For this Coinsquare review, we look at one of Canada’s largest venues and compare it with other leading crypto exchanges to set realistic expectations — imagine a first-time trader testing a small deposit of $25 CAD to try a simple buy and sell flow. Since launch, the company has grown into a major cryptocurrency exchange in Canada, supporting mainstream digital currencies like Bitcoin, Ethereum, Litecoin, Dogecoin, Dash, BTC, and Bitcoin Cash.
Growth hasn’t been without friction: in 2020, a user data incident surfaced, and the former CEO faced allegations of wash trade activity on the order books — a reminder that transparency matters when choosing an exchange.
This leads many to ask whether Coinsquare is still a trustworthy trading platform for handling crypto, fiat on-ramps, and withdrawal options. In this Coinsquare review, we assess security, verification, funding options, and customer support, plus practical tips like testing your first withdraw with a small cryptocurrency amount before moving larger balances.
Coinsquare in Canada
Based in Toronto, Coinsquare began as a retail-focused on-ramp and evolved into a broader cryptocurrency exchange ecosystem. Today, Coinsquare offers not only spot trading options, but also institution-facing services, mining infrastructure, and capital-market products — attractive to professional traders and funds seeking regulated blockchain exposure.
Founded in 2014, the company raised over $100 million, grew to 200+ employees, and onboarded 500k+ users, reinforcing its position in the Canadian cryptocurrency landscape. While competitors such as Coinbase, BitBuy, Coinsmart, and Coinberry continue to expand in Canada, Coinsquare remains a notable crypto exchange where fees, support for deposit in CAD, liquidity, and overall reliability shape user choice.
For many, transparent coinsquare fees, access to payment methods, and flexibility in moving between Canadian dollar and cryptocurrencies are deciding factors.
Coinsquare Safe Review
Security is a critical factor for any centralized cryptocurrency exchange — especially one handling cad funding and mass-market retail activity. Coinsquare emphasizes internal risk controls, mandatory two-factor authentication, strict verification, and states that the majority of assets are held in cold storage.
The company reports no major security breaches since launch, and its status as Canada’s first IIROC-regulated crypto exchange adds regulatory oversight uncommon in the global market. This framework differentiates it from offshore platforms that collapsed due to weak governance, reinforcing its positioning as a user-friendly on-ramp to trade crypto.
However, costs still matter: trading fees at Coinsquare, including maker fee and taker fee structures, influence active traders, especially those running volume strategies or technical analysis-driven setups across assets like ethereum, btc, and other digital currencies.
Safeguards at the exchange level
In custody and infrastructure, the exchange applies recognized controls; most notably, approximately ninety-five percent of client coins are held in cold storage, meaning private keys are kept offline and air-gapped from the internet—an approach widely regarded as highly resistant to online compromise.
To avoid ledger discrepancies—issues that famously plagued the Bitgrail exchange—Coinsquare reconciles its books “about 2346” times each day, a cadence intended to track balances closely; think of it as running constant inventory checks on a warehouse.
They also indicate load and resilience testing against DDoS (Distributed Denial of Service) events, which can overwhelm servers and lock users out; anyone stuck during Bitfinex-style DDoS storms knows how such attacks can disrupt access and order flow.
Customer support
On the account level, the platform supports two-factor authentication to mitigate phishing or password theft, a must-have layer—using an authenticator app rather than SMS is a common suggestion for extra safety.
As a general habit, keeping only what you plan to trade on any exchange helps; long-term holdings are better moved to self-custody after execution.
blockquote Without possession of the private keys, the coins are effectively not yours
Without possession of the private keys, the coins are effectively not yours
Breach of user data
In early June 2020, the company disclosed a data breach stemming not from an external hack but from an ex-employee’s theft; the information later surfaced on dark web forums, underscoring that insider risk matters too.
Compromised details included mobile numbers, email addresses, and identification documents, which could enable SIM-swap attempts; for example, attackers might port a number to intercept SMS messages.
To validate the leak, the hacker shared samples with the Motherboard publication, revealing over five thousand user contact entries; that exposure threatened not just Coinsquare accounts but also logins at other services reused by the same individuals.
According to the company, notifications went out to affected users and relevant authorities and data regulators, though anyone impacted understandably remained concerned and may have opted to rotate credentials.
Coinsquare Supported Crypto and Cryptocurrencies
Originally Bitcoin-only, Coinsquare broadened its lineup to include Ethereum, Litecoin, Bitcoin Cash, Dogecoin, Dash, Ripple XRP, and more than fifty other assets, giving Canadians a wider blockchain selection.
