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Looking to start trading cryptocurrencies using the CoinSmart platform? This post covers how to get started and receive a $20 welcome bonus using our exclusive CoinSmart referral code.
Next, it’ll provide a full CoinSmart review covering its features, support digital currencies, fees and how it compares to some of the other crypto exchanges in Canada.
CoinSmart Referral Code
As a new CoinSmart user, you can get a welcome bonus of $20 when you sign up using this CoinSmart referral link or by clicking the button below. All you need to do to qualify is verify your identity and then make a deposit of at least $100.
You can also earn $15 by referring your friends to CoinSmart. Both of you will get the bonus after they fulfill the deposit requirement.
CoinSmart Referral Program
The CoinSmart referral program offers a fairly decent compensation for new users and also let them earn some bonus for referring their friends to the Crypto trading platform.
You’ll get a referral bonus of $20 when you sign up using this CoinSmart referral link, verify your account and deposit a minimum of $100.
Learn how it all works in the next section.
How the CoinSmart referral works
Here are the steps to getting started with the CoinSmart referral program:
- Click here to sign up for a new account
- Verify your email, mobile number and your identity.
- Make a deposit of at least $100 to qualify for the CoinSmart referral bonus of $20
- From your account, get your personalized CoinSmart referral link
- Start sharing with your friends and acquaintances
- Get the bonus of $15 after they deposit a minimum of $100
CoinSmart is a Toronto-based cryptocurrency exchange that was launched in 2018 with a mission of “making cryptocurrency accessible” to everyone. It is registered with FINTRAC as a Money Service Business (MSB) and provides a platform that is suitable to every crypto trader irrespective of their experience.
A few of the key features of CoinSmart include:
- Supports the trading of 9 digital coins
- Instant ID verification through Equifax in minutes
- Federally registered and regulated
- Crypto trading pairs support
- Accept and invoice in bitcoin
- OTC and premium services for those trading large orders
What cryptocurrencies are available on Coinsmart?
CoinSmart supports 9 digital coins on its platform for now. This compares favourably with many of the other Canadian crypto exchanges.
The available cryptocurrencies at Coinsmart are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ripple (XRP)
- EOS (EOS)
- Stellar (XLM)
- Cardano (ADA)
- Tether (USDT)
Dogecoin and some of the popular digital coins are currently unavailable at CoinSmart.
CoinSmart Premium & OTC
The premium feature provides an over-the-counter and personalized services to corporations and individuals looking to trade large amounts ($25,000+)
With CoinSmart OTC, you get:
- Deeper liquidity
- Competitive preferential pricing
- Dedicated CoinSmart premium account manager
- Multi-currency support (CAD, USD, GBP, EUR, JPY and more)
You’ll also get access to exclusive CoinSmart events and same day settlement of your funds.
Want to start accepting crypto for your business? CoinSmart Smart Invoicing makes it simple to invoice and accept digital currencies from your customers.
If you’re concerned about the price volatility of cryptocurrencies, Coinsmart also has a feature called “SmartPay Auto-Sell Wallets”. It will automatically sell your crypto receipts each time you accept a payment. And send the funds to your bank account immediately.
CoinSmart offers a number of funding and withdrawal methods with varying fees and processing time.
The table below shows a summary of the deposit and withdrawal methods available at CoinSmart.
Unlike many of its competitors, CoinSmart charges for Interac e-Transfers below $2,000. And you also can’t withdraw your fund using Interac.
Depositing crypto from your wallet to your CoinSmart account to trade is free and instant. But if you need to withdraw them, there are crypto withdrawal fees to cover the mining costs. The fees are flat irrespective of how much you withdraw.
|Bitcoin Cash||0.0001 BCH|
CoinSmart Trading Fees
The trading fees at CoinSmart range between 0.2% for single trades to 0.4% for double trades.
