🇨🇦 Coinsquare is one of Canada's oldest and most well-known cryptocurrency exchanges, founded in 2014. For Canadian traders, it offers a regulated, familiar on-ramp with CAD support. This review provides a practical framework to evaluate Coinsquare across five critical dimensions: safety, cost structure, asset coverage, liquidity, and user experience — helping you decide if it fits your trading needs in 2026.
Coinsquare is a Toronto-based cryptocurrency exchange serving the Canadian market. It is one of the few platforms that offers a full-fledged trading experience with Canadian dollar (CAD) pairs while maintaining regulatory compliance. As of 2026, Coinsquare continues to operate under the oversight of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), registered as a Money Services Business (MSB).
The exchange has undergone several evolutions, including acquisitions and expansions into wealth management services. It caters primarily to Canadian residents, offering both a "quick trade" interface for beginners and a full "advanced" trading view for more experienced users.
Security is a primary concern for any exchange. Coinsquare employs industry-standard security measures, including cold storage, multi-signature wallets, and two-factor authentication (2FA).
Coinsquare uses institutional-grade custody providers, including BitGo and Coinbase Custody, to secure a vast majority of user funds in offline cold storage. This significantly reduces the risk of large-scale hacks affecting user balances. Hot wallets are used for daily operational liquidity.
Coinsquare's fee structure is divided into trading fees (maker/taker) and fiat transaction fees (deposits and withdrawals). Understanding both is essential to managing your costs.
Coinsquare uses a tiered fee schedule based on your 30-day trading volume in CAD.
Coinsquare offers a curated selection of cryptocurrencies compared to global giants, but it covers all major assets.
Coinsquare's liquidity is generally sufficient for retail trading but may be thinner than Binance or Kraken. For large orders (over $50,000 CAD), you may experience slippage on less popular pairs. The BTC/CAD and ETH/CAD pairs have the deepest order books.
Coinsquare offers two distinct interfaces to cater to different user levels.
A simple buy/sell widget that asks for the amount in CAD and instantly executes at the market price. It is ideal for newcomers but lacks advanced controls and has a wider spread.
A fully featured trading terminal with:
Overall, the platform is well-designed for Canadian users, with clear CAD pricing and intuitive navigation. However, it lacks some advanced features found on global exchanges, such as futures/derivatives and staking directly within the main interface (though some staking may be offered via their wealth management arm).
As a regulated Canadian MSB, Coinsquare enforces comprehensive KYC procedures.
Coinsquare reports large transactions and suspicious activity to FINTRAC, as required by law. This means your trading activity is not completely anonymous. For most users, this is a trade-off for the security and legitimacy of a regulated platform.
Coinsquare provides customer support via multiple channels, though responsiveness has historically been a mixed topic in user reviews.
Coinsquare generally enjoys a decent reputation in the Canadian community, particularly for reliability in processing CAD deposits/withdrawals. However, like all exchanges, there are occasional reports of slow support responses during periods of high market volatility.
Proactive tip: Before contacting support, thoroughly read the Help Center — many issues related to pending withdrawals or verification can be resolved via self-service.
To help you decide, here is a comparison of Coinsquare against two other popular Canadian platforms: Newton and Shakepay. Note: Data is indicative and changes frequently — verify current details directly.
| Feature | Coinsquare | Newton | Shakepay |
|---|---|---|---|
| Trading Fees | 0.1% – 0.2% (Maker/Taker) | 0% (but wider spreads) | 0% (but wider spreads) |
| CAD Interac Deposit | ~0.5% – 1% fee | Free | Free |
| Withdrawal to Wallet | Yes (external transfers allowed) | Yes | Yes |
| Number of Assets | ~15 major cryptos | ~70+ cryptos | ~5 (BTC, ETH, etc.) |
| Advanced Trading (Charts, Limits) | Yes (Coinsquare Pro) | Limited | No |
| Margin Trading | Yes (for eligible accounts) | No | No |
| Regulatory Status | FINTRAC-registered MSB | FINTRAC-registered | FINTRAC-registered |
Quick Trade uses a wider spread. For large amounts, switch to Coinsquare Pro and use a limit order to reduce cost.
