Coinsquare Review 2021: Crypto Trading, Fees, and Referral Code

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by Enoch Omololu

Updated

Advertiser Disclosure

Coinsquare is a popular cryptocurrency exchange in Canada offering trading in Bitcoin, Ethereum, and several other coins.

While cryptocurrencies remain a highly speculative asset, so far in 2021, their uptake by retail and institutional investors has been unprecedented.

And, Canadians looking to bet some money on crypto-assets can gain access using platforms like CoinSmart, Wealthsimple Crypto, Bitbuy, NDAX, and Coinsquare.

This Coinsquare review covers its fees, security features, crypto coins offered, referral program, alternative cryptocurrency platforms, and how to get a $20 bonus with CoinSmart or a $50 bonus with Wealthsimple Crypto.

What is Coinsquare?

Coinsquare Canada is a cryptocurrency exchange founded in 2014. Its headquarters is based in Toronto.

The platform offers more than just trading opportunities for everyday folks. It also has an Over-The-Counter (OTC) desk for large volume cryptocurrency trades ($25,000+) and dedicated account management via Coinsquare Wealth.

Coinsquare was in the news recently regarding wash (fake) trades “authorized” by its co-founders – Virgile Rostand and Cole Diamond.

Both individuals have since stepped down from their executive roles after paying penalties levied as part of a settlement with the Ontario Securities Commission (OSC).

In 2021, the crypto exchange launched its mobile app “Quick Trade” on both iPhone and Android devices.

Coinsquare – Summary of Features

  • Provides access to 10 different coins
  • Desktop and mobile trading platform with options for beginners and experienced traders
  • Competitive trading fees and free deposits
  • Regulated as a Money Service Business (MSB) with FINTRAC.
  • Offers chat and email support

How Coinsquare Works

Coinsquare’s sign-up process is similar to the other cryptocurrency platforms we have reviewed.

To get started, visit Coinsquare. After verifying your email address and phone number, you are required to provide additional information including a:

  • Government-issued ID, and
  • Utility bill or bank statement

This KYC verification is a legal requirement. When your account has been fully verified, you can fund it using Interac e-Transfer, wire transfer, and digital currency deposits.

Crypto Assets On Coinsquare

Coinsquare supports trades in:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)
  • Dogecoin (DOGE)
  • Stellar Lumens (XLM)
  • DASH
  • Bitcoin SV (BSV)
  • Ethereum Classic (ETC)

Related: Best Crypto Trading Platforms

Coinsquare Fees

The trading fees vary depending on whether you are using Quick Trade (instant trades) or Bit Markets (advanced platform with multiple order types).

When using Quick Trade, you pay 0.20% for trades using BTC (single trades) and 0.40% for trades not involving Bitcoin (double trades).

Bit Markets fees are lower at 0.1% for liquidity trades (Maker) and 0.2% for trades that remove liquidity (Taker).

Deposits are free, however, a 2% fee applies to withdrawals.

Funding MethodDepositWithdrawalFeesProcessing Time
Interac e-Transfer$20 min; $10,000 maxN/A0%0-2+ days
Wire e-Transfer$10,000 min; unlimited max$10,000 min; $100,000 max0% for deposits; 2% for withdrawalsSame day before 4pm EST (deposits); 1-3 days (withdrawals)
Direct Bank DepositN/A$20 min; $10,000 max2%1-3 days
Wealth WireN/A$10,000 min; $100,000 max1%1-9 days
Rushed WireN/A$50,000 min; unlimited max2%1 day

It is free to deposit the supported digital currencies. If you withdrawal crypto, these fees apply:

  • Bitcoin: 0.00025 – 0.0005 BTC
  • Ethereum: 0.001 – 0.005 ETH
  • Bitcoin Cash: 0.001 BCH
  • Litecoin: 0.02 LTC
  • XRP: 0.5 XRP
  • Bitcoin SV: 0.001 BSV
  • Ethereum Classic: 0.005 ETC
  • Dash: 0.002 DASH
  • Stellar: 0.5 XLM
  • DOGE: 2.0 DOGE

The withdrawal fees for digital currencies vary with Quick Trade and Coinsquare’s advanced platform. Check their website for the most updated information.

Related: How To Buy Bitcoin in Canada

Pros and Cons of Coinsquare

Pros:

  • Has a good selection of coins including forks like Bitcoin SV and Ethereum Classic.
  • Quick verification for new accounts.
  • Industry average processing times for deposits.
  • User-friendly platforms for both newbies and pros.
  • Referral program.

Cons:

  • Accommodates only CAD fiat deposits.
  • Support is available from 9am-5pm EST Monday to Sunday (not 24/7).
  • Was penalized by regulatory authorities for fraudulent activity in 2020.
  • Not a member of IIROC or CIPF.

Is Coinsquare Safe?

This is a good time to remind you that cryptocurrency trading is a risky venture. You can lose all your money regardless of which platform you are using.

Coinsquare is a registered Money Service Business in Canada and it is required to comply with the regulatory framework put in place by FINTRAC (Financial Transactions and Reports and Analysis Centre of Canada).

As per its website, the company has a 95% cold storage policy and uses encryption to protect your account information.

