Coinsquare Review

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Contributor, Benzinga
Updated: August 24, 2021
CoinSquare
Best For
  • New Cryptocurrency Investors
securely through CoinSquare's website
1 Minute Review

Coinsquare is a cryptocurrency trading platform that you can use to buy and sell some of the most popular cryptocurrency assets. Though Coinsquare’s offering list is a bit lacking when compared to other major brokers, its simple interface and low pricing will appeal to new investors and those exploring the cryptocurrency market for the first time. In the future, we’d love to see Coinsquare address some of the common complaints made against its trading app and improve its customer service infrastructure.

Best For
  • New cryptocurrency investors
  • Investors who are particularly concerned about trading security
  • Traders at the beginning stages of researching crypto investing
Pros
  • Simple, straightforward signup process
  • Mobile app available for both iOS and Android platforms
  • QuickTrade feature allows you to instantly convert 1 crypto asset to another
  • High-level security and cold storage for tokens and coins
Cons
  • Based in Canada, which means that many international traders, including those in the U.S., will not be able to access it
  • Poorly reviewed customer service
  • Variety of complaints in regards to mobile app’s design and performance
  • Limited number of tradable coins and tokens

CoinSquare Ratings at a Glance

Coinsquare Customer Service
Coinsquare Pricing
Coinsquare Mobile App
Coinsquare User Benefits
Coinsquare User Experience
Coinsquare Overall Rating

Cryptocurrency Options

Coinsquare offers major cryptocurrencies like BItcoin, Ethereum and Dogecoin, as well as a few other altcoins. Before making an account, be sure that Coinsquare supports all the altcoins you seek to invest in. Current cryptocurrency offerings include: 

  • Bitcoin
  • Bitcoin Cash ABC
  • Bitcoin SV
  • Dash
  • Dogecoin
  • Ethereum
  • Ethereum Classic
  • Litecoin
  • Ripple XRP
  • Stellar Lumens

Currently supported fiat currencies include: 

  • U.S. Dollar
  • Canadian Dollar 

This list of currency offerings isn’t impressive when compared to other cryptocurrency trading platforms available. For example, Coinbase currently offers access to more than 60 individual cryptocurrency offerings, while competitor Binance US supports more than 100 unique crypto pairings. If you’re a new investor searching for only the major names in cryptocurrency, you’re likely to find what you’re looking for through Coinsquare. However, more experienced investors may find themselves disappointed with Coinsquare’s lack of options. 

Coinsquare Customer Service

Coinsquare currently offers 2 unique methods that you can use to access customer service.

  • Via live chat: In the bottom right-hand corner of the screen on Coinsquare, you’ll see a small blue chatbox. Click on the chatbox to be connected with a customer service representative.
  • Via email: To get in contact with Coinsquare via email, you can send its team a message directly at support@coinsquare.com.

Customer reviews of Coinsquare’s representatives commonly found customer service unhelpful. In the future, we’d love to see Coinsquare improve its customer service options and offer hours beyond the standard 9 a.m. to 5 p.m. EST.

Coinsquare Pricing

Like many cryptocurrency brokers, Coinsquare uses a maker-taker fee schedule to calculate what you’ll pay when you place a trade. Maker fees apply when you place a buy or sell order that adds liquidity to the market. For example, if you were to place a buy order to purchase 1.0 LTC and no currently outstanding sell order equaled 1.0 LTC or higher, you would pay the maker fee. You’ll pay the taker fee when you place an order that is immediately matched up with a complementing buy or sell order, closing both orders and removing liquidity from the market.

Coinsquare’s maker fee for Bit Markets is currently set at 0.1% of your trade value while taker fees are set at 0.2%. When using the QuickTrade feature, you’ll pay a flat-rate commission equal to 0.2% of your trade’s value if 1 of the currencies is Bitcoin and 0.4% of your trade’s value if both of the coins you’re trading are altcoins. This fee schedule applies whether you are making or taking liquidity.

These prices are competitive when compared with other major cryptocurrency exchanges. For example, if your trading volume is less than $10,000, you’ll pay a maker and taker fee of 0.5% with Coinbase Pro, which is significantly less than Coinbase Exchange. If your monthly trading volume is less than $100,000, you’ll pay a maker fee of 0.02% and a taker fee of 0.05% when using Kraken. Coinsquare does offer lower fees for users who deposit at least $25,000 into their account, but this is a significantly higher minimum than Coinbase Pro.

Coinsquare Mobile App

In the fast-paced cryptocurrency market, having a mobile app is essential for investors and traders around the world. Coinsquare’s mobile app is simple and straightforward, featuring all the major functions of its desktop platform with frequent information updates. This simplicity can be a welcoming sight for new investors looking for a trading platform that doesn’t overwhelm them with features they aren’t comfortable using.

