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CoinSmart vs Coinbase 2023: Compare Crypto Exchanges in Canada

CoinSmart and Coinbase are among the best crypto exchanges in Canada that offer different cryptocurrencies and crypto services.

In this CoinSmart vs Coinbase comparison, I take you through each platform’s top features, supported cryptocurrencies, trading fees, pros & cons, and more so that you can decide wisely between the two.

CoinSmart

CoinSmart is a Toronto-based crypto exchange that was launched in 2018. It’s currently available in about 15 countries and offers a simple, easy-to-use interface that allows crypto investors to trade up to 16 cryptocurrencies.

It stands out with its instant and automatic account verification process, multiple faster funding methods with same-day deposit guarantees, reasonable fees, and industry-leading security.

If you sign up via this referral link and deposit $200+, you get a $50 cash bonus.

CoinSmart Crypto Exchange

coinsmart logo

Top crypto exchange in Canada

Great for new & advanced traders

0.20% trading fee

Get a $50 bonus when you deposit $200

CoinSmart Top features

  • Simple, easy to use interface, which is great for beginners
  • Supports 16 cryptocurrencies
  • Offers instant account verification and same-day deposits
  • Multiple transfer methods, including crypto deposits, Interac e-Transfer, bank wire, E-Transfer, debit/credit cards, and SEPA
  • Simple and transparent fee structure
  • Top security via 2FA and cold storage with top custody providers, Bitgo and Fireblocks
  • SmartPay to help users send and receive crypto payments
  • CS Premium and OTC dest to cater to high volume traders
  • CoinSmart crypto app for iOS and Android to trade and manage your wallet on the go
  • SmartRewards where you can earn cash by reading articles and answering quiz questions

CoinSmart Pros & Cons

Pros: Coinbase wins with its instant, automatic account verification, same-day deposits, competitive fees, and trading features that cater to crypto beginners and pros alike.

Cons: CoinSmart supports only 16 crypto coins and fiat withdrawals are somewhat slow, taking up to 5 working days.

Is CoinSmart Safe?

Yes, CoinSmart is a safe crypto exchange and a FINTRAC-registered MSB.

Most crypto assets are held offline with Bitgo and Fireblocks, and CoinSmart login supports 2FA to ensure secure access to your wallet.

Fiat deposits are held in Canadian banks, and CoinSmart recently joined the Travel Rule Universal Solution Technology (TRUST) to boost its anti-money laundering (AML) efforts.

Coinbase

Coinbase is a San Francisco-based crypto exchange that was founded in 2012. 

It ranks as the second-largest in the world by trading volume, boasts over 90M+ verified uses, and is available in 100+ countries.

The Coinbase exchange offers basic and advanced trading features and caters to beginners, pros, businesses, and institutional traders.

Coinbase Top Features

  • Access and trade 100+ cryptocurrencies
  • Offers basic and advanced trading features/charting tools to cater to newbies, crypto pros, and institutional traders
  • Coinbase NFT to buy and sell NFTs and connect with your favourite artists
  • Coinbase Self-custody wallet to buy, sell and store your crypto, NFTs, explore DeFi, and more right from the wallet
  • Coinbase Visa card to spend your crypto hassle-free and earn up to 4% crypto rewards
  • Coinbase Institutional for institutions and sophisticated investors to invest in crypto assets
  • Coinbase Learn where you can learn about how specific crypto networks work and earn free crypto
  • Coinbase Borrow, where users can deposit Bitcoin as collateral and borrow up to $1M at 8% APR with no credit check
  • Coinbase app for iOS and Android to trade and monitor your portfolio on the go
  • USD cash balances on the platform are eligible for FDIC insurance up to $250,000
  • Multiple ways to fund your wallet, including ACH & wire transfers, debit/credit cards, PayPal, Apple/Google Pay, and Instant Cashouts to bank accounts.

Related: Coinbase Alternatives.

Coinbase Pros & Cons

Pros: Coinbase offers a wide crypto list and basic and advanced trading features/charting tools to cater to all types of traders.

Cons: Coinbase fees on the standard platform and Coinbase Pro are quite expensive for newbies and small buyers and investors trading less than 10k per month.

Is Coinbase Safe?

Yes, the Coinbase exchange is safe. It’s a fully regulated and well-established exchange that has been around since 2012.

Top security features on Coinbase include 2FA, private key encryption, cold storage of crypto assets backed by crypto-insurance, and FDIC insurance to all USD balances on the platform.

CoinSmart vs Coinbase: Supported Cryptocurrencies

Coinbase offers more crypto coins than CoinSmart.

While CoinSmart supports only 16 coins, Coinbase has over 100+ listed crypto tokens, making it a great place to find less-known, low-cap cryptocurrencies.

CoinSmart vs Coinbase

CoinSmart vs Coinbase: Trading Fees

CoinSmart fees

CoinSmart offers a simple and transparent fee structure compared to Coinbase, coming at 0.2% for single trades and 0.3% for double trades.

CoinSmart deposit and withdrawal fees range from 0%-1.5% depending on the funding method used and the transfer amount.

Credit card crypto purchases attract a fee of up to 6%. Crypto deposits are free, but you’ll incur crypto withdrawal fees that vary by coin.

Coinbase fees

Coinbase fees vary based on the trading platform you use. The standard Coinbase platform charges a flat fee of $0.99 to $2.99 for crypto purchases of $10-$200, and 0% to 3.99% for crypto purchases above $200, depending on the purchase or transfer method used.

Coinbase Pro uses a maker-taker fee schedule that’s tiered based on your 30-day trading volume. Taker fees start at 0.6% and decrease to 0.05%, while maker fees start at 0.4%.

ACH transfers are free, but wire transfers attract a flat fee of $10 for deposits and $25 for withdrawals.

CoinSmart vs Coinbase: Promotions

CoinSmart offers a more attractive signup bonus compared to Coinbase.

If you sign up for a Coinbase account, fund it, and purchase crypto worth $100 USD on the platform, you receive up to $10 in BTC.

If you sign up for a CoinSmart account via our referral link and deposit $200 or more, you receive a $50 cash bonus.

CoinSmart vs Coinbase: Best For

CoinSmart is great for beginners and experienced traders looking to access popular cryptocurrencies, trading tools, and multiple fiats. It is a fully-fledged Canadian company.

Coinbase works for new and experienced traders who want to access a wider crypto list, NFTs, and other crypto services. That said, you should note that its fees can be on the high side.

CoinSmart vs Coinbase: Table Breakdown

FeatureCoinSmartCoinbase
Supported coins16100+
Fiat transfer methodsInterac e-Transfer, credit card/debit card, bank draft, bank wireACH/bank wire transfer, Google/Apple Pay, debit/credit card, PayPal, etc.
Verification processAutomatic and instantExpress ID verification
Trading platformsWeb and mobile crypto appWeb and mobile crypto app
Trading fees0.20%Starting at 0.6% on Coinbase Pro
Deposit/withdrawal fees1% to 1.5%  based on the method used.Deposit fees of 0%-3.99% depending on the transfer method used. $10 for bank wire deposits and $25 for withdrawals.
Availability15 countries100+ countries
Promotions$50 sign up bonus if you deposit $200+

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

Low trading fees at 0.20% and multiple fiat currencies supported.

$50 instant bonus when you deposit $200.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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