CoinSmart VS. CoinSquare: Which Exchange is right for me?
As a trader, it is important to take chances. But you must understand that this is also important to take calculated risks instead of gambling in the situation blindfolded. When you buy bitcoins in Canada, the decision of choosing the right exchange company depends on various factors. Here we will be providing you with a comparative analysis between CoinSmart and CoinSquare for you to better understand which one suits to your needs.
Supported payment methods
For CoinSmart, the supported payment methods are through bank transfers and debit cards. They are working on providing credit card payment mechanism as well. CoinSquare already provides bank transfers and the use of both debit and credit cards. Remember, that the exchange companies charge higher for credit card transactions to mitigate risk.
Trading volume and mechanism
The interface is quite simple for CoinSmart and beginners can easily understand the situation. You can start trading from a cap of $100 only. With CoinSquare, the interface is for the mature users only. You get two options for quick trading and advanced trading. You are allowed to make transactions there based on the market situation and a volume cap needs to set manually.
CoinSmart charges only .30% and .60% for single and double trades respectively. With CoinSquare, the calculation mechanism is a bit difficult to comprehend. Basically, to buy bitcoins you need to pay 0.2% fees for quick trades. For advanced trades, if you are a maker you pay 0.1% and the taker needs to pay 0.2%.
CoinSmart provides a fast and efficient delivery mechanism. In fact, you get your funds transferred on the same day you complete the payment. With CoinSquare, the delivery speed may vary due to security checks and protocols.
Advanced trading options and company reputation
Both CoinSmart and CoinSquare offer limits, stop loss and charting options. In terms of company reputation, CoinSmart is gaining popularity now for its user convenience. CoinSquare is popular among mature traders who have been in the market for a long time.
CoinSmart offers you user convenience and simple operations compared to CoinSquare. With CoinSquare you can make transactions with credit cards that CoinSmart does not offer at the moment. Therefore, you need to understand what your priority is. If bank or debit card transactions are not a problem for you, we would recommend going for CoinSmart in the beginning.