Coinsquare Review: Canada’s First IIROC-Regulated Cryptocurrency Marketplace?

April 23, 2023 - Around 11 mins mins to read

Coinsquare review is a cryptocurrency exchange headquartered in Toronto, Canada. The platform allows users to trade a variety of cryptocurrencies, including Bitcoin, Ethereum, and Dash, providing a range of options for investors.

While initially developed with Canadian investors in mind, Coinsquare has since expanded its services to offer support in both French and English, making it accessible to a wider range of users.

Coinsquare Review: Canada's First IIROC-Regulated Cryptocurrency Marketplace?

What is Coinsquare?

Coinsquare is one of the various “Fiat Gateway” services that aim to make the buying and trading of cryptocurrencies more accessible to clients who are new to this field. It is a site that has been designed with features that cater to the needs of even the most inexperienced traders, making it easier for them to start trading with confidence.

The platform provided by Coinsquare is not only user-friendly but also comes with a wealth of resources and tools that are essential for anyone who is just starting out with cryptocurrency trading. With these resources, users can gain a better understanding of the digital market and make informed decisions when it comes to trading their assets. In addition to this, Coinsquare also provides users with access to a variety of educational resources that can help them learn more about the world of cryptocurrencies and blockchain technology.

How Does Coinsquare Work?

Consquare functions in a rather clear-cut manner. The platform offers a seamless trading experience to its users. To begin trading on Consquare, users must register themselves by providing some basic, yet essential information. This information is necessary for the platform to verify the user’s identity, ensuring that they are a legitimate user. After successfully registering, users can start trading on the platform. Consquare offers its users a wide range of financial instruments to trade in, including commodities, stocks, and cryptocurrencies. The platform also provides its users with access to real-time market data and analytical tools to help them make informed trading decisions. With Consquare, users can trade with confidence, knowing that they are using a secure and reliable platform.

Features of Coinsquare

Coinsquare offers several features that make it a popular choice for Canadian cryptocurrency traders. Here are some of its main features:

Wide variety of cryptocurrencies: Coinsquare offers a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, and many more.
Easy to use platform: Coinsquare’s platform is user-friendly and intuitive, making it easy for even novice traders to buy, sell, and trade cryptocurrencies.
Competitive fees: Coinsquare’s fees are competitive with other Canadian cryptocurrency exchanges, with fees ranging from 0.1% to 0.4% depending on the transaction volume.
Advanced trading features: Coinsquare offers advanced trading features, such as limit orders, market orders, and stop orders, allowing traders to execute trades at their desired price.
Cold storage: Coinsquare stores the majority of its users’ funds in cold storage, which is an offline wallet that is not connected to the internet, providing an extra layer of security.
Mobile app: Coinsquare offers a mobile app for iOS and Android devices, allowing users to manage their accounts and trade cryptocurrencies on the go.
OTC trading: Coinsquare offers over-the-counter (OTC) trading for high-volume traders, allowing them to execute large trades without affecting the market price.

Coinsquare’s features make it a popular choice for Canadian cryptocurrency traders looking for a reliable and secure platform to buy, sell, and trade cryptocurrencies.

Pros and Cons

Pros of Coinsquare:

User-friendly platform: Coinsquare offers a user-friendly platform, making it easy for beginners to start trading cryptocurrencies.
Wide range of cryptocurrencies: Coinsquare offers a wide range of cryptocurrencies, allowing traders to diversify their portfolios.
High security: Coinsquare stores the majority of its users’ funds in cold storage, providing an extra layer of security.
Competitive fees: Coinsquare’s fees are competitive with other Canadian cryptocurrency exchanges.
Advanced trading features: Coinsquare offers advanced trading features, such as limit orders, market orders, and stop orders, allowing traders to execute trades at their desired price.

Cons of Coinsquare:

Limited payment options: Coinsquare offers limited payment options, which can be a barrier for some users who want to deposit funds.
Limited global reach: Coinsquare is only available to Canadian residents, limiting its global reach.
Slow customer support: Some users have reported slow customer support response times, which can be frustrating for users who need assistance quickly.
Limited liquidity: Coinsquare’s trading volume is relatively low compared to other cryptocurrency exchanges, which can result in lower liquidity and wider bid-ask spreads.
No margin trading: Coinsquare does not offer margin trading, which can be a disadvantage for traders who want to amplify their gains using borrowed funds.

Coinsquare is a good option for Canadian cryptocurrency traders, but it may not be the best fit for everyone, especially those outside Canada or who need more payment options.

Fees & Limits

Coinsquare charges a variety of fees, including trading fees, deposit fees, and withdrawal fees. Here are the details of Coinsquare’s fees and limits:

Trading Fees: Coinsquare’s trading fees are based on the 30-day trading volume of the user. The more a user trades, the lower the fee percentage. Fees range from 0.4% for users with a 30-day trading volume below $25,000 CAD, to 0.1% for users with a 30-day trading volume over $1,000,000 CAD.

Deposit Fees: Coinsquare does not charge deposit fees for CAD deposits made through Interac e-Transfer, but there is a 1.5% fee for CAD deposits made through Flexepin vouchers.

Withdrawal Fees: Coinsquare charges a withdrawal fee for every withdrawal made from the platform. The withdrawal fee varies depending on the cryptocurrency being withdrawn, and the fee is deducted from the amount being withdrawn. Withdrawal fees for popular cryptocurrencies like Bitcoin and Ethereum range from 0.0005 BTC and 0.005 ETH, respectively.

Limits: Coinsquare’s deposit and withdrawal limits vary depending on the verification level of the user’s account. Basic accounts have lower limits, while verified accounts have higher limits. For example, basic accounts have a $3,000 CAD deposit limit and a $5,000 CAD withdrawal limit, while verified accounts have a $20,000 CAD deposit limit and a $50,000 CAD withdrawal limit.

