Coinsquare Review 2019

CoinsquareReview

Coinsquare is a cryptocurrency exchange that is based in Canada. The exchange offers its customers trading services for a variety of cryptocurrencies such as Bitcoin, Dash, and Ethereum. Purpose built and geared towards Canadian cryptocurrency investors, the exchange is available in English and French. Nevertheless, Coinsquare has also made its platform services available to investors from the global cryptocurrency market.

Contents

Coinsquare offers its customers multiple funding option types and accepts fiat currency deposits. Another key feature of Coinsquare is the fact that the exchange has made security one of its topmost priorities. It has been said that the exchange uses the same kind of technology that the New York Stock Exchange uses. Since 2015, Coinsquare has claimed no loss of even a single coin.

The platform which Coinsquare has provided its customers with is a web-based platform. It is user-friendly and offers you 2 ways which you can trade the market. The fastest and easiest way is to make use of the “QuickTrade” feature. With this feature, you merely select the coin that you wish to buy and the amount that you wish to spend.

The second method of trading cryptocurrencies on the Coinsquare platform is through the spot market. The trading interface for accessing the sports market is more sophisticated and features various tools and charts which you can use to provide you with more information about the various cryptocurrencies. At present, you can trade in the following types of cryptocurrencies:

  • BCH
  • BTC
  • DASH
  • DOGE
  • ETH
  • LTC

Deposit and Withdrawal Options

As Coinsquare is focused on the Canadian market and accepts Canadian dollar deposits, they are also tied to the traditional banking system. It means that you as their customer have the option to fund or withdraw to your bank account in Canadian dollars. For deposits, the following methods are supported by Coinsquare:

  • Bank draft
  • Flexepin
  • Interac e-Transfer
  • Interac Online
  • Money order
  • Wire transfer

For withdrawals, you can withdraw your money through Direct Bank Deposit or Wire transfer.

Fees and Charges

As for the trading fees at Coinsquare, the exchange has adopted the Maker/Taker pricing model for spot trading. The Maker fee is 0.1% while the Taker fee is 0.2%. As for the fees for QuickTrade, the fee is 0.2% in cases of single conversions that is when one of cryptocurrency traded is BTC. For double conversion trades, the fee is 0.4%.

For deposits, the following fees are applicable:

Methods Fee
Interac Online 2.5%
Interac e-Transfer (r) 2.5%
Flexepin 2.5%
Bank draft 2.5%
Money order 2.5%
Wire transfer 0.5%

The table below shows the applicable fees for withdrawals:

Methods Fee
Direct Bank Deposits 1%
Wire Transfer 0.5%

Privacy and Security

In terms of verification, the process is open to all Canadian permanent residents and citizens with a Canadian address. Verification will allow the account holder to access various banking options when it comes to deposits and withdrawals. According to Coinsquare, they are unable to verify those who are non-residents at the present moment.

With security as their number one priority, the exchange has ensured that it has several layers of protection in place:

  • 2FA Authentication
  • 95% of the funds are kept in cold storage
  • Encrypted and Distributed backups daily
  • SSL Encryption

Customer Support

The customer support at Coinsquare is in the form of a help center (FAQ), email and support ticket.

Pros and Cons

Pros

  • Accepts Fiat currency deposits
  • Have a selection of cryptocurrencies to choose from
  • Reputable Exchange
  • Secured Exchange

Cons

  • Only accepts Canadian dollars

FAQ

  • How long will it take to verify my account?

Most of the time, verification is instantaneous. In some cases, it may take up to 4 business days

  • How can I send money to my bank account?

Before it is possible to send any money to your bank account, you will need to convert your digital currency to Canadian dollars first.

  • My withdrawal request is in “Processed” status but I have not received my money yet.

It may take up to 5 business days before the funds are posted to your bank account.

  • How do I fund my account with Canadian dollars?

In order to fund your account with Canadian dollars, you need to first verify your account. Once verified, you can use the following methods:

  • Bank draft
  • Flexepin
  • Interac e-Transfer
  • Interac Online
  • Money order
  • Wire transfer

Conclusion

Overall, if you are based in Canada, then the exchange is a good choice. However, if you are an international investor, you will still be better off with other leading cryptocurrency exchanges.

CoinsquareUser Reviews

Rate this exchange
  • 5
    Very convenient for Canadians
    Mike
  • 1
    Low liquidity and high fees
    Crypto
Read More Coinsquare User Reviews

CoinsquareFeatures

Coins Available
  • Bitcoin
  • Ethereum
  • Litecoin
  • Bitcoin Cash
  • Dash
  • Dogecoin
Accepted Countries
  • Canada
US Accepted
Yes

Payment Method

Deposit Options
Wire Transfer
Withdrawal Options
Wire Transfer, cash, Credit Card
Company Information
Exchange DetailsInfo
Headquarters CountryCanada
Foundation Year2014
Typeexchange
Trading AllowedYes
Contact Information

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