Key Takeaways
- Coinsquare is the first IIROC-regulated crypto exchange in Canada, offering additional assurance.
- Coinsquare has two trading options: Bit Markets (maker-taker) and QuickTrade (simple, flat fee).
- Coinsquare’s commitment to user feedback and regulatory compliance makes it a solid option for Canadian crypto investors, especially beginners and those prioritizing ease of use.
What is Coinsquare?
Established in 2014, Coinsquare has emerged as a leading player in the Canadian cryptocurrency market. Launched as a retail exchange (Coinsquare.io), it has since expanded its reach by establishing Coinsquare.com and expanding into new areas.
Coinsquare has over 200 employees and has secured over $100 million in funding, facilitating significant growth. This success has allowed them to onboard over half a million Canadian users.
Despite increased competition from other Canadian exchanges like BitBuy, Coinsmart, and Coinberry, Coinsquare has maintained its position as a leader by innovating its offerings. It has established a mining venture arm and a capital markets division focusing on high-net-worth investors and institutions.
Is Coinsquare Safe?
Coinsquare is a leading Canadian cryptocurrency exchange with a strong commitment to security. It has a proven track record of securing user funds and has implemented strong security measures. As the first IIROC-regulated exchange in Canada, Coinsquare offers an extra layer of assurance regarding its integrity and compliance with industry standards.
Exchange Security
Coinsquare is committed to security, employing various measures to protect user assets.
- Cold Storage: 95% of Coinsquare’s coins are stored offline in cold storage, protecting them from potential hacking threats.
- Ledger Management: Thorough ledger management processes are conducted approximately 2346 times daily to ensure accurate tracking of account balances and prevent issues like those experienced by Bitgrail.
- DDoS Protection: Coinsquare’s servers undergo thorough stress testing to reduce the risk of DDoS attacks, which can disrupt exchange operations and limit access to funds.
- IIROC Regulation: As Canada’s first IIROC-regulated cryptocurrency exchange, Coinsquare adheres to strict industry standards, providing an extra layer of assurance regarding its integrity and compliance with regulatory requirements.
These strong security measures demonstrate Coinsquare’s dedication to protecting user assets and maintaining a reliable trading environment. However, it is always recommended that you conduct your own research and due diligence before choosing any cryptocurrency exchange.
User Security
Coinsquare prioritizes user security by implementing two-factor authentication and secure SSL communications. To further protect your account, activate 2FA and avoid leaving large amounts of cryptocurrencies on the exchange. Remember, taking control of your private keys is essential for safeguarding your digital assets.
Data Breach
In early 2020, Coinsquare experienced a data breach that exposed the personal information of over 5,000 users. While a security vulnerability didn’t cause the breach, it highlighted the importance of ongoing security measures. Coinsquare took steps to notify affected users and authorities.
Asset Coverage
Coinsquare offers a variety of cryptocurrencies, including Bitcoin, Ethereum, and more. You can buy these coins using Canadian dollars on Coinsquare and then transfer them to other exchanges for a wider selection of altcoins. Use our currency converter to estimate how much you can buy.
Coinsquare Fees
Coinsquare offers competitive trading fees compared to other fiat-based exchanges. For your trading needs, you can choose between market orders and Quicktrade.
Bit Markets Fees
Coinsquare’s Bit Markets utilize a maker/taker fee structure. Market makers who add liquidity to the order book receive a lower fee of 0.1%, while market takers who remove liquidity pay a 0.2% fee. This structure incentivizes market makers to contribute to the depth and liquidity of the exchange.
Quick Trade Fees
Coinsquare’s Quicktrade feature offers a quick and easy way to buy cryptocurrencies. With a simple interface and competitive fees, Quicktrade is ideal for those who prioritize speed and efficiency. Simply select your cryptocurrencies, enter the amount, and confirm your trade.
Coinsquare Payment Methods
Coinsquare offers a variety of convenient funding and withdrawal methods. As a Canadian-based exchange, they have strong relationships with local banks, making it easy for Canadian residents to deposit and withdraw funds.
