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Coinsquare Review - is it scam or safe?

Coinsquare Review - Is coinsquare.io scam or safe cryptocurrency exchange?

RATING: 3.3 / 35 REVIEWS

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Trading Accounts

 

Account type Minimum deposit Leverage Maker Fee Taker Fee Deposit Fee
Standard* $100 1:1 0.10%** 0.20%** Bank Transfer 0.5%
Flexepin: 2.5%
Credit Card: 10%

*Coinsquare is also offering “Wealth” services, which are covered below.

**These are the fees applied for “advanced” trading. A Quick Trade, feature is available, where fees can go up to 0.4%

 

Coinsquare is one of the leading Canadian cryptocurrency exchanges. While other companies attempt to present themselves as global entities, this one puts a very strong emphasis on its origin and this shows in the service provided.

 

The company, security of funds

 

Company Country Regulation
Coinsquare Canada N/A


Coinsquare is based in Toronto. This is heavily advertised as a positive factor, as Canada is obviously a developed country with a sound financial and regulatory environment.

 

The focus on Canadian customers is further underlined by the fact the company offers trading against the CAD. While this is a major currency, followed closely by a lot of forex traders, it is by no means widely used out of the country, as the US dollar for instance. That being said the Base currency of your Coinsquare account can be: CAD, USD, EUR, GBP, AUD or BTC.

 

Trading in some exotic forms of metals trading is also available at Coinsquare. We will cover them later on in the review.

 

A 95% cold storage policy is implied at Coinsquare. This is a solid measure, which guarantees a very high level of security. While we are on the topic,  Coinsquare has not been involved in a major hacking scandal.

 

There are relatively few reviews on Coinsquare, but a decent portion of them are negative. While the service is easy to use, some users apparently didn’t understand the fee structure completely. Furthermore, there are some very serious claims regarding price manipulation.

 

Another interesting, but not crucial point is that this is one of the few exchanges, which exclusively states it doesn’t provide services to residents of New York. Of course, this is due to the 2015 BitLicence, which attempts to regulate cryptocurrency exchanges in the Big Apple. 

 

Coinsquare has also started offering “Wealth” services to those who place very big orders. There are three “account types”, based on the size of each transfer you make, starting from $25,000. The benefits gained feature lower bank transfer fees, OTC trading and more. Here is a preview of their presentation (although, you should probably contact them directly, if you are trading with such volumes):




 

 

Trading conditions

 

Trading instruments (cryptocurrencies)

 

When building a portfolio at Coinsquare one can include several assets, including some which are even more unusual than cryptocurrencies.

 

The digital assets include: Bitcoin, Bitcoin Cash, Ethereum, Dash, Dogecoin, Litecoin.

 

The fiat currencies available are: CAD, USD, EUR, GBP, AUD.

 

Additionally they allow trading in gold and silver Bars, as well as silver coins. These are traded differently than the spot pairs XAU/USD and XAG/USD, which forex traders are probably familiar with. We are not certain if the instruments offered by Coinsquare are only financial or feature physical delivery of the coins and bars upon request.

 

Minimum initial deposit

 

The minimum initial deposit at Coinsquare is $100. Given the Canadian focus of this company, we are not sure if this is measured in USD or CAD. This is a reasonable level of an initial investment, which is also required by a lot of forex brokers, like FxPro.

 

While one of the payment methods at Coinsquare has a lower minimum deposit, $100 is needed in order to confirm your bank account, which you will need in order to make a withdrawal. These details will be covered below.

 

Leverage

Coinsquare does not currently support margin trading. This is expected, as the company is targeting beginners and allowing the creation of a more long-term portfolio. Other crypto-exchanges do offer margin trading for some coins.

 

That being said, some forex brokers, like FXTM offer another way of trading cryptocurrencies. They support CFDs on cryptocurrencies (most commonly Bitcoin), which are used as a speculative instrument. These derivatives carry a few specifics, like the ability to use leverage and the fact you don’t actually own the coins you speculate on. For a more detailed explanation click here.

 

Fees

 

The fee structure at Coinsquare Is transparent. The costs of making transaction on Coinsquare are in-line with the rest of the industry. They charge 0.10% for market makers (the traders who passively provide liquidity to the exchange) and 0.20% for market takers – the ones buying or selling directly at the best possible price. Nowadays some exchanges, like GDAX charge 0.25%.

