In 2008, a still-unknown person developed Bitcoin (BTC), the world’s first cryptocurrency. Since then the market has exploded, now boasting over 200 cryptocurrencies. If you know what any of this means, you probably also know that there are a vast number of services that allow you to buy, sell, and trade these things, known as cryptocurrency exchanges.
Coinsquare is a Canadian cryptocurrency exchange that started in Toronto in 2014. Coinsquare has frequently been in the news (and not for the best reasons), so we thought we’d take a closer look at what Coinsquare has to offer the discerning cryptocurrency trader.
Coinsquare features
Here’s a rundown of what Coinsquare brings to the cryptocurrency table.
Why You Want It
As low as 0.50% maker and taker fees + Easily deposit Canadian funds.
Special Features
- Mining venture arm and capital markets division for high net worth investors
- Referral program
Eligibility
- Canadian resident
- Age of majority
- Provide proof of identity (passport, driver's license)
- Provide proof of address (bank statement or utility bill)
- Valid mobile number
Provinces
ALL
Features
Estimated # Of Supported Cryptocurrencies
50
Supports Bitcoin?
Supports Ethereum?
Supports Litecoin?
Supports XRP?
Estimated # Of Supported Fiat Currencies
1
Supports CAD?
Supports USD?
Standard Maker Fee
0.5%
Standard Taker Fee
0.5%
Active Trader Discounts Available?
Interac E-Transfer Deposit Fee
0%
Wire Transfer Deposit Fee
0%
Available On Desktop?
Available On IOS?
Available On Android?
Offers Staking
Coinsquare rating: 4.4 stars
We’ve given Coinsquare 4.4 stars for a few reasons. On the one hand, it is a quick and easy way for Canadians to get started with trading cryptocurrencies, even if relatively new to the game. On the other hand, with relatively few supported cryptocurrencies, you’re limited in what you can do, and will have to move to a more flexible platform if you need more options.
Also, with at least one data breach in their history and having been severely penalized by the Ontario Securities Commission, people are right to be a little bit wary right now.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Coinsquare
Controversy aside, Coinsquare has quite a bit going for it, particularly for Canadians.
Pros
Easy to deposit Canadian funds
Coinsquare is a Canadian company and has established relationships with a number of Canadian banks, making it easy to deposit Canadian dollars into your Coinsquare account through either Interac e-Transfers or wire transfers.
Easy to buy cryptocurrencies with Canadian dollars
It’s also relatively easy to purchase cryptocurrencies with CAD directly on Coinsquare. This action is significantly more complicated on some other cryptocurrency exchanges.
Reasonable trading, deposit, and withdrawal fees
Trading, deposit, and withdrawal fees are reasonable and lower than some competitors. Not that much lower, however. In fact their fees hover in the “industry standard” range for the most part.
Multi-layer security that hasn’t been directly compromised (yet)
With SSL support, optional 2-factor authentication, and a strictly enforced cold storage policy, Coinsquare has not yet been directly compromised by hackers. There was a breach in 2022, but that was the result of data being stolen from an employee, rather than computer security systems being directly compromised.
Special features for high wealth or high volume traders
Cryptocurrency tends to be a playground for people who have higher than average wealth, so having features that cater specifically to these sorts of traders is a nice bonus.
The cons of Coinsquare
There are some drawbacks, however:
Cons
Deeply troubling and controversial corporate behaviour
In June and July 2020, Coinsquare was embroiled in a great deal of controversy, having come under investigation by the Ontario Securities Commission, for allegedly engaging in illegal market manipulation. As a result, the CEO and President have both stepped down, and the company and employees have paid over $2,000,000 in penalties. Coinsquare has been ordered to obtain new management, and to seek compliance with the Investment Industry Regulatory Organization of Canada (IIROC).
Limited mobile app
The Coinsquare mobile app is available on both iOS and Android, but lacks the “advanced trader” features that are available on the website. There are also numerous complaints about slow loading and cashout, as well as other issues when placing orders.
Limited trading options
Traders are not able to place bespoke stop losses during a trade nor give orders a limited lifespan. Both of these aspects are important for advanced traders.
Lacklustre customer support
Customer support is only available online and during regular business hours. Response times can stretch up to 3 days. There is no telephone support available for standard accounts.
Requires 3 pieces of personally identifiable information to get started
This is a legal requirement, and it’s not really Coinsquare’s fault, but you have to provide proof of address, proof of identification, and a valid mobile phone number in order to start trading on Coinsquare. Given that they have had a personal data breach already, this level of trust is outside the comfort zone for some people.
Limited number of supported cryptocurrencies
There are over 200 cryptocurrencies, but Coinsquare supports only slightly above 60 of them. If you need more flexibility in your cryptocurrency choices, you’ll have to use a different platform.
Coinsquare alternative
Let’s see how Coinsquare measures up against one of the most popular cryptocurrency exchanges.
 |  |  |  | |
|---|---|---|---|---|
| Account | Coinsquare | Coinbase | Wealthsimple Crypto | VirgoCX |
| Genius Rating | ||||
| Why You Want It | As low as 0.50% maker and taker fees + Easily deposit Canadian funds. |  $75 GeniusCash + Trade over 200 cryptocurrencies + Includes offers staking | Get $50 when you fund your account with $500 + Commission-free trades. | Invest in cryptocurrencies with no trader or maker fees. |
| Estimated # Of Supported Cryptocurrencies | 50 | 200 | 100+ | 90 |
| Supports Bitcoin? | | | | |
| Supports Ethereum? | | | | |
| Supports Litecoin? | | | | |
| Supports XRP? | | | | |
Show More | ||||
| Open an account See more Coinsquare products Compare | I Want This Deal See more Coinbase products Compare | Open an account See more Wealthsimple products Compare | Learn More See more VirgoCX products Compare |
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Coinsquare FAQ
Is Coinsquare secure? Has it ever suffered a security breach?
Coinsquare did suffer a personal data breach, in which personal data for approximately 5,000 accounts was stolen. Data included users’ cellphone numbers, emails, and identification documents. However, this was not a computer security breach; the data was stolen from an employee.
Why has Coinsquare been in the news so much lately?
In June 2020, it was discovered that Coinsquare was engaging in market manipulation, contrary to the Ontario Securities Act. After an investigation by the Ontario Securities Commission, both the CEO and President stepped down and Coinsquare was ordered to obtain new management and seek compliance with the IIROC. The company and employees were ordered to pay over $2,000,000 in penalties.
What are Coinsquare’s withdrawal fees?
Coinsquare’s withdrawal fees range from 0% to 1.5% for CAD withdrawals, depending on the method used. Cryptocurrency withdrawal fees vary.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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