Coinsquare Review | Good Enough For Canadians To Use?
Jack Moreau
Feb 2024
9 min read
Fact checked
Are you considering Coinsquare as your next cryptocurrency exchange but want to learn more about its pros and cons? Look no further as our unbiased review of Coinsquare covers everything from its product offering to its trading fees and user experience. Read on to find out how Coinsquare compares to the competition and if it's the right exchange for you!
Coinsquare is a Canadian-based cryptocurrency exchange that was founded in 2014. It is registered and based in Ontario, Canada where it has over 50 employees.
Currently, Coinsquare is only available for Canadian residents which means that those who are not residents in Canada are not able to use the exchange's services.
Coinsquare exchange
Coinsquare is a secure, regulated, and 100% Canadian owned and operated platform. The platform is beginner-friendly with a clean and intuitive user interface. Unfortunately, the range of cryptocurrencies offered is limited, with only over 40 options available, including BTC, ETH, XRP, ADA, ALGO, ATOM, and a few others.
Coinsquare cryptocurrencies
Despite the limited range of cryptocurrencies, Coinsquare is estimated to have over 500,000 registered users. The platform is popular among Canadians, and it is available for download on Android and IOS, with over 50,000 Canadians having downloaded the app.
Coinsquare app
With its secure and regulated nature, Canadian residents can be assured that their investments are safe. Although the range of supported cryptocurrencies is limited, new users who are unfamiliar with cryptocurrencies may find the platform's simplicity appealing.
Coinsquare KYC Requirements
To complete the signup process with Coinsquare, users are required to first enter their email and then verify it before being prompted to enter their phone number, and verify it as well.
Once an account has been created, users will be further prompted to complete KYC which involves providing personal information such as full name, address, a valid government ID, and a selfie.
Coinsquare KYC
Once these documents have been uploaded, and assuming no errors, Coinsquare will typically verify users within 1-2 business days. KYC is obligatory on Coinsquare and only Canadian residents can use the platform. Users that are not Canadian residents won't be able to pass the KYC process.
Coinsquare Products & Services
Coinsquare is a smaller local exchange that offers a limited range of products and services. Users can buy and sell 40 cryptocurrencies through their spot exchange called Coinsquare Pro or their swap services, which are more expensive.
Coinsquare pro
The user experience on Coinsquare is moderately easy to use but nothing stands out as particularly impressive. Spot trading volumes on Coinsquare range from $20 to $40 million daily, which is to be expected from a smaller country-specific exchange.
In regards to trading fees, on Coinsquare Pro, the spot fees begin at 0.5% for makers and takers. This is on the higher end compared to most exchanges but Coinsquare does at least offer rebates for those that tade above $10,000 during a 30-day period.
Coinsquare trading fees
For those using Coinsquare trade (swaps), the fees are even higher with the exchange taking a portion of the spread.
Coinsquare is a cryptocurrency exchange that offers fiat deposits for CAD and USD currencies. Users can deposit USD via wire transfer for free with a processing time of 2 days. For CAD deposits, users can use Interac e-Transfers or wire transfers for free.
Coinsquare fiat deposits
This makes it a great option for users in Canada and the United States who want to deposit fiat currency. However, keep in mind that Coinsquare only supports these two currencies and not others. Overall, Coinsquare is a good choice for those looking to deposit fiat currency and trade cryptocurrencies.
Coinsquare Withdrawal Methods
Coinsquare offers a few different fiat withdrawal options for users. USD can only be withdrawn via wire transfer while CAD can be withdrawn via Interac e-Transfer (free), bank withdrawal (1.5% fee) or wire transfer (1.5% fee).
For those that wish to withdraw their cryptocurrencies from Coinsquare, it is important to note that not all cryptocurrencies can be withdrawn and fees vary depending on the blockchain being used. Bitcoin and Ethereum fees are dynamic and change based on network activity while Litecoin, XRP and Stellar withdrawals are free.
Coinsquare is a very basic exchange that has not progressed too much it it's many years of being operational. While it's a decent exchange for Canadians who are adamant about using a native exchange, it really leaves a lot to be desired.
In short, compared to the more well known exchanges on the market like Binance, OKX and Kraken, Coinsquare offers a very limited product offering, few cryptocurrencies, high trading fees and a pretty average user experience. As such, we can not recommend it compared to the alternative based on this shortcomings.
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Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
