Common Financial Service License
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Common Financial Service License goes beyond their business with the licenses Canada FINTRAC (license number: M18755033), please be aware of the risk!
|Funding Methods||Interac e-Transfer, Interac e-Transfer, Credit/Debit Cards, Smartpay|
|Customer Service||Live chat, Social media|
CoinSmart is a cryptocurrency exchange that provides a user-friendly platform for trading and investing in various digital assets. Offering a diverse range of cryptocurrencies for trading, Coinsmart focuses on security, convenience, and accessibility. With features like OTC trading and personalized services for premium users, the platform aims to cater to both newcomers and experienced traders in the cryptocurrency market.
The trading platform used by the site is called “CoinSmart - Buy Bitcoin Now”. Users have access to a variety of methods for making deposits and withdrawals, including Interac e-Transfer, Interac e-Transfer, Credit/Debit Cards, Smartpay.
Moreover, the site offers tutorials and instructional materials to assist customers in navigating the bitcoin trading environment. Additionally, the platform offers customer support via email and social medias like Twitter, Facebook, Instagram and Linkein.
coinsmart offers a user-friendly platform, advanced trading features, and a wide array of services, making it a preferred choice for both beginners and experienced traders in the cryptocurrency market.
Pros & Cons
|√ Pros||× Cons|
|• Numerous security measures available||• Exceeded FINTRAC regulatory license|
|• Multiple payment methods||• Limited tradable cryptocurrencies|
|• SmartPay available|
|• OTC & personalized services for premium traders|
|• Rich educational resources|
• Security measures available
• Multiple Payment methods
coinsmart supports 20+ payment methods including Interac e-Transfer, Interac e-Transfer, Credit/Debit, Smartpay, offering users flexibility and convenience in funding their accounts and participating in the cryptocurrency market.
• SmartPay available
With SmartPay, users can make seamless cryptocurrency purchases and payments, streamlining the process of using digital assets for various transactions.
• OTC & personalized services for premium traders
Coinsmart offers premium traders exclusive OTC (Over-the-Counter) trading services and personalized assistance, catering to their specific needs and enhancing their trading experience with dedicated support and tailored solutions.
• Rich educational resources
Coinsmart offers an array of educational resources, including the GetSmart Hub, a detailed sitemap, and learning materials about staking, empowering users with valuable insights to navigate the world of cryptocurrency trading and investment effectively.
• Exceeded FINTRAC Regulatory License
coinsmart reportedly faced regulatory concerns related to its licenses with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) which is exceeded. Such concerns could potentially impact its ability to operate in certain jurisdictions and might raise questions about its compliance with regulatory standards.
• Limited tradable cryptocurrencies
One drawback of coinsmart is its relatively limited selection of tradable cryptocurrencies, currently offering only 16 different kinds. While these include popular options like Bitcoin, Ethereum, and Solana, the restricted variety might not cater to those seeking a more extensive selection of digital assets.
WikiBit obtains regulatory information through various channels, including official regulatory websites, public records, and direct communication. The platform's team verifies the authenticity of regulatory licenses and certifications by cross-referencing the information from multiple reputable sources.
WikiBit aims to offer reliable and accurate regulatory information to help traders make informed decisions when choosing exchange/token/project.
As of August 2023, coinsmart reportedly holds an exceeded Common Financial Service License from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) with the license no. M18755033.
These licenses reflect coinsmart's compliance with regulatory requirements in different jurisdictions and underscore its commitment to operating within established legal frameworks.
Is coinsmart Safe？
coinsmart has implemented several security measures to enhance the safety of its platform and user funds.
• Two-factor Authentication
coinsmart has implemented Two-factor Authentication (2FA). With 2FA, users are required to provide an additional verification step, typically through a mobile app or SMS code, in addition to their regular login credentials. This adds an extra layer of security and reduces the risk of unauthorized access to user accounts, ensuring a safer and more secure trading experience for its users.
• Bitgo and Fireblocks
By harnessing the capabilities of industry leaders Bitgo and Fireblocks, they've elevated their safeguarding measures to a remarkable level. It's like teaming up with the superheroes of the crypto security world. With the combined might of these custody providers, CoinSmart ensures that users' assets are shielded by cutting-edge technology and expertise.
