CoinSmart - A Guide for Beginners
The CoinSmart cryptocurrency exchange came into existence because the founders found it challenging to fund and obtain verification on existing exchanges. They intended to develop a dependable, user-friendly exchange for beginners and easily accessible to Canadians.
The result is a crypto exchange with rapid verification, a user-friendly interface, bank-grade security, and several financing possibilities in various fiat currencies. They also provide more complex choices for experienced traders with bigger volumes.
Although CoinSmart began as a Canadian-only exchange, it has recently extended to several other countries worldwide. That means more people have benefited from its outstanding UI and simple onboarding procedure. The United Kingdom, Germany, France, Italy, Spain, Portugal, Sweden, Norway, Turkey, Poland, Ireland, the Netherlands, Georgia, and Estonia are all represented.
It offers a limited variety of digital currencies for purchase, sale, and trading. The most popular cryptocurrencies are: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Cardano (ADA), Stellar (XLM), Bitcoin Cash (BCH), EOS, NEO, Dash (DASH), and QCAD.
Is CoinSmart secure?
CoinSmart is a trustworthy cryptocurrency exchange that takes security seriously. They are a FINTRAC-registered Money Service Business, which means they comply with regulatory criteria and produce documents to retain their licensing status. A recognised Canadian bank also backs them.
CoinSmart Canada prevents fraud by utilising a sophisticated identity verification procedure that detects bogus addresses and dates of birth by using a database provided by data-gathering companies. CoinSmart can authenticate a person's identification while keeping personal user information protected by using these agencies.
The organisation also allows customers to use a two-factor authentication mechanism (2FA). Users must provide a password generated on their phones when attempting to log in. They must then input the freshly produced code and their account details.
CoinSmart also provides consumers with a cold digital wallet for each coin available on the market. Whether a user acquires a particular cryptocurrency or not, a cold wallet is accessible. This wallet uses industry-standard techniques and processes.
Fees with Coinsmart
CoinSmart charges reasonable fees for fiat deposits and withdrawals, and cryptocurrency withdrawal fees are common. Their costs follow industry standards, but they are not a compelling reason to use the exchange.
There are no fees for Canadian Dollar deposits made through bank transfers or drafts. However, both methods need a minimum deposit of $10,000 and $500, respectively.
If users deposit via an Interac e-Transfer, there are no costs if their deposit $2,000 or more, but there is a 1.5% fee if you deposit less. The 1.5% charge is standard; investors can find it on the neighbouring Canadian exchange Bitbuy. Credit and debit card funding costs are the highest, with some fees reaching as high as 6%.
Meanwhile, bank wire and electronic funds transfer options have a 1% fee with a $15 minimum for Canadian Dollar withdrawals. Crypto withdrawals are subject to a fixed charge that varies according to the asset. The Bitcoin withdrawal charge, for example, is 0.0005 BTC, whereas the Cardano withdrawal fee is 0.3 ADA.
Key Features at CoinSmart
CoinSmart offers a few unique features that distinguish it from the competition.
The first is that it is a beginner-friendly platform, making it an excellent starting point for novice crypto users. The site has an exemplary user interface that makes depositing simple.
CoinSmart is also the only exchange that provides the SmartGuarantee, which offers the following advantages:
• All deposits are credited to users' accounts the same day they are received.
• Every account is confirmed the same day, and all fiat withdrawals are made within five days.
• CoinSmart has a good referral programme in which customers may suggest friends and get $15 if they invest at least $100.
How users can set up their CoinSmart account
Setting up an account with CoinSmart is simple, and they provide fast verification using Equifax, so users may be verified and trading within minutes of signing up. To open a CoinSmart account, follow these steps:
• Navigate to the CoinSmart webpage
• Insert the respective email address and press "Get Started."
• On the next page, choose the name, choose a password, and press "Sign Up."
• Verify email through email sent to the user's email address
• Enter the user's phone number and verify through the code sent to the number
• Enter users’ information, including full name, date of birth, and address
If they can instantly verify investors, they are ready to deposit and start trading!
If they are unable to verify the user's identity instantly, they must provide the following information:
• Easy-to-read copies of the front and back of their government-issued ID
• A selfie with users holding the same ID and a piece of paper with the word "CoinSmart" written with today's date.
• A recent copy of their utility bill with their name and address.
After the respective users enter this information, the site will personally verify their identity before allowing them to fund their account and begin trading.
Author: Emmanuel Baiden
7 years experience within the financial services sector most notably in Sales, Trading, research and writing articles within the crypto space. I have a bachelor's degree in International Business and a Master's in Investment and Risk Finance . I am also an associate member of the Chartered Institute for Securities and Investment.