Coinsquare is a popular cryptocurrency exchange in Canada offering trading in Bitcoin, Ethereum, and several other coins.
While cryptocurrencies remain a highly speculative asset, 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 $50 bonus with CoinSmart.
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).
Last year, 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 Does Coinsquare Work?
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 Method | Deposit | Withdrawal | Fees | Processing Time |
| Interac e-Transfer | $20 min; $10,000 max | N/A | 0% | 0-2+ days |
| Wire e-Transfer | $10,000 min; unlimited max | $10,000 min; $100,000 max | 0% for deposits; 2% for withdrawals | Same day before 4pm EST (deposits); 1-3 days (withdrawals) |
| Direct Bank Deposit | N/A | $20 min; $10,000 max | 2% | 1-3 days |
| Wealth Wire | N/A | $10,000 min; $100,000 max | 1% | 1-9 days |
| Rushed Wire | N/A | $50,000 min; unlimited max | 2% | 1 day |
It is free to deposit the supported digital currencies. If you withdraw 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 on 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.
Best Crypto Exchange in Canada
The best crypto exchange in Canada is CoinSmart.
CoinSmart Crypto Exchange
Top crypto exchange in Canada
Great for new & advanced traders
0.20% trading fee
Get a $50 bonus when you deposit $200
Coinsquare vs. Bitbuy vs. Wealthsimple Crypto vs. CoinSmart
We compare Coinsquare with Bitbuy, Wealthsimple Crypto, and CoinSmart below.
| Features | Coinsquare | CoinSmart | Wealthsimple Crypto | Bitbuy |
|---|---|---|---|---|
| Coins offers | BTC, BCH, BSV, ETH, ETC, DOGE, DASH, XRP, XLM, LTC, etc. | BTC, ETH, USDT, XLM, LTC, ADA, USDC, DOT, EOS, SOL, AVAX, & more | BTC, ETH, LTC, AAVE, DOGE, and more | BTC, ETH, LTC, EOS, BCH, XLM, AAVE, and more |
| Funding options | Interac e-Transfer, Bank wire, crypto | Interac e-Transfer, bank wire, bank draft, credit card, crypto | Electronic Fund Transfer | Bank wire, Interac e-Transfer |
| Fees | Up to 0.4% trading, free deposits; 1-2% withdrawals | 0.20% trading; variable fees for deposits and withdrawals | 1.5% price spread; free deposits and withdrawals. | Up to 0.20% trading fee; variable fees for deposits and withdrawals |
| CIPF/CDIC insurance | No | No | No | No |
| Security | Cold storage policy; 2FA | Cold storage policy; 2FA | Coins held in cold storage with Gemini – a regulated custodian | Cold storage policy; 2FA |
| Referral Program | $10 when you deposit $100 or more. | $50 when you deposit $200 | $25 cash bonus after depositing $150 | $20 when you deposit an initial $250 |
| Learn more | – | Visit CoinSmart | Visit Wealthsimple | Visit Bitbuy |
Related: NDAX Canada Review.
Coinsquare review
Overall
Summary
Coinsquare is a popular cryptocurrency exchange in Canada. This Coinsquare review covers its fees, coins offered, referral code and whether it is safe.
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.
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.
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.
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.
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.
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
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.
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 ….
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
Don’t walk; run from Coinsquare! This company is a nightmare that never seems to end. December 6, 2021, I was unable to log into my account. I emailed Coinsqure to let them know, and they said there was no account associated with my email. I have over 50K in there, so I did not want to hear. The customer service person said my issue would be escalated, and an investigation would occur. I repeatedly asked if the money was still in the account, and they wouldn’t respond. It is now 11 days later, and I am no further along. No one knows what the status of my account is. No one can tell me if my account is no longer in existence and no one cares. I have asked for Coinsquare contact information other than an email to get the authorities involved, and now I can’t even get an email response. In the last interaction, I had explained I would be contacted within 12 hours, that was days ago. Coinsquare couldn’t care less about what I am going through.
It is ridiculous that they charge 2% fees on every dollar you withdraw. On $10 000 dollars, that is $200 for transferring money be a direct deposit. Bringing in cash is free of charge, while taking back is punitive. They do not disclose you net amount that will be paid. I find the charges unfair and exhorbitant, it really costs them nothing to transfer in and out money. Not disclosing the fee impact at the time of withdrawal but referring you to a fee schedule through not when questioned. I will never use such terrible platforms again. Goodbye Coinsquare.