CoinSquare Exchange Review
CoinSquare Cryptocurrency Review
Trust Score: 9/10
If you are based in Canada, you might be interested in taking a look at CoinSquare if you are interested in finding a new cryptocurrency exchange.
While many exchanges seem to try and accommodate users on a global scale, CoinSquare does no such thing and is only really interested in providing Canadians with what it provides. Great news if you’re Canadian and not so great if not!
Based and operated out of Toronto, CoinSquare was first launched in 2015 and since then it has gone on to become one of Canada leading cryptocurrency exchanges.
With the ability to trade seven different cryptocurrencies, five different fiat currencies and even a couple of precious metals, traders are going to love what this exchange can provide them. Low fees, a secure and well-designed exchange, a variety of trading pairs, plenty of payment methods and even a handy app version.
With the well-known exchange hackings that have occurred in the industry in recent years, CoinSquare offers up a high-level of security that involves the cold storage of 95% of the currencies in the exchange.
As with most other exchanges, CoinSquare is not regulated but we like the stance that they have taken with regards to security and the fact that they are more than happy to only accept Canadian traders rather than grow on a global scale.
Find out more about CoinSquare and why it is a great place for Canadians to enjoy some trading.
Mobile traders will love the good news that CoinSquare does have its very own app that can be downloaded for both Android and iOS users. This app will allow traders a more efficient experience when using mobile devices compared to the browser version.
With this app, you are able to track the markets, analyze all data, deposit and withdraw and trade in the very same way that you could on the browser version.
That browser version is great but even though it is mobile-optimized and can be accessed by all mobile devices, it is still not as mobile-friendly as the excellent app that they have. We certainly recommend downloading it if you plan to do a lot of your trading when not at home.
- Trade, deposit and withdraw
- Keep track of the performance of your investments
What we like the most about the interface on CoinSqaure is that it is very simple to use and does not look too cluttered or overly complicated. This makes it very beginner-friendly rather than scaring the life out of anybody who is new to crypto-trading.
It also looks very streamlined and modern and has obviously been developed by somebody that has extensive experience in the cryptocurrency industry.
At the top, you have the main tabs that allow you to switch between the dashboard, fund deposits/withdrawals, transactions and advanced trades. Each one will bring a fresh screen that has been laid out extremely efficiently.
All the charting and graphing are done to a high-quality too as well as being highly accurate in real-time.
What we like about CoinSquare, is that they have a good selection of trading options and currencies that can be traded. Not only do they allow the trade of seven of the more popular cryptocurrencies and five fiat currencies, they even allow their users to trade in gold and silver precious metals as well.
Furthermore, they have recently announced that they are looking to add two more cryptocurrencies in the near future too. These are the Ripple and Monero currencies.
Registering an Account at CoinSquare
The easiest part of using CoinSquare is the registering as this is about as simple as it gets. That is if you are a Candian citizen that is, as right now they are not accepting residents from other countries.
Creating an account will require you to provide the following:
- Email address
- Referral code (if you have one)
You then complete a captcha before clicking the ‘register’ button. You will then be sent an email to your email address that asks you to verify your email address and you are done.
All you need to do now is fund your account with fiat currencies or cryptocurrencies. The latter will not require you to have a verified account but the former will.
If you ever want to deposit or withdraw using fiat currencies such as CAD or USD, you will have to verify your account first.
CoinSquare claims that most verifications will be practically instant due to using a third-party KYC/AML partner that is able to cross-reference the information they have with the information you give to the exchange. They do say, however, that if further documents are required, verification can take a bit longer but will be done within four business days.
Verification will require the following:
- Government-Issued Photo ID (passport, drivers license etc)
- Proof of Residence (bank statement/utility bill etc)
- Selfie Verification (a photo of yourself holding a 5-digit number given to you)
Please remember that CoinSquare is for Canadian users only, so if you try to verify an account and you cannot prove that you are a Canadian citizen, you are going to be left disappointed.
Accepted Payment Methods
There are a number of different payment methods that can be used on CoinSquare and here we will list them and show you their average processing times for each transaction:
- Interac e-Transfer – 1-3 Days
- Flexepin – Instant
- Bank Draft – 0-2 Days
- Money Order – 0-2 Days
- Wire Transfer – 0-1 Days
Many of you will be more interested than the fees on CoinSquare than anything else, as this is where the exchange makes their money. It is important to note that there will be no fees for all Cryptocurrency withdrawals or deposits apart from coin network fees that are nothing to do with the exchange.
