This is a new company founded in July 2018 and it’s a replacement for Quadriga.
The company exists on Glassdoor and it gives me extra reassurance that this is a legitimate company.
Seems like not always needed? Sam did not have to do it but I did.
This is what you need to send them for the verification:
- A photo of the passport
- A photo of me holding the passport + a paper with the date and my signature
- A HydroQuebec bill
The verification got completed in under 10 hours.
I used the promo to deposit w/o fees. The 1st deposit was made via Interac e-Transfer and was $100CAD.
Again, both Sam and I did it and the results were not consistent.
I got the deposit confirmation in about 8 hours.
Meanwhile, for Sam, it was taking longer. In fact, his bank initially blocked the transaction suspecting it’s a fraud. Sam had to go through an email exchange with CoinSmart and the bank to resolve the issue.
We use different banks and that may explain the difference in our experiences.
Minimal order size
CoinSmart has a minimum order size for each cryptocurrency.
These are minimum order sizes for buying:
|Cryptocurrency||Name||minimum order size|
|BCH||Bitcoin Cash ABC||0.2|
- 0.20% for a single trade
A single trade occurs when you trade between Canadian Dollars and any cryptocurrency or when trading between two cryptocurrencies when one of the cryptocurrencies is Bitcoin(BTC)
- 0.40% for double trade
A double trade occurs when you trade between two cryptocurrencies that are NOT Bitcoin(BTC) eg: Litecoin(LTC) to Ripple(XRP)
- Requires a text message confirmation
- Does not show the blockchain confirmations (con)
- Instead, shows the withdrew funds as pending
- Started a withdrawal on Apr 3, 9 AM, completed at Apr 3, 11:00 AM
- Got emails about the withdrawal starting and completing
Pros and Cons
- A Canadian trading platform that supports CAD
- Fast verification
- Good and fast customer support
- Interact e-Transfers to CoinSmart can be problematic (it took me 3 days, 3 calls to the bank and 3 transactions to finally send them money)
- Not clear why some of us do not require verification (but maybe it’s a pro?)
- They do not calculate automatically their fee when trading, you have to do it yourself if you want to spend all your balance
- Seems to be a bug since it happens only once in a while?
- I was missing handy buttons such as 100% or all balance when it comes to buying and withdrawing
- Reporting is buggy (some account activity is missing, the referral page misses # of referrals)
More to come! Stay tuned!