They will send you a text message with a verification code. Once this is done you can move onto the identity verification. If you have decided that you would like to give Coinsmart a try then you will need to signup and create an account. They will need your full name, email, password as well as any promo code . However, even if your password is somehow leaked or phished from you, two factor authentications will stop unauthorized access. This makes use of the Google authenticator app which you can download from the iOS store as well as Google Play.
Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon. Since his arrival in Canada, he’s built his credit score from nothing. Their “smart guarantee” together with their completely transparent operation will no doubt smooth over a great deal of Canadian crypto users. They may be able to instill a certain level of trust back into a sometimes opaque market. If you would like to take advantage of this program then you will need to get yourself your referral code. You can access this in the referral section of your account.
A selfie with the user holding the same ID and a piece of paper with the word “CoinSmart” and today’s date on it. Photocopy of any recent utility bill with the user’s name and address. 2 Products with instant approval have a provisional decision within 60 seconds. However, approval of your application is not guaranteed. The credit provider’s final decision is made at their discretion, subject to decisioning criteria.
- Use the HARDBACON promo code to get $20 when you open a free KOHO account and make a purchase.
- CoinSmart does have an OTC Desk, so if you are debating whether to make a large trade with CoinSmart, you have that option.
- These include things like antiquated account funding solutions and complicated trading platforms.
- Some of the products and services listed on our website are from partners who compensate us.
Yes, you can use CoinSmart crypto wallets to hold your crypto assets, including BTC, ETH, SOL, AVAX, and several others. To protect your coins from hackers, the company keeps most of them in cold wallets where they have no access to the internet. This practice is the industry- standard for ensuring crypto asset security, and CoinSmart uses Bitgo wallets.
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Our roots started growing in Canada and as true Canadians, we’re thrilled to bring our incredible trading platform to more countries. Now that’s customer service and why we can boast a 97% customer satisfaction rate. Nothing is more important when buying and selling crypto than trusting your provider. CoinSmart has all the appropriate licensing and registrations required in each jurisdiction we operate in.
The ability to purchase crypto using debit and credit cards is also available, as long as your bank allows it. CoinSmart asks simple questions about your investment objectives and your profession. A much lower-hassle platform than others I’ve tried for Canadians wanting to trade crypto assets.
If they are unable to pull your identity from the Equifax database then they will require you to submit your identity documents manually. They will need some form of government issued ID as well as a proof of address . Once you have signed up then they will ask you to confirm your account with a link that they sent to your email. Once that is confirmed you are free to log back into your account and complete the verification steps.
The funds reflect immediately in your trading account, but $5,000 is the maximum deposit. You can get more answers from the chatbot or a consultant. A consultation with a consultant via live chat got a response in less than a minute. In this scenario, the rep was able to explain about the company relisting XRP but couldn’t say why CoinSmart’s services are unavailable to U.S. residents.
Coinsmart Referral Program
They also have a “learn and earn” section where you can answer questions to a quiz and earn rewards. We think this is a nice touch to engage their customers and incentivize new ones to sign up. It’s also extremely helpful for those, who start a crypto journey.
Not only is it those headline fees that can impact their long-term profitability but it is those hidden types that you are not immediately aware of. Fee transparency is a really important requirement for us. 2FA is an additional security feature that is offered and it is not enabled by default. We advise you to enable this the moment that you have created an account and trade with piece of mind.
We could not find information about CoinSmart’s liquidity. Deep liquidity is necessary for making large trades and preventing high spreads. CoinSmart does have an OTC Desk, so if you are debating whether to make a large trade with CoinSmart, you have that option. It uses plenty of cartoon-like icons, large fonts, and bright colours which makes it the cutest Canadian crypto exchange we’ve seen. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission . For example, OSC banned Binance which was a popular crypto exchange for Ontarians.
CoinSmart – Summary of Features
They will also be introducing credit card and Flexepin funding with 10% and 3% fees respectively. They also found that the other exchange options were quite complicated and not well suited to those new to cryptocurrency trading. Hence, they embarked on developing a user-friendly https://forex-reviews.org/ exchange that had a “personal touch”. Coinsmart was actually conceived due to difficulties that these founders faced when they were trading cryptocurrencies on other exchanges. These included such things as Fiat funding complications and slow verification times.
Yes, CoinSmart has delisted Ripple XRP, and you can no longer trade it on the platform. That said, CoinSmart is a legitimate company in Canada. As per the ‘security’ section on its website, it is registered with the Financial Transactions and Reports Analysis Centre of Canada as a Money Service Business.
Though they are all similar in a way, they share some characteristics that make them unique and worthwhile. It is entirely up to you to choose a method, depending on your preferences. Cash, Stellar, EOS, USD Coin, Cardano, Dogecoin, Polkadot, Shiba Inu, Chainlink, Uniswap, Solana, Polygon and Avalanche.
That’s the reason CoinSmart mandated two-factor authentication and requires personal documents. The company is regulated by the Ontario Securities Commission and other Canadian security regulators. As of June 2019, CoinSmart is available to Canadian Citizens and Permanent Residents of Canada over the age of 18.
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These services provide top-notch security for your assets and they’re constantly being updated to reflect the latest changes in the market. Supports Interac, SEPA, wire transfers, and e-transfers as funding methods. For CAD, you can use Interac Money Request and Wire Transfer. All of them are aimed at providing a better experience for users, whether they are new to trading or have been doing so for years. It has grown to be one of the most popular options for Canadian users over the years.
The fees and processing time for Canadian and European customers vary. The same applies to most trading platforms that cater to global customers. They are given a dedicated account representative, access to coinsmart review discounted fees and optimized pricing based on order size/volume. Likewise, under SmartGuarantee, a userâ€™s account will be credited for the deposit fee if the deposit is not credited on the same day.
Then, you choose the coin you want to trade with fiat or other cryptocurrencies. No matter which option is chosen, CoinSmart will provide its SmartSupport services to all users, including 24/7 omnichannel support. Its support teams can be reached via email, phone call, or live chat.