Buying cryptocurrency with your CAD balance or bitcoin is treated as a “single trade”. However, double trade occurs when you trade between 2 crypto pairs where one of them is not bitcoin. For example, buying Ether with your Ripple balance.
Pros and Cons of CoinSmart
Pros of CoinSmart:
- Instant verification via Equifax
- Supports trading between crypto pairs
- FINTRAC registered and regulated
- Intuitive platform for new crypto traders
- 24/7 Live support
- Advanced tools for experienced traders
- Low trading fees
Cons of CoinSmart:
Here are some of the drawbacks of CoinSmart:
- Requires a minimum deposit of $100
- 1.5% fee on Interac deposits below $2,000
- Withdrawal via Interac not supported
- Fiat currency withdrawals may take up to 5 days
Is CoinSmart Safe and Legit?
CoinSmart is a registered Money Service Business (MSB) with license number M18755033, so it is regulated by FINTRAC and subject to all the applicable Canadian laws. That is, CoinSmart is legit.
Is it Safe? CoinSmart follows industry best practice is safeguarding the integrity of its platform. These includes enforcing two factor authentication (2FA) and keeping most of its crypto holdings in cold storage.
Cold storage is provided through Bitgo, a crypto custodian that is insured by Lloyd’s of London for $100 million.
That said, you should know that the best protection for your digital assets is storing them in your own cold wallets. That is, after buying a crypto from a crypto trading platform like CoinSmart, you should do a crypto withdrawal to your wallet.
There are software and hardware wallets, but hardware wallets offer the most secure protection for your digital assets. Canadians can get some good ones for less than $100 from Ledger and Trezor, 2 of the best providers.
Check them out through the links below:
CoinSmart vs Other Crypto Exchanges in Canada
Here’s how CoinSmart compares to some of the other popular crypto platforms available to Canadians:
CoinSmart Vs Coinbase
Coinbase is the one of the largest cryptocurrency trading platforms worldwide and the number one choice for US crypto traders. It supports a wide selection of digital coins – more than any of the Canadian crypto platforms.
However, Canadians can only fund their accounts using a debit or credit card for up to 3.99% in fees. After including the trading fees and spread to the purchase cost, you’ll be looking at a total cost that is higher than what you’d pay with Coinsmart. So this is a big drawback.
Bottomline, CoinSmart offers a better crypto platform than Coinbase if you’re in Canada and looking to trade any of the digital currencies that Coinsmart supports.
CoinSmart vs Shakepay
Shakepay is one of the most beginner-friendly crypto trading apps available in Canada. It currently supports only bitcoin and Ethereum, compared to the 9 digital coins at Coinsmart.
There are no fees to deposit or withdrawal CAD on Shakepay and Interac e-Transfers are instant. Shakepay also covers your mining fees if you need to withdraw your crypto and depositing them are also free.
CoinSmart, on the other hand, charges for Interac e-Transfers below $2,000 and takes a flat crypto withdrawal fees.
Like CoinSmart, Shakepay also has extra features such as ShakingSats, peer-to-peer transfer of funds between users and Shakepay Card, a bitcoin cash-back card that’ll be introduced soon.
Overall, Shakepay provides better value at the moment than CoinSmart if you’re looking to trade bitcoin and Ethereum. However, if you want more choice and can deposit a minimum of $2,000 to avoid the Interac deposit fees, then CoinSmart is a good choice.
Read more: Shakepay Review and Referral Code
CoinSmart vs Newton
Newton is also a Toronto-based crypto exchange platform that was launched in 2018 and supports 10 digital coins including bitcoin, Ethereum, bitcoin cash etc.
CAD deposits and withdrawals are free with Newton. Crypto deposits are also completely free. Newton covers the mining fees up to $5 if you want to withdraw the crypto in your account, but Coinsmart charges a flat fee.
Newton offers one of the tightest spreads in Canada, usually ranging between 0.5-0.7%, with no other trading fees, making it one of the cheapest crypto apps in Canada.
