Coinsquare is one of Canada's oldest and most prominent cryptocurrency exchanges, founded in 2014 and positioning itself as a regulated, security-focused platform for Canadian crypto traders[reference:0]. This guide provides a comprehensive review framework covering fees, spreads, asset coverage, liquidity, custody, security, compliance, and user support. Whether you are a beginner or an experienced trader, use this framework to evaluate whether Coinsquare meets your needs.
Coinsquare was founded in 2014, making it one of the earliest cryptocurrency exchanges in Canada. It is a subsidiary of Coinsquare Capital Markets Ltd. (CCML) and operates as a regulated financial institution[reference:1]. The platform allows users to trade cryptocurrencies against fiat currencies, most notably the Canadian Dollar (CAD), providing a fiat-to-crypto trading option[reference:2].
Coinsquare has positioned itself as a "regulated, security-first" exchange, with a strong emphasis on compliance and institutional-grade custody[reference:3]. However, user reviews paint a more complex picture, with significant complaints about customer service and withdrawal difficulties.
Coinsquare operates a dual-platform fee structure. Understanding the difference between Coinsquare Trade and Coinsquare Pro is essential to avoid unexpected costs.
Coinsquare Trade charges 0% trading fees but uses a spread-based pricing model. This means the price you see includes a built-in markup[reference:4]. The spread typically ranges from 0.5% to 1.85%, and can reach up to 3.85% in extreme market conditions[reference:5]. This model is similar to what many "no-fee" trading apps use—convenient for beginners but potentially more expensive than explicit fee structures for larger trades.
Coinsquare Pro uses a traditional maker-taker fee model. As of December 2023, the fees are:
These fees are competitive with other Canadian exchanges but higher than global leaders like Binance[reference:6].
| Method | Deposit Fee | Withdrawal Fee | Limits |
|---|---|---|---|
| Interac e-Transfer | 0% | 0% | Deposit: $10–$15,000; Withdrawal: $20–$2,000 (1 per 24h) |
| Wire Transfer | 0% | 1.5% | Deposit: $10,000–unlimited; Withdrawal: $10,000–unlimited |
| Direct Bank Deposit (EFT) | 1.5% | 1.5% | Withdrawal: $20–$100,000 (0–3 business days) |
| Crypto Deposits | 0% | Dynamic (network fees) | Varies by asset |
Source: Coinsquare Fee Schedule[reference:7][reference:8]
Coinsquare offers staking on 10 cryptocurrencies, but charges a significant fee on rewards earned— 25% to 30% of all staking rewards[reference:9][reference:10]. For example:
Coinsquare supports 60+ cryptocurrencies with over 3,000 trading pairs[reference:15]. This is a broad selection for a Canadian-focused exchange, though still narrower than global exchanges like Binance.
The following assets can be deposited, traded, and withdrawn on Coinsquare[reference:16]:
Some assets are available for trading and holding but cannot be deposited or withdrawn on the platform[reference:17]. These include:
Coinsquare places significant emphasis on security and has built a custody framework that is among the most robust for a Canadian exchange.
Coinsquare states that 100% of client crypto assets are held in cold storage, meaning they are not connected to the internet and are therefore more difficult to hack[reference:18][reference:19]. Client assets are held in trust with external, licensed custodians, kept separate from operational funds, and never utilized for lending purposes[reference:20].
Coinsquare uses Coinbase Custody and Tetra Trust Company as its primary custodians[reference:21]. These custodians maintain significant insurance policies:
As a CIRO-registered firm, the cash held in client accounts is insured against insolvency by the Canadian Investment Protection Fund (CIPF) up to $1 million CAD per account[reference:26][reference:27]. This is a significant protection not available on most unregulated exchanges.
Coinsquare's regulatory status is one of its primary selling points. It was the first Canadian crypto trading platform registered as an IIROC Investment Dealer and marketplace member (now CIRO—Canadian Investment Regulatory Organization)[reference:28][reference:29].
Despite its regulatory status, Coinsquare has faced scrutiny. Some sources note that its FINTRAC registration status has been flagged as "revoked" or "abnormal" in certain reports[reference:36]. Additionally, Coinsquare reached an agreement with the Canada Revenue Agency (CRA) to disclose information on 5–10% of its clients for tax purposes, rather than all client data dating back to 2013[reference:37].
User reviews present a concerning picture of Coinsquare's customer service and user experience. On Trustpilot, Coinsquare has an average rating of 1.3 to 1.5 out of 5 from hundreds of reviews[reference:38][reference:39].
Some users report positive experiences, particularly with deposits and trading execution[reference:46]. The platform is described as "user-friendly with a clean interface" and "good for beginners and Canadian investors"[reference:47][reference:48].
