, and a support representative will get in touch with you. Due to the high traffic, the response to your question might take anywhere from one to three full business days, depending on its complexity. The initial answer to emails is often sent in a little more than an hour.

The fees and the amount of time it takes to complete orders differ for clients in Canada and Europe. The same is true for the majority of trading platforms that cater to users all over the world.

When Canadian people fill their CoinSmart accounts with a bank wire or bank draft, there is no fee assessed by CoinSmart. If you deposit more than $2,000 via the Interac e-Transfer method, there will be no fees assessed. You will be charged an additional 1.5% on any amount that is less than $2,000. Although bank wire transfers are free, the minimum deposit required is $10,000, and it can take anywhere from three to five days for the funds to reach CoinSmart.

Credit card deposit fees are up to 6 percent . Your cash will appear in your trading account very instantly; however, the maximum amount allowed is $5,000.

The withdrawal cost for using electronic money or a bank wire is one percent. CoinSmart levies this fee. Processing can take anywhere from one day up to five days, and the minimum amount to withdraw through a bank wire is $10,000. The withdrawal of bitcoin will incur a variety of costs on the site, but the procedure will occur instantly.

The sign-up bonus is fantastic news for Benzinga's readership, therefore we wanted to share it with you. CoinSmart will add $20 to your account once you have successfully completed the following steps: creating an account, making a deposit of at least $100.

CoinSmart restricts access to its mobile application to locations that are physically inside the borders of the nations that it serves by providing its services there. The app cannot be downloaded by a citizen of a nation for whom approval has been granted who is located beyond the borders of that country. While there was some favorable comments provided by users about the app, the majority of individuals faced difficulties. They were unable to access a number of functions that were readily available on a desktop computer, and several of them reported that the application was not operating correctly. CoinSmart has fixed those problems and made other enhancements to the software.

The fact that CoinSmart is so easy to operate is without a doubt its strongest selling point. Trading on our platform does not need you to have prior experience as a professional trader or crypto investor. However, if you are, you will also profit from the more complex features that it provides.

It is essential that you protect your money. CoinSmart enforced the use of two-factor authentication (2FA) and demands users to provide personal papers for this purpose. The Ontario Securities Commission and other Canadian security authorities keep an eye on the corporation to ensure it is acting ethically.

Although CoinSmart is immensely proud of its Canadian heritage, the company now provides its services to customers in more than 40 nations.

Your transactions are monitored by the dashboard, which also offers a comprehensive history of your deposits and withdrawals.

Deposits and withdrawals can also be processed through the dashboard if you utilize it. CoinSmart completes processing of deposits on the same day they are received. Residents of Canada who use Interac e-Transfer shouldn't be startled if the money appear in their trading account on the same day that they were sent.

You can deposit money using a variety of methods, including Interac e-Transfer, bank wire, bank draft, and credit card. Customers located in Europe can also utilize something called the Single Europe Payments Area (SEPA).

CoinSmart is able to provide a reliable assurance. It is a fantastic approach for a client to hold a firm accountable for their actions. Because the firm's goal is to deliver high-quality service, CoinSmart occasionally gives rebates to consumers that had negative experiences with the company. As an instance, CoinSmart will not charge you the fee associated with your initial deposit in the event that the firm is unable to validate your account on the same day you registered (given that you provide the appropriate papers).

Following the completion of the authentication procedure, the site makes investing in cryptocurrencies simple. The navigation makes buying and selling cryptocurrencies easy, and it also enables you to view an archive of previous trades. It also provides you with an overview of price patterns and enables you to open wallets for all coins despite the fact that you have no funds in any of those wallets.

CoinSmart provides an easy-to-use and risk-free trading platform for investors who are looking for such a platform. If you get the most out of the experience, you should do it on a desktop computer.

Users in Canada have a number of benefits not enjoyed by users in other countries. This platform is easy to use and completely safe. It is beneficial for both novices and seasoned players.

CoinSmart offers excellent customer service, including rapid response times via live chat and email.

The procedure of verification is basic and only takes a few minutes to complete. The platform supports a wide variety of deposit methods; nevertheless, the associated fees are somewhat expensive. Although CoinSmart's services are accessible in over 40 countries, residents of the United States are not permitted to use them.

In order to complete the verification procedure, you will need to submit:
Address and telephone number for email correspondence
Documentation attesting to your identity Address
a photograph that was taken in real time

The process of verifying your data and documents via CoinSmart's technology takes a few minutes. When it is finished, you will be able to view the dashboard.

You are able to deposit funds and monitor cryptocurrency prices and developments with the help of the dashboard. The SmartTrade area of the dashboard will become visible once you have deposited funds. Simply select the cryptocurrency you wish to deal with after clicking on either the purchase or the sell button.

You may also trade by going to the Wallet tab and selecting a coin from there. During that step, your wallet will be generated, and it will display information about the currency, including the current balance and any pending withdrawals.

You can see the entire value of your assets as well as the proportion of those assets that you hold in the portfolio that is displayed on the dashboard. The breakdown is shown below. Contact information for help may be found at the bottom.

You may purchase or sell cryptocurrencies against fiat currency by clicking on the Buy/Sell/Exchange symbol, which provides you with the most straightforward options for trading on this site. You can also trade cryptocurrencies with one another.

By clicking on the Advanced Trading button, experienced traders are able to make use of the graph, order book, establish limits, and see trade history.

How safe is it to use CoinSmart? The security features that CoinSmart provides are a point of pride for the company. Two-factor authentication is required, and regulation in this area comes from the Ontario Securities Commission.

Is there a way to purchase CoinSmart in the United States? No. Investing in cryptocurrencies is now possible in 40 countries, but the United States is not one of them.

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Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.