 

Additionally a QuickTrade feature is available. It has slightly higher fees, which can go up to 0.4%, depending on the asset class. 

 

Trading platform

 

Coinsquare offers a web-based interface, as well as a mobile app. We chose the word interface, as their offering represents what a long term investor will use to look at her assets instead of an actual trading platform, like MetaTrader4 (MT4), for instance. That being said, it does its job pretty well. Here is a preview of the “Quick Trade”:

 

 

The section which requires account verification features a pie-chart of your holdings, once you have any. Charting in this section is very basic with little room for technical analysis. Additionally candlesticks are supported in the “Advanced Charting” section:

 

While this is nothing special, the exchange does not target veteran traders, so it’s acceptable.

 

Methods of payment

 

Coinsquare accepts a lot of Canad-specific payment systems, as well as Bank Transfers. They provide a lot of details on the fees and speed of each option. Here they are (click to zoom-in):

 

 

And here are the withdrawal details, alongside the clarifications, which apply for both tables (click to zoom-in):

 

 

 

Conclusion

 

Coinsquare is a Canadian cryptocurrency exchange. The company offers a gateway to Bitcoin and other similar assets, with a great emphasis on the domestic market. They provide solid security features and appear to be a safe company to deal with, while trading veterans will find their entire offering a bit too basic. On the other hand, we found a plethora of negative user reviews about this exchange. Even though, you always have to take these with a grain of salt, some of them include fierce acusations.

 

In case you are looking, for a much more reliable way to trade the interesting price movements in the world of crypto, be sure to check our list of regulated forex brokers, offering Bitcoin CFDs.

 

Here is a summary of the strong and weak points of Coinsquare:

 

Pros Cons
Easy to use interface Basic trading platform
Competitive fees Too much focus on Canad (only applies if you are not Canadian)
Accepts fiat currency deposits (focus on CAD) Negative user reviews
95% cold storage policy  
Mobile apps available  

 

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Traders` reviews for Coinsquare

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Coinsquare - Seriously Stay Away!!

CoinSquare is probably the worst company you could ever use. Whole host of problems and in my opinion is committing fraud behind the scenes locking certain users out when the price dips.
The first thing I noticed using Coinsquare is the atrocious spread % between buys and sells while the coins value was calculated as confusingly as possible in BTC per CAD, not CAD per BTC. If BTC's price drops off a cliff the site is unable to be reached, users receive an "error" message in the top left of their screen. Later talking to real people in real life, they had complete access to the site, because they are major holders, so in other words if your account has something like less than $100k-$200k they shut your account down so their "premium" members, employees and CoinSquare themselves can sell before you have the chance to react to a price crash. They call this a "Customer Success Program" .
Other issues are very long wait times for FIAT withdrawals, No ETH deposits, High Fees, Support ticket system that barely works and is hard to locate for some users. Rude customer support and tickets closed without a solution being found (I have experienced this myself), edited support tickets (original question or statement edited to be shorter changing the premise of the ticket), reports of customers having issues proving to the tax man or any other interested party where the FIAT deposit came from as CoinSquare supplies no Invoice, Receipt or Proof of sale. If asked for Proof of sale, the runaround starts, and you will be waiting months at best, the whole while they tell you "soon". You have no access to visually see if your personal info is correct on the site, such as name, address, phone number, etc, leaving you exposed to potential account hijacking and you would never be able to see.
They have no office where you can visit to confirm they are legit, no phone # to call, just a ticket and email system they can ignore as long as they like, while publicly responding to reviews like this with polite "please contact our support here" as if they are actively caring in solving your issue, but when you do contact them as they offered your response will be "I see you already have an active ticket so you will just have to be patient and wait". How patient do you think customers will be waiting for weeks to months on end?

I think you can see why CoinSquare has no accessible public office or Phone #...

Not Too Happy 06/30/2018

Upgrades and improvements

Hello,

Coinsquare here. We have made major changes and upgrades to our platform and mobile applications based off of customer feedback and we encourage new and old users to check it out. We are always looking to improve and love when customers provide feedback. The best way to get in touch with us directly and make sure that you are heard is to file a ticket or email us at [email protected]

Thanks,
Coinsquare

Coinsquare 05/29/2018

Company has not responded to my emails- about my account

I have an account with this company I cant login to my account, have tried to email them to get my account recovery back, but they have not responded to me at all after 3 emails. I have money in my account and they seem to not get back to me obviously they don't care about there customers.

