Cryptocurrency investors want exchanges that offer top cryptocurrencies and that are easy to use on any device securely. On all of these fronts, CoinSmart has got you covered. For Canadian traders, in particular, it is great to have access to substantial crypto exchanges that keep up with Canadian KYC compliances.
CoinSmart is an excellent Canadian exchange. This article reviews several of the specific features that they offer. To begin, here is a shortlist of several of the features which make CoinSmart a top-notch exchange.
- Traders have access to 9 coins, which includes top coins such as Bitcoin, Ethereum, Litecoin and Ripple.
- SmartPay is the easiest way to accept crypto payments using your CoinSmart wallet.
- User-friendly trading interface for new traders.
- Premium accounts for high-volume traders.
- A trading app for smartphones.
- 24/7 customer support and easy-to-use FAQ.
- 95% of coins are kept in cold storage with 2 Factor Authentication.
- Low fees for deposits, withdrawals and trading.
- KYC compliant and registered with the Canadian credit institution FINTRAC.
- Credit and debit card funding from Canadian bank accounts.
Using SmartPay, account holders can now instantly accept Bitcoin payments as well as access cash. This feature also allows users to create customer invoices so that they can be paid for services with BTC. Because CoinSmart’s wallets can be attached to your Canadian bank account, with SmartPay, users can convert their Bitcoin into CAD within the same day.
One of the main perks of cryptocurrencies is the speed of transactions. But, transactions can still take up to several days. With the Smart Guarantee feature, users can pay a fee to ensure that transactions are completed within a set timeframe.
Premium Trading Accounts
CoinSmart also accommodates high-trading volumes. Investors that wish to open an account of $25,000 CAD or more are eligible for a premium trading account. Premium traders have access to a personal account manager, high-volume prices and discounts and same-day payment settlements.
Security and Crypto-Storage
CoinSmart is very secure, and to date, has not suffered any security breaches. The exchange uses SSL encryption, which keeps personal information secure from prying eyes while browsing. A padlock icon will appear in your browser to indicate that your browsing is protected from phishing or hacking.
Additionally, CoinSmart keeps the majority of its cryptocurrency in cold storage. This means that any digital currency held by the exchange is kept offline, while only a small portion is kept online in hot storage. Cold storage is central to the security of any exchange. Keeping large quantities of cryptocurrency online opens an exchange up to a higher risk of theft.
Compared to most exchanges, CoinSmart has a fairly low fee structure. Commission fees for a single trade are 0.2%, which means that a $1,000 trade costs $2. And a double trade has a 0.4% commission.
Users with Canadian bank accounts can use e-transfer and Interac to fund their accounts. There are no fees for funding your account with $2,000 or more. And there is a 1.5% fee for e-transfers between $100-$1,999.
KYC and AML
CoinSmart is a Canadian-based exchange that operates in Toronto. As such, they comply with FINTRAC, which is a centralized Canadian credit and identity compliance standards agency. This means that users need verified accounts, meaning that users’ identities and Canadian addresses are run through a credit check. This is a very simple process, as CoinSmart is partnered with Canadian credit company Equifax.
Given the new regulations from Canadian regulatory bodies, it is nice to see that CoinSmart is ahead of the game. As of April 2021, Canadian cryptocurrency exchanges must be registered with the appropriate regulatory bodies.
For users, this means that those exchanges which do not take steps to comply with regulations may become more and more difficult to use in Canada.
Cryptocurrencies on CoinSmart
- Bitcoin Cash
- Stellar (XLM)
- Cardano (ADA)
With CoinSmart’s high-quality cryptocurrencies, useful features, low commission fees and usability, they rank as an excellent exchange. It is also a bonus that they are already onboarding clients with FINTRAC. This will likely mean fewer interruptions for users as the current Canadian regulations start to take effect.