Canada’s interest in cryptocurrencies continues to grow with the continued success of digital assets. So, it is useful to know where to go if you want to buy Bitcoin in Canada, and which exchanges allow you to use CAD to do so. An excellent option is Coinsmart.
CoinSmart is a Canadian-based exchange that offers the top cryptocurrencies that you can purchase with CAD.
Here are several reasons why CoinSmart is an excellent way to buy Bitcoin in Canada, as well as other cryptocurrencies:
- Canadian banking options that follow KYC and AML requirements
- Cold storage and BitGo insured
- Easy buy/sell orders and limits
- Smart Guarantee and Referral program
The ability to link your Canadian bank account to your digital wallet on CoinSmart makes this exchange very convenient. It is an easy verification process that takes about 24 hours, as they need to confirm your identity.
There are some crypto-investors who may not be thrilled to share their information with cryptocurrencies. But with cryptocurrency regulations in flux, it is prudent to keep your crypto-transactions above board, as most countries require that you claim your crypto-earnings.
Bitcoin was created with the idea of anonymous transactions at the center, and that is still very possible. But cryptocurrencies have become so much bigger than what was originally conceived in 2008. Most Bitcoin is held, instead of used for making small everyday purchases -as per the original plan for Bitcoin.
That being said, if you want to buy Bitcoin in Canada, it is just easier to follow Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. This is because it makes it all simpler when you go to sell your cryptocurrency and want CAD because you will need banking details and ID verification to do so. With CoinSmart you can link your bank account, which makes it easy to turn your crypto holdings into cash.
For more about how digital assets are treated, visit Revenue Canada’s site.
Low Fees, Smart Guarantee and Referral Program
CoinSmart also has several unique customer services that make using the exchange worthwhile. For starters that have very low fees for transactions and commissions.
CoinSmart will also give you credit for referring other users. Every time you successfully refer a new user, you get credit to use on their exchange. Another perk is the Smart Guarantee, which is a service that affords a guaranteed date of your transactions for a fee.
- E-mail Money Transfer – 1.5%
- 0% for E-mail Money Transfer $2000 plus
- Credit Cards – 8.75% (Min. $10 fee)
- Wire Transfer – 0%
Withdrawal Fees:(Canadian Dollars)
- Electronic Funds Transfer, 1%
- Wire – 1%
- as low as 0.2-0.4%
Compared to other exchanges, CoinSmart has reasonable fees, making it all the more appealing for investors to buy Bitcoin.
Easy Trades and Limit Orders
Another nice thing about CoinSmart is the simplicity of the interface. It is a very straightforward and intuitive exchange to use. So it very easy to make transactions on the exchange, and it easy to deposit and withdrawal CAD from your bank account. It is also very simple to place buy and sell limit orders.
What’s more, if you have any questions on how to perform any of these functions, the site has a comprehensive FAQ section on their site. All you need to do is type your question into the search engine, and most often, the answer to your question is already there, in plain language.
Cold Storage & BitGo
Security is a priority for CoinSmart, which is music to every crypto-investors’ ears. They store the majority of their cryptocurrency in cold storage, which means it is held off-line. Cold storage makes the potential threat of theft very low.
CoinSmart also uses BitGo to store its digital assets. BitGo is an industry leader in cryptocurrency storage, and they serve many major clients, including The Royal Mint. This means that in the unlikely event of theft or attack, the exchange is insured.
The exchange offers a quality selection of top cryptocurrencies, which includes the following:
- Ethereum (ETH)
- Bitcoin Cash
- Stellar (XLM)
- Cardano (ADA)