• Cold storage
Coinsmart employs cold storage. This method involves storing the majority of cryptocurrencies offline, disconnected from the internet. It's like tucking away your valuables in a virtual safe that's virtually impenetrable to online threats. By isolating assets from potential hacking attempts, Coinsmart ensures that even in the face of cyber turbulence, your crypto holdings remain secure and protected.
While coinsmart has taken significant steps to enhance security and user protection, no exchange or platform is entirely immune to risks. Cryptocurrency trading inherently carries certain risks, and users should take additional precautions to safeguard their assets.
Some recommended practices include using strong passwords, enabling 2FA, being cautious of phishing attempts, and storing a significant portion of your funds in secure hardware wallets rather than on the exchange.
CoinSmart offers a variety of trading markets for cryptocurrencies, including spot markets, margin trading markets, and OTC markets.
Spot markets are the most common type of crypto trading market. In a spot market, traders buy and sell cryptocurrencies at the current market price. CoinSmart supports spot trading for over 30 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple.
Margin Trading Markets
Margin trading allows traders to borrow funds from the exchange to amplify their trades. This can be a risky strategy, but it can also be profitable if used correctly. CoinSmart supports margin trading for a select number of cryptocurrencies.
OTC markets are over-the-counter markets, where traders buy and sell cryptocurrencies directly with each other without going through the exchange's order book. OTC markets are typically used for large trades or when traders want to avoid slippage. CoinSmart offers OTC trading for a select number of cryptocurrencies.
CoinSmart supports a wide variety of trading pairs, which are combinations of two cryptocurrencies that can be traded against each other. For example, BTC/USD is a trading pair that represents the exchange rate between Bitcoin and US dollars.
CoinSmart provides a diverse and comprehensive selection of cryptocurrencies available for trading in CAD, USD, and EUR. This variety allows users to seamlessly navigate between different fiat currencies while accessing a range of prominent digital assets. Among the 16 cryptocurrencies offered are popular names such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Stellar (XLM), EOS (EOS), USD Coin (USDC), Cardano (ADA), Dogecoin (DOGE), Polkadot (DOT), Shiba Inu (SHIB), Chainlink (LINK), Uniswap (UNI), Solana (SOL), Polygon (MATIC), and Avalanche (AVAX). This array of options empowers users to diversify their portfolios and engage in a broader spectrum of crypto trading possibilities.
CoinSmart goes beyond being just a cryptocurrency trading platform, offering a diverse range of services tailored to meet the needs and preferences of various traders and investors. Let's delve into these offerings in detail:
GetSmart Hub: CoinSmart's GetSmart Hub serves as an educational powerhouse, providing valuable insights and knowledge to empower crypto traders and investors. It is a comprehensive resource center offering beginner-friendly tutorials, in-depth market analyses, and expert-led webinars. This hub acts as a valuable gateway for newcomers to the crypto space, equipping them with the necessary information to navigate the complexities and make well-informed investment decisions.
OTC (Over-the-Counter) Trading: CoinSmart caters to large-volume traders and institutional investors through its OTC trading desk. OTC trading enables the direct exchange of significant amounts of cryptocurrencies between two parties, bypassing the exchange's order book. This personalized approach ensures discretion, price stability, and customized execution for substantial transactions.
CS Premium: CoinSmart's CS Premium service elevates the OTC trading experience with personalized services and dedicated account management. It caters to high-net-worth individuals and corporations, offering exclusive benefits such as priority access to OTC trades, reduced fees, and tailor-made market insights.
Staking: CoinSmart facilitates staking, allowing users to lock up their cryptocurrencies to support network validation and earn rewards in the form of new tokens. This feature provides an opportunity for passive income generation while contributing to the blockchain ecosystem.
Advanced Trade: CoinSmart's Advanced Trade platform is designed for experienced traders seeking sophisticated tools and features. It offers advanced order types, margin trading capabilities, technical analysis tools, and real-time market data to support intricate trading strategies.
Crypto Wallets: CoinSmart offers secure crypto wallets for the storage, sending, and receiving of various cryptocurrencies. These wallets prioritize the safety of users' digital assets with robust security measures, including multi-signature authentication and cold storage.
