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Austin Jacob • June 11th, 2020

Coinsquare Exchange Review (2020 Updated)

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Buy Cryptocurrency with Coinsquare

Canadian Bitcoin investors looking for smooth transactions and an advanced trading interface should look no further than Coinsquare.

Coinsquare is focused on providing an optimal customer experience. Customers looking for barebones features will find a quick and easy experience. Those looking for advanced options will find a rich and detailed trading interface.

This exchange is made for beginners and experts alike, and it has quickly become a cornerstone of fiat exchange platforms in the cryptocurrency industry.

Let’s take a look at what makes Coinsquare unique from other exchanges.

Which countries can use Coinsquare?

Coinsquare was designed for Canadian users, but it also supports investors from the United States and Europe.

However, users from New York are not allowed to use the exchange. This is likely due to New York’s strict cryptocurrency business regulations.

Coinsquare recently added 25 European nations to its customer base: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and the United Kingdom.

Supported Cryptocurrencies

Coinsquare supports the following cryptocurrencies and fiat currencies:

  • Bitcoin
  • Dash
  • Dogecoin
  • Ethereum
  • Ethereum Classic
  • Litecoin
  • Ripple XRP
  • Stellar Lumens
  • Fiat Currencies
  • US Dollar
  • Canadian Dollar

Payment and Deposit Methods

Coinsquare also offers a variety of transaction types:

Deposit methods

  • Interac Online
  • Interac E-Transfer
  • Credit Card
  • Flexepin
  • Bank Draft
  • Money Order
  • Wire Transfer

Withdrawal methods

  • Direct Bank Deposit
  • Wire Transfer

Fees and Limits

Fees and transfer limits are often the deciding factor for investors in cryptocurrency exchanges. Coinsquare has different fees for each service.

Withdrawal Fees

  • 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%

Deposit Fees

  • Direct Bank Deposits – 1%
  • Wire Transfer – 0.5%

Does Coinsquare have a mobile app?

Yes, the Coinsquare mobile app contains a lot of features for cryptocurrency transactions and trading.

The app allows you to withdraw funds to your bank account with wire transfer or direct bank deposits. It also allows you to instantly trade your funds with dozens of currency trading pairs.

You can also keep an eye on market data, check the balance of your account, and securely store your cryptocurrency. The app supports transferring funds between wallets, the ability to create an audit trail of your transactions, and the ability to evaluate your balance in base currency.

For security, the Coinsquare app uses two-factor authentication and optional fingerprint scanning technology.

Localization

The official Coinsquare indicates that it supports English and French for their primarily Canadian customer base.

The Coinsquare Team

Coinsquare has a team of over 100 employees, and the company is headed by three executives:

Cole Diamond serves as the CEO.

Virgile Rostand serves as the founder, president, and CTO.

Charlene Cieslik serves as both the CCO and CPO.

Customer Support Options

The first line of customer support is their official help page. The help page offers information on all aspects of the exchange.

The general page contains updates and the official FAQ. The verification page offers information on how to get verified and access more coinsquare features. The security section offers additional information on how to secure your investment.

The deposits and withdrawals section provides guides for adding or removing funds to your account, and the trading section contains information for carrying out currency pair investments. The wealth section offers information on services limited to customers who over at least $25,000 in investments.

Lastly, the account management section provides information on how to manage your login and account access information.

Coinsquare FAQs

The official FAQ section provides information on verification, funding, withdrawal, and general topics. Let’s review some of the most important frequently asked questions on Coinsquare.

How does verification work?

There are several sections for finding information on verification, but there is only one level of verification on Coinsquare. In short, customers must submit proof of Canadian citizenship in order to access verified features. Additionally, they must submit some sort of proof of address such as a utility bill.

Lastly, corporate accounts can access verification. However, this functions differently from individual customer verification. Customer verification requires a review of each application on a case-by-case basis.

How can customers link their bank accounts for funding?

