Today we have a look at Coin Square for you. What is Coin Square? Will it be for you or should you look elsewhere? This are some of the main questons this review will answer. Ok, here we go!
Product: Coin Square Exchange
Website: www.coinsquare.com
Owner: Funded by Virgile Rostand
Price: Minimum initial deposit at Coin square is $100
Who is it for Cryptocurrency traders
Intro
There are at least three ways, though only one of them looks rational today. First, you could mine your own bitcoins. Second, you could buy some from an exchange. Third, you could buy shares in a fund that has invested in bitcoins. The most common one is through an exchange, but can we trust them? Today we take a look at Coin Square.
What is Coin Square? – An overview
What is Coin Square? Founded in 2015, Coin square was designed to provide a safe, affordable and simple way for Canadians to exchange cryptocurrencies online. With an easy-to-use interface, reputable customer service and transparent fees, Coin square is considered to be one of Canada’s leading cryptocurrency exchanges, with physical offices located in downtown Toronto. We’ve compiled this guide to help you understand how to buy and sell cryptocurrency on Coin square, how much it will cost you and if it’s the right exchange for you.
The operation is 100% Canadian built and operated, though the services that it provides are apparently available to a global user-base. The operation is focused on its “Canadian” nature, however, and on the multiple funding options as well as the easy verification process it touts. The safety of user funds is another top-priority matter. Apparently, the exchange is built on the same technology as the New York Stock Exchange. The system is 100% in-house built, and it has been stress-tested under various hypothetical scenarios, such as DDoS attacks. The exchange’s record in this regard is rather impressive as well: since 2015, it has not lost a single coin.
Coin square Funding Options
Those looking to open a trading account with Coinsquare.io can make use of a multitude of deposit options to get money deposited into this account. Many of these options are only available to Canadians, underlining the Canadian-focused nature of the operation.
The deposit methods entailing the lowest fees are bank draft and money order. The fees are 0.25% on both of these, while they can be as high as 5% with Interac e-transfer. Interac online, Flexepin vouchers and bank wire are also available. Bank wires carry a 0.5% fee. For CAD withdrawals, Interac e-transfer, direct bank deposit, and wire transfer can be used. The fees incurred upon withdrawal span the 0.5% (in the case of bank wires) to 5% (Interac) range.
BEST OF 2018 CRYPTOCURRENCY EXCHANGE
Coin square Trading Fees
The trading fees offered by Coin square are extremely attractive. The Bitmarket fees start from 0.1% for market makers (those providing liquidity) and 0.2% for takers.
The Quicktrade fees run the 0.2% (makers) to 0.4% (takers) range.
How Exactly Does Coin square Work?
The operation takes great pride in being extremely straightforward and simple to figure out – even for beginners. The first step is to register an account. The sign-up process takes but a few seconds, and all it requires from registrants is an email address, which has to be verified. Following the actual account creation, users need to undergo additional verification. They are required to provide a phone number (non-Canadian numbers are apparently accepted too), as well as a number of documents, such as utility bills, bank statements, and government-issued IDs.
The funding of the account is the next step. Once money lands in users’ accounts, they can get down to the actual trading. Some have complained that the way some of the limit orders are set up is confusing. Overall though, the community feedback is great in this regard.
What definitely has to be pointed out about Coin square is that above and beyond simply letting users trade various cryptos, it is a full-fledged trading platform, which offers charting features, as well as a customizable trading interface. The QuickTrade trading feature – already mentioned above – lets users trade any coin to any coin easily and quickly.
Should I Trust Coin square?
Judging by the community feedback available through forums such as bitcointalk and various Reddit threads, Coinsquare.io is indeed trustworthy. Obviously, there are user complaints out there, quite a few of them in fact, but there is nothing pointing to fraud on the part of the operator, in any shape or form.
Red Flags and Question Marks
The operation does not raise any such issues. By red flags and question marks, we obviously mean proof of fraud or some kind of blatantly obvious indication that we are indeed dealing with fraudsters. Coin square is not fraudsters, though the quality of the services they offer may fall short of some of their users’ standards here and there.
Is Coin Square a Scam?
What is Coin Square? As said above, complaints are indeed plentiful. Reddit is the main scene for Coin square detractors and complainers, and while the majority of issues raised through these complaints are indeed legitimate, none of them seem to call into question to legitimacy of the operation.
Folks please stay away from these guys. First they take a heavy percentage when you deposit your money and then they deprive you of your own money. It is amazing that you create the account for the purpose of trading Cryptos and you pay heave fee as well but then you are like a beggar because you will never even get to use the service. They don’t have a phone number. They don’t reply to your emails or tickets. You will be lucky enough if you got a response in a week. I find Quadriga much better and efficient .
Some people have complained about the operator holding their money hostage, and the support staff being rude. Withdrawal processing times seem to be way too long in some cases too. At least one user took 7 days to withdraw his CAD, while another was hit with massive withdrawal fees on a BTC withdrawal. Some have suggested that withdrawals should be made in LTC rather than BTC, and the funds should then be converted back to BTC at a different exchange. Downtimes sometimes struck the site too. In at least one instance, user access was denied to the platform, due to what was later revealed to have been a successfully fended-off DDoS attack. Other users aren’t shy about pointing out alternatives (such as Quadriga) to the service, due to the withdrawal limits and other inconveniences.
Verdict
Though Coin square is indeed legitimate, it seems like many of its operational aspects need further streamlining. The number of complainers is just too big for comfort. Remember though: the operator is transparent regarding most of the issues users complain about. If you plan on trading with Coin square, make sure to read the fine-print as well as the not-so-fine print attached to the description of every service.
It also has to be pointed out that Coin square has a number of special offers in place for those looking to trade large volumes of cryptos. The Coin square Concierge program is aimed at those trading more than $25,000, while Coin square Diamond is for users trading over $100,000 at a time. The Diamond feature offers free wire funding and access to a concierge trading desk.
Conclusion
One of the biggest disadvantages of this exchange is the fact that it is centralized. Although centralized exchanges have more advanced features than decentralized exchanges, the exchange will have full control of funds and all transactions performed on the platform. If you’re looking for an anonymous platform, Coin square may not be the best cryptocurrency trading exchange for you. Being centralized also makes it more prone to hacks.
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I wish you the best!
Ephraim,
Crypto trader and blogger on:
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