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Sunday, October 1st
CoinSmart is a growing cryptocurrency exchange that is based in Canada, and only serves those in Canada or the EU (sorry, U.S. investors). While still small, and yet to gain access to most major markets, how does CoinSmart stack up to its larger competitors?
Low fees and the convenience of "Smart Trade"
While CoinSmart's low withdrawal fees (and $0 deposit fee for $5,000 wires) is welcome, this is somewhat negated by their mid-priced maker/taker fees: for all trades made with Bitcoin and Canadian Dollars, it's .2%, for everything else, it's .3%. One nice element is that these mid-price fees partially pay for their "Smart Trade" program; instead of fiddling with trading pairs, CoinSmart does it all for you, and lets you buy altcoin-to-altcoin (with the .3% maker/taker fee to cover costs).
Low processing times, for now anyway...
One of CoinSmart's biggest draws are its instant crypto processing times. While welcome, this is partially a side-effect of the fact that they are still a small exchange. If they continue to grow, it is likely that processing times will slow accordingly due to higher network traffic.
The largest exchange ...in Canada
Even though CoinSmart is still the largest Canadian crypto exchange out there, it is still relatively small, and yet to fully prove itself. Oftentimes, a pattern among any company once they have accrued a user base, is to change the terms and conditions to extract more value from those already there. While CoinSmart may seem like a smart choice today, it is still growing, and may be a radically different service one to two years down the line, so keep that in mind as you use their service.
Good customer service
We appreciate that CoinSmart's customer service includes a phone line, though it appears that you need to navigate a chatbot in order to access it. Reviews, however, generally cite a positive experience with customer support: a rarity in the crypto world.
An excellent exchange for those who can access it
In short, CoinSmart is a good choice for Canadian and European investors who are looking to buy and sell cryptocurrency in a beginner-friendly environment with relatively reasonable fees, don't want to have to fiddle with trading pairs, and like quick transaction/withdrawal times. Its geographic limitations, however, is also the greatest limitation in our review, and as most markets are unable to access CoinSmart as of writing, it likely is not the best choice for most crypto investors.
Are you interested in buying cryptocurrency? Want to know what all the fuss is about? Do you want to make sure you're a part of the next financial craze that sweeps the nation? When it comes to cryptocurrency, there's a lot to know - both good and bad. But it's not rocket science.
Obviously, one of the primary reasons that people to get involved in crypto is the potential for financial gain. Cryptocurrencies have experienced substantial price increases in the past, leading to significant profits for early adopters and investors. Conversely, cryptocurrencies have also experience significant decreases in value. With such a volatile asset, the old adage "buy low, sell high" has never been more true.
Another reason people have turned to crypto is for financial freedom: Cryptocurrencies offer the possibility of financial freedom by providing an alternative to traditional financial systems. They operate on decentralized networks, which let you have more control over your money and bypasses the need for intermediaries such as banks.
If you want o to buy cryptocurrencies, then you need to open an account with a crypto exchange. Cryptocurrency exchanges are a sort of marketplace where buyers and sellers can connect and transact with various digital assets. Exchanges typically offer a wide range of cryptocurrencies, which can let you diversify your investment portfolio. There are literally hundreds of crypto exchanges available to you - it's enough to make your head swim.
Good crypto exchanges provide a user-friendly and accessible platform for you to trade digital currencies. They can also display real-time price information, which let you monitor market trends and make informed decisions more quickly. The best exchanges implement robust security measures in order to protect your funds and personal information. They will employ encryption, two-factor authentication, and possibly cold storage solutions to safeguard assets from theft or hacking attempts.
So which crypto exchange is the best? That's a tough question to answer, as exchanges - just like cryptocurrency itself - are currently in flux. Whether you're looking at security breaches, lawsuits and regulatory side-stepping, exploitative data harvesting practices, consistently poor customer service, high-profile collapses such as FTX, irresponsible crypto lending like Gemini, or payment-for-order flow profiteering, the crypto-scene is not for the risk averse, and not for those unwilling to do their homework. However, if you are going to be trading crypto, it is well worth your time to do the research to ensure the security of your investments, and the quality of the exchange you choose to utilize.
If that wasn't enough to make you pause, consider that a whole slew of exchanges are being sued by the SEC and the CFTC. Whatever your position, the future of crypto is being actively negotiated in the U.S, as the SEC and CFTC (Commodities and Futures Trade Commision) wage regulatory battles over the status of cryptocurrency as an unregistered security.
In short, there is a lot to consider when choosing a cryptocurrency exchange. By doing some digging on your behalf, we at TopConsumerReviews.com hope to help you find the right exchange in an increasingly volatile landscape.
Before you start with our list, here are some critical points to keep in mind:
That might seem like a lot to keep in mind. It's natural to feel some anxiety when choosing an appropriate exchange, but don't let it discourage you! Taking the time to find the right exchange can pay (and protect) your dividends down the line. Here at Top Consumer Reviews, we've waded through the best (and worst) of what's out there, and have found the best exchanges for your consideration.
Select any 2 Crypto Exchanges to compare them head to head
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