Aamir Sarwar 05/06/2018

coinsquare is using my back account

someone hacked my online banking and transferred my money (2500 then 2000 CAD) to your company. There should be policies implemented to prevent this kind of situation. I am assuming the hacker has bitcoin under his name bought through my online banking. There is no ID verification or any kind of verification upon purchase which allows the hackers to enjoy other people money. I would like to receive a clarification as I am willing to take legal action against this company that is selling a currency product without verifying the buyers income. This open a wide door for more hacking and fraud.

Verjinia Hassekian 04/19/2018

Class action against Coinsquare

Hello everyone. I believe that we are a lot of people in the same boat. Would it be a great idea to take a class action against them ? Let's take legal action on them and destroy this before it harms anyone else !

Olivier 04/13/2018

scammers

100 % agree, coinsquare is run by scammers. they prey on unsuspecting users. they falsely inflate the spreads to milk all your earnings. Here is a real world example Market rate was at $9870. I go on to buy btc from 2 platforms. coinsquare was trying to charge me $11,135.61 meanwhile, I was buying on another platform for $9879 at the exact same time. In other words they were literally trying to pocket $1256 from one single transaction by falsely inflating the spread by astronomical proportions. I was actually on the other platform watching the buys and sells, and their prices were not even on the board......they were totally lying about the rates, over inflating HUGE. When I email them, they sent me back an absolutely ludicrous excuse.

Jason Poirier 04/13/2018

Can’t trade in my account or withdraw get total run around from support

My opinion is i am calling Ontario securities commission tomorrow and any other government agency that will check as to why the metals and other altcoins can’t be traded or sold in my account and I can’t withdraw them. I will never put a dime into this account again, the whole crypto coins is crap you might have value on a screen but turn it into cash good luck stay away from it worse than mutual funds or commodity trading or penny stock

Nick 04/10/2018

Stay AWAY - they just turn their own profits in their order books

I used coinsquare for some trading and as soon I started making profits, they froze my account, told me I was manipulated the market and affecting 'their' order books. This is ridiculous, I was simple playing a split and placing orders on either side and actually making some money.

I suspect it was taking profits from 'their' order splits, which they clearly run automated orders of 9BTC * 3 sets of orders on both sides of USD/BTC exchange, yet they accused me of automated trading aids, done all manually. What a joke, support answered me but only told me they were ended our relationship. No warnings, no feedback, just sudden locking my account. I was able to transfer my BTC elsewhere, but I DO NOT recommend this exchange for any trading as they seem to not allow you to make profits from trading.

Sergei had the same experience above, and I concur with his assumptions.

Unhappy Customer 03/27/2018

Stay Away - This website isn't ready yet

Awesome concept, great looking and total scam. Their dashboard is completely inaccurate and you will spontaneously lose money making trades that look good at the moment. You are much better off playing the stock market or another platform than this website. They won't even let me take what's left of my money out.

It's a scam. Until they fix their dashboard

Stephen 03/26/2018

Worst exchange can not withdraw my funds

I only join Coinbase because by bank BMO stopped customers from buying Bitcoin from Coinbase so i signed up for Coinsquare i sent money E-transfer the money was accepted fast and i was able to buy Bitcoin but its been over 1 month now i have been trying to get my Bitcoin off their Exchange with no help just the same messages telling to cancel and re withdraw. I hope i havent lost my money but if i do get my money off their exchange i will never make that mistake again with Coin Square that exchange is a MT.GOX waiting to happen dont use COINSQUARE

Ni 03/18/2018

Crazy expensive rip off

They only tell about trading fees everywhere. But who tells you that they charge a ridiculous amount of 0.0025 BTC for every transfer? Yes, this leaves me speechless. This is today 35 Canadian Dollars for 1 simple transfer from Coinbase to any address. When a BTC still was just 1 buck, it was a reasonable price.

Volker Forster 03/07/2018

frustrated new to this

i have no idea what i am doing. i have registered but have not heard back and my ticket nmber is GLJDTSW7. i emailed but no answer.

my email address is [email protected]

jay singh 02/23/2018

Online Funding Methods Fail

Began attempts in 2017 November, no luck to date

Michael Beveridge 02/20/2018

I wouldn't recommend Coinsqure

Been using Coinsqure and haven't been happy. Poor customer service, extremely slow, high fees and long waits to get your money out.

