Is Coinsquare a Scam? I Have Heard Some Negative Things About Them.
Welcome to my Coinsquare review!
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Do you remember what happened in December 2017? All hell broke loose when Bitcoin hit $20,000. Even high school students wanted to invest in Bitcoin at the time.
Everyone was so optimistic that Bitcoin will take over Central Banks very soon and will replace our normal currency. Well, that didn’t happen and almost 2 years have passed since then.
During the Bitcoin boom, a lot of other cryptocurrencies like Litecoin and Ethereum also soared high. It was during this period that many people come to know that there is something called cryptocurrency exchange.
Most people started visited sites such as Binance and Coinsquare more often to trade Bitcoin as well as other cryptocurrencies.
Trading cryptocurrency on a cryptocurrency exchange is one good way to make money. It is a lot like forex trading. However, instead of trading real currencies, you will be trading only cryptocurrencies.
The fact is that all the risks that are involved with forex trading are also present in Crypto trading. This is why you should be very careful.
In fact, trading cryptocurrencies is considered even riskier. Most people stay away from it. If you must trade cryptocurrencies, it is very important that you conduct your research very well.
To help you make sound research, this honest and unbiased review of Coinsquare will provide you with the real information you need to know about this company. Keep on reading to find out more.
Deposit: Min. $100
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What is Coinsquare?
Coinsquare is one of the largest cryptocurrency trading platforms in Canada. The company which was founded in 2015 has its headquarters in Toronto, Canada.
Here’s a short video on Coinsquare.
You have known Coinsquare.com as Coinsquare.io when there was just a retail cryptocurrency exchange. However, the company has now fully entered into cryptocurrency trading platform.
As of today, clients from all over the world can trade on an assortment of cryptocurrencies such as Bitcoin, Ethereum, and Dash on this platform. The website was mostly designed for Canadian traders.
This is why the two languages of the website are English and French (both spoken in Canada). However, any user from around the world can also register on the platform.
Coinsquare has grown a lot within the past few years. In fact, the company was able to raise over $47.3m in the last couple of years.
Coinsquare also has about 90 employees and more than 100,000 users. Recently, the company declared they want to sell shares to the public for $120m in IPO.
How Does Coinsquare Works?
Coinsquare works pretty much like most cryptocurrency trading platform you may have come across. Like I already said above, this platform was designed mostly with Canadian traders in mind.
Here’s a Short Video on How Coinquare Works.
This means that you will need Canadian dollar to buy Bitcoin on Coinsquare and then you can exchange the Bitcoin to other cryptocurrencies.
You can register on Coinsquare for free. You can create your account within a minute with just a valid email address. You can get started with three simple steps:
However, you will need to make an initial minimum deposit of $100 on Coinsquare before you can start trading on the platform.
After making a deposit on the platform, the base currency of your account can be on one of the following: CAD, EUR, USD, AUD, GBP, or BTC. You will need to verify your account too.
To do this, you need to submit your phone number and proof of identities such as a driver’s license or any other government-issued ID.
You cannot withdraw from the platform without completing verification. Coinsquare may reject your verification if you are not based in Canada.
Coinsquare is well-known for its state-of-art security. This is one of their top-selling points. When it comes to security, the company offers 2FA Authentication, 95% of the funds are kept in cold storage, encrypted and distributed daily backups as well as SSL Encryption.
Most traders left Coinsquare recently because of their inability to understand the platform’s fee structure.
Coinsquare’s maker fee is set at 0.1% while their taker fee is set at 0.2%. They also have a host of other fees that may take you time to understand.
For instance, direct bank deposit has a fee of 1% while wire transfer attracts a fee of 0.5%. I recommend you take time to get used to their fee structure before you start trading on the platform.
Deposits and Withdrawals
Like I stated above already, Coinsquare mostly accept a deposit in the Canadian dollar. The minimum deposit is $100. You can make a deposit through bank draft, money order, wire transfer, Flexepin, and Interac Online.
When it comes to withdrawal, you can withdraw your earnings through Direct Bank Deposit or Wire Transfer.
How Do You Make Money on Coinsquare?
The only way to make money on Coinsquare is by trading cryptocurrencies. If you already have the knowledge of cryptocurrency trading and you are based in Canada, you can choose Coinsquare as a place where you trade cryptocurrencies just like you would trade normal forex.
Ugly Truth About Coinsquare
Coinsquare is Laying Off Staff
In February 2019, it was reported that Coinsquare is laying off almost 40% of its staff including its chief financial officer as well as the chief operating officer.
Before then, Coinsquare has an estimated 150 staff member. It was reported that about 40 of them would lose their job. Coinsquare did not give any reason for their actions.
However, it was believed that the company may be experiencing a problem and this problem may affect the users soon.
Complicated Fee Structure
In recent years, a number of Canadian top cryptocurrency traders have reportedly left Coinsquare because of its complicated fee structure. It may take you time to get your head around how the company charges for their services.
What I Like About Coinsquare?
There is no doubt that Coinsquare offers one of the most secure platforms. The company has received lots of praises in recent years for the type of security and peace of mind they offer traders on their platform.
If you are looking for a cryptocurrency platform where your money will be secured, I will recommend giving Coinsquare a chance.
If you have $25,000 or more on the platform, you will be entered into their Wealth Services where you will enjoy a number of unique benefits such as lower bank transfer fees, OTC trading, and many more.
Despite having a complicated fee structure, most users still think that Coinsquare has competitive fees when you compare it to that of other companies that offer similar services.
Mobile Apps Available
The company also has a mobile app which you can download from the Google Playstore or Apple store to trade cryptocurrency on the go.
Is Coinsquare A Scam?
Certainly not! Coinsquare is one of the most trusted cryptocurrency trading platforms in North America. The company offers a getaway to Bitcoin and other cryptocurrencies. They are also known for their state-of-art security.
However, the only problem the company has it that most people have complained that it is a bit complicated to use the platform.
The company could attract more customers only if they make it less overwhelming and more transparent. Hopefully, this would happen soon. Coinsquare is a crypto-trading platform I love and I will like to succeed.
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