The following table compares Coinsquare with other popular Canadian cryptocurrency exchanges to help you evaluate which platform best fits your needs.
| Feature | Coinsquare | Bitbuy | NDAX | Newton |
|---|---|---|---|---|
| Founded | 2014[reference:49] | 2016[reference:50] | 2018[reference:51] | 2018 |
| Regulation | CIRO, FINTRAC[reference:52] | OSC, FINTRAC[reference:53] | FINTRAC[reference:54] | FINTRAC |
| Supported Cryptos | 60+[reference:55] | 33[reference:56] | 40+[reference:57] | 70+ |
| Trading Fee | 0% (spread) or 0.50% maker/taker[reference:58] | 1% spread + 1.5% fee[reference:59] | 0.2%-0.5%[reference:60] | 0.5% spread |
| Staking | Yes (10 assets, 25-30% fee)[reference:61] | Yes (up to 11.57% APY)[reference:62] | Limited | No |
| CIPF Protection | Yes ($1M CAD)[reference:63] | No | No | No |
| User Rating (Trustpilot) | 1.3-1.5/5[reference:64] | 4.0/5 | 3.8/5 | 3.5/5 |
Note: Ratings and features are approximate and may change. Always verify current information directly from each exchange.
Before creating a Coinsquare account, use this checklist to ensure you are fully prepared and aware of what to expect.
Alex, a Canadian resident, wants to buy $500 CAD worth of Bitcoin. Alex creates a Coinsquare account and completes KYC verification.
Step 1 — Deposit: Alex deposits $500 via Interac e-Transfer (0% fee, $10 minimum). The deposit arrives within 30 minutes.
Step 2 — Trade: Alex uses Coinsquare Trade to buy Bitcoin. The quoted price includes a spread of approximately 1.2%, meaning Alex effectively pays about $6 in spread costs. The trade executes immediately.
Step 3 — Withdrawal: Alex decides to withdraw the Bitcoin to a personal wallet. The withdrawal fee is dynamic based on network conditions—approximately 0.0006 BTC at the time. Alex confirms the withdrawal and the Bitcoin arrives in the wallet within minutes.
Outcome: Alex's total cost was roughly $6 (spread) + network fee. The experience was straightforward. However, if Alex had needed to withdraw CAD back to a bank account, the 1.5% fee and 0–3 business day processing time would have been considerations[reference:69].
Lesson: Coinsquare can work well for simple buy-and-hold scenarios, but users should be aware of spreads, withdrawal fees, and processing times before transacting.
Users frequently make errors when using Coinsquare. Learning from these mistakes can save time and money.
Using any cryptocurrency exchange, including Coinsquare, carries significant risks. Before signing up, consider the following:
This content is provided for educational and informational purposes only and does not constitute financial, legal, or tax advice. All investment strategies involve risk, including the potential loss of principal. You are solely responsible for your investment decisions. Consult a qualified financial advisor before acting on any market analysis.
How to verify current data: Fees, supported assets, and regulatory status can change. Always check Coinsquare's official website and Fee Schedule for the most up-to-date information. For regulatory verification, consult CIRO and FINTRAC's official registries directly.
Direct answers to the most common questions about Coinsquare.
Yes. Coinsquare is Canada's first regulated cryptocurrency exchange, registered as a CIRO (Canadian Investment Regulatory Organization) Investment dealer and marketplace member. It also complies with FINTRAC requirements for money services businesses, including anti-money laundering (AML) procedures[reference:77].
Coinsquare offers two trading platforms. Coinsquare Trade uses a spread-based pricing model with 0% trading fees, with spreads ranging from 0.5% to 1.85% (up to 3.85% in extreme conditions)[reference:78]. Coinsquare Pro charges 0.50% maker and 0.50% taker fees[reference:79]. Staking fees range from 25% to 30% of rewards earned[reference:80].
Coinsquare supports 60+ cryptocurrencies with over 3,000 trading pairs[reference:81]. Major assets include Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), Bitcoin Cash (BCH), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Polkadot (DOT), and USD Coin (USDC)[reference:82]. Some assets like DASH are trade-only and cannot be deposited[reference:83].
100% of client crypto assets are held in cold storage with external, licensed custodians (Coinbase Custody and Tetra Trust Company) who have a combined $680M USD in insurance[reference:84]. Coinsquare also maintains Vault Risk insurance beyond custodian coverage[reference:85]. Cash held in accounts is insured by the Canadian Investment Protection Fund (CIPF) up to $1M CAD per account[reference:86].
Coinsquare supports Interac e-Transfer (0% fee, $10–$15,000), wire transfers (0% fee, $10,000–unlimited), and direct bank deposits. Withdrawals: Interac e-Transfer (0% fee, $20–$2,000, 1 per 24 hours), direct bank deposit (1.5% fee, $20–$100,000, 0–3 business days), and wire transfers (1.5% fee, $10,000–unlimited)[reference:87][reference:88].
User reviews on Trustpilot and Reviews.io average 1.3–1.5 out of 5[reference:89][reference:90]. Common complaints include: slow or unhelpful customer service, difficulties with account verification and withdrawals, account freezes, high withdrawal fees on certain assets, and frequent app downtime during high market activity[reference:91][reference:92][reference:93].
Yes. Coinsquare offers staking on 10 cryptocurrencies including Ethereum (2.12%), Solana (4.59%), Cosmos (13.43%), Polkadot (3.03%), Cardano (1.6%), and others[reference:94]. However, Coinsquare charges a staking fee of 25% to 30% on all staking rewards received, which significantly reduces net returns[reference:95].
Always check Coinsquare's official Fee Schedule for the most up-to-date information[reference:96]. Fees, spreads, and limits can change. For dynamic withdrawal fees, check the withdrawal page in your account before confirming any transaction, as network conditions affect fees[reference:97].