Jim 02/19/2018

Terrible support, shady activities

Terrible support, shady activities.
I used to trade on coinsquare exchange for a while last year with no issues until they froze my account without any explanation. Support was completely silent. After a while they allowed me to withdraw fund, but no trading. Again without any explanation. Since support was silent, I registered new account and after short while trading stopped working on it as well, support finally responded with something like "account is under investigation..." and stopped communicating with me as well, no more details provided ever. After few more accounts opened and blocked I noticed a pattern - they block your accounts as soon as you start getting some profit from trading. They block your account possibly because you are taking some profit from their shady activities. At least that's my speculations since they refuse to provide any explanation.

Sergei 02/09/2018

Contact the Media if you have been Scammed

Their largest investor: Riot Blockchain, is a publicly traded stock on the NASDAQ. Please contact the media if this company has scammed you, and mention Riot Blockchain because they are also taking your money!

A few places to contact: CNN, MSNBC, CNBC, SeekingAlpha, etc. Just mention that you were scammed by Coinsquare and that others should know to avoid this at all costs. Also mention that Riot Blockchain is a major owner of this company and should be liable for some of this.

Media Contact 02/09/2018

Avoid. Scam. A website which has been created in a basement.

As a test I bought just $10 dollars digital coins here.Then try to sell it back and cash it out.
I lost the $10. Tried to contact support.
You can not talk to anyone and there is no physical location for this web site.
Most likely a web developer in his/her basement created this websiet to steal your money. Imagine if he/she can steal one dollar from 10 million people. How much money he gets. A 649 lotto max. I feel I have been abused.
Feel bad for those people who trades hundreds of dollars on this website.

David 01/30/2018

TOoo Slow!!

@Coinsquare I transferred funds from my TD account to @Coinsquare's TD account on Thursday last week. They said it takes 0-3 days and its almost 4 business days now. This doesn't make sense. It was in their account instantly and yet they haven't released it to me.

Mustafa Patel 01/30/2018

AVOID! Coinsquare = SCAM

Do not deal with this company. They are scammers and its been 9 weeks since I created a support ticket. I doubt they even have an office. They take your money, make money on both sides of the transaction (not real time trading), show you different denominations of the currencies you are trading so you never know the true value.The worst part is when you try to withdraw your OWN Canadian funds. They claim that you are the ONLY person to be having this issue, but it looks like just from this small review page that this is another lie by Coinsquare. Boycott this company, its a scam. AVOID!

Peter 01/29/2018

Rip off!!! beware

Beware of Coinsqaure it looks good it's easy to get money on but ounce your money is on the site they have you!! it takes forever if you want to transfer Alt coins out of your square coin wallets. and if you do transfer money out they hold like 40% of it. it took me 10 min to send my litecoin from coinbase to squarecoin. I then wanted to tranfer my litecoin from square coin to guadriga and it's bin more then 12 hours and not a bit of my litecoin has transferred.and don't bother trading because when you buy a coin at a certain price. then when you get a quote to sell that coin, they do not give you the current market value of the coin. they will sell it back to you a 5-10 % bellow market value.

Dustin 01/26/2018

Bad experience

This weekend, I was informed that all my bank accounts were frozen. Apparently someone transferred $2000 from our account to Coinsquare (they managed to hack into my BMO account). It will take about 10 days for the bank to investigate and refund the funds. There is a mortgage payment due before then! Anyway, be careful with this company.

M W 01/23/2018

Rip-Off

Never ever use this exchange. they will stab you with high fees and THE PRICE IS NOT ACCURATE, it is waaaay off. no customer service either. worst experience ever. you will struggle in withdrawing your money

Jessie 01/19/2018

cant move any money

Cant withdraw with interas but more importantly cant move my etherium to cad or any other coin states no liquidity this is for 3 straight weeks!!! plus how do you get in touch with them?s

Gary Eccles 01/15/2018

Cannot get my cash out

Wow! I thought I was the only one having problems with getting money out.

Reading all the emails below with the exact same problem I am having is not comforting. Coinsquare does not return my emails either. This appears to be a fraudulent organization, and would not recommend to anyone.

I am looking for advice on how to put more pressure on this organization. I found a phone number for their parent company but turns out it's someone's personal cell phone.

Help from anyone would be sincerely appreciated.
Spencer

Spencer Higginson 01/07/2018

Cannot withdrawal, company refuses to help

I have been with Coinsquare for over a month. In that time the system
Has never allowed me to make a trade or transfer my money out.

