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An Honest Coinsquare Review in 2022

Last updated 16th May 2022
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Coinsquare is a cryptocurrency exchange based in Canada. Users can buy and sell major currencies with fiat currencies (like USD, EUR, and CAD), including Bitcoin and Ethereum. Coinsquare has fewer available cryptocurrencies than other exchanges but compensates with an intuitive interface, stringent security features, and competitive pricing.

In this review, we’ll cover Coinsquare’s benefits, drawbacks, features, fees, security protocols, and more. Read on for more information.

4/5 Star rating
Coinsquare's QuickTrade feature instantly makes trades between any two currencies
Low, transparent fees and no trading minimum

Coinsquare was founded in 2014 and currently has over 100,000 Canada-based users. You can buy and sell popular cryptocurrencies with US or Canadian dollars, euros, or other cryptocurrencies either on the desktop version or mobile app (for iOS and Android).

Some of Coinsquare’s key features include:

  • Numerous supported cryptocurrencies, including Bitcoin, Ethereum, and other altcoins.

  • A streamlined mobile application is available for Android devices.

  • High-level security – 95% of funds are kept in cold storage.

  • Dedicated service to Canadian crypto-traders.

  • Quick Trade function to convert crypto assets quickly.

Coinsquare Overview

💼 Provider Type:Exchange
💸 Minimum Deposit:$20
💰 Trading Fees:None
💰 Deposit Fees:Varied
💰 Withdrawal Fees:Varied
💰 Management Fees:Varied
🔀 Minimum trade orderNone
⌛ Withdrawal Timeframe:1 - 3 business days
#️⃣ Number of Cryptocurrencies Supported:10
#️⃣ Number of Crypto Pairs Supported:20
💱 Top supported Cryptocurrencies:BTC, BCH, BSV, LTC, ETH
📊 Leverage:None
📱 Native Mobile App:Yes
🖥️ Free Demo Account:No
🎧 Customer Support:Live chat, Email
✅ Verification required:KYC
📈 CFD AvailableYes
📊 Software:Website, web app, mobile app
⚽ Social Trading:No
✂️ Copy Trading:No

Pros And Cons Of Using Coinsquare

Pros

QuickTrade to convert crypto assets easily
Most popular cryptocurrencies supported
User-friendly interface
Mobile app for iOS and Android
Cold storage for coin protection

Cons

Only available to Canadian users
Poor customer service reputation
Very few altcoins compared to other exchanges

Coinsquare Cryptocurrencies And Trading Options

What Cryptocurrencies Can You Trade On Coinsquare?

Coinsquare offers numerous cryptocurrencies to buy, sell, and exchange. These include:

Different Trading Options Offered By Coinsquare

Coinsquare offers several trading options. These include:

Spot Markets

Coinsquare offers spot trading, allowing crypto coins to be bought and sold for quick delivery. As a Coinsquare user, you can enjoy spot trading with fiat currencies or cryptocurrencies.

Some of the most popular cryptocurrencies you can buy on Coinsquare spot exchange include:

Options Trading

Coinsquare offers advanced options trading options, including stop, limit, and market orders.

Some popular currencies you can trade this way include:

QuickTrade

Coinsquare also offers a QuickTrade feature to convert any two available cryptocurrencies instantly.

Can I Trade With Leverage On Coinsquare?

No, Coinsquare does not support leveraged trading.

Trading with leverage is risky and does not guarantee profits. Exercise caution and only trade what you can afford.

What Are The Spreads?

Coinsquare features 1.5% spreads, but this figure varies as the crypto market fluctuates.

Fees, Limits, And Payment Options On Coinsquare

What Are The Deposit And Withdrawal Fees, Limits, And Speeds?

Coinsquare offers a few deposit and withdrawal options. These include:

Deposit Methods

  • Interac e-Transfer: Coinsquare allows a minimum Interac e-Transfer of $20 and a maximum of $10,000. There are no fees, and deposits go through within 0-2 days.

  • Wire e-Transfers: Wire e-transfers have a minimum limit of $10,000 and no maximum limit. There is no fee for deposits. Transfers go through on the same day before 4 pm.

Withdrawal Methods

  • Wire e-Transfer: Wire e-Transfer withdrawals have a limit of $10,000 minimum and $100,000 maximum. Expect 2% fees and transfer speeds of 1-3 days.

