CoinSmart Premium is a cryptocurrency over-the-counter (OTC) trading desk offered by CoinSmart, one of the best crypto exchanges currently available to Canadians. There are many features that make this platform a superb option for crypto traders looking to make trades of $25,000 CAD or more, such as its deeper liquidity pools, an impressive array of hundreds of supported cryptocurrencies, exclusive market insights for every Premium user, same-day account settlements, and expedited KYC/AML verification that makes account nearly instantaneous.
Considering CoinSmart Premium is the only OTC desk in Canada that allows you to fund your account via online bill payment for up to $1 million with zero fees, and is publicly traded, licensed, and regulated by the Ontario Securities Commission (OSC), this platform is truly one of the best OTC options that Canadians have at their disposal and I fully recommend trying out the platform today.
What Is CoinSmart Premium?
CoinSmart Premium is a cryptocurrency over-the-counter (OTC) trading desk offered by CoinSmart, one of Canada's fastest-growing and most trusted cryptocurrency platforms. CoinSmart was founded in 2018 and supports the most popular cryptocurrencies (including Bitcoin (BTC), Polygon (MATIC), and Avalanche (AVAX)), making it one of the easiest ways for Canadians to trade crypto.
CoinSmart Premium was designed specifically for crypto investors that are interested in making large crypto trades of at least $25,000 or more, and it has a few features to help them do so, such as its deep liquidity pools to prevent slippage on your transactions, exclusive market insights, a Dedicated CS Premium Account Manager, and much more.
Additionally, CoinSmart Premium offers a wide array of supported cryptocurrencies (at 300+ supported tokens in all), and allows you to trade one crypto for another directly. CoinSmart Premium uses Fireblocks for accepting coins as well as sending them out, which makes the trading experience smoother.
To start off this CoinSmart Premium review, let’s take a deeper look at CoinSmart Premium’s pros, cons, and features.
Pros & Cons Of CoinSmart Premium
CoinSmart Premium Pros
- Its deeper liquidity pools are ideal for large crypto trades and transactions.
- Grants the user one-on-one assistance from a Dedicated CS Premium Account Manager.
- Quick KYC/AML verification.
- Supports a huge array of cryptocurrencies (300+).
- Is the only OTC desk in Canada that supports funding via online bill payment (up to $1 million without fees).
- Grants users VIP access to exclusive market insights.
- Publicly traded, licensed, and regulated by the Ontario Securities Commission (OSC).
CoinSmart Premium Cons
- Only useful for crypto traders looking to make large transactions of $25,000 CAD or more.
- Trading desk is only open from 6 AM to 11 PM EST.
Features Of CoinSmart Premium
#1 Deep Liquidity
There's one problem that's unique to large crypto trades: because the crypto market moves incredibly fast and you're usually one of the thousands of crypto traders in a retail exchange, then you're more likely to be affected by the difference between a trade's expected price and its actual price by the time the transaction is complete. This is known as slippage, and it will make you lose a lot of money as you buy more and more crypto (especially if the trade is big).
This doesn't happen if you use CoinSmart Premium, and there are two reasons for this: they have much deeper liquidity pools to pull from compared to a retail exchange, and they also have a way smaller user base compared to a retail exchange, making the crypto market stabler. With this in mind, you won't ever have to worry about losing money to slippage when using this OTC desk.
#2 Same-Day Fund Settlement
Sending and receiving large crypto amounts can be problematic if you use a regular exchange. For starters, crypto orders in retail exchanges are processed in chronological order, so you can't really know if your order would be the first, second, or thousandth one to be processed when you enter it.
Additionally, because the sum is so large, you'd also have to wait for between 1 to 3 business days before they appear in your account due to verifications, and there could even be more verifications down the line before you can truly say that the funds are in your hands.
Customer support is also an issue: because the user base is huge, it can take much longer to get your question answered at a retail exchange, which can be especially stressful if we're dealing with a wire transfer of tens of thousands of dollars.
But CoinSmart Premium has you covered in this regard: it can process transactions much faster, and it also allows for same-day settlements via online bill payments of up to $1 million without fees (the only OTC desk that offers this). No other crypto exchange offers this. Wealthsimple, for example, doesn't charge fees for deposits or withdrawals, but it doesn't offer same-day settlements.
#3 Dedicated CoinSmart Premium Account Manager
Considering CoinSmart Premium deals with a smaller user base, it can take a lot more care in its customer service. This is the reason why it provides every Premium user with a Dedicated CoinSmart Premium Account Manager that will be there to help every step of the way. Your Dedicated CS Premium Account Manager will also provide you with exclusive market insights that will help you stay one step ahead of the competition with your crypto investments, whether you're thinking about the short-term or the long-term.
