CoinSquare Review
Coinsquare represents the intelligent digital trading choice. Since its launch in 2014, Coinsquare has grown into one of the most exciting and progressive cryptocurrency exchanges in Canada and Europe. This growth has been fuelled by the company’s mission to provide instant and secure trading options in any currency. With more than 100,000 user accounts and growing, this approach seems to be working.
What Is Coinsquare?
Coinsquare is one of an increasing number of “Fiat Gateway” platforms springing up to make it easier for customers new to cryptocurrency to buy and trade.
What is impressive about Coinsquare is that it seems to really value the customer experience.
Features are designed specifically with traders in mind whether you are new to day trading or a high net worth individual investor.
For customers new to digital currency trading, Coinsquare offers an easy to access platform, packed with information and features that give you a transparent view of the entire digital market, helping you to trade intelligently. What’s more, everything is explained in terms that don’t require a PhD in Mathematics, and a dedicated customer support team makes the process even easier, whenever and wherever you are in the world.
So far so good. However, Coinsquare is one in a number of platforms looking to compete in the digital trading market, so what makes it different?
What Makes Coinsquare Different?
Firstly, it now covers a range of cryptocurrencies including Ethereum, Litecoin, Bitcoin Cash, Dogecoin, and Dash, with plans to add more in the future.
Coinsquare is also pretty secure, being one of only a handful of online trading platforms that haven’t fallen foul of hackers. This means you can feel confident that when you credit your account, in whichever currency you choose to trade, your money is going to be safe.
Day Trading
The platform enables instant day trading from any device, with the Coinsquare app allowing customers to keep an eye on the markets at the touch of a button. With millions of trades every day, you need this to get the right price at the right time.
Fees
Trading fees at Coinsquare are straightforward, transparent and very competitive at half the cost of some of its competitors.
There is also a choice of order types including “Bit markets” and “Quicktrade”;
“Quicktrade” allows you to buy cryptocurrency quickly with a simple buy order on the main dashboard. The currency will be added immediately to your wallet for a flat fee.
There are many ways for you to add and withdraw money from your account. If you are a Canadian customer you can use CAD funding options, making it even easier to manage your account.
Whilst the Coinsquare fee structure is straightforward, there are high costs if you want to use a crypto credit card to make purchases. At 10% this is significantly higher than competitor platforms, but given that you can just use cryptocurrency to credit your account, this high fee can be avoided.
Withdrawal Options
The platform has several withdrawal options, including the “wealth wire” for customers that run a Coinsquare wealth account or “rushed wire” for which you will pay extra, but Coinsquare will process your payment more quickly.
If you don’t want to pay a fee for your withdrawal, you can just take the coins off of the exchange and avoid network mining fees. Therefore, Coinsquare offers something for everyone in terms of managing your account.
Registering
Registering for Coinsquare is easy and you can get started with just your email address. However, to start crediting and using your account you will need to go through the full registration process, which is a legal requirement and ensures fair and appropriate use of the platform.
To verify your account and start trading, you will need proof of identity, address and a valid mobile number. This process can be a bit clunky and you may feel uncomfortable handing over your details, but as a legal requirement, this is in place to protect you and your investments.
The great news is, once you have submitted your information you can expect to have it verified within 24 hours, which is a pretty quick turn around.
Advanced Traders
Coinsquare isn’t just for beginners/day traders. The company has done a lot of work to attract and support high net worth investors including opening up a mining venture arm and a capital markets division specifically for this audience.
For the more advanced trader, Coinsquare offers a range of bespoke tools on the Advanced Trade tab. Advanced features include “Tradingview charting” which can run most of the technical analysis you will need and more in-depth information on your complete order book and currency pricing to give you a much wider picture of the market.
There are some challenges to the system, particularly for the advanced trader. Lack of control of order life, for example, and the inability to place bespoke stop losses during a trade. Both issues require more work to make this a truly advanced platform.
Yet despite this, Coinsquare is very usable, secure and reliable and the company is constantly looking to improve its user experience, so perhaps these issues will be eliminated over time.