First-time withdrawals or large withdrawals may be held for security review. Plan ahead and verify your withdrawal address whitelist in advance.
Unverified accounts have extremely low limits. Submit all required documents immediately to avoid trading interruptions.
Withdrawal fees quoted by Coinsquare may not include network gas fees (especially for ETH). Always check the total withdrawal cost.
Coinsquare provides transaction history downloads, but you are responsible for calculating your own capital gains/losses for the CRA. Keep meticulous records.
Even though Coinsquare is secure, you should withdraw large holdings to a hardware wallet to mitigate custodial risk.
⚠️ Important Risk Disclosure
Investing in cryptocurrency through Coinsquare or any exchange carries significant risk. Prices are volatile and can drop sharply. Coinsquare is not a bank; your crypto holdings are not insured by CDIC or any government agency. If the platform is compromised or becomes insolvent, you may lose access to your funds.
This review is for educational and informational purposes only. It does not constitute financial, legal, or tax advice. Trading fees, CAD deposit costs, asset lists, and platform features change frequently. Always verify current information directly on the official Coinsquare website.
Never invest more than you can afford to lose. Use this evaluation framework as a starting point, but conduct your own due diligence before depositing any funds.
Sarah is a Toronto-based trader with $5,000 CAD to invest. She opens a Coinsquare account, completes her KYC (Level 2), and deposits $5,000 via Interac e-Transfer (paying a ~$25 fee). She uses Coinsquare Pro to place a limit order to buy $4,900 worth of BTC at a specific price, saving on the spread. After the purchase, she withdraws her BTC to her hardware wallet to secure her investment, paying only the network fee. By using the Pro interface and withdrawing to self-custody, she minimizes costs and custodial risk.
Lesson: Combining the right tools (Pro interface), deposit methods, and withdrawal habits can significantly improve your overall experience and safety on Coinsquare.
Yes, Coinsquare is a legitimate cryptocurrency exchange based in Canada. It is registered as a Money Services Business (MSB) with FINTRAC, follows strict KYC/AML procedures, and utilizes institutional-grade custody partners like BitGo and Coinbase Custody to secure a majority of user funds in cold storage.
Coinsquare supports Interac e-Transfer and wire transfers for CAD. Interac deposits typically incur a 0.5% – 1% fee depending on the method, while withdrawals via Interac cost a flat fee. These rates change frequently. Always check the official Coinsquare website for the most current fee schedule.
Yes, unlike some platforms, Coinsquare allows you to withdraw your cryptocurrency to an external private wallet (self-custody). However, there are daily withdrawal limits and network fees applicable. Withdrawals are subject to security holds and 2FA verification.
Coinsquare supports a moderate range of digital assets, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), and several other popular altcoins. The asset list grows periodically.
Coinsquare is generally better suited for active traders due to its advanced charting and order types, while Newton and Shakepay cater to beginners with simpler interfaces and free trading (but wider spreads). Coinsquare also offers margin trading for eligible accounts, which competitors usually do not.
No. Cryptocurrency holdings on Coinsquare are not covered by the Canada Deposit Insurance Corporation (CDIC) or any government-backed insurance. If the platform faces insolvency or a major hack, your funds could be at risk. This is a standard risk for all crypto exchanges.
Coinsquare uses a tiered maker-taker fee model based on 30-day trading volume. For small traders, maker fees are around 0.1% and taker fees around 0.2%. Fees decrease significantly for high-volume traders. There is also a spread applied to the market price.
As a Canadian exchange, Coinsquare provides customer support primarily in English and French. Support is available via email and ticketing system, with live chat options available during business hours. Response times may vary during high-traffic periods.