Functioning as a CAD fiat gateway, it lets domestic traders buy core coins then transfer them elsewhere to chase smaller-cap altcoins if desired; for instance, one could purchase ETH here and move it for staking elsewhere.
Practically, Canadians can purchase Bitcoin with dollars here and later send funds to Kraken or Binance to access niche markets; a built-in currency converter helps estimate how much crypto you’d receive for a given CAD amount.
Coinsquare Fees Breakdown
Pricing at Coinsquare is positioned to be simple to read, minimizing surprises on trade execution and helping newcomers budget fees.
Coinsquare Pro trading fees
On the Pro interface, a single 0.50% rate applies to both maker and taker activity, so adding liquidity or removing it incurs the same half-percent cost; for example, a $1,000 order would be charged five dollars.
Coinsquare Trade fees
On the standard Trade view, direct commissions are removed and replaced with a spread typically between about 0.5% and 1.85%, varying with liquidity and volatility; the spread is embedded in buy/sell quotes to deliver commission-free execution.
Staking fees
Staking is available with different reward ranges and fees; for instance, Ethereum (ETH) shows an estimated annual reward around 2.29% to 2.89%, with a 25% fee on the rewards themselves, while assets such as Solana (SOL) and Cosmos (ATOM) have their own schedules.
Payment Methods for Deposit
Depositing or withdrawing is supported through multiple CAD rails thanks to local banking relationships, making funding straightforward for residents; details on costs and timeframes follow.
Before sending money, complete verification and KYC, as unverified accounts face limits; this can prevent delays, much like pre-approval does for other financial services.
Funding your account
Funding options include: Interac e-Transfer (r) with a $20 minimum, a $10,000 daily cap, zero fee, and near-instant allocation typically within zero to thirty minutes; Credit Card with a $100 minimum, $5,000 upper limit, a ten-percent fee, and instant posting; and Wire transfer starting at $10,000, no upper cap, a zero-percent fee, and processing in roughly zero to two business days.
Here, the allocation window refers to how long Coinsquare takes to credit deposits; “days” are business days, and the “maximum” reflects cumulative funding over a rolling 24-hour period, e.g., multiple Interac loads summing to the daily cap.
Many balk at the 10% card purchase fee—especially versus about 3.9% at Coinbase—yet several Canadian banks have moved to restrict credit card crypto buys, which partly explains the higher cost.
You may also deposit cryptocurrency directly; confirmation times on the respective network determine when balances appear, and Coinsquare does not charge a separate crediting fee beyond standard miner costs.
Withdrawal options
If you want Canadian dollars out, you can choose Direct Bank Deposit with a $20 minimum, up to $100,000, a 1.5% fee, and roughly zero to three business days; a Wire transfer with a $10,000 floor, no upper limit, a 1.5% fee, and around zero to two business days; or Interac e-Transfer with a $20 minimum, a $2,000 cap, zero fee, and completion usually within twenty-four hours.
Alternatively, withdraw crypto to your own wallet; the platform doesn’t add a withdrawal fee, though you’ll still cover the applicable blockchain network fee.
Account Sign-In and Verification Steps
To begin buying coins, register for an account via the “getting started” button on the home page, which leads to the main signup form, much like most fintech onboarding flows.
After email confirmation, your profile exists but remains unverified until KYC is completed, a stage you’ll need before high limits or cash movements are enabled.
Plan for a bit of friction here, as identity checks can feel tedious even when the process is streamlined.
Identity Checks and Withdrawal Options
By regulation, Coinsquare must verify the identities of traders, which is why you’ll be asked for personal data plus proof of identity and address, as illustrated below.
You’ll validate a mobile phone number and then upload an identity document alongside proof of residence; taking clear photos in good light helps avoid resubmissions.
Acceptable IDs include a driver’s licence, passport, National Identity card, Permanent Resident card, or a provincial Health Card (in Quebec); for address, a bank statement or utility bill typically suffices.
Once submitted, the compliance team reviews documents and aims to finish quickly, but budgeting roughly one full day is prudent, especially during busy periods.
In our case, approval arrived a little over a day later—impressive compared with the multi-week waits some experienced at Bitstamp or Kraken across December and January.
Coinsquare Trading Platform for Traders
Your ideal platform depends on whether you plan to dollar-cost average and “hodl,” or actively day trade; different tools fit different strategies, like using a simple buy for long-term and advanced tickets for scalps.