Linking your bank account occurs under the funding/withdrawal tab after users have registered and signed into their account. Customers can only use their own personal bank account to fund their account on Coinsquare.

A transfer of $100 is required to verify your account and raise your funding limit. After verification, users can gradually increase the amount they can fund at once. These increases in tiers from $100 to $500 to $1,500 to $3,000.

Transfers take 1-3 businesses days, and funding using CAD requires prior verification.

What are the methods and limitations of withdrawal?

Withdrawal occurs under the same funding/withdrawal tab, and adding a bank account for funding will make it available for withdrawal. If your account is primarily funded with cryptocurrency, there is a withholding limit on how much you can withdraw out at once.

Withdrawals are limited to amounts that are greater than the initial fiat deposit. This means profit generated from trading or investment in cryptocurrency. You can remove the withholding limit by reaching a cumulative deposit equivalent to $3,000 CAD.

E-transfers can take from 1-3 business days, bank transfers can take 1-5 business days, and bank wires can take from 1-9 business days.

What is the Coinsquare referral program?

The referral program was implemented to reward customers for recommending new customers to the service.

At the moment, referring another customer to Coinsquare will earn you $20.00 if they complete verification and deposit funds.

How does 2FA work on Coinsquare?

On Coinsquare, 2FA works by generating a unique access code on another device as a requirement for accessing your account. This prevents attackers from compromising your account by stealing your password or compromising only one of your devices.

2FA can be done through Coinsquare or through Google’s 2FA services. Users can generate new keys through their account settings and use QR codes for verification. Lastly, you can reset your 2FA key through support services in case you lose track of it.

Why use Coinsquare?

Coinsquare has been around for a while, and it offers a very user-friendly experience in Canada, the US, and in Europe. The user-interface is clean and simple, the security and verification methods are robust, and the trading interface offers advanced features for advanced users. Coinsquare is a reputable exchange with many useful features.

Who should use Coinsquare?

While the exchange is available to customers across the globe, it is primarily designed for Canadian users. Verification requires proof of Canadian citizenship, and it is also designed to accept CAD as a fiat deposit currency.

Those looking for a simplified experience to simply exchange fiat to cryptocurrency while find this exchange very handy and easy to use. Those looking for more advanced currency pair options will enjoy the advanced trading interface.

Who should not use Coinsquare? For starters, the exchange is not available to customers in New York. While the exchange may be available to customers in the United States, it is more well-suited towards Canadian investors.

European customers will find it useful for interacting with Canadian cryptocurrency businesses, but there are other exchanges which support SEPA and more European features. However, the exchange is well-designed and fully featured in general.

While the trading interface does offer advanced trading features, it does not offer advanced trading instruments. 36 currency pairs is plenty, but users looking to invest with leverage or in multiple instruments types may look elsewhere.

This does not mean that Coinsquare is lacking in investment options, but it is certainly suited towards the more fundamental investor. Not many exchanges offer such a wide variety of currency pairs in the North American market.

In short, Coinsquare is an excellent exchange with a Canadian focus. The exchange has never lost their customer’s investments to hacks or technical issues, and it has been operating for a relatively long time within the cryptocurrency industry.

It is a very reputable exchange with a clean interface and a nice selection of features. At the core, it is a platform for exchanging fiat currency into cryptocurrency. The verification and bank transfer system add to its reputation as a reliable and safe institution.

Coinsquare is no bucket shop, it does not offer crazy leverage or enticing deposit bonuses. It is first and foremost a reliable and trustworthy exchange for Canadian customers.

This exchange is highly recommended for Canadian customers that are looking to break into cryptocurrency or expand their investments into advanced currency pair trades.

You can be assured that your investments will be safe, and the verification process assures that their funding is also secure.

Coinsquare can best be described as solid, straightforward, and regionally focused. The customer support information is extensive, the investment process is quick and simple, and the overall experience is high quality.

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