Coinsquare’s mission is to create a regulated and open financial platform for the world by leveraging blockchain technology.
Cryptocurrency has emerged as a strong force and a challenge to the traditional currencies. Although some people still doubt it, cryptocurrency is making a big impact in the lives of many people.
A good example is Bitcoin. Most companies have started using it as a payment option. This means that cryptocurrency has a bright future. The value of Bitcoin was almost 10 thousand times that of the U.S. dollar in 2012.
As an investor, I love exploring different investment options. When the cryptocurrency market was introduced, many people were skeptical about it. But I decided to try and the results were amazing. However, I needed a platform or software that would help me to get the best out of the crypto market.
I tried several options until a friend of mine introduced to me coinsquare. Well, if you have ever traded in the cryptocurrency market, then you understand that a strong exchange system can make a lot of difference, in terms of earnings.
What is Coinsquare?
Coinsquare is one of Canada’s largest cryptocurrency exchanges. The company which was founded in 2014 currently has over 100,000 users. It is available in the United States and 25 other countries across Europe.
One of the biggest advantages of coinsquare is that it allows users to easily move from conventional currency to cryptocurrency. Nonetheless, the amount a user can trade is relatively limited compared to other platforms.
As of today, the platform supports just 10 digital currencies. They include the following:
- Bitcoin Cash ABC
- Bitcoin Cash SV
- Ethereum classic
These are not the only digital currencies available. There are other popular cryptocurrencies such as Coinigy and 3Commas that are not available on the platform. This might make it difficult for some traders to use the platform.
But there could be a reason why they chose to do that. This review will take a close look at how coinsquare works compared to other platforms.
Account Funding Commission and Fees
There are two different trading options provided by the platform. Each of the options has different charges in terms of commission.
The first option is where a user can purchase or sell the digital currencies available on the platform by using their traditional currency. If a user chooses to go with this option, they will pay a fee of 0.2% of the value of each trade.
Secondly, there is a Quick Trade feature that users can use to exchange between two digital currencies on the spot. A user will be charged a 0.2% commission if he or she is converting to or from Bitcoin. If they are converting between two different currencies, the commission jumps to 0.4%.
Besides, there are certain fees charged for deposits made on a trader’s account. For instance, if a person funds their account using Canadian dollars, the premium deposit is $20 CAD. However, no fee is charged if a trader uses an interact e-transfer.
If it is a wire transfer, then the minimum deposit will be $10,000 CAD. A user will also be charged a fee of 2% when withdrawing the funds.
It is also possible to fund a trading account with US dollars via wire transfer. The minimum amount one can deposit or withdraw is however $25,000 per transaction. There is also a fee of 0.5% charged for any deposit and 1% for withdrawals.
Platform and Tools
Coinsquare platform can be accessed through mobile (Android & iOS) and through the web. There are no major analytical tools that you often see on other trading platforms. But the software makes it easy for users to access important details with regard to the digital currency exchange rates.
Its interface provides technical charts that come with close to 100 indicators. You can only see information about prices for 15 minutes or less at a resolution. It is also not possible to get a hold of charts for over a minute using coinsquare interface.
On a positive note, the platform allows the access of its order book to all traders. There is a depth chart that gives traders an opportunity to know the current exchange rate of every digital currency. This tool is important, especially for traders who like placing large trades.
Another advantage is that the spreads of each trade are clearly displayed in the form of percentages. This makes it easy for a trader to make an informed decision when buying or selling digital currencies.
The only shortcoming is that the coinsquare platform doesn’t have a lot of important tools to guide traders. For example, there are no social chats or price alerts connected to other cryptocurrency platforms.
Nonetheless, there is a news feed that offers current news about the cryptocurrency market and reviews from cryptocurrency experts about digital currencies that are expected to rise in terms of value. Most of the information comes from within the company rather than from outside sources.
There are two ways through which you can contact Coinsquare; email and live chat. I sent an email and got a response after one day.
The live chat doesn’t have a real human talking but rather an automated bot. In my view, reaching them through email is better – you are likely to get a clear response and on time.
Coinsquare has one of the most transparent executions. This is mainly because the platform’s order book is available to the public. Anyone is able to view the asking price for all the coins available on the platform as well as the amount available for the bids.
In case you are making an exchange between two cryptocurrencies via the Quick Trade feature, you should be aware that the platform routes all its conversions through Bitcoin.
For example, if you are changing from Litecoin to Ethereum, the amount of Ethereum will depend on the price Litecoin against Bitcoin.
OTC and Wealth Accounts
Coinsquare has two types of non-standard accounts that are referred to as OTC and Wealth. The OTC account requires a user to deposit a minimum of $25,000 CAD. The account cannot be applied by users.
The company will contact those interested with this account based on their internal requirements.
The OTC account allows users to use the platform’s trading desk to carry out block trades of up to $25,000 CAD.
The wealth account also requires a minimum deposit of $25,000 CAD. There is a separate management account for every trader. Users are also entitled to reduced deposits and withdrawal fees – depending on the mode of the transfer being used.
Is Coinsquare a Safe Platform to use?
Coinsquare believes that it is one of the safest cryptocurrency platforms. But in 2019 the company came into the public limelight for the wrong reasons. Its system was hacked and personal data for over 5,000 people stolen.
Having said that, there have never been issues of money being stolen from user wallets. The company has also made changes to strengthen the security of its system.
Pros and Cons
- It has 10 popular digital currencies on its platform
- Transparent spreads and fees
- The platform makes it easy to transition from traditional to digital currencies
- Has charts that indicate current prices for all trades
- It has fewer technical charts
- Charges when one deposits or withdraws