  • Direct Bank Deposit: Direct Bank Deposit withdrawals of $20 minimum and $10,000 maximum. Bank deposit withdrawals incur 2% fees and go through within 1-3 days.

  • Wealth Wire: Wealth wire transactions have a minimum limit of $10,000 and a maximum of $100,000. Expect 1% fees and a transaction time between 1-9 days.

  • Rushed Wire: Rushed Wire withdrawals have a minimum limit of $50,000 and an unlimited maximum. Expect 2% fees and expedited one-day transaction speeds.

How Much Are Coinsquare Fees And Commissions?

Coinsquare trading fees change depending on whether you use QuickTrade or Bit Markets. When using QuickTrade, you can expect fees of 0.2% for Bitcoin trades. Those fees rise to 0.4% for altcoin trades (double trades).

Bit Market fees are much lower. Expect 0.1% fees for maker trades and 0.2% for taker trades.

Deposits do not come with fees. However, expect to pay 1-2% fees for withdrawal (Wealth Wire withdrawals are the cheapest option).

Cryptocurrency deposits are free. However, crypto withdrawals incur the following fees:

Coinsquare also offers a referral feature, paying up to 45% commission on their fees. Simply copy a link or referral code from your account dashboard, then share it with your friends and family. Coinsquare gives $10 BTC to referrals when they add $100 into their account.

Coinsquare Trade Sizes And Limits

Coinsquare lets you spend $10,000 maximum on cryptocurrencies per day. However, the minimum trading limit stands at $20 based on real-time market values.

Coinsquare Trading Platform

What Devices Can I Use Coinsquare On?

Coinsquare can be used on a few devices, including:

  • Desktop: Coinsquare’s main platform is available on desktop and contains all advanced trading features, including options trades and crypto-to-crypto exchanges. Use this version to make deposits, withdrawals, manage your funds and account.

  • Mobile phone application: Coinsquare also has a mobile app available for iOS and Android devices. The app offers the same features as the desktop version; buy and sell crypto, execute deposits and withdrawals, and use the QuickTrade function for speedy crypto-to-crypto exchanges. Download the app from your device’s app store for free.

Can I Use Coinsquare In Any Country?

Coinsquare is only available in Canada. As such, international traders should look for an alternative exchange such as Binance or Coinbase.

Remember, crypto trading is prohibited in certain jurisdictions, including China. Check your local laws before trying to sign up for an exchange.

Is Coinsquare Available In My Language?

Coinsquare is available in numerous languages. Some of the most popular options include:

  • English

  • French

  • Spanish

  • German

How Easy Is It to Use Coinsquare?

Coinsquare’s desktop platform is easy to use for beginner and advanced Canadian traders. Users can choose between simple trades and advanced options trading. However, Coinsquare is difficult to use on mobile. The app has an average rating of 2.3 out of 5 stars on Apple App Store and Google Play Store. Users report frequent crashes, varied deposit times, and limited functionality.

If you are looking for a seamless mobile service, we recommend Coinbase or Binance instead.

Key Features

Coinsquare has many key features. These include:

No fee deposits

Unlike many other exchanges, Coinsquare does not charge any fees for deposits. However, you only have two deposit options available. If you require more deposit options, try an alternative exchange.

QuickTrade

Coinsquare’s QuickTrade features make crypto-to-crypto exchanges easy. Simply select the cryptocurrencies you’d like to exchange from the list available, then finalise your order.

Supports Popular Cryptocurrencies

Coinsquare supports 10 major cryptocurrencies, including Bitcoin, Dogecoin, Ethereum, Litecoin, Ripple, and more. If you are looking for altcoins, purchase BTC or ETH through Coinsquare, then take your funds to a comprehensive exchange like Binance to purchase niche coins.

Security And Regulation

Is Coinsquare Safe?

Coinsquare utilises industry-leading security tech to protect your information, funds, and assets. The account holder must pass a KYC test, proving either a passport or driving license to confirm their identity. In addition, Coinsquare uses SSL encryption and two-factor authentication every time you log in.

Coinsquare does not store any financial information on its database. All info is encrypted and stored securely. Also, Coinsquare has experienced one data breach in its eight-year history.

All exchanges carry an element of risk. Cryptocurrency markets are volatile and unpredictable. Whenever you trade cryptocurrencies, you risk losing a large amount of money. Only trade what you can reasonably afford.

