Coinsmart launched in July 2018 and is a young cryptocurrency exchange based in Canada. Their exchange solution promises to solve many of the problems encountered by Canadian traders, and they want to use this to break into the market. Things like complex trading platforms and out-of-date methods of financing accounts fall under this category.
Another Toronto-based exchange with offices in the city is Coinsmart. Jeremy Koven and Justin Hartzman were its founders. Needls and WeSellYourSite were both places they worked. Needls is an internet marketing firm, and WeSellYourSite was an agency that specialised in website brokerage. Additionally, Edmund Lau has been brought on board as a technical adviser by the Coinsmart team. For WorldGaming and DealTap, he served as chief technology officer.
When these entrepreneurs encountered problems when trading cryptocurrency on other exchanges, the idea for Coinsmart was born. Issues with Fiat finance and lengthy verification processes were among them. The other exchange choices, they discovered, were too complex for those just starting out in the bitcoin trading world. Therefore, they set out to create an approachable exchange with a “personal touch” that was easy for users to navigate.
Coinsmart has a little more involved signup procedure compared to other exchanges. The user’s email, password, and nation of residence are required fields. Users are requested to complete Know Your Customer (KYC) as soon as their account is established so that they may access it.
It is not feasible to join up for Coinsmart, an exchange that demands KYC from all customers, before you can even create an account. Assuming the submitted papers are accurate, Coinsmart can validate users in only a few minutes. In addition to completing the verification process, users are required to link their two-factor authentication (2FA) before they may access their accounts.
You may trade using one of two interfaces. You may perform fast transactions at the current market rate using the easy Buy/Sell/Trade feature. For those just starting out and want to get cryptocurrency fast, this can be the ideal choice. On the other hand, there is a sophisticated trading platform available for traders that want a lot more features in their trading experience. This is probably the norm for experienced bitcoin traders. It is a typical trading platform that includes features like market books, charts, live positions, and additional customisation options for order forms.
You can see the platform’s user interface down below, with your primary chart in the middle. You can see the most recent transactions underneath the market order books in the centre. The order form and your respective places are on the right. The inability to rearrange the layout due to the interface not being “widgetised” is a major drawback.
Regarding the charts, Coinsmart use tradingview software. Many other exchanges have also made use of this popular charting programme. People that trade heavily based on technical analysis also tend to prefer it. When an exchange provides extra tools to assist you learn about the cryptocurrency markets, it’s a great touch. As an instructional resource, Coinsmart’s “Get Smart” section is a great addition.
These materials are designed to accommodate all levels of bitcoin users and cover a wide range of subjects. They classify these parts into three levels: “smart,” “savvy,” and “genius”—the name given to each level according to the degree of detail desired. You may deposit US dollars, Euros, and Canadian dollars at Coinsmart, an exchange that accepts fiat currencies. You may deposit funds into your exchange account using a variety of ways, such as SEPA for EUR, wire transfers for USD, Interac e-Transfer for CAD, and Visa and Mastercard. There is no price for SEPA or wire transfers, however there is a 1.5% fee for Interac e-Transfers up to $1,999 and free after that. There is a 50 EUR minimum deposit and a maximum processing period of 5 business days.
In conclusion, card purchases are an option, but they come with a hefty price tag: 6.75% commission plus a $10 minimum charge. We also thought their mining calculator to be rather innovative for an exchange that deals in cryptocurrencies. To find out how much money you can make mining Bitcoin, you may use this handy online calculator. Indeed, Coinsmart is a really remarkable exchange. Launched in under a year, they have established a quite attractive service with cutting-edge tech and a respectable amount of features.
Their “smart guarantee” and entirely transparent business model will surely win over many Canadian cryptocurrency consumers. They have the potential to restore faith in a market that may be difficult to navigate at times. We were particularly impressed by their sophisticated trading platform and the fact that, in contrast to many other emerging exchanges, they seem to provide very liquid markets across the board. So, you won’t have to worry about order slippage when you perform bigger deals. Although we did have some suggestions about how Coinsmart might be improved, they are all things that could be easily added as the company expands. Finally, they’ve just been born a short time ago.