It’s important to note that these fees and limits are subject to change at any time, so it’s important to check Coinsquare’s website for the most up-to-date information.

Deposit and Withdrawal

Coinsquare offers several deposit and withdrawal options for users to fund and withdraw funds from their accounts. Here are the details of Coinsquare’s deposit and withdrawal options:

Deposit Options:

Interac e-Transfer: Canadian users can deposit CAD funds into their Coinsquare account using Interac e-Transfer. There are no deposit fees for Interac e-Transfer deposits.
Bank Wire: Users can deposit CAD or USD funds into their Coinsquare account using bank wire. There are no deposit fees for bank wire deposits, but the user’s bank may charge a fee for sending the wire transfer.
Cryptocurrency Transfer: Users can deposit various cryptocurrencies into their Coinsquare account, including Bitcoin, Ethereum, Litecoin, and more. There are no deposit fees for cryptocurrency transfers.
Flexepin: Canadian users can deposit CAD funds into their Coinsquare account using Flexepin vouchers. A 1.5% deposit fee applies to Flexepin deposits.

Withdrawal Options:

Interac e-Transfer: Canadian users can withdraw CAD funds from their Coinsquare account using Interac e-Transfer. There is a $10 CAD withdrawal fee for Interac e-Transfer withdrawals.
Bank Wire: Users can withdraw CAD or USD funds from their Coinsquare account using bank wire. There is a $30 CAD withdrawal fee for bank wire withdrawals.
Cryptocurrency Transfer: Users can withdraw various cryptocurrencies from their Coinsquare account, including Bitcoin, Ethereum, Litecoin, and more. Withdrawal fees vary depending on the cryptocurrency being withdrawn.

It’s important to note that withdrawal requests may take up to five business days to process, and users may need to go through a verification process before they can make a withdrawal request. Additionally, some withdrawal limits may apply depending on the verification level of the user’s account.

Coinsquare Mobile App

Coinsquare has a mobile app available for iOS and Android devices. The Coinsquare app provides users with access to the same features as the desktop platform, including the ability to buy and sell cryptocurrencies, view their portfolio, and manage their account.

Here are some key features of the Coinsquare mobile app:

Easy-to-use interface: The Coinsquare app has a user-friendly interface that makes it easy for users to navigate and trade cryptocurrencies.
Real-time market data: The app provides real-time market data and price charts for a variety of cryptocurrencies.
Secure access: The app requires users to log in using two-factor authentication, providing an extra layer of security.
Deposit and withdrawal options: Users can deposit and withdraw funds from their Coinsquare account using the mobile app.
Trading tools: The app provides users with a range of trading tools, including limit and stop orders, to help them manage their trades.
Price alerts: Users can set price alerts for specific cryptocurrencies, so they can stay informed about market movements and make informed trading decisions.

Coinsquare mobile app is a convenient way for users to manage their cryptocurrency portfolio on-the-go, and it provides access to the same features as the desktop platform.

Privacy and Security

Coinsquare takes privacy and security very seriously and has implemented several measures to protect its users’ data and funds. Here are some of the key privacy and security features of Coinsquare:

Two-factor authentication: Coinsquare requires users to enable two-factor authentication (2FA) for their accounts. This provides an extra layer of security to protect against unauthorized access.
SSL encryption: Coinsquare uses SSL encryption to protect users’ data and communications from interception by third parties.
Cold storage: The majority of Coinsquare’s cryptocurrency holdings are stored in cold storage, which is offline and not accessible through the internet. This makes it much more difficult for hackers to access the funds.
User verification: Coinsquare requires users to verify their identity before they can deposit or withdraw funds. This helps to prevent fraud and unauthorized access to accounts.
Compliance with regulations: Coinsquare is fully compliant with Canadian regulations and has implemented KYC (Know Your Customer) and AML (Anti-Money Laundering) policies to prevent illegal activities.
Privacy policy: Coinsquare has a detailed privacy policy that outlines how it collects, uses, and protects users’ personal information.

Coinsquare has implemented several security measures to protect its users’ funds and data. However, it’s important for users to also take their own security measures, such as enabling 2FA and using strong passwords.

Sign Up Process of Coinsquare

The sign-up process for Coinsquare is relatively straightforward. Here’s a step-by-step guide:

Go to Coinsquare’s website: Visit the Coinsquare website at https://coinsquare.com/.
Click on “Sign Up”: Click on the “Sign Up” button in the top right corner of the homepage.
Enter your personal information: Fill out the sign-up form with your name, email address, and a password.
Verify your email address: Coinsquare will send you an email with a verification link. Click on the link to verify your email address.
Complete the verification process: You will need to provide additional personal information and documentation to verify your identity. This includes your full name, date of birth, address, and a government-issued ID.
Choose your account type: Choose between a basic account or a verified account. A verified account has higher deposit and withdrawal limits and more trading features.
Deposit funds: Once your account is verified, you can deposit funds into your account using Interac e-transfer, bank wire, or cryptocurrency transfer.
Start trading: Once your account is funded, you can start trading cryptocurrencies on Coinsquare’s platform.

The sign-up process for Coinsquare is relatively simple, but the verification process may take some time to complete. It’s important to note that Coinsquare is required to comply with anti-money laundering and know-your-customer regulations, which is why they require additional personal information and documentation to verify your identity.

Conclusion

Coinsquare is a good option for Canadian users looking to buy and sell cryptocurrencies, particularly those who value compliance with regulations and security. However, users should be aware of the fees and limitations of the platform before making a decision.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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