Trades are also done via instant message chat (Whatsapp, Signal, iMessage), email, or phone, and you'll receive an immediate answer to any inquiry you have as you use the platform and conduct trades. It's a stark contrast to the customer support you can expect from retail exchanges, which can take hours or even days to get back to your questions.
#4 Huge Array Of Supported Crypto And Fiat
With CoinSmart Premium, you'll have access to large crypto trades with up to 300+ different tokens, which rivals the supported token count of some of the most well-known global exchanges (such as Crypto.com and Binance). Not all OTC desks support this many crypto tokens (some only have support for Bitcoin, even), so seeing such a large selection of coins is a breath of fresh air.
CoinSmart Premium can also be used worldwide, and their selection of supported fiat currencies reflects this: you can fund your account with Canadian dollars (CAD), U.S. dollars (USD), Japanese Yen (JPY), and many more currencies as well. Another highly-rated crypto exchange that has a similar feature is VirgoCX, which added foreign currency exchange to its suite of services.
#5 Impressive Security & Regulation
CoinSmart Premium also offers several mechanisms to make sure your account's security is tight: for instance, all accounts are required to use Two-Factor Authentication (2FA) when logging in, which makes this authentication method even more effective because you won't forget to set it up. The platform also has a 95% cold storage policy in place, meaning that 95% of all CoinSmart crypto assets are stored offline in geo-diversified locations to keep them away from the hands of any hacker.
As if that weren't enough, the exchange also has an impressive record in terms of regulation: it is licensed and regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and it's also licensed by the Ontario Securities Commission (OSC), which is a rare sight in the Canadian crypto exchange scene. It also is one of the select few crypto trading platforms in Canada to be granted a Securities Dealer License, and it's also an official member of the anti-money laundering group TRUST, whose other members include Coinbase, Kraken, Gemini, and Robinhood.
#6 Expedited KYC/AML Verification
Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) verification can take forever in some retail exchanges: not only that, it often requires a huge list of items in order to verify your account as well (passport, driver's license, phone number, country of residence, selfies/biometric verification, you name it), which can be a pain to provide. All you want to do is create your account and start trading.
This is exactly what happens when you create an account with CoinSmart Premium: their expedited KYC/AML verification times, combined with their same-day fund settlements, allow for near-instantaneous account creation when using this OTC desk.
Pricing
CoinSmart Premium seeks to beat any rate offered by the competition, so I can't really delve into the specifics of the platform's pricing as this will depend on the trades you conduct and their size. For this reason, I encourage you to see if CoinSmart Premium will beat your current OTC provider's rate by creating an account today.
See if CoinSmart Premium will beat your current OTC provider today.
That said, it will most likely offer lower rates and spreads than other traditional crypto exchanges like Newton, Shakepay and even Bitbuy.
In Summary
CoinSmart Premium is a cryptocurrency over-the-counter (OTC) trading desk offered by CoinSmart, one of the best crypto exchanges currently available to Canadians. There are many features that make this platform a superb option for crypto traders looking to make trades of $25,000 CAD or more, such as its deeper liquidity pools, an impressive array of hundreds of supported cryptocurrencies, exclusive market insights for every Premium user, same-day account settlements, and expedited KYC/AML verification that makes account creation nearly instantaneous.
Considering CoinSmart Premium is the only OTC desk in Canada that allows you to fund your account via online bill payment for up to $1 million with zero fees, and is publicly traded, licensed, and regulated by the Ontario Securities Commission (OSC), this platform is truly one of the best OTC options that Canadians have at their disposal and I fully recommend trying out the platform today.
CoinSmart Premium FAQs
How Much Does CoinSmart Premium Cost?
CoinSmart Premium's pricing is also close as possible to the spot rate at any given time. They have incredibly aggressive pricing and will beat any competitive quote. To see for yourself, create an account.
See if CoinSmart Premium will beat your current OTC provider today.
Is CoinSmart Premium Worth It?
Yes, CoinSmart Premium is worth it because its deeper liquidity pools will allow you to completely forget about slippage when making large crypto trades. Additionally, it supports more than 300 cryptocurrencies, supports many fiat currencies (including USD, GBP, JPY, and CAD), and even allows you to swap one cryptocurrency for another.
Is CoinSmart Premium Safe?
Yes, CoinSmart Premium is safe because CoinSmart, the main platform, uses several mechanisms to make sure all accounts are completely secured: for starters, all accounts are required to use Two-Factor Authentication (2FA) when logging in. CoinSmart also has a 95% cold storage policy in place; all crypto assets are stored offline in geo-diversified locations to prevent any possible hack.
Is CoinSmart Premium Legit?
CoinSmart is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Ontario Securities Commission (OSC). It also is one of the select few crypto trading platforms in Canada to be granted a Restricted Dealer License and Marketplace registration by the OSC, and it's also an official member of the anti-money laundering group TRUST, whose other members include Coinbase, Kraken, Gemini, and Robinhood.