When you want to deposit fiat currencies into your account on CoinSquare, the following fees will apply:
- Interac e-Transfer – 2%
- Wire Transfer – 0.25%
- Bank Draft – 0.25%
- Money Order – 0.25%
- Flexepin – 2.5%
- Electronic Fund Transfer – 0.5%
Money orders and bank and wire transfers are the cheapest, so if you can avail of these methods, you should definitely consider using them.
When you want to use a certain payment method to withdraw fiat currencies from CoinSquare, the following fees will have to be considered:
- Interac e-Transfer – 3.5%
- Wire Transfer – 0.25%
- Bank Draft – No fees
- Money Order – No fees
- Flexepin – No fees
- Electronic Fund Transfer – 0.5%
With no fees attached to them, bank drafts, money orders and Flexepin are easily the best options here.
When it comes to the trading side of things, you will be pleased to know that CoinSquare is actually very competitive with their fees. They charge 0.10% to makes and 0.20% to takers on all trades completed on their exchange.
There is also a QuickTrade feature on the exchange that involves fees that are slightly higher depending on which asset is being traded. The highest you will pay is 0.4% however.
In this section, you can find out whether there are any transaction limits at CoinSquare. We have found that there are some limits that need to be adhered to when depositing or withdrawing in fiat currencies. There are no limits for cryptocurrencies and there are also no limits when trading.
There are a number of ways to deposit fiat currencies into CoinSquare but there will be limits that apply to many of them:
- Interac e-Transfer – $100 min/$5k max
- Wire Transfer – $10k min/$300k max
- Bank Draft – $1k min/$9k max
- Money Order – $30 min/$3k max
- Flexepin – $10 min/$500 max
- Electronic Fund Transfer – No limits
All of the values above are in CAD and not US dollars.
There are also withdrawal limits that will be attached to some of the payment methods as well:
- Interac e-Transfer – $100 min/$2k max
- Wire Transfer – $10k min/$300k max
- Bank Draft – No limits
- Money Order – No limits
- Flexepin – No limits
- Electronic Fund Transfer – $100 min/$9k max
As with deposits, all monetary values are in CAD and no USD.
As far as we can tell, there are no minimum or maximum limits placed on the trades that can be made at CoinSquare.
In the past, CoinSquare did accept residents of countries that could prove their identity and verify their accounts but this is no longer the case. Now they only accept Canadian citizens that are above the age of 19.
This is not good news for other citizens as they are missing out on a great little cryptocurrency exchange. There are plenty of other options, however, as you will see from the many reviews we have provided you.
- Canada only
As with any cryptocurrency exchange, CoinSquare has had its fair few complaints about the response times associated with their customer support. They are far from being the first and will definitely not be the last.
This is not helped by CoinSquare only offering a ticketing system for users to get in touch with them. If they were to provide a live chat function, email support and even better, telephone support, we are sure they could easily get back to their users much faster.
They do have a rather in-depth knowledge base on their site and this might help some of you that are still waiting for a reply.
- Support tickets
Any cryptocurrency exchange worth their salt should be encouraging users to set up two-factor authentication on their accounts and pleasingly, CoinSquare does just that. This gives users an extra layer of protection for their accounts and helps the fight against hacking.
As for the security on the CoinSquare itself, they claim to store 95% of all customer coins in cold storage.
Nothing out of the ordinary really in terms of security but it seems to be more than adequate at the moment. We still encourage traders to keep as much of their currencies in their own wallets, however.
- 95% of Funds Kept in Cold Storage
- Two-factor authentication
We really liked what CoinSquare has to offer and it is difficult to find too much to complain about really. Yeah, customer support is a little slow but that could be said about 95% of all cryptocurrency exchanges out there.
While many of you will be disappointed that CoinSquare is only available to Canadians, we are not sure that they are really bothered about that. Besides, it is not as if there is not a whole load of other exchanges out there to use.
As for the Canadians that are lucky enough to be able to use this exchange, they will no doubt be very pleased with the more positive areas of CoinSquare. The fees are very competitive, it has a large selection of payment methods, a good app that helps when out and about and of course, a good selection of trading pairs to work with.
You can also throw in a very modern looking interface, a big focus on security and very fast verification as well. All in all an excellent exchange that you really should check out!