In summary, CoinSmart's extensive range of services caters to a diverse audience, from novices to seasoned professionals in the cryptocurrency space. Its commitment to education, OTC trading solutions, premium services, staking options, advanced trading tools, and secure wallets showcases CoinSmart's dedication to providing a comprehensive and holistic crypto experience.
How to open an account？
Opening an account on CoinSmart is a straightforward process that can be completed with ease by following these simple steps:
1. Visit the CoinSmart Website: Begin by going to the CoinSmart website https://www.coinsmart.com/ and locate the “Sign Up” button. Click on this button to initiate the account creation process.
2. Provide Your Email Address: Enter your valid email address in the designated field. This email address will serve as your point of contact for account verification and communication.
3. Set a Strong Password: Create a robust and secure password that you haven't used elsewhere. This password is crucial for safeguarding your CoinSmart account against unauthorized access.
4. Select Your Country of Residence: Choose your country of residence from the dropdown menu provided. This information is necessary for regulatory compliance and to determine the services available to you.
6. Click “Sign Up”: Once you've filled in all the required information and accepted the terms, proceed by clicking the “Sign Up” button to complete the account creation process.
7. Verify Your Email Address: Shortly after, CoinSmart will send a verification email to the address you provided during registration. Access your email inbox and click on the verification link to confirm your identity and activate your CoinSmart account.
8. Complete KYC Verification (Know Your Customer): To ensure adherence to regulatory standards, CoinSmart will require you to undergo KYC verification. This involves submitting personal details such as your full name, date of birth, and a government-issued ID (e.g., passport or driver's license). Follow the platform's instructions to upload the necessary documents.
9. Set Up Two-Factor Authentication (2FA): For added security, CoinSmart highly recommends enabling two-factor authentication (2FA). This extra layer of protection requires a code from your mobile device in addition to your password during login. Follow the platform's instructions to set up 2FA.
10. Fund Your Account: Once your account is successfully verified and 2FA is activated, you can proceed to fund your CoinSmart account. The platform offers various deposit methods, including bank transfers, debit cards, or cryptocurrency transfers. Simply follow the provided instructions to deposit funds into your account.
11. Start Trading Cryptocurrencies: With your account funded, you are now ready to begin trading a diverse selection of cryptocurrencies on the CoinSmart platform. Explore the platform's various trading pairs, order types, and charting tools to enhance your trading experience.
How to buy cryptos？
Here's a step-by-step guide on how to purchase cryptocurrencies on CoinSmart:
Log in to Your CoinSmart Account: Begin by visiting the CoinSmart website https://www.coinsmart.com/ and sign in to your account using your registered email address and password.
Fund Your Account: If you haven't already funded your CoinSmart account, you'll need to do so in order to buy cryptocurrencies. Click on the “Deposit” button located at the top of the webpage. Choose your preferred deposit method, which could be a bank transfer, credit/debit card, or cryptocurrency transfer. Follow the provided instructions to complete the deposit.
Navigate to the “Buy Crypto” Section: Once your account is funded, find the “Markets” tab or section on the CoinSmart homepage. From there, select the “Buy Crypto” option.
Select the Cryptocurrency You Want to Buy: You'll see a list of available cryptocurrencies. Click on the specific cryptocurrency you intend to purchase.
Enter the Desired Amount: In the provided field, specify the amount of cryptocurrency you wish to buy. You can enter this amount in either fiat currency (e.g., USD, EUR, CAD) or cryptocurrency units (e.g., BTC, ETH, LTC).
Choose Your Order Type: Opt for the order type that suits your preferences. CoinSmart offers different order types, including market orders (executed immediately at the current market price), limit orders (specify a price for execution), and stop orders (triggered when the market reaches a certain price level).
Review and Confirm Your Order: Thoroughly review the order details, which include the chosen cryptocurrency, purchase amount, order type, and the estimated execution price or price range. Once you are satisfied with the details, click on the “Buy” button to place your order.
Monitor Your Order: Your order will be added to your order book. Keep track of its progress and check its status under the “Orders” section within your CoinSmart account.
Withdraw Your Cryptocurrency: After your order is successfully completed and the cryptocurrency is available in your CoinSmart account, you can proceed to withdraw it to your external wallet. Click on the “Wallets” tab, select the specific cryptocurrency you want to withdraw, and follow the provided instructions to initiate the withdrawal process.
When it comes to trading fees, Coinsmart offers a straightforward structure.
