CoinSquare is a Canada-based cryptocurrency exchange that offers its clients trading services for an assortment of cryptocurrencies such as Bitcoin, Dash, and Ethereum. Purposefully built and wholly geared towards Canadian cryptocurrency traders, the exchange’s website is rendered in English and French. Nonetheless, CoinSquare has made the services it renders available to global cryptocurrency community.
Another critical feature of CoinSquare is the fact that the exchange has made security one of its leading priorities. It has been speculated that the company uses the same kind of technology that the New York Stock Exchange uses to secure its platform. Since its inception in 2015, CoinSquare has claimed no loss of even a single coin. Coinsquare operates with a 95% cold storage policy. This type of system a reliable measure, which ensures a very high level of security.
Another thing to note is that Coinsquare is one of the few exchanges which exclusively declares that it doesn’t provide services to residents of New York after strict digital currency regulations were enacted there in 2015.
- The cryptocurrencies include Bitcoin, Ethereum, Bitcoin Cash, Dash, Litecoin, and Dogecoin.
Creating an account on Coinsquare takes but a few seconds, and all it demands from new entrants is a valid email address, which has to be verified.
Once users set up their account successfully, they are required to undergo additional verification which includes providing additional personal details to further verify the identity of account holder. In order to complete this step users are required to submit their phone number and proof of identity which can be a driver’s licence or a government-issued ID. Verification will let the account holder access additional banking options when it comes to deposits and withdrawals.
It is worth noting that the verification process is open to Canadian residents only. According to the Coinsquare team, they are not able to verify those who are non-residents at the present moment. With security as the exchange’s number one priority as said earlier, it has ensured that it has various layers of protection in place. The security measures employed by Coinsquare include:
- 2FA Authentication
- 95% of the funds are kept in cold storage
- Encrypted and Distributed backups daily
- SSL Encryption
CoinSquare has provided its clients with is a web-based trading platform. It is a straightforward and user-friendly platform which offers traders two ways which they can trade the market.
The most comfortable and fastest way to trade on Coinsquare is to make use of the “QuickTrade” feature. With this particular functionality, you simply choose the coin that you wish to purchase and the amount that you want to spend.
The second method of trading digital assets on the CoinSquare platform is via the spot market. The interface for trading on the spots market via the platform is more complicated and has several tools and charts which traders can use to provide themselves with more information about the different digital currencies. As indicated earlier in this review, the cryptocurrencies you can trade on Coinsquare presently include: BCH, BTC, DASH, DOGE, ETH, and LTC
Regarding the trading fees charged by CoinSquare, the exchange has embraced the Maker/Taker pricing standard for spot trading.
The Maker fee is set at 0.1% while the Taker fee is set at 0.2%.
As for the fees for QuickTrade, the charges is 0.2% in cases of single conversions that is when one of the digital assets traded is BTC. The fee for double conversion trades is 0.4%.
The following fees are applicable for deposits:
- Interac Online 2.5%
- Interac e-Transfer (r) 2.5%
- Flexepin 2.5%
- Bank draft 2.5%
- Money order 2.5%
- Wire transfer 0.5%
- The applicable fees for withdrawals include:
- Direct Bank Deposits 1%
- Wire Transfer 0.5%
Deposits and Withdrawals
As CoinSquare is inclined mainly towards the Canadian financial market and accepts deposits in CAD (Canadian dollar), the company is also tied to the traditional Canadian banking system. It means that you as a client on this exchange have the option to make deposits and withdraw funds to your bank account in Canadian dollars.
For deposits, Coin square supports the following methods:
- Bank draft
- Interac e-Transfer
- Interac Online
- Money order
- Wire transfer
For withdrawals, you can make withdrawals to your bank account either through Direct Bank Deposit or Wire transfer.
Is Coinsquare Safe?
Coinsquare is a cryptocurrency exchange established in 2015 and headquartered in Toronto, Canada. The exchange offers a gateway to Bitcoin and similar digital assets, with a high emphasis on the Canadian financial market.It offers exceptional security features and appears to be a safe company to trade with. Experienced traders will find the company’s offering somewhat too basic.
The minimum deposit needed to confirm one’s bank account on Coinsquare is $100. This exchange does accept clients from the US, except residents of New York.
Overall, if you are living in Canada, then Coinsquare is your ideal exchange. If you are an international investor, however, you will still be better off with other top-tier cryptocurrency exchanges.