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Coinsquare review

45 stars

In our review today, we are going to discuss the Coinsquare cryptocurrency exchange. This Canadian-based exchange first broke onto the crypto arena in 2014 and rapidly grew to become one of the go-to exchanges for the residents of Canada.

We will take a look at What Coinsquare actually is, how it works, security aspects, advantages and disadvantages, fees, and much more. 

Let’s get right into it.

Pros

  • Simple and easy-to-use interface
  • Attractive fees and accepts CAD and USD 
  • Quick verification process for new accounts 

Cons

  • Suffered a data breach and penalized for it in 2020
  • Supports limited crypto coins

For cryptocurrency enthusiasts residing in Canada, selecting a decent crypto exchange is not a simple feat. When looking for a decent exchange, we look at dozens of cryptocurrency exchanges on several factors. These factors include (but are not limited to) user experience, payment methods, choices of cryptocurrencies, security aspects, and fees.

In our opinion, the best crypto exchange must provide the following features to its community:

  • Largely beginner-friendly.
  • Best for crypto purchases against fiat.
  • Lowest fees.
  • Best for altcoins.
  • Best for traders.

If you know your requirements, then finding a suitable cryptocurrency exchange should not be a big ask. We also recommend that you should never be afraid to use more than one exchange to benefit from their special perks, as, typically, you only pay fees when you perform trades.

Coinsquare: A brief Introduction

coinsquare review

Coinsquare is a cryptocurrency exchange based in Toronto, Canada. The exchange facilitates the crypto enthusiasts with trading services such as purchasing, selling, or trading various cryptocurrencies through it. 

Launched in 2014 with modest beginnings, Coinsquare rapidly grew into one of Canada’s biggest digital currency exchanges in recent years. Over the years, Coinsquare has been fostered by over $50 million in terms of capital investment and joined by over 100,000 crypto enthusiasts, making it one of the largest competitive players in Canada’s digital currency arena.

Although the Coinsquare exchange is available to use by crypto enthusiasts residing worldwide, the main objective behind building the platform has always been to provide and assist Canadian investors with safe and instant trading opportunities in the cryptocurrency sphere. 

One other feature that makes the exchange appealing for crypto users is its commitment to the platform’s security. Even though there have been few issues with the platform’s security, which we will cover in the “Security Section” of this review, but for now, it should be sufficient to say that there has never been a single loss of cryptocurrency because of any security breach. 

The Canadian-based trading exchange facilitates its customers with multiple options for funding their portfolios. It also allows them to deposit their account with CAD(fiat) and USD either via credit card, Flexepin, Interac e-Transfer, or Wire transfer.  

Coinsquare: Trading Platform

The CoinSquare cryptocurrency exchange facilitates its userbase with a web-based trading platform. This web-based trading platform is, in essence, a straightforward and easy-to-use platform that enables crypto traders to trade their digital assets in two ways.

  1. Quick Trade
  2. Spot Trade or Advanced Trade

The platform presents its community with these trading options to assist both short-term investors and long-term investors. It is entirely up to you, whether you just want to buy a digital coin and hodl it for a long time or are a day trader, you can select either of the above-mentioned options for your trading needs.

Quick Trade

Through the “Quick Trade” trading method of the platform, the Coinsqaure customers can trade their digital assets easily as well as instantly. If you just want to purchase a digital coin promptly with a basic buy order, all you need to do is select the “Quick Trade” option showing on your dashboard. 

Here, the platform will present you with a simple quote for the coin you wish to purchase. Once you confirm the order, the platform will execute the order for you instantly, and in no time the desired coin will be transferred to your wallet. 

Advanced Trade

Advanced Trade or trading by accessing the spot market is the second method that the Coinsquare platform provides to its clientele in helping them to trade their digital assets. 

You may find the interface for this method a bit complex than the “Quick Trade” method, but it serves the seasonal or day trader pretty well as it features multiple tools and charts that traders usually require to make necessary analysis about the desired cryptocurrencies. 

In its Advanced Trade method, Coinsquare uses the TradingView chart which is popular among crypto traders and employed by various crypto exchanges in the arena. Through the TradingView charts, a trader not only can run a technical analysis but also can map out the patterns and trend lines along with the summary of indicators.

To use this trading view, you can select the Advanced Trade tab given on the platform once you logged in. It not only enables you to use more functionality while trading that too on slighter lower fees for maker and taker. It also presents you with more comprehensive details about the order books, recent orders, and the current prices of the crypto coins.

How to Set Up your account on Coinsquare?

Setting up your account on Coinsquare is pretty easy. You can do so by following the simple steps mentioned below.

  1. Press on the “Get Started” button showing on the top left corner of its official homepage.
  2. On the next page, you will need to put your desire username, email address, and your password for the account. After that, you need to put your referral code (if you have any) and select your country, and then press the “Register” button showing at the bottom of the form.

And that’s it. Your new account is set up now. 

Once you have created your account without any trouble, you are obligated to go through the additional mandatory verification process. To complete this mandatory process, you will need to provide more personal information to Coinsquare such as your phone number, proof of identity, which can be your national ID card or your driver’s license. After completing this verification process, you can enjoy additional perks such as banking options while depositing and withdrawing your funds. 

