Coinsquare Review – A Look At This Canadian Cryptocurrency Exchange

Coinsquare Review

While Coinsquare makes it relatively easy to shift from conventional currency to cryptocurrency, the variety of coins you can trade with this exchange is relatively limited. Currently, the platform only supports 10 of the most popular digital currencies:.
With a lot of cryptocurrency platforms out there, however, such as 3Commas and Coinigy, how does Coinsquare actually measure up? Lets take a more detailed take a look at this cryptocurrency exchange in this evaluation of Coinsquare.
Coinsquare Commissions, Fees, And Account Funding.
Coinsquare provides two various methods to trade that bring different commission charges.
First, you can buy or sell any of the digital coins that Coinsquare uses utilizing standard currency. In this case, you are charged a charge of 0.2% of the trade worth if you remove liquidity from the exchange or 0.1% of the trade worth if you include liquidity.
Second, you can utilize the QuickTrade function to immediately exchange one digital coin for another on the exchange. This carries a commission of 0.2% if you are transforming to or from Bitcoin or 0.4% if you are converting in between two other cryptocurrencies.

Coinsquare Routes and executions.
Executions on Coinsquare is exceptionally transparent thanks to the fact that the exchanges order book is public. You can quickly see not simply the present bid/ask cost for any coin that the exchange deals, however likewise how much volume is available at each bid/ask level.
Its important to keep in mind that Coinsquare routes all conversions through Bitcoin if you are exchanging between two cryptocurrencies utilizing the QuickTrade function. So, if you are changing from Ethereum to Litecoin, for instance, the amount of Litecoin you get will depend on the ETH-BTC and BTC-LTC bid/ask spreads..
Wealth And OTC Accounts.
Coinsquare provides 2 non-standard account types that it calls Wealth and OTC. The Wealth account requires a minimum account balance of $25,000 CAD and gives you access to a dedicated account supervisor. You might likewise receive reduced fees for deposits and withdrawals, depending on the transfer method you use.
The OTC account also requires a minimum $25,000 CAD balance, but you can not request this account– Coinsquare will contact you if you are qualified based upon the companys internal requirements. With an OTC account, you can utilize Coinsquares trading desk to make block trades worth more than $25,000 CAD. Orders are organized by phone with a devoted account supervisor from Coinsquare.
Is Coinsquare Trustworthy?
Coinsquare boasts about its security and credibility. In 2019, the company was hacked, and the personal info of more than 5,000 users was stolen.
That said, Coinsquare has actually never reported problems or theft from users wallets, which is seriously important for keeping your funds safe.
What Type Of Trader Coinsquare Is Best For?
Coinsquare is a great choice for newbie cryptocurrency traders looking to burglarize the digital market. The exchange provides a reasonably straightforward onramp from CAD or USD to cryptocurrencies and provides traders access to 10 of the most popular coins. The exchange is transparent about fees and its order book, and the OTC desk makes it ideal for traders who wish to move more than $25,000 CAD into cryptocurrency in a single trade.
Notably, Coinsquare isnt optimized for sophisticated cryptocurrency traders. All conversions go through Bitcoin, even for popular conversions like Ethereum to Litecoin. You also only get access to a really small number of currencies that are usually less unpredictable than the bulk of modern cryptocurrencies.
Pros.

Easy onramp from conventional currencies to crypto.
Trading on 10 most popular cryptocurrencies.
Transparent charges and spreads.
Depth chart shows readily available rates for each trade.
Supports block trades through OTC account.

Coinsquare does not offer much of a variety of other tools. That said, Coinsquare does have a news feed that offers updates on the market and commentaries on the trajectory of particular coins.
Coinsquare Customer Service.
You can get in touch with Coinsquare by e-mail and live chat. If you utilize the live chat, though, theres no chance to get a human representative on the line– you are required to interact with an automated bot for assistance. We received responses to an assistance email within a day, and the representative was fairly educated about the platform.

Minimal technical charts.
No tick-level or one-minute rate data.
Charges deposit and withdrawal charges.

Coinsquare also charges some costs around deposits into your account that are crucial to know about. If you money your account with Canadian dollars, the minimum deposit is $20 CAD, and there is no fee if you use an Interac e-transfer.
You can likewise fund your account with United States dollars using a wire transfer, but the minimum deposit and withdrawal are $25,000 each. You will be charged a 0.5% cost for deposits and a 1% fee for withdrawals.
Coinsquare Platforms And Tools.
The Coinsquare trading platform is available on the internet or mobile (iOS and Android). It doesnt provide a substantial range of tools for analysis, however it does make it simple to get important information about the exchange rates for coins and the exchanges order book..
The user interface does provide technical charts from TradingView, which include almost 100 popular indications you can overlay. Critically, however, price information is only offered at a resolution of 15 minutes or less– you can not access one-minute charts or tick-by-tick charts through the Coinsquare interface.

Coinsquare is one of the largest cryptocurrency exchanges in Canada. The OTC account also requires a minimum $25,000 CAD balance, however you can not apply for this account– Coinsquare will contact you if you are qualified based on the businesss internal requirements. With an OTC account, you can use Coinsquares trading desk to make block trades worth more than $25,000 CAD. Coinsquare is a great choice for first-time cryptocurrency traders looking to break into the digital market. Significantly, Coinsquare isnt optimized for advanced cryptocurrency traders.

Summary
Crypto traders know that a strong cryptocurrency exchange can make a large impact. Coinsquare is among the largest cryptocurrency exchanges in Canada. It has more than 100,000 users and is available in more than 25 nations. This exchange supports 10 of the most popular digital currencies and offers tools such as TradingView technical charts and depth charts. Does this cryptocurrency exchange provide what you require? Read our review of Coinsquare and find out now.

Coinsquare makes its order book readily available to all traders, and there is a depth chart so you can easily see what the present market price for a coin is. This is an especially useful tool for putting large trades because the chart displays how much of a coin is readily available to sell or buy at a specific price and what the comparable expense would be in CAD. Coinsquare also clearly shows the spread as a percentage of the trade rate, so you understand exactly just how much youll be paying for your trade.

About Coinsquare
Coinsquare, founded in 2014, is among the largest cryptocurrency exchanges in Canada, with more than 100,000 users. The platform is likewise readily available in the United States and in more than 25 countries across Europe..

Cons.