Offers And New Customer Experience - Getting started at CoinSmart
At the time of writing our CoinSmart review, we couldn’t find any welcome bonus or new customer offer of any kind on the platform. To be fair, new customer offers on trading platforms and crypto exchanges are not the most common so we won’t hold it against CoinSmart for not providing one. We’ll update our CoinSmart review if the operator adds a welcome offer in the near future.
We decided to test out the site for ourselves to see how easy the sign up process was. Firstly, you need to follow the “create account” link in the top right hand corner of the homepage. From there you are taken to the first page of the sign up process where you will need to enter in information such as your email address, password and your country of origin.
The main part of your sign up process is verifying your identity. You can do this by sending CoinSmart a copy of your standard I.D., your driver’s license or your passport. In addition to this, you’ll need to provide them with proof of residence as well which you can do by sending a copy of a recent utility bill or 3 month’s worth of bank statements.
Usability - A platform that is a joy to use
Whether you are using a standard trading platform or a crypto exchange site like CoinSmart, it’s important to know that the site is easy to use. There is no use in offering users plenty of cryptocurrencies only for the site to be a pain to use. Thankfully, our CoinSmart review found that the operator’s platform is in fact of the highest quality.
Firstly, the design of the platform is fantastic. Everything is laid out in a concise way which makes finding the different elements of the site a breeze. You can check out everything you need at the top of the homepage where you can find the different markets available, unique features, the fees and more. You can also find plenty of information about the operators themselves at the footer of the homepage as well.
As far as how well the site functions goes, we didn’t find any issues at all. Every page we navigated to loaded quickly and without so much as a hiccup. The software on the site is clearly excellent. This may vary based on your internet connection of course but from our standpoint, the site functioned amazingly well. All in all, our CoinSmart review was impressed with how well the site functions and how efficiently everything has been put together as well.
Accounts - Just one account needed
It is not uncommon for a crypto exchange or trading platform to offer their users a number of different accounts to choose from, as can be seen in our AvaTrade review. Granted, this is more common with your average trading platform but it has been seen on sites that are similar to CoinSmart as well.
With that being said, our CoinSmart review could not find any additional accounts for users to choose from. This keeps things nice and straightforward when you sign up as you only have one account to choose from. This keeps things simple for users who may be new to crypto exchanges but it also keeps everything you need in one place for those who are more experienced with online crypto exchanging as well.
Trading Platforms - An intuitive crypto exchange platform
The platform at CoinSmart does not offer a number of different trading platforms like you would see on other trading sites, as can be seen with our Forex.com review. Instead of having access to things like MetaTrader 4 and 5, users at CoinSmart have access to the operators’ very own trading software. The software has been designed to cater to all experienced crypto traders but it is also easy to use for those traders who are fairly new to the world of crypto exchanging and trading.
The dotware provides users with charting tools, live positions, markets books, the ability to choose different order types that include market order options to trade at the most dominant rates, stop order options and limit orders. For the premium traders on the platform, you will have access to OTC (over-the-counter) trading services that are available for orders to buy or sell above $25,000. Our CoinSmart review found that premium traders are given the chance to use an account representative, access to discounted trading fees and quality pricing for larger trade sizes as well.
Trading Payments - Plenty of deposit and withdrawal methods
Whether you are trading in futures, stocks or cryptocurrency the same fact remains, you need access to a number of reputable payment methods. At CoinSmart, you have a fairly decent selection of payment methods that will vary depending on where in the world you are situated.
If you are looking to make your first deposit on the CoinSmart platform, you can do so by selecting from these options: Bank wire transfer, bank draft, credit/debit cards and Interac e-Transfer. There may not be a diverse variety but there is a wide range of banks that are accepted on the site. Your major bank will almost certainly be available on the site. As far as the withdrawal options go, you are limited to just 2 methods in an EFT and a bank wire transfer. We’d like to see CoinSmart add a few more options in the near future but for now, these should be enough to cover most traders.