It is also worth mentioning that the above-mentioned verification process is for the residents of Canada only.  Per Coinsquare, they are not yet able to verify the non-residents of Canada. As clients’ funds’ security is the exchange’s primary priority, as discussed earlier, Coinsqaure employs multiple layers of protection, which are as below:

  • 95% of the customers’ funds are stored in cold storage.
  • 2FA Authentication process.
  • SSL Encryption.
  • Backups are encrypted and distributed on daily basis.

Coinsquare: Deposit and Withdrawal Options

As discussed above, the Coinsquare platform primarily focuses on the crypto market of Canada and also allows customers to fund their accounts with Canadian Dollars (CAD), it is also associated with the regular banking system. This means that being a Coinsquare user you can deposit or withdraw funds to your bank account in CAD. 

To deposit funds to your Coinsquare account, you can choose either of the following methods:

  • Interac e-Transfer
  • Interac Online
  • Flexepin
  • Bank Draft
  • Wire Transfer
  • Money Order

To withdraw your funds from the Coinsquare account, you can either use the Direct Bank Deposit or Wire transfer method.

Coinsquare: Fees and Charges

As Coinsquare users can trade their cryptocurrencies in two ways, Quick Trade and Advanced Trade, the pricing structure for trading through these methods also differs. 

For spot trading or advanced trade, the platform charges you 0.1% in case of a Maker fee whereas it charges 0.2% for the Taker fee. When you trade through the “Quick Trade” method, the Coinsquare platform charges 0.2% for the single conversions trade and 0.4% for the double conversions swap. Remember that, single conversions include one of the cryptocurrencies being traded to be Bitcoin (BTC), while double conversions trade includes cryptocurrencies other than BTC.

For depositing funds to your Coinsquare account, the applicable fees are mentioned below:

Methods Fee

Interac e-Transfer 2.5%

Interac Online 2.5%

Flexepin 2.5%

Bank Draft 2.5%

Wire Transfer 0.5%

Money Order 2.5%

As when you are withdrawing funds from Coinsquare, the following charges are deducted by the platform:

Direct Bank Deposits 1%

Wire Transfer 0.5%

Coinsquare: Supported Cryptocurrencies

At the time of writing this review, the Coinsquare cryptocurrency exchange supports 10 different digital currencies on the platform. They are as follows:

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

Coinsquare: Operating Systems

The Coinsquare platform is available to access on all major operating systems there are in the world. It has mobile applications for both Android and iOS smartphone devices as well as you can access the web-based version of the platform through any operating system or web browser via your desktop computer or laptop.

Coinsquare: Security and Privacy

As mentioned in the introductory part of this review, Coinsquare has always been hack-free in terms of its clientele funds, as it is frequently said that the platform employs the same kind of security measures that the New York Stock Exchange utilizes. 

Having said that, the platform past is not full of rosy tales. Amidst the insane times of 2020, Coinsqaure faced a peculiar type of breach in its security system.

It is reported on multiple publications at the beginning of July, last year, a former employee of the Coinsqaure exchange stole the personal data of 5000 customers and sold it to cybercriminals.

The stolen data reported to be of customers’ mobile phones and Identity documents. Although it might not seem like a major problem to you at first, but personal information is much more critical than most individuals may think, that too in the cryptocurrency world, so it should not be ignored.

Again, the above-mentioned data breach that Coinsquare faced did not end up is losing any actual crypto coins from the platform, still, it casts a worrying fact that the platform’s security practices may not be deemed as reliable overall. 

Besides this breach, there have also been rumors of the alleged wash trading practices carried out by the company in the past. Surely, this is something that cast negativity towards the exchange as this type of practice is largely despised by both regulators and investors globally. Because, if not more, it indicates that the company finds it to be okay to bend the rules to attain its goals.

Coinsquare: Pros and Cons

Pros: 

  • Simple and easy-to-use interface for both newbies and seasoned traders.
  • Attractive fees and accepts CAD and USD 
  • Quick verification process for new accounts
  • Excellent choice for Instant trades
  • Various choice of payment methods
  • Facilitates Referral program.
  • Effective customer support. 

Cons:

  • Suffered a data breach and penalized for it in 2020
  • Supports limited crypto coins

Coinsquare Review Conclusion

If you have read this review until this point, you might agree that although, Coinsquare has had a couple of negative and frowned upon incidents in the past, for which they have to carry out concrete security measures to ensure that such incidents will not happen again to stay afloat in the competitive business of cryptocurrency. 

Overall Coinsquare has grown on to become one of the reliable and considerable competitors in the Canadian Cryptocurrency market in the past couple of years.

In addition to this, the platform is trying to make its firm place in the crypto industry by taking part in digital currency mining ventures and capital market businesses.

Having said all this, if you are in search of a cryptocurrency exchange from where you can purchase cryptocurrencies against your CAD, then Coinsquare could be an attractive option to you.

CryptoWhat
CryptoWhat was created in 2015 and has become one of the most trusted and well-respected sources of information on all things crypto. The blog's authors are dedicated to providing clear, concise, and jargon-free explanations of this complex technology, so that everyone can understand it.
By: Patrick Moore
By: Patrick Moore