Unfortunately, Coinsquare’s app is also exceptionally poorly reviewed, maintaining an average rating of 2.2 out of 5.0 stars on the Apple App Store and 2.4 out of 5.0 stars on the Google Play store. These are some of the most negative reviews we’ve seen out of all the cryptocurrency trading platforms we’ve reviewed.

Some common complaints about the Coinsquare app include the following.

  • Frequent crashes: By far the most common complaint users reported was that the app crashes with seemingly no notice. Users reported crashes as a frequent occurrence, which was especially frustrating for users who were in the middle of a trade when the app stopped working.
  • Slow turn-around times: Many users complained about how long it took for Coinsquare to verify their initial account information and their deposit information, with some users claiming that they waited up to 10 business days to see their deposit in their accounts.
  • Varied functionality limitations: Various users claim that, since the last update, several tools on the app have stopped working or are now functioning incorrectly. Claims of bugs include everything from the “max” button not responding when placing a buy or sell order to failures regarding 2-factor authentication.

In the future, we’d love to see Coinsquare respond to some of these customer complaints and let its community know-how and when it plans to repair these common issues. The Coinsquare app is available as a free download for iOS and Android platforms. 

Coinsquare User Benefits

Despite its weaknesses, the Coinsquare app does offer unique user benefits. Let’s take a look at a few of our favorite features.

  • QuickTrade functionality: If you aren’t new to the cryptocurrency market, you might already have some outstanding crypto that you’d like to convert to a new token or project. Coinsquare’s QuickTrade feature allows you to instantly convert between any 2 supported currencies, coins or tokens on the platform.
  • High-level security: Coinsquare’s platform features 100% proprietary technology. The trading platform claims to store 95% of the tokens and coins on its server in offline cold storage, which is considered by experts to be the most effective storage method to prevent hacks. The company is also SSL secured, and you can use 2-factor authentication to ensure that only you have access to your investments. This process can provide users with a major sense of relief, as cryptocurrency brokerage hacks and ransom requests continue to make headlines.
  • Support for the most popular crypto assets: If you’re a new investor only interested in trading some of the most popular cryptocurrency assets, you’ll likely find what you’re looking for through Coinsquare. Though the platform’s offering list is scant when compared to other brokers, major names like Ethereum, Bitcoin, Dogecoin among others are supported. 

Coinsquare User Experience

Unlike some competitors that focus on providing users with as many charting and analysis tools as their UIs can handle, Coinsquare focuses on providing new investors with a simple, welcoming platform to begin their trading and investing journey. 

The platform offers support for some of the most popular coins and tokens that new investors are likely to be most interested in, and its pricing is competitive with larger exchanges on the market — especially if you have a lower account balance and you won’t be able to take advantage of frequent trader discounts. Additionally, the platform’s proprietary security software ensures that the keys to account holders’ assets are held directly with the exchange they’re trading on.

There are still plenty of areas where user experience with Coinsquare is lacking, however. Complaints about the platform (especially the mobile app) suddenly freezing or shutting down are so frequent that they can’t be ignored when it comes to commenting on user experience. Complaints about customer service response times and funds clearing are also very common. 

Coinsquare vs Competitors

Coinsquare is far from the only cryptocurrency broker operating on the market — and if you live outside of Canada, you’ll need to open an account with one of Coinsquare’s competitors. Some of the most prominent and widely used cryptocurrency exchanges include Coinbase, Gemini and eToro.

Coinsquare Overall Rating

Coinsquare’s user experience was built with new cryptocurrency investors in mind. The company’s website is packed with information on both tools the platform offers as well as general information useful for those entering the cryptocurrency market for the first time. Coinsquare’s desktop and mobile platforms are easy to master, and pricing is competitive with other cryptocurrency brokers on the market.

The broker also comes with its fair share of drawbacks. Complaints about user experience, poorly designed mobile tools and unresponsive customer service are common. Additionally, you’ll only be able to trade a limited number of cryptocurrencies and tokens — not to mention that the platform is currently only available in Canada. While Coinsquare won’t make our list of the top cryptocurrency brokers, it can be a solid option if you’re a Canadian investor looking for basic trading at low prices. 

Coinsquare Tutorial

Frequently Asked Questions

Questions & Answers

Q
Is Coinsquare legit?
A

Yes, it is legitimate. Coinsquare’s security suite features 100% proprietary software, and the broker claims that it stores 95% of its coin and token supply in secure cold storage. In addition, Coinsquare is SSL and 2-factor authentication enabled, providing an additional layer of storage for your investments.

Q
Is Coinsquare better than Coinbase?
A

Coinsquare and Coinbase are both cryptocurrency secure trading platforms that aim to capture the interest of new cryptocurrency investors. While Coinsquare’s fees are a bit lower than what you’ll pay using Coinbase, we recommend Coinbase over Coinsquare thanks to its well-designed mobile app and wealth of cryptocurrency investments to choose from. 

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