In this post I will review Coinsquare fees and how they compare to other Canadian crypto exchanges.
Coinsquare fees compared to other cryptocurrency exchanges in Canada
Coinsquare trading fees compared
| Maker fee | Taker fee | |
|---|---|---|
| Coinsquare Trade | 0.5-2% spread | - |
| Coinsquare Pro | 0.50% | 0.50% |
| Kraken | 0.25% | 0.40% |
| Coinbase | 0.40% | 0.60% |
| Crypto.com | 0.075% | 0.075% |
| NDAX | 0.20% | 0.20% |
| Newton | undisclosed spread | - |
| ShakePay | undisclosed spread | - |
| Coinsmart | 0.2% if you trade BTC and 0.3% otherwise | - |
| Bitbuy | 2% | 2% |
| Netcoins | 0.5%+spread | |
| VirgoCX | 0.5%-2.5% depending on trading pair | |
| Coinberry | 2% | 2% |
Coinsquare deposit and withdrawal fees comparison
| Deposit | Withdrawal | |
|---|---|---|
| Coinsquare Interac | 0% | 0% |
| Coinsquare Wire | 1.5% | 1.5% |
| Kraken Interac | 0.50% | CAD 10 |
| Coinbase Interac | 1% | 1% |
| Crypto.com Interac | 0% | CAD 1.99 |
| NDAX Interac | 0% | CAD 1.5 |
| Newton Interac | 0% | 0% |
| ShakePay Interac | 0% | 0% |
| Coinsmart Interac | 1.5% up to CAD 2,000 and free for larger amounts | 1% |
| Bitbuy Interac | 0% | 1.5% |
| Netcoins Interac | 0% | 0% |
| VirgoCX Interac | 0% | 0% |
| Coinberry Interac | 0% | 1.5% |
What it will cost you to use Coinsquare in detail
Deposit fees
Coinsquare only accepts canadian dollars. It is free to deposit via Interac e-transfer and wire transfers. E-transfers are faster taking up to 30 minutes but have a maximum limit of 10,000 canadian dollars. A wire transfer can take up to two business days but there is no upper limit to how much you can transfer.
The minimum deposit for Interac is $10 whereas for wire transfers it is $10,000.
Withdrawal fees
If you use Interac e-transfer there is now a withdrawal fee though you can only withdraw up to $2,000 at a time
If you use a wire transfer or direct bank deposit then the fee is a hefty 1.5%. Bank deposits have an upper transfer limit of 100,000 while wire transfers allow unlimited withdrawals to your bank account.
Trading fees
The Coinsquare exchange offers two types of products: Coinsquare Trade and Coinsquare Pro, each with a distinct structure for the following fees.
Coinsquare Trade fees include a spread that applies to trades involving a single coin, while Coinsquare Pro offers a more complex fee structure tailored to professional traders.
Coinsquare Trade fees
This product does not charge a fixed percentage fee as most exchanges in the Canadian market do. Instead, it charges a spread. The spread can range between 0.5-2% which is expensive compared to other crypto trading platforms. Confusingly Coinsquare implies that when there is extreme volatility the spread can go up to 3.85%.
Coinsquare Pro fees
Pro allows advanced traders to interact directly with the order book. This means fees are much cheaper at 0.5% for both makers and takers. Makers are those who set limit orders while takers are those who set a market order (i.e. they accept the current market price). Unlike other exchanges, Coinsquare does not offer discounts for higher trading volumes. Other exchanges also have different pricing for taker fees and maker fees.
Tip: Coinsquare Pro is aimed at experienced traders. It offers advanced features such as Tradingview charts to perform technical analysis and a wider range of order types. However, you should not be intimidated by the user interface as fees as way cheaper than on Coinsquare trade which is aimed at beginners looking to make a quick trade.
Coinsquare Wealth
Over-the-counter trades are when a large client wants to make a large order. Here too Coinsquare charges a spread between 0.5% to 2%.
Hidden fees
Keep in mind that when you transfer your Canadian dollars to the Coinsquare platform you won’t be able to buy all cryptocurrencies.