For a single trade, the commission stands at 0.20%, ensuring cost-efficient transactions for users. Should you engage in a double trade, the fee is slightly adjusted to 0.30%, still providing a reasonable option for those looking to make multiple trades.
|Commission||0.20% for single trade0.30% for double trade|
For staking enthusiasts, Coinsmart offers an attractive opportunity with a fixed staking fee of 30% for popular cryptocurrencies like Polygon, Solana, Ethereum, and Polkadot. This means that users can engage in staking activities and earn rewards while enjoying a straightforward and consistent fee structure.
In summary, Coinsmart's fee system is designed to be transparent and user-friendly which showcases commitment to providing accessible and straightforward pricing for a variety of trading and staking options.
Coinsmart offers a diverse range of funding methods to cater to different user preferences. You can swiftly deposit funds through Interac e-Transfer, ensuring a hassle-free experience for Canadian users. For those seeking a traditional route, Bank Wire offers a secure and reliable option. Additionally, the convenience of Credit and Debit Cards lets you use familiar payment methods.
The icing on the cake is SmartPay, which simplifies cryptocurrency transactions for various purposes. The comprehensive array of funding options ensure a seamless and accessible onboarding process for users with varying needs and preferences.
Compare to Other Cryptocurrency Exchanges
|Fees||0.02%-30%||0.2%||0% - 3.99%|
For a user-friendly and secure cryptocurrency trading experience, consider using Coinsmart to access a diverse range of digital assets and valuable educational resources.
Ideal for users prioritizing security, compliance, and seeking opportunities to earn passive income through staking and investment products.
Suited for beginners due to its user-friendly interface and simple buying options. It is also a preferred choice for users in regions with stringent regulations, as Coinbase emphasizes regulatory compliance.
Ultimately, the best crypto exchange for an individual trader will depend on their specific trading style, preferences, and needs.
In conclusion, CoinSmart is a cryptocurrency exchange that offers a user-friendly platform for trading and investing in a variety of digital assets. While it provides several advantages, such as strong security measures, multiple payment methods, and a range of educational resources, there are also some drawbacks, including regulatory concerns and a limited selection of tradable cryptocurrencies.
CoinSmart's commitment to security, educational support, and diverse services makes it an appealing choice for both beginners and experienced traders in the crypto market. However, users should exercise caution, conduct their research, and consider their specific needs and preferences when choosing a cryptocurrency exchange.
As with any cryptocurrency investment, it's crucial to be aware of the inherent risks, stay informed about security practices, and exercise diligence while trading on the platform.
Coinsmart has been my crypto haven! The top-notch security with Bitgo and Fireblocks partnership is reassuring. Plus, the interface is slick as heck – easy for newbies and veterans alike. With a load of cryptocurrencies available, including BTC, ETH, and SOL, it's a playground for diversifying. But, gotta say, their customer support can be a tad slow sometimes. And while fees are reasonable, I've seen better. Privacy-wise, I'm pleased they take it seriously. Overall, a solid pick if you're looking for a secure, user-friendly exchange to spice up your crypto game.
Been using Coinsmart for a bit now. Security's the star here – Bitgo and Fireblocks combo is impressive. Regulated vibes add peace of mind too. Interface-wise, it's like a breeze – even my grandma could trade here! Liquidity's never been an issue, and they cover a good range of cryptos, from BTC to SHIB. Customer support, though, can be sluggish at times. Fees？ Decent, but not jaw-dropping. Deposit and withdrawal speeds – not the quickest, but not deal-breakingly slow either. They've got a variety of order types for the trading geeks. Stability-wise, no major hiccups so far. It's a reliable spot with a few quirks to keep in mind.
Frequently Asked Questions (FAQs)
|Q 1:||Is coinsmart regulated？|
|A 1:||No. Its FINTRAC license has been exceeded.|
|Q 2:||Can you trade NFTs on coinsmart？|
|Q 3:||Is coinsmart a good crypto exchange for beginners？|
|A 3:||No. Its currently not under any valid regulation, its FINTRAC license has been exceeded and it does not offer too much cryptocurrency options.|
|Q 4:||Does Coinsmart have any trading platform？|
|A 4:||Yes. It offers CoinSmart - Buy Bitcoin Now on iOS and Android devices.|
Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities.
Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.