CoinSquare is an online cryptocurrency exchange platform based in Canada that claims to offer trustworthy trading and investing services using the most popular cryptocurrencies in the world right now. The exchange is available globally and it claims to provide the highest level of security when it comes to their customers’ data and finances. We tend to disagree with this statement and we do not recommend this platform if you want to have a safe experience.
Firstly, it has the habit of spreading rumors to make itself look better than other brokers. One example of this is the rumor concerning the fact that it uses the same technology as the New York Stock Exchange. This is completely unverified and probably not true at all. Another problem here is that it lies to its potential clients by assuring them of something that they cannot prove.
More on why we don’t recommend CoinSquare
Another reason why we don’t recommend putting your trust in CoinSquare is the fact that, in order to create an account on their platform, the only thing you need is a valid e-mail address. A password should be also requested along with a few other personal details so that a thorough verification can be done. Anyone with an e-mail address can sign-up for this broker because nothing more is requested and this is not all right.
There is a verification process that takes place after creating your account which requests a few more details but it’s only available for people in Canada. This is, again, sketchy and problematic because all the other people will not benefit from any type of verification. It’s unfair and bizarre, to say the least. CoinSquare also provides a list of security measures that are probably meant to trick people into visiting their website because you never know whether or not these measures really exist.
About the CoinSquare trading platform
CoinSquare only has a web-based trading platform and no mobile trading app for its clients. This means that unless you can carry a laptop with you at all times, you won’t be able to access your account. Their platform is also home to a huge contradiction. On one side they have the QuickTrade feature which is extremely simplistic and doesn’t offer any indications to the trader. On the other side, they have spot market trading which is extremely complicated and difficult to understand, especially as a beginner. Again, they provide no tutorial or educational resources to make the customers grasp a better understanding of what they should do. This can bring about huge mistakes and losses for the traders, which has probably been the idea this entire time.
Deposits, withdrawals, and hidden fees
Most of the CoinSquare basic fees are displayed on their platform but, according to our research and tips from former users, this broker has a lot of hidden fees that traders only discover once it’s too late. The thing with this broker is that it has the talent of making things sound enticing for the clients when, in reality, they are not trustworthy at all and are only looking to make money not to help traders at all.
As for deposits, you should know that they only accept CAD because this is a broke aimed mostly at Canadian traders. However, ignoring traders from the other parts of the world is a big mistake that should really be a red flag for people. Also, you can only make withdrawals in CAD and you might have some issues with this too. Usually, withdrawals from them take a lot of time and there is no way of knowing whether or not your money will ever reach your account.
We don’t recommend CoinSquare
In conclusion, we don’t recommend going for CoinSquare in case you want to begin your trading journey on the right foot. Also, in case you are not living in Canada, you should not even consider taking a look at it because it’s pretty much useless and biased in that sense. Also, it does not accept residents from New York as clients because of what they claim to be problems with the regulations there. This is truly weird and might even mean that CoinSquare is not regulated at all and wants to lay low and not be caught. At the end of the day, it’s your choice but if you want to keep your money safe, play by your rules, and have a fruitful and safe trading experience, stay away from CoinSquare!
2 Responses
My Coinsquare account is down since the new app or app update was requested by coinsquare to be installed It’s been 2 weeks and counting had this happen for several weeks in 2018. I could not get my trading records documents or trade or view account . I only was able to get tax info in 2021 and the format was not compatible with biggest on line crypto accounting services Finally coinsquare formatted the records to be usable with 2 of the largest crypto tax accounting services and I was able to submit capital gains tax . Now in my opinion I would think twice before putting money in any of the crypto brokers as they don’t have to account for your investments like an ETF or Stock and subject to regulatory bodies . There are now plenty of ways to invest in crypto indirectly in RRSPs and Regular trading accounts using ETFs Mutual funds and crypto mining companies on trading exchanges like TSE which are regulated . So I have very little confidence in non regulated accounts beware .
Having tried different trading platform , my last experience with Jane Morris is the worst ever experience, I traded with $500 and within a week i made profit of $6,500 tried to withdraw my money she was telling rubbish.