The largest cryptocurrency exchange in Canada Coinsquare
Coinsquare is one of the leading cryptocurrency market exchanges in Canada. Its head office is located in Toronto. The company was created in 2015 to give Canadian residents access to online cryptocurrency trading. Today, the exchange has more than 100 thousand verified users.
The management of the platform is proud to work primarily in the local market, but by the end of this year plans to begin active work in the USA and Great Britain.
At the end of January 2018, the exchange announced that it plans to make the first public offering (IPO). It will attract funding of CAD 150 million and create competition for such a digital platform as Coinbase.
Coinsquare is one of the few exchanges that does not work with New Yorkers due to the BitLicense law, issued in 2015 and regulating the circulation of cryptocurrency within the city.
The company itself does not call itself an exchange, but a ‘coin management system.’
Today it works with the following digital currencies:
- Bitcoin Cash.
With fiat currencies:
- Canadian dollar.
- U.S. dollar.
- British pound sterling.
- Australian dollar.
Additionally, it is allowed to conduct operations with gold and silver bars, as well as silver coins.
The main daily percentage of the volume falls on the BTC / CAD pair, which makes up more than 75% of the turnover (US $ 3 105 650), about 10% on the ETH / BTC pair (US $ 409 116), 9% on ETH / BTC ($ 363 972 USA), 4% on DOGE / BTC (155 557), less than 1% on BCH / BTC, DASH / BTC pairs. Data valid on March 7, 2018.
You can use Coinsquare not only through the Internet platform, but also a mobile application. Traders note the friendliness of this interface. It is easy to understand even for beginners, it is available in English or French.
In your personal account you can trace the entire history of your own operations in the form of convenient schedules and diagrams, check the balance, and also see the general history of trading for a certain period.
This platform is one of the safest. It was tested by simulating various hacker attacks, including DDoS attacks. To date, the exchange has not been seen in hacker scandals.
The registration allowed residents of Canada from 18 years old (in some areas from 19 years old), who, after gaining access to their personal account, must pass verification.
The latter provides:
- Provision of an identity document (driver’s license or passport).
- Providing a certificate confirming the user’s real address of residence.
- Selfie verification. For its passage, the trader must send a photo of his face with a sheet of paper in his hands, which shows a 5-digit account number.
The verification process does not take much time. Once the user has provided the necessary package of documents, he can start working on the platform almost immediately. The exchange has the right to require the provision of additional documents. In this case, the verification will take up to 4 days.
Additionally, users are invited to undergo two-factor verification (2FA). It gives the trader the opportunity to get additional protection for his account, as well as access to the mobile application. The server shares two types of verification: Coinsquare FA and Google FA. Depending on the chosen option, the user is sent a QR code or a 6-digit pin code to enter the exchange.
In case of loss of the device from which the check was carried out, the trader must contact the exchange support service, which will reboot the account.
Advantages and disadvantages
The majority of users are satisfied with the Coinsquare platform.
She is valued for:
- Ability to work with such an ‘exotic’ fiat currency like the Canadian dollar.
- Opportunities for quick withdrawals with QuickTrade.
- Simple interface and the presence of a mobile application.
- Large selection of payment methods.
The main drawback of this exchange is its orientation to the Canadian market, as well as limited trading functions for residents of other countries. In addition, many users complain about not the most polite customer service and too high commissions for depositing and withdrawing funds for some payment systems.