Am I And My Cryptocurrency Protected?

Yes. Coinsquare stores 95% of coins in offline cold storage, an effective storage method against hackers.

Like other Canada-based crypto exchanges, Coinsquare is not affiliated with the CIPF (Canadian Investor Protection Fund). As such, your investments will not be insured if the exchange becomes insolvent.

Is Coinsquare Regulated?

Yes, Coinsquare is regulated as a Money Service Business with FINTRAC, adhering to their rules and guidelines as a crypto exchange.

Do I Have To Verify My Account With Coinsquare?

Yes. All users need to verify their identity, phone number, and email address before trading with Coinsquare. The sign-up process involves KYC procedures. You will need to produce a form of government-issued ID (passport or driving license) to become a Coinsquare user.

If you have any questions regarding the Coinsquare registration process, contact customer support for more information.

Extra Information

Educational Resources

Coinsquare has a robust help section to help you understand the exchange, sign-up process, security procedures, and how to make a trade. They also have a “How It Works” section to help new traders find their feet.

Tools And Charting

Coinsquare offers simple trading tools for beginner traders. However, it also has advanced tools for options trading. The exchange has a QuickTrade feature for speedy crypto-to-crypto transactions and real-time crypto charts for up-to-date market values.

Coinsquare does not offer leveraged trading instruments or futures trading options. If you require these tools, try an alternative exchange or broker instead.

Customer Support

Coinsquare offers two customer service options: live chat and email. However, many customers have complained about slow response times from the Coinsquare support team and fund clearing times. Coinsquare does not have a customer support phone number.

How To Buy And Sell Cryptocurrency On Coinsquare

How To Buy Crypto On Coinsquare

  • Step 1 - Visit Coinsquare's official site & site up

Register for an account on Coinsquare.

  • Step 2 - Verify your identity

Provide your verification information and documents.

  • Step 3 - Make a deposit

Deposit funds into your account with Interac or Wire e-Transfers

  • Step 4 - Select a trading pair

Select the relevant trading pair – you can trade with USD, CAD, EUR, or other cryptocurrencies.

  • Step 5 - Specify amount

Enter the amount of crypto you want to buy.

  • Step 6 - Complete order

Complete your order – you can spend up to $10,000 on a single cryptocurrency transaction.

  • Step 7 - Withdraw funds

Withdraw your funds to a secure personal wallet.

  • Step 8 - Enjoy your tokens.

How To Sell Crypto On Coinsquare

  • Step 1: Sign in to your Coinsquare account

  • Step 2: Choose the“Sell” option.

  • Step 3: Ensure your crypto coins are in your Coinsquare wallet.

  • Step 4: Select the number of crypto coins you want to sell.

  • Step 5: Double-check the conversion rate to ensure you are happy with the value of your crypto coins.

  • Step 6: Follow the instructions on-screen to make your sell order.

  • Step 7: Finalise your order.

  • Step 8: Withdraw those fiat currency funds via several withdrawal methods.

  • Step 9: Wait for the funds to reach your bank account. This can take anywhere from 1-9 days, depending on your withdrawal method.

Is there an alternative to Coinsquare?

Yes, there are many more ways to trade cryptocurrencies. Check out some of our reviews for the best brokers:

1
eToro
Minimum Deposit
$200
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
2
Coinmama
Minimum Deposit
$100
Exclusive Promotion
User Score
9
Easy to use tool
High profit potential
Offers Phone Support
3
Atani
Minimum Deposit
$100
Exclusive Promotion
User Score
9
Popular among traders
Fast system for trading
Popular for beginners

Final Thoughts

Coinsquare offers a sophisticated trading platform for Canadian users. Use this exchange if you want to buy 10 of the most popular cryptocurrencies. However, if you are looking for niche coins or you are an international trader, try another exchange like Binance or Kraken.

Coinsquare has robust charts and comprehensive features (including QuickTrade) to help new and experienced traders purchase crypto coins in their way. Make instant trades or options trades with dollars, euros, or other crypto coins.

Coinsquare is a good option for users looking for high-security features (cold storage, two-factor authentication, and SSL encryption) and a reliable desktop platform. However, the mobile app is difficult to use, and customer support is not as reliable as some other exchanges. Still, if you are Canadian and looking for a low-fee, easy-to-use service, Coinsquare is a good starting point.

Khashayar Abbasi

Khashayar Abbasi

Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.