Before funding your account, complete the necessary verification (KYC) steps.
Funding Methods
| Payment Method | Min | Max | Fee | Processing Time | Withholding |
| Interac e-Transfer | $100 | $3,000 | 0% | 1-5+ business days | 3 |
| Credit Card | $100 | $5,000 | 10% | Instant | 7 days |
| Flexepin | $20 | $500 | 0% | Instant | Instant |
| Bank Draft | $1,000 | $9,000 | 0% | 1-3+ business days | 14 days |
| Money Order | $100 | $999 | 0% | 1-3+ business days | 5 days |
| Wire Transfer | $10,000 | $300,000 | 0% | 0-3+ business days | Instant |
Withholding: The withholding period is the time it takes for Coinsquare to allocate funds to your account. It can be waived for regular customers.
Cryptocurrency Deposits: Funding your account with cryptocurrency is fee-free. However, the processing time will depend on the blockchain network’s confirmation time.
Credit Card Fees: Credit card deposits pay a 10% fee, higher than other exchanges. This is due to restrictions many Canadian banks place on cryptocurrency-related credit card transactions.
Creating a Coinsquare Account
To start trading on Coinsquare, you must create an account. To access the registration page, click the “Get Started” button on the homepage.
Once you’ve provided your email address and confirmed your account, you’ll have a basic Coinsquare account. However, to fully utilize the platform’s features, you must complete the Know Your Customer (KYC) verification process. This is a standard requirement for most cryptocurrency exchanges.
Coinsquare Verification Process
Coinsquare requires users to complete a verification process to confirm their identity to comply with regulatory requirements. This involves providing personal information, including proof of identity and address.
Required Documents
- Proof of Identity: Driver’s license, passport, national ID card, permanent residency card, or health card (Quebec residents).
- Proof of Address: Bank statement or utility bill.
Verification Timeline
Once you submit your documents, Coinsquare aims to review them. While they strive for quick verification, please allow approximately one business day to complete the process.
Coinsquare’s verification process is generally faster than that of other exchanges like Bitstamp and Kraken, particularly during peak periods.
Coinsquare Mobile App
The Coinsquare mobile app offers a convenient way to trade cryptocurrencies on the go. Available for Android and iOS, the app provides many of the same features as the desktop platform.
App Features and Functionality
While the mobile app provides a user-friendly interface and allows you to navigate between trading, funding, and withdrawal options easily, it currently lacks the advanced trading features available on the desktop platform.
User Feedback
Reviews on the App Store and Google Play Store show that the Coinsquare mobile app has faced some technical issues, particularly with recent updates. Some users have reported glitches and performance problems.
Complaints about the high credit card fees associated with the app have also been reported. However, it is encouraging that the Coinsquare development team is responsive to user feedback and actively addresses reported issues.
Overall, the Coinsquare mobile app is a valuable tool for users who need to trade cryptocurrencies on the go. While it may have some limitations compared to the desktop platform, the development team’s commitment to addressing user concerns is a positive sign for future improvements.
Coinsquare Customer Support
Practical customer support is essential for a positive trading experience. Coinsquare offers multiple channels to assist users with their inquiries.
Ticketing System: For more specific issues, submit a support ticket through their ticketing system. Coinsquare has shown a relatively quick response time, typically within 12 hours.
Support Hours: Customer support is available from 9:00 AM to 5:00 PM EST, Monday to Friday.
While Coinsquare doesn’t offer phone support for standard accounts, they may introduce this option as their team grows.
Overall, Coinsquare’s customer support is responsive and effective. It assists with both online resources and ticketing systems.
Final Thoughts
Coinsquare is a reputable Canadian cryptocurrency exchange known for its security and user-friendly platform. It offers various features, including competitive fees, a wide range of cryptocurrencies, and reliable customer support.
However, potential users should consider factors like its limited asset coverage, high credit card fees, and mobile app limitations. Coinsquare is a solid choice for Canadian investors seeking a secure and easy-to-use exchange, especially beginners.
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