Similar to other crypto exchanges in Canada, Coinsquare is not a member of the Canadian Investor Protection Fund (CIPF). What this means is that your investments are not insured should the firm become insolvent.

Coinsquare Referral Program

Coinsquare has a referral program that pays you up to 45% commission of their fees.

You can copy your referral code or link from your account dashboard and share it with friends.

Your referral (friend) receives $10 in BTC when they fund their account with at least $100.

Coinsquare vs. Bitbuy vs. Wealthsimple Crypto vs. CoinSmart

We compare Coinsquare with Bitbuy, Wealthsimple Crypto, and CoinSmart below.

FeaturesCoinsquareCoinSmartWealthsimple CryptoBitbuy
Coins offersBTC, BCH, BSV, ETH, ETC, DOGE, DASH, XRP, XLM, LTCBTC, ETH, USDT, XLM, LTC, NEO, ADA, ADA, USDC, DOT, EOSBTC, ETH, LTC, AAVE, DOGE, and 23 othersBTC, ETH, LTC, EOS, BCH, XLM, XRP, AAVE
Funding optionsInterac e-Transfer, Bank wire, cryptoInterac e-Transfer, bank wire, bank draft, credit card, cryptoElectronic Fund TransferBank wire, Interac e-Transfer
Fees0.1 – 0.4% trading, free deposits; 1-2% withdrawals0.20% trading; variable fees for deposits and withdrawals1.5% price spread; free deposits and withdrawals.Up to 0.20% trading fee; variable fees for deposits and withdrawals
CIPF/CDIC insuranceNoNoNoNo
SecurityCold storage policy; 2FACold storage policy; 2FACoins held in cold storage with Gemini – a regulated custodianCold storage policy; 2FA
Referral Program$10 when you deposit $100 or more.$20 when you deposit $100$50 after depositing and trading $150$20 when you deposit an initial $250
Learn moreVisit CoinSmartVisit WealthsimpleVisit Bitbuy

Related: NDAX Canada Review.

Coinsquare review
3.5

Summary

Coinsquare is a popular cryptocurrency exchange in Canada. This Coinsquare review covers its fees, coins offered, referral code and whether it is safe.

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Author

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Enoch Omololu

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 has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

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.

9 thoughts on “Coinsquare Review 2021: Crypto Trading, Fees, and Referral Code”

  1. Same as many others. I deposited by CAD with no issues. Was able to trade ETH with no issues. Easy to convert ETH to CAD, no issues.

    Now that I want to withdraw my CAD back into my bank account, after numerous repeated messages back and forth with Support and following their instructions carefully, I still cannot withdraw my CAD. They have now stopped replying to me and I cannot access my hard-earned money. They should be called CONsquare as they are more so a criminal organization than a cryptocurrency exchange platform.

  2. Unreliable platform to do trading. A lot of issues when it comes to depositing and withdrawing funds which takes days to resolve. On top of that, costumer service takes a couple of days to even provide services to resolve any giving problems.

  3. Total garbage so far.
    Deposit takes days.
    Chat is computer generated.
    Ownership should be embarrassed.
    Can’t see this being viable for long when run buy children.

  4. Coinsquare is garbage they take over 48 to confirm transaction while you lose money. It is a scam don’t use them or you will regret. No proper support.

  5. Coinsquare is absolute Shit!! Save your hard working money and use Coinberry instead. Coinsquare support is horrible.. good luck ever getting your money out of there or even trying to send out crypto to other external wallets.

  6. I’ve experienced the exact same thing as other posters. I’ve been locked out of my account for two weeks now and they won’t even reply to my emails. Total cons

  7. Yeah… No. Better out there. Fees are hidden. They post one thing but not reality when executing trades. Got my money out. Fee to sell. Fee to convert to cash. Confirmed transfer amount to my bank. Guess what, “fee” or whatever it was, less deposited to my account than amount approved for transfer. Done. Everyone else is speaking the truth. To many other platforms to trade on. Don’t waste your time here.

  8. Too many hidden fee’s trying to sell one of my crypto currencies and the market price has gone up by 20% and yet for two days their sell price has not changed by more than a dollar or two and is much lower than the actual market price. …. I am done with these jokers ….

  9. Somewhere i saw coinsquare responding to complaints from this address, but it seems thats being ignored
    “Sorry, we were unable to deliver your message to the following address. :

    Coinsquare seems unwilling to provide proof, evidence that I sent them the address,
    (account # for public record) they used, had me acknowledge.
    Coinomi also accepts no responsibility for their app confirming or providing the account used,
    my coins were sent to, or for my coins being accessible by me.

    These coins have continued to sit, for over 3 years unclaimed by anyone,
    and seems unclaimable by me? or anyone for eternity?
    (Even though easily legally provable mine)

    Coinsquare support also continue to ignore requests for
    “communication detail” they acknowledged by email, and state is available?

    See support tickets: S5NTLRAH Jan 24, 2018 at 12:36
    wherein its stated “Progress on your ticket will be posted
    in the support section of your account?” (and is not)
    as well as
    QUW7GVXF
    NSJLYH CG
    32LKKK66
    KOXMWYO7
    6AL55EP

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