CoinSmart takes the mystery out of cryptos. CoinSmart is a Canadian-geared crypto app that lets you buy and sell crypto currencies. Insurdinary has reviewed and compiled an extensive list of all the features loaded on the growing crypto-app.
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CoinSmart is a Canadian online platform for buying, selling and trading cryptocurrency. To encourage more straight-forward crypto transactions, Coinsmart boasts a unique and accessible interface. CoinSmart was exclusively designed for the novice crypto-trader in mind, and has been tailored to perfection for the expert investor.
One of CoinSmart’s finest features is that investors can buy, sell or trade directly in Canadian currency, without having to first convert funds to US dollars - this feature alone has placed CoinSmart on the crypto radar as a leading and trusted app.
The straight-forward answer is yes, CoinSmart is a legitimate financial app. What makes CoinSmart safe to use is that it requires Google Authenticator every time you sign in.
Accredited Financial Service Provider
CoinSmart is recognized by the Financial Transactions and Reports Analysis Centre of Canada as a registered Money Service Business. FINTRAC is a financial intelligence centre who vehemently protects crypto assets against hackers by storing crypto currencies in a cold wallet, and is safeguarded offline for your added security.
Promotional Offers
Promo Offer: Add $100 to your CoinSmart portfolio to receive $20 in Bitcoin (BTC). Click here to get started. Bonus: Refer a friend to CoinSmart and when they add $100 to their portfolio, you’ll both receive $15 each.
Register for a CoinSmart Account: Mobile Phone Instructions
Here are the steps to registering for a CoinSmart account on your mobile phone:
Download and install the app available on the Apple Store or Google Play Store
Select Sign Up on the app, enter your name, create a password, and select the region you live in
You’ll receive a verification email; open it and verify your email address
Once your email address is registered, you’ll be redirected to the app
You’ll need to verify your account in the app; click the red banner at the top to do so
Step 1 to verifying your identity is to provide your phone number
You’ll be texted a verification code, in which you will be prompted to enter it on the app; enter it on the app
Step 2 in the process of account verification is to upload your ID - accepted IDs include any of the following: passport, driver’s license, ID card, Residence permit - you’ll need to upload the front and back of the document
Step 4 in the verification process of your account requires that you enter your name, date of birth, home address and annual income
Step 4 in verifying your account entails filming a live video of your face on your mobile phone, using the front facing camera. You’ll be asked to rotate your neck so that your face is captured at various angles to fit the 180-degree circular frame.
After all of these steps are completed, you are ready to start using your CoinSmart trading app!
Added Security
For extra peace-of-mind, CoinSmart features a two-step authentication process with added security that requires you to sign-in to Google Authenticator to retrieve a unique code each time you sign-in to CoinSmart. There’s also the added feature of SmartSecurity which protects against fraudulent financial activity in which gathered data is compared to collected data.
Funding Your CoinSmart Account
The table below is a depiction of the fees associated with CoinSmart.
The SmartTrade feature provides the ability to freely trade back-and-forth amongst crypto-coin types, and allows for crypto trades to happen in one-click. CoinSmart offers nearly fifteen cryptotypes, and is constantly adding more to the roster. Some of the crypto currencies include: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Cardano, Stellar, EOS, Dogecoin, Shiba Inu, Polkadot, Solana, Polygon, Uniswap, Avalanche, Chinalink. Hard currencies available are CAD, USD and EUR. Crypto currencies can be purchased in Canadian dollars, US dollars, or Euros - and with the Fiat feature, you’re able to transact between hard currencies as well.
For trades amongst hard currencies, CoinSmart offers lower transfer-rates than what the banks can offer. The funds are approved on the same day, and you are then able to buy, sell or trade instantly. CoinSmart accepts Interac, E-transfers, wire transfers, SEPA, and other ways to purchase cryptocurrencies. You’ll also be able to handily track your deposits and withdrawals with one scroll.
Buy, Sell and Trade Limits
There are monetary limits to the types of transactions that can be made on CoinSmart. There are various limits on deposits and withdrawals, depending on the funding option you choose for your cryptocurrency platform. For example, e-transfers require a minimum investment of $100 and a maximum of $3,000 if chosen as your funding source.
