Among the huge crypto exchange companies around the globe, Coinsquare is among the top exchanges that provides its services to a small part of the world. Being a Canadian crypto exchange, Coinsquare is a company that values high speeds, ease of use, and a great amount of cryptocurrencies to exchange. Of course, the company is mainly for Canadian residents who want to take their crypto exchange options to a whole new level, using Coinsquare’s reliable and top-notch service. Right now, they have a total of 7 cryptocurrencies and 5 fiat currencies available. However, we’ll talk more about that in the following sections of the review.
Unlike most of the crypto exchange companies that put a huge emphasis on being available worldwide, Coinsquare is proud to be focused on Canada. Whether it’s a smart move or not Coinsquare has its own share of Canadians that use the service on a daily basis. Founded in 2015, Coinsquare’s main goal is to make crypto exchange easy, available, and fast for all Canadian citizens. Their generous offer gives us several cryptocurrencies to work with and they include Bitcoin, Bitcoin Cash, Dogecoin, Litecoin, Dash, Ethereum, and Squarecoin.
On top of that, Coinsquare is great when it comes to fiat purchases, providing options for currencies like CAD, EUR, USD, GBP, and AUD. Since their inception, the company made a huge progress in both speed, reliability, and a total number of cryptocurrencies. Since this is a 3-year old company, we predict a bright future in the fluctuating crypto market that can be really harsh at times. If you are from Canada, you have numerous reasons to read this review, so let's check Coinsquare’s pros and cons.
Interested in how Coinsquare compares to other crypto exchanges? We have compared all major cryptocurrency exchanges in this article.
In this section we’re going to talk about the safety of Coinsquare. If we take into consideration some of the previous users’ experiences and our own experience with Coinsquare, we can tell certainty that it is very safe to use. It’s obvious that the company isn’t with us that long, and in the 3-year period it turned out to be very focused on security. For example, Coinsquare has some encouraging stats that show a total coin loss of $0. As they never lost a single coin, it’s clear that we are talking about a pretty safe system.
Coinsquare does offer its users a wallet. While this may sound concerning, it certainly isn’t, as they have a cold storage for almost 100% of their funds. Furthermore, the website supports 2FA (two-factor authentication), which grants additional privacy and safety for the users. With their technology being tested successfully against DDoS and numerous threats, Coinsquare remains at the top when it comes to the safety and privacy of the users.
Take advantage of the security features!
Coinsquare is notorious for its lackluster customer support. Since we used Coinsquare for a few months, we can’t tell how good it was years back, but I doubt that the things were better. The company offers three options if you want to get help; Email, Mail, and a support ticket. As you can see, there isn’t a phone number that you can call and get instant help.
On the other hand, you can send your inquiry over regular mail, a real-life letter with your question, and get an answer. I really don’t see a great reason for giving us this option, as it’s the slowest and the least recommended one. If you want to get help a bit “faster”, you can either lodge a support ticket or send an email.
But, Coinsquare specified that support tickets are for account-related problems, while the email is for any other issues you might come across. Both of these are quite slow because you’ll need to wait more than 48 hours to get an answer. While the Email option seems a bit faster, I doubt you’ll be happy with it. Either way, Coinsquare’s customer support will really test your patience, leaving a lot to be desired.
As we said, Coinsquare is proud of their… well, an odd limit that gives a massive advantage to Canada's citizens. Not only that they have an advantage, but they are the only users that can use Coinsquare. Sadly, the company isn’t keen on making other countries available, which is a pity, since they offer some great options for exchanging. For example, they support a couple of fiat currencies, of which some are rarely used in Canada (EUR and AUD). If Coinsuqare decides to expand their area of support, we are sure that they could take a big part of the crypto market.
When it comes to the interface and design of Coinsquare, we can see that the people behind it put in a lot of effort. First, the website is colorful, responsive, and works like a charm. Second, you’ll have zero problems getting what you want from it. All of the main options are located in the upper part, where you can read the news, learn something new, follow the market or sign up/sign in. As you probably don’t have your account on Coinsquare, signing up is your primary concern.
"I haven’t had any issues with Coinsquare; the fees are a little higher than others especially for Bitcoin but that is to be expected with higher mining rates all over. I only wish they had more alt-coin options."
Unfortunately, Coinsquare’s sign-up process can be time-consuming. To begin registration, simply click on Get Started button in the top right corner. Then, you'll be prompted to enter your email address, as well as your username and password. After you do this, simply go to your email and click on the verification link that was sent to you.
Your account will need to undergo another verification if you want to trade your crypto. In that regard, you’ll need to provide a phone number (Canadian), as well as documents such as utility bills, government-issued ID, bank statement, etc. All in all, the verification process isn’t very complicated, but will still take some time.