For quick purchases, the “Trade” module on the dashboard provides a quote and executes immediately, crediting your wallet right away—a convenient path for small test buys.
Coinsquare Pro
Active traders can switch to the Advanced Trade tab, which unlocks more order types and slightly better maker/taker economics, helpful when placing multiple entries or exits.
This view shows live order books, last trades, and current pricing near the ticket; see the sample layout where the order form sits to the left for clarity.
You can toggle a dark theme for the advanced screen, a small but welcome touch for those who chart at night or prefer reduced glare.
The main charting panel uses TradingView, a familiar toolkit across many exchanges, enabling indicators, drawing tools, and scripting for technical analysis when mapping trendlines.
Within the interface, switch between the price chart and the depth chart; the latter displays cumulative bids and asks so traders can gauge liquidity pockets and sentiment via market depth.
As an illustration, large sell walls on BTC/CAD in the depth view suggest bulls must absorb notable offers before prices can push higher, similar to heavy overhead supply zones.
Beneath the charts, you’ll find your open and filled orders, while to the right sit the full order books and order entry forms, which keeps the workflow tidy for managing positions.
Supported order types include Market and Limit; a Limit rests on the book and can earn the maker rate, whereas a Market consumes the book at prevailing prices and is charged the taker rate.
So is the trading platform advanced?
Relative to the basic Trade view, the Pro screen adds meaningful functionality and matches or exceeds many Canadian peers; thanks to TradingView, most chartists can perform the analysis they need.
Coinsquare App Guide
If you trade away from a desktop, Coinsquare’s mobile app for Android and iOS mirrors much of the web experience, letting you check balances or place buys on the go.
In testing, navigation felt clean with quick switches between trading, deposits, and withdrawals; note that the advanced order interface is not present, which may matter to active users.
Coinsquare Customer Insights
Good support can make or break a crypto experience—few things frustrate more than silent tickets—and Coinsquare generally responds efficiently.
For broad questions, the online FAQ section often resolves issues in the majority of cases, saving time you might otherwise spend opening a ticket.
For account-specific problems, a chatbot funnels you into a ticketing queue; while bots can be clunky, the human follow-up times were acceptable in our trials.
Official hours run 9:00 a.m. to 5:00 p.m. EST, Monday through Friday; while stated response windows are about one to three days, we typically heard back within roughly twelve hours.
There isn’t phone support for standard accounts yet; as staffing grows, they may introduce it, similar to how Coinbase added a call option for some users.
CEO and Wash Trading Claims
June 2020 proved difficult: alongside the insider data theft, reports surfaced that the CEO urged staff to perform wash trading on the platform, which raised eyebrows among observers.
Wash trading refers to simultaneously buying and selling the same instrument to fabricate volume or activity, a practice that can mislead traders about true liquidity.
Leaked materials shared with the Motherboard publication indicated the CEO instructed an employee to enable wash-trading algorithms after a visit from regulators, according to those documents.
These claims matter for anyone considering the venue, because wash trading constitutes illegal market manipulation under rules enforced by the U.S. Securities and Exchange Commission (SEC).
User Reviews of the Exchange
Although Coinsquare fits many Canadians’ needs, several issues likely require attention if the exchange plans to scale further in a crowded market.
First, the 2020 data breach is unsettling; an employee walking away with roughly 5,000 user records suggests gaps in controls, so traders may want to consider privacy implications before submitting KYC.
Second, wash-trading accusations create trust concerns about leadership conduct; trading on an exchange where reported volume may be artificial can make some users uneasy.
Beyond that, a broader coin roster would help; many altcoin-focused exchanges now accept fiat wires, and they could capture share unless Coinsquare offers a comparable selection.
Lastly, the ten-percent card purchase fee feels steep; partnering with a lower-cost processor would be more palatable and would improve optics for newcomers.
Final thoughts
Overall, this Coinsquare review was straightforward: it’s a sizable platform that has provided Canadians with a competitive option for several years.
They’re also pursuing vertical expansion, including mining efforts and an expanded capital-markets unit, which could diversify revenue over time.
That said, concerns around the breach and wash-trading allegations linger, so concrete remediation and transparency will be important, especially as domestic competition intensifies.
We’ll watch how the company responds; if you need a quick CAD on-ramp to crypto, this can be a workable choice, particularly for simple BTC or ETH buys.
Disclaimer: The views expressed are the author’s and do not constitute investment advice; always conduct your own research before engaging with any platform.