Some limitations do apply on transaction types made on the CoinSmart platform. E-transfers for example have a minimum requirement of $100, and the maximum is $3000. There is an applicable fee for e-transfer transactions of 1.5% for $2,000 or less, and for electronic transfers greater than $2000, there is no fee. Minimum required deposits for money wires is $10,000 and the maximum is $5,000,000. Bank drafts have a minimum of $100, and are maxed at $5,000.
Though they are the most convenient for investors, there is a 6% fee for debit card and credit card transactions, and this varies by financial institution.
How Much Does it Cost?
The ways to withdraw funds on CoinSmart are via bank wire, or via electronic funds transfer (EFT). For both of these transaction types, there is a 1% fee, or $15. To withdraw via EFTs, there is a minimum of $50, and the maximum is $10,000. The minimum amount to withdraw via bank wire is $10,000, and the maximum amount is $1,000,000.
Number of Days to Process Transactions
The SmartGuarantee feature ensures that all deposits are credited to your account on the same day they are received. In order to withdraw cash, the process takes up to five business days before the transaction is complete. All other account activities are approved on the same day.
Expert Tools
Use the Advanced Trade tool to view live trends in the crypto market in order to help you make better, wiser investments. There are no restrictions or limitations in viewing the financial options available to you. Other helpful investment tools include the ability to set Limit Orders, Stop Losses and view real-time charts.
Support
With the SmartSupport feature, you are able to connect with a human agent via email or live chat to help answer any of the questions you may have surrounding the app.
Resources Available on CoinSmart
To make it less intimidating and more approachable, the crypto trading platform also comes equipped with learning resources, and unlimited client support. For advice on trends in the crypto-trading market, you can sign-up for the GetSmart Hub in order to receive the latest insights on Cryptocurrencies. Alternatively, opt-out of signing-up with your email address, and simply just access the landing page for direct links to blogs, articles and how-tos.
Premium Service
If you trade $25,000 or more, you become a premium trader and gain access to over-the counter trading (OTC). Premium traders also receive personalized services, a dedicated account rep, special pricing on larger investments, and discounts. There are also lower fees for transactions, special offers, same-day fund settlements, and special offers for premium traders.
For Businesses
Businesses who transact in crypto currencies can obtain invoices via the SmartPay tool.The SmartPay tool allows for businesses to accept payments in cryptocurrencies. Businesses can buy, sell or trade cryptos, and store their digital assets. With an integration of their own existing systems, businesses can use an API to help build blockchain-based apps.
Setbacks with CoinSmart
While no crypto app is perfect, CoinSmart is constantly adapting and improving the features provided to investors. That noted, we’ve compiled some of the setbacks that accompany the app:
5 business days to withdraw cash
Unlike most financial institutions, CoinSmart is not protected with the Canadian Deposit Insurance Corporation,or the Canadian Investor Protection Fund - corporations that protects investors investments
With strong affiliations to Canadian banks, CoinSmart may not be ideal when traveling on vacation
Strong-Suits Worth Reiterating
Some of the strong-suits that our team loves and thinks you should make note of, too:
Most user-friendly design
Google Authenticator for added protection
Some of the lowest fees in the crypto-trading industry
FAQ’s
There is also an extensive list of FAQs for you to access at your convenience. Here are some of the most pressing questions pertaining to the app:
Yes. What makes CoinSmart extremely accommodating is how user friendly the app is. In addition to a simple and attractive interface, the app is loaded with resources including an extensive FAQ section, blogs for beginners, webinars and customer support available to you 24/7 via live chat or email.
Yes. CoinSmart currently has fourteen cryptocurrencies available on its platform and is continuously adding to this roster. Cryptocurrencies currently available for purchase on CoinSmart are Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Cardano, Stellar, EOS, Dogecoin, Shiba Inu, Polkadot, Solana, Polygon, Uniswap, Avalanche, and Chinalink.
No. Because CoinSmart is registered with FINTRAC - Canada’s financial intelligence unit - as per FINTRAC’s protocol, all currencies on the CoinSmart app are safeguarded in a cold digital wallet offline.
In Conclusion
At Insurdinary we help you make better financial decisions. From cryptos, to mortgages, to insurance, we provide exemplary tools and resources, and chaperone every Canadian on a clear and concise path to financial wellness and freedom.
Establishing itself as the leading Crypto-Trading app for Canadians, by offering some of the lowest rates, CoinSmart has made a strong imprint in the crypto-trading industry. Features such as countless educational blogs, customer support available to you 24/7, and the simplest and most easy to use application design, CoinSmart is the top choice for Canadians.