For some you will first need to buy a USDC and then convert that to the crypto of your choice. This implies a double transaction fee: You first need to pay 0.5% to convert to USDC and then 0.5% to convert that USDC to the cryptocurrency of your choice.
Staking fees
When you deposit your crypto assets on Coinsquare you have the option to stake them. This means you are helping validators secure their blockchain network for which you receive a reward. Each blockchain offers different rewards. You can either stake directly with a validator by moving your digital assets to a crypto wallet or you can stake via Coinsquare. Coinsquare takes a cut of 30-40%. This is much higher than other platforms which tend to take 20-30%. Overall if you hold a significant amount of crypto you are better off learning how to stake on your own. Check out
- What Does It Mean to Stake Ethereum: Best Beginner’s Guide
- What Is Lido Crypto and How Is it Connected to ETH Staking?
Blockchain transaction fees
When you transfer crypto from Coinsquare to a wallet or another canadian cryptocurrency exchange you need to pay a network fee. This fee does not go to Coinsquare. It is a fee charged by the people validating transactions on a blockchain. The fee varies depending on the blockchain and congestion. You will be able to check it before verifying your transaction.
Coinsquare overview
Features
- Security measures: the majority of funds are stored in cold storage and two-factor authentication to ensure secure transactions
- Website and Mobile app available to download on the Google Play Store and Apple App Store and website
- Live chat
- 50+ digital currencies and 1300 trading pairs
- Streamlining user experience
FAQs
Can I buy crypto with my credit card on Coinsquare?
No Coinsquare does not list credit or debit cards as a deposit option.
What do I need to open a Coinsquare account?
To start trading on Coinsquare you need to provide some personal information such as an email address, name, phone number, ID verification, and proof of address to comply with KYC regulations.
Only Canadian residents are allowed to open an account.
For a more comprehensive Coinsquare review see: Is Coinsquare Legal in Canada: Here’s What You Should Know
Is my crypto insured on Coinsquare?
Coinsquare stores its crypto with licensed custodians such as Coinbase Custody, Bitgo Trust Company, and Tetra Trust Company who together hold $680M in insurance. Also since Coinsquare is registered with CIRO Canadian users’ fiat currencies are protected by the Canadian Investment Protection Fund (CIPF) up to 1Mn dollars.
What is the minimum withdrawal from Coinsquare?
If you use an Interac e-Transfer or direct bank deposits the minimum withdrawal is 20 canadian dollars. If you do a wire transfer the minimum withdrawal is $10,000.
Is Coinsquare a good exchange?
Coinsquare is the first online platform to be registered as an investment dealer in Canada. This indicates that it has good compliance processes in place. However, on Trust Pilot, the exchange receives poor marks scoring 1.5/5 from 92 reviewers. Most complaints center around not being able to withdraw and poor customer support. However, on the Android Play Store, the app receives 4/5 stars from 2,000 reviewers. Here too most disgruntled users complain about customer service and not being able to make withdrawals
What is the lowest crypto fee in Canada?
Out of a comparison of the 19 crypto exchanges that are allowed to do business in Canada crypto.com has the lowest fees. See the comparison table at the top of this article for more.
How long does Coinsquare take to withdraw?
- Interac e-transfer withdrawals take up to 24 hours but you can only withdraw up to $2,000
- Direct withdrawals to a bank account take up to 3 business days and you can withdraw up to $100K
- Wire transfers take up to 2 business days but there are no limits on the amount you can withdraw
Does Coinsquare have fees?
Yes, Coinsquare charges trading fees on Coinsquare Pro of 0.5% for both makers and takers. On its Coinsquare trade product which is aimed at beginners, it charges no fees but it does charge a spread of 0.5-2%.
Was Coinsquare hacked?
In 2022 Coinsquare customer details were hacked and user details such as their name, email addresses, and wallet addresses were stolen. However, user funds remained safe.
Up next
Is Coinsquare Legal in Canada: Here’s What You Should Know
Coinsquare is a cryptocurrency exchange based out of Canada that is registered as a Money Services Business with FINTRAC. According to the Canadian Securities Administrators website, Coinsquare is Authorized to Do Business with Canadians. The company is in a Pre-Registration Undertaking to become. Read more.