CoinSquare Review: Created For Canada

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Categories:Exchanges Reviews

CoinSquare was established in 2015 to provide Canadians with a safe, affordable and simple way to exchange online cryptocurrency. Unlike other trading platforms that need to convert Canadian dollars into foreign currencies, CoinSquare's QuickTrade can trade between any two currencies, from CAD to Bitcoin, or from Ethereum to Litecoin.

Although it started late, it was the first exchange in the Canadian market to support the Ethereum deal and other altcoins transactions, which allowed it to gain a foothold in this highly competitive market.

With an easy-to-use interface, good customer service, and transparent pricing. CoinSquare is considered one of Canada's leading cryptocurrency exchanges with more than 100,000 users. CoinSquare comes with iOS and Android clients that you can access at any time using your mobile devices.

Registration & Verification

Signup and verification for CoinSquare are quick and straightforward if you use their Equifax verification process. You just enter some basic details about yourself like name, address, and phone number. To start trading, you will need to enter your phone number and upload your ID card, utility bill or bank statement. CoinSquare works with external third-party verification companies, so verification is usually faster than competitors.

User Interface

The user experience past the registration process is positive, with the CoinSquare dashboard providing an intuitive layout that makes it easy to explore cryptocurrency prices, charts, and make trades.

The layout is sleek and easy on the eyes, and pop-up notifications give users tips upon first use of the platform.

 

Supported Cryptocurrencies

CoinSquare supports the trading of seven cryptocurrencies, five fiat currencies, and two precious metals.

Cryptocurrencies

  • Bitcoin
  • Bitcoin Cash
  • XRP
  • Dash
  • Dogecoin
  • Ethereum
  • Litecoin

Fiat Currencies

  • Canadian dollar
  • US dollar
  • Euro
  • British pound
  • Australian dollar (currently unavailable)

Precious Metals

  • Gold
  • Silver

 

Security

Since its inception in 2015, the exchange has not been hacked or lost a coin. This is a welcome news for traders who have seen many hacking and security vulnerabilities in the industry. CoinSquare's platform is 100% proprietary. They support SSL and 2FA, have a 95% cold storage strategy on all digital currencies, and they run multiple distributed backups every day. Their ledger manages 2346 times a day, making sure they know where all the coins are.

Two Factor Authentication

 Secure Sockets Layer

 

FEES

CoinSquare's fee structure is transparent. Low transparent fees and no trading minimum make it so everyone can take advantage of digital currency. The cost of trading on CoinSquare is comparable to that of other companies in the industry. They charge 0.10% for market makers (people who passively provide liquidity to exchanges) and 0.20% for market takers (people who buy or sell directly at the highest possible price).

There is also a QuickTrade feature. Its charges are slightly higher and may rise to 0.4% depending on the asset class. The specific cost can refer to the chart below.

 

Main Features

  • They use the same technology as the New York Stock Exchange.
  • CoinSquareWealth for high net worth traders
  • Candlestick Charting
  • Order book
  • Quick trading from the exchange platform
  • Easy to use, clean interface
  • Many deposit options for Canadian residents

 

Summary

For Canadian residents, CoinSquare is an excellent choice because it has multiple deposit options, fast verification times, reasonable fees and a clean user interface. However, CoinSquare obviously does not pay enough attention to users in other countries. CoinSquare is not the best choice for foreigners but it is also a good idea. At the same time, few coins pairs available for trading is one of CoinSquare's limitations.

 

What do you think about CoinSquare? Please leave your comments, questions or?suggestions below. Thanks for reading, check out our site for more great reviews and guides!!

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