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, cryptocoins offered, recent news, referral program, and more.
Table of Contents
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 individual have since stepped down from their executive roles after paying penalties levied as part of a settlement with the Ontario Securities Commission (OSC).
In February 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, you can sign up here. 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 offers trading in:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Ripple (XRP)
- Dogecoin (DOGE)
- Stellar Lumens (XLM)
- DASH
- Bitcoin SV (BSV)
- Ethereum Classic (ETC)
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 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 varies 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
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 | BTC, ETH, USDT, XLM, LTC, NEO, QCAD, ADA | Bitcoin and Ethereum | BTC, ETH, LTC, EOS, BCH, XLM, XRP |
| 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 | 0.1 – 0.4% trading, free deposits; 1-2% withdrawals | 0.2 – 0.4% trading; variable fees for deposits and withdrawals | 1.5 – 2% trading spread; free deposits and withdrawals. | Up to 0.50% 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 with Gemini- a regulated custodian | Cold storage policy; 2FA |
| Referral Program | $10 when you deposit $100 or more. | $15 when you deposit $100 | $25 after depositing and trading $100 | Bitcoin balance insurance |
| Learn more | Visit Coinsquare | Visit CoinSmart | Wealthsimple Crypto | Visit Bitbuy |
Related: NDAX Canada Review.
Coinsquare review
Summary
Coinsquare is a popular cryptocurrency exchange in Canada. This Coinsquare review covers its fees, coins offered, referral code and whether it is safe.
