Coinsquare Review: Pros and Cons, Fees and warning
Coinsquare is a Canadian cryptocurrency exchange and offers trading in 10 tokens, including the most popular currencies such as Bitcoin, Ethereum, and Litecoin. Coinsquare shows world-class security and stores funds in an offline environment. It also provides an OTC desk for high-net-worth individuals. It includes support for the Canadian dollar (CAD) and the US dollar (USD).
In this comprehensive review of Coinsquare, we will discuss how it compares against other similar platforms, and we will also discuss the funding options and fees.
Read on if you wish to find out more regarding this secure and easy to use platform for trading cryptocurrencies in Canada.
What service does Coinsquare offer?
Coinsquare permits trading in ten cryptocurrencies such as:
1. Bitcoin (BTC)
2. Bitcoin SV (BSV)
3. Bitcoin Cash (BCH)
4. Ethereum (ETH)
5. Litecoin (LTC)
6. Dogecoin (DOGE)
7. Dash (DASH)
8. Ripple (XRP)
9. Stellar (XLM).
Quick Trading and spot trading with Coinsquare
Coinsquare offers a Quick Trading feature where you can easily swap between two cryptos at a button.
Additionally, regular spot trading is also available on Coinsquare. The site also offers advanced trading features.
Coinsquare OTC services
The Coinsquare Wealth platform offers OTC services to clients who wish to trade a minimum of $25,000. These particular clients are assigned a dedicated account manager. Such clients get access to quick trading features and more liquidity.
Earn $10 by signing up with Coinsquare
Each new account on Coinsquare receives $10 after depositing a minimum of $100.
Coinsquare runs a help centre where you can get answers to popular queries.
The customer support team at Coinsquare can be contacted via email and live chat support if you face any issues while using the site.
Coinsquare is on social media
The team is also active on social medic channels such as Twitter which you can follow for receiving regular updates.
How long has Coinsquare been operational?
Founded in 2014, Coinsquare is based out of Toronto and is a regulated business in Canada.
It is directed at Canadian users and has taken great care to ensure a quick verification process for its users.
The platform has also managed to secure a financial relationship with banks in Canada to ensure ease of deposit and withdrawal for its users.
Coinsquare pros and cons
1. Quick verification
2. Support for both USD and CAD
3. Three types of accounts: Quick Trade, Coinsquare Wealth, and Spot Trading
4. Referral program with 45% commission
5. Uses cold wallets
1. Limited cryptocurrencies available to trade
Comparison table Coinsquare vs Coinsmart vs Bitbuy
In this in-depth review, we compare Coinsquare with Coinsmart and Bitbuy.
Credit/debit cards: 1.6%.
1.5% for Interac e-transfer.
Crypto deposits are free.
1.5% for Interac e-Transfer. 0.5% for bank wire.
Live chat support
Live chat support
Email and phone support
Coinsquare fees 2022
Coinsquare offers two different fee structures depending on whether you trade through Quick Trade or spot trading.
For all Quick Trades, if you use Bitcoin, you’ll pay a flat fee of 0.2%.
For all other cryptocurrencies, you’ll pay 0.4%
You’ll pay a maker fee of 0.1% for spot trades and a taker fee of 0.2%.
Withdrawal fees are in the region of 1-2%, depending on your trading volume.
Coinsquare Deposits and Withdrawals Fees
Coinsquare provides a range of options for its users in Canada. It has established relationships with banks in Canada and processes deposits and withdrawals quickly.
For users who choose to deposit in CAD, the following funding deposit methods are available:
1. Interac e-transfer: Zero fees and a minimum of $20 and a maximum of $10,000 can be processed.
2. Wire transfer: Zero fees and a minimum of $10,000 required. There is no cap on the maximum deposit.
For users who choose to withdraw in CAD, the following funding withdrawal methods are available:
1. Direct Bank Transfer: 2% fees and a minimum of $20 (maximum $10,000).
2. Wire Transfer: 2% fees and a minimum of $10,000 (maximum $100,000).
3. Wealth Wire: 1% fees and a minimum of $10,000 (maximum $100,000).
4. Rushed Wire: The fee is variable, and a minimum of $50,000 is required— no maximum cap.
Coinsquare also allows deposits and withdrawals in US dollars. Different limits apply, ranging from $25,000 to $250,000.
The site’s fees are competitive in today’s market. Furthermore, it’s on par with some of the best Canadian crypto exchanges I’ve reviewed. “Crypto Joe”
Is Coinsquare crypto exchange legitimate?
Yes. Coinsquare it’s registered with FINTRAC, the nodal agency in Canada. Additionally, a regulated exchange that stores funds in cold wallets.
Coinsquare has managed to provide secure services to all its clients. Furthermore, it has not faced significant security lapses in its operational history.
The site regularly monitors all clients’ assets to protect against phishing and hacking attempts.
Think of it this way, Coinsquare provides trading services to approx 700,000 retail users. Now that’s a significant client base!
The platform also insists on the Know Your Customer (KYC) verification process. All new users need to verify their identity by submitting copies of documents such as a driving license or passport. While this can be a hassle, it’s a positive to protect you and your assets. It helps in protecting the site against fraud.
Can I swap coins on Coinsqaure?
Yes. The feature is known as Quick Trade on Coinsquare, and you can easily swap crypto tokens within seconds.
Step 1. Select a preferred coin such as Bitcoin and select another token such as Litecoin
Step 2. Enter the number of coins you wish to swap. Then, click on the quick Trade button and complete your exchange.
It is a handy feature for users who wish to trade directly in cryptocurrencies. As mentioned above, the process is quick and seamless.
The platform also offers an application for both android and iOS users. It is a great way to trade on the go.
The app is well designed and easy to use for newbies. It provides access to all features available on the regular site.
You should probably consider the app if you’re constantly on the run, especially if you find it difficult to trade on a desktop.
Coinsquare provides native built-in wallets to all traders. The site claims to store all clients’ funds in cold storage wallets.
Coinsquare is providing its users with state-of-the-art security for all customers. Furthermore, each cold wallet stores 95% of the funds. For peace of mind – Third-party independent companies regularly audit the company.
Yet, if you plan to hold to your crypto assets for the long term, it is best to move them to a personal hardware wallet. Leaving funds on the exchange can be risky, and you do not enjoy complete control over your assets.
Hardware wallets are expensive but a great way to access your crypto assets safely, no matter where you are
Coinsquare is one of the best exchanges in Canada. It offers Quick Trading along with regular trading features. It has rapidly expanded its client base to 700.000 as mentioned above.
I’m not too fond that it only offers a selected number of cryptocurrencies to trade. May, however, be suitable for someone just starting in the world of crypto.
On the flip side, we love that Coinsquare stores 95% of funds in cold wallets (for security). To add, it’s also great that they offer OTC services to customers needing to process those large orders. And it’s great to see Coinsquare recently raised funding to deliver more services to its customers.