The fees attached to your deposits and withdrawals can vary greatly but CoinSmart have made this abundantly clear on their platform with a concise “fees” page. For example, your bank draft and bank wire transfer deposit will have 0% fees attached but your credit/debit card can be as high as a 6% deposit fee. The withdrawal fees are explained in even more detail. An EFT and bank wire transfer have a 1% fee attached but your withdrawal will also vary depending on the crypto you are withdrawing.
Fees – A detailed look at the fees at CoinSmart
Online trading platforms can make their information tricky to access if you haven’t already created an account on their site. This couldn’t be further from the truth with CoinSmart, as they have a clear and concise fees page that shows you exactly what fees your CoinSmart crypto trades might incur and what your payment methods fees are. We’ll touch on the payment fees shortly in our CoinSmart review, for now let’s take a look at the fees for exchanging crypto on the platform.
The beauty of the exchange system at CoinSmart is that the fees for trading cryptos on the platform are as simple as they can be. If you make a single trade, you will have to pay a fee of 0.20%, if you make a double trade your fee is 0.30%. And that really is all there is to it. So, if you make a single trade/exchange to the value of $1,000 then you would pay a fee of $2. Check out our CMC Markets review for a comparison of the fee structure on another major trading platform.
Customer Service - Quality 24/7 service
Customer service is a key component to any successful online trading platform or crypto exchange. This remains true for a site like CoinSmart which is why our CoinSmart review made sure to cover this in detail.
Before we jump straight into how you can contact the support team on the site we thought that it would be a good idea to mention the fact that CoinSmart have a detailed FAQs section on their site. These FAQs cover a wide range of questions that most online traders, whether they are novices or veterans, will ask when they sign up to the platform. Our CoinSmart review highly recommends checking these FAQs out before you rush off to the live chat or ticket submission as there is a good chance that you will have your question answered before ever needing to speak to anyone at all.
If you do feel like you need the aid of a customer support member for your query or issue, then we would go with the live chat feature. The live chat feature is the quickest and most efficient way for you to have any of your questions answered and problems solved. You will be responded to within a matter of minutes at most by one of the support staff members. If you don’t have time to chat for an extended period of time, you can also use the ticket submission form. Here, you can leave a long form message which will typically be responded to within about 2-days. If you are having no luck for whatever reason with these two support options, you can also try contacting CoinSmart via their social media channels on Instagram, Twitter and Facebook.
Our CoinSmart review tested out the service for ourselves as well to see how our own questions were responded to. Our CoinSmart review was really pleased with the experience we had after chatting with a support staff member via their live chat feature. The support staff member we spoke to was professional, knowledgeable and most importantly, friendly.
Regulation & Deposit Insurance - Is CoinSmart safe to use?
The main question that prospective new users might ask is “is CoinSmart reliable?” This is a fair question to ask which is why our CoinSmart review took the time to analyze what kind of security measures and insurance policies are in place on the platform right now.
First and foremost, and arguably the most important feature, is the cold storage service. CoinSmart use BitGo’s cold storage service for users’ cryptocurrency which is insured by Lloyd’s bank for up to $100 million. That means that should anything befall your crypto in the cold wallet storage, your currency is insured. That is a promising feature to be sure and is reflected in the positive CoinSmart reviews from users that we have read.
Aside from that, regulation plays a key factor in the safety and security of the site. Our CoinSmart review found that users are protected by a 2-step authentication feature that is used for both your sign ins and your deposit and withdrawal transactions. This means that your account and your funds are far more difficult to access by any hackers or 3rd parties as there is an additional step to go through. With all of this information at hand, our CoinSmart review can safely say that there are no CoinSmart scams happening here.
Additional Features - Plenty of features on offer
CoinSmart has plenty of fantastic features going for it but if we had to pick out one main point for our CoinSmart review it would simply be how well balanced the site is. CoinSmart have created a platform that is both seamlselly good for new crypto traders while remaining a top quality site for veteran crypto traders as well.
The site boasts unique features like SmartTrade and SmartGuarantee. SmartTrasde simply put, makes buying crypto on the platform with fiat currency exceptionally easy. The SmartGuarantee feature ensures that users deposits will be credited to their accounts on the same day, that all cash withdrawals will be completed within 5-business days and that all account verifications will be processed on the same day as well.
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