What We Love: Pros
- A Canadian Exchange that can hold CAD funds.
- Free e-transfer deposit of Canadian funds.
- Secure platform with 95% cold storage on all cryptocurrencies.
- Expanding number of cryptocurrencies to invest in on their Quick Trade app.
- Great customer support.
What Could Improve: Cons
- Has two separate platforms that do the same thing: Classic Coinsquare and Quick Trade by Coinsquare.
- Depositing and withdrawing takes a while on the classic app as it has to be reviewed.
- Classic app has a 2% fee to withdraw fiat funds.
- Limit orders not available on iOS or Android, only on the website.
- Limit orders are only available with pairs to BTC not CAD.
Coinsquare Overview
A Toronto-based crypto trading platform founded in 2014, Coinsquare is one of the leading and regulated exchanges in Canada. With e-transfer and the ability to hold funds in Canadian dollars, a 95% cold storage policy, a secure, regulated and compliant exchange makes Coinsquare a great platform to build your wealth with crypto.
Currencies
Coinsquare offers 10 different cryptocurrencies on their main app. They have since launched a Quick Trade by Coinsquare app which offers 20 cryptocurrencies to choose from but are trade-only, meaning you are not able to deposit or withdraw to your personal wallet.
Funding with Canadian dollars is free through e-transfer, although it is instant with the Quick Trade app, it has taken up to two days to deposit with their classic Coinsquare "Advanced trade" app.
Services
Coinsquare offers a basic and secure platform for trading cryptocurrencies and not much more. One drawback for Coinsquare is they have two separate platforms! Quick Trade and the classic Coinsquare app. They require two separate sign-ups and the holdings are also separate.
Coinsquare Quick App on-boarding is as quick as 5 minutes, whereas the classic can take up to 7 days to get verified and started. Another difference is Quick Trade only offers withdrawals on 5 of their 20 coin listing, whereas the classic app allows withdrawals on all 10.
Although they offer an "Advanced trade" with functions such as limit orders, it is not available on Android or IOS and only works on their website. We would love to see more features such as the ability to stake and earn interest on holdings, and do not understand the need for two separate trading apps when they do the same basic trading.
Fees
Depositing with Canadian funds is free with e-transfer on both Quick Trade and the classic app. Withdrawals however, are free for the Quick Trade but costs a 2% fee for EFT or wire transfer out of the classic app. There are also withdrawal fees for cryptocurrencies on the classic app, with reduced bitcoin withdrawal fees for the Quick Trade app.
As for transaction fees, Coinsquare charges 0.2% for trades with one of the coins is bitcoin BTC, or 0.4% for trades that are not with bitcoin. For Bit Markets, Coinsquare charges a 0.1% Maker fee and a 0.2% Taker fee.
Overall Experience
My overall experience with Coinsquare is positive as it is the first exchange that got me into cryptocurrencies. I had a positive experience dealing with their customer service team as I had issues logging into my account and had the required support to resolve the issue.
My experience with the platform itself is also positive from buying and selling. Using the classic app, depositing fiat and withdrawing crypto took longer than I liked but this is due to the security and 95% cold storage policy they have . My only comment is that I wish they would have spent the time to improve on the classic app then to launch a separate Quick Trade app that requires you to sign-up again.
If you do not plan to withdraw your crypto to another wallet, I would recommend to use the Quick Trade app - althought the referral bonus only works on Coinsquare not Quick Trade - Quck Trade offers more coin selection, quick setup process, instant deposits and free withdrawals of fiat funds.
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