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To be honest, there are some negative reviews and scam reports for Coinsquare. If we carefully examine some Reddit threads, as well as their reviews, we can see that there are both good and bad ones. As much as this is prevalent, we would still say that Coinsquare has a pretty tough reputation that’s hard to beat, especially in Canada, where their glory shines. As you know, some of the leading crypto exchanges also have numerous scam reports, which tells us that it’s a pretty normal thing.
On the other hand, the good reviews that we’ve seen are really, really good. The users usually praise their numerous options for payment as well as support for a wide variety of cryptocurrencies. When it comes to speeds…well, Coinsquare isn’t exactly known to be very fast with its transactions and exchanges, although there are some payment methods that further increase the overall speed.
Some users reported pretty high fees with Coinsquare, which we’ll have to disagree with. Since Coinsquare supports 7 payment methods in total, the fees are fluctuating from 0.25% to 5%. For an average user that doesn’t trade, buy or sell a huge amount of crypto, this offer sounds pretty lucrative and attractive. In our previous reviews, we reviewed some worldwide companies that take up to 10%, which is really high. Here, Coinsquare will take maximum 5% of your purchase, making it a pretty good option.
In our opinion, the fees are pretty low due to the limits regarding the worldwide availability. As Coinsquare exchanges crypto only in Canada, the fees are much lower, since your crypto will “travel” a lot less. More about payment methods and their fees in the next section of the article.
Now is the time to start buying cryptocurrencies!
The payment methods that Coinsquare offers are pretty authentic. First, we have Interac Online, which will let you deposit your money at 3.5% fee. Acceptable, but there are methods like Bank Draft, Money Order, Wire Transfer, and QuickTrade that let you deposit your cash with no more than 0.5% fee. Among these, your preferred method will probably be Wire Transfer or QuickTrade, as they are the fastest here.
Aside from that, you can rely on Flexepin or Interac e-Transfer to get your cash, but expect fees around 2.5% and 5% respectively. If you use Interac Online, Coinsquare lets you use your un-verified account, while the other methods require a complete verification. But, verifying your account brings you some great benefits, so we recommend that you complete that step.
Sending crypto from Coinsquare isn’t a pleasant experience at times. Many argue that Coinsquare offers very slow speeds, if not the slowest in Canada. Unfortunately, that’s true, since we had to wait a couple of days for a standard exchange to finalize. If you want to use the QuickTrade feature, you can expect your trade to be done much faster, however, you can expect fees here and there. Another great thing is that you can use a pie chart that they offer, and check your crypto’s value at the moment, making your crypto sending much more convenient.
Since Coinsquare has a great smartphone app that you can use on your iOS or Android phone, you can do your trading on-foot. We found this method easy and accessible, especially when we were on business travels or away from home. The only downside is the slow speed of these transactions and of course, you need to have a verified account, which may take up to 4 business days.
If nothing, you can use their fiat currencies support to buy a large amount of cryptocurrencies and convert them to your desired currency. The minimal limit here is $100, which isn't all that much. For a hundred bucks, you can't even buy a small fraction of a Bitcoin, so it's pretty lukewarm in this regard.
Receiving crypto to your Coinsquare account is possible, although we recommend that you create your own wallet. Creating a wallet will take no more than 5 minutes and still grants much more safety than any crypto exchange service wallet out there. If you’ve purchased some cryptocurrencies with your cash, you’ll need to wait before you can receive it. After this, you can keep your coins at your Coinsquare account or simply send it to your preferred wallet.
To do this, you’ll need to provide basic info about your wallet, which isn’t anything out of the ordinary. A wallet address is obligatory, as it’s the only way of letting Coinsquare know where you want your cryptocurrency stored. And if you worry about your safety, you can relax, as Coinsquare doesn’t hold any of your info regarding your wallet on their website.
Overall, both receiving and sending crypto is fairly simple, with a caveat of relatively slow speeds, which can influence your experience with this website. Still, if you’re not in a hurry, this is a solid option.
Coinsquare plays an integral role when it comes to the crypto market, especially the state of the market in Canada. This crypto exchange is not far from perfect, even though it’s limited to users from Canada, which is the main reason for the lack of popularity worldwide. But, if you’re from Canada, it is a good option to start or expand your crypto portfolio because Coinsquare offers tons of cryptocurrencies that you can trade, buy, sell or exchange, as well as excellent support for fiat purchases.
While its safety and security is among the best out there, we still find its speed to be average. On the brighter side, Coinsquare is pretty great when it comes to fees, maxing out at around 5%. Taking into consideration that we have several payment methods with low fees,Coinsquare is almost unbeatable.
To conclude, Coinsquare is one of the best crypto exchanges for Canadian users. It’s a well-balanced service that boasts slightly lower speeds, albeit tight security, low fees, and easy-to-use interface. You can’t go wrong with Coinsquare, without a doubt.
You can check out all of the most popular cryptocurrency exchanges in one article here.
Have you traded on Coinsquare? Do you have any advice or suggestion for the other readers? Let us know in the comment section below!
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