I have sent hundreds of E mails to customer service and have had next to zero response.
Most reviews that I can find on Facebook is that people cannot get their money out.

I have run out of patience with this company. I have even personally made contact with Cole Diamond CEO and chief executive office. He personally answered me and stated that I would have the matter resolved.

Once again I have not heard back from anyone in the company.

This company is either to small or is a scam. I am leaning towards a scam.

I don’t recommend Coinsquare. Very poor to zero service and they won’t give you your money back.

Sam Gomolka 01/04/2018

Coinsquare withdraw

No happy with Coinsquare - put $1000 in my account (very easy) did some trading for a couple of weeks and then decided to move $500 out - worked great at first showed up in my bank account chequing THEN 3 day later it got reversed out of my bank account -wtf
emailed support and they put it back into my coinsquare account minus the $5.05 transfer fee. So now instead of having $505 I have $499.95 to transfer
I reply to their email that they sent me saying the problem was fixed and said please put it back into my bank chequing account where it was taken from.
NO ANSWER - So I then try to transfer the $499.95 and guest what!!!
cash transfer are not available - wtf
This is a scam - don't walk run you will never get your money out

larry siluch 12/23/2017

non trustable no support

dont buy on coinsquare! we dont have support.. im trying to have help from then, they dont answer ... (December 19th, 2017 at 01:32 pm my last ticket) and im waiting until now!

i have asked the same thing 3 oe 4 times, they didnt answer that thing...

bad service, bad support...

i sent a money order $999.99 , on november 21... nothing until now..

i told i have a copy, front verse.. if is possible to they withdraw the money. they only close my ticket...

Dennis 12/23/2017

Web site is not opening or NOT available

I am account holder in coinsquare. This is third time that the web site is not opening sometimes. When I need to trade the coins or see the status of my account, the site is not opening and give me a big upset on this matter. Given the demand on the site why you can't provide a strong server to meet all the clients as the number of new entrants are increasing unprecedently.

Kindly provide a proper explanation as this makes crazy.

Please reply
Muralidharan
647-673-2688

Muralidharan 12/19/2017

Super high fees

These guys are a joke. Super high fees, glitchy website, and stupid rules, super long delays zero customer support. I occasionally got emails outlining vague problems with directions to check the site immediately but no actual message. Complete waste of time. I feel like most of these trading sites have a long way to go but this one is among the worst

Cal 12/16/2017

Coinsquare Lost My Bitcoin

Coming on three weeks without a response to my support ticket! Transaction to my wallet is verified on the blockchain but not in my coinsquare wallet? I literally copy and pasted my coinsquare wallet into the blockchain and can see that the transaction is verified, and should be in my wallet, but the website shows a balance of zero.

Aaron 12/12/2017

Seems fake

Sent a test amount of BTC to my account 24 hours ago. It was confirmed in the blockchain shortly after, but Coinsqaure will not credit my account. No excuses.

Andrew Skujins 12/12/2017

Scam and terrible service

Reporting to Securities Commission. The public needs to know this is not acceptable behavior. Block ip. missing currency from trades. rip off for funding. withholding coins for no reason.

jeff 12/05/2017

No Issuess

I haven’t had any issues with Coinsquare; the fees are a little higher than others especially for Bitcoin but that is to be expected with higher mining rates all over. I only wish they had more alt-coin options.

All in all, easy set up, deposit, and withdrawal from my perspective.

Josh 12/05/2017

General CoinSquare

Was able to open account as well as arrange Interac trans instantly. Also trade quickly. Got familiar with ledger (transaction records). Able to test and understand entire funds SECURELY transfer including deposit to my banking acc.
Word of caution when trading make to sure to understand the quoted price and amount to fully understand the buying/sale price to ensure your gains/loses (Very important). This caution is because the quote price of a given unit is per $ vs dash board has unit price. I have successfully tested entire transaction flow in real time and I am very satisfied. Again must make sure your buying or selling price. When trading you MUST get as many quotes you to ensure your price. Coinsquare doe not offer your trade price may be due to the way crypto works.

Madhusudan Patel 12/05/2017

Rip off!! You will lose 30%!!

They charged me 5% to deposit my account, and they will charge 25% just to send your bitcoin to another exchanger! It’s ridiculously!

grayfox 11/25/2017
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