Overall, both Newton and CoinSmart are great crypto platforms for both beginners and advanced traders. However, Newton comes out on top with more digital coins supported, lower fees, and faster processing times for CAD deposits and withdrawals.
Related Post: Newton Referral Code and Review
CoinSmart vs NDAX
NDAX is a crypto trading platform with one of the lowest spreads and fees available in Canada. It supports 11 cryptocurrencies including Bitcoin, Ethereum and Dogecoin.
Similar to CoinSmart, NDAX has a trading fee of 0.20%. But its spreads are much tighter than the ones at CoinSmart.
NDAX does not charge to deposit CAD but withdrawals cost $25. The fees can quickly add up if you’re withdrawing small amounts. CoinSmart on the other hand charges 1% of the withdrawal amount subject to a minimum of $15.
Overall, both crypto trading platforms have great offering. But NDAX supports more coins and your total cost of purchasing crypto will be lower.
Learn more: NDAX Referral Code & Review
CoinSmart Vs Bitbuy
Launched back in 2016, Bitbuy currently supports 7 crypto assets including Bitcoin, bitcoin cash, Ether, Litecoin, XRP, EOS and Stellar.
It has a low trading fee of 0.20% and tight spreads. Like CoinSmart, Bitbuy also charge 1.50% for Interac e-transfer deposit and withdrawal. However, unlike CoinSmart, the Interac fees applies irrespective of the funding amount.
You can avoid the fees on CoinSmart by using Bank Wire or Draft, but Bitbuy also charge 0.50-1.00% for bank wires. That means, your total cost to trade crypto on Bitbuy will likely be much higher than that of CoinSmart.
Bottom line: If you need to choose between CoinSmart and Bitbuy, CoinSmart offers a better combination of features at a lower cost than Bitbuy.
Related Post: Bitbuy Review and Referral Code
Coinsmart vs Coinberry
Coinberry is prides itself as the “safest and most secure” crypto platform in Canada. It was the first, and currently the only, crypto platform that has partnered with a municipal government for tax collection.
It supports only 6 digital coins at the moment. Unlike CoinSmart, CAD deposits and withdrawals are completely free at Coinberry.
Coinberry also does not charge a trading fee but it adds a spread of between 0-2.5% to the quoted price. So it’s still effectively charging for crypto trading.
Overall, both CoinSmart and Coinberry crypto platforms are decent though some of their fees are on the high side when compared to their peers.
Learn how to get $20 after trading a minimum of $50 at Coinberry in the post below.
Related: Coinberry Referral Code and Review
Other Crypto Apps Sign-up Bonuses in Canada
In addition to the bonus you get by using the Coinsmart referral code in this post, you can also get some bonus when you sign up with the other crypto exchanges below.
Wealthsimple Crypto: Get $10 welcome bonus when you deposit at least $100. There are deposit and withdrawal fees but there’s an operations fee of 1.75-2%.
Netcoins: $10 bonus when you deposit a minimum of $100. Supports 7 digital coins, no CAD funding and withdrawal fees, allows both USD and CAD funding and has a trading fee of 0.50%.
Read more: Wealthsimple Crypto Review and Referral Code
Final Thought: CoinSmart Review
Overall, this CoinSmart review is mixed. CoinSmart offers some interesting features and supports a good number of digital coins. However, the deposit fees are on the high side for Interac e-transfers.
While you can avoid the fees when funding your account, you’ll have to pay 1% or a minimum of $15 to withdraw CAD.
If you don’t mind the fees or like to use one of its features, then get started using this CoinSmart referral code for a bonus of $20.
Looking for a hands-off approach to investing in cryptocurrencies without worrying about a crypto trading platform, spreads, cold wallets and so on, then you should consider one of the best crypto ETFs available to Canadians.
Check the posts below for more information.
Coinsmart Review & Referral Code
CoinSmart is a Toronto-based cryptocurrency exchange that was launched in 2018 with a mission of “making cryptocurrency accessible” to everyone.