Note: CoinSmart no longer exists as an independent exchange. It merged into the WonderFi group in July 2023, and its client accounts were migrated to Bitbuy later that year. Bitbuy has been owned by Robinhood since June 2026. Former CoinSmart users can log into Bitbuy with their old CoinSmart email. Bitcoin Well is the only active platform here. This comparison is preserved for historical reference.
CoinSmart and Bitcoin Well were two notable crypto exchanges serving Canadians. CoinSmart offered a broad selection of cryptocurrencies with same-day deposits and a beginner-friendly design. Bitcoin Well focuses on Bitcoin self-custody, ATM access and bill payments. Only Bitcoin Well is available today.
CoinSmart Vs Bitcoin Well: Which Is Better For Canadians?
Bitcoin Well wins by default for Canadians. CoinSmart stopped operating separately after WonderFi moved all its client accounts to Bitbuy, announced in September 2023. Since CoinSmart no longer operates for Canadians, I recommend Coinbase (9.8/10, #1 on my list): open a Coinbase account.
How Do CoinSmart And Bitcoin Well Compare, Fact By Fact?
Every row below comes from each company’s own pages and the Canadian registries, checked October 2026. Where a row has no fair winner, it says so.
CoinSmart Vs Bitcoin Well: Master Spec Table
CoinSmart
Bitcoin Well
Winner
Company
Simply Digital Technologies Inc. (carrying on business as CoinSmart), Toronto, launched 2018. Accounts moved to Bitbuy; WonderFi announced the transaction 2023-09-08. Founders: Not published.
Bitcoin Well Canada Ltd., Edmonton; parent Bitcoin Well Inc. (TSX.V: BTCW). Founded 2013, listed 2021-07-30. Founder and CEO Adam O'Brien. Staff count: Not published.
Depends
Regulation
FINTRAC MSB M18755033 Ceased 2024-09-10. CSA Expired Decisions: original 2021-10-21, amended 2021-12-21. Not on the banned list.
FINTRAC MSB M19811620, expires 2026-10-08 (renewal not yet seen). Not on the CSA list, no CIRO membership, no CIPF.
Bitcoin Well
Assets
Modest list: BTC, ETH, LTC, ADA, DOGE, SOL, SHIB.
Bitcoin only. No order book, no staking, no leverage.
Bitcoin Well
Price
0.20% single-trade fee.
Spread: buy 1.5%, sell 2.0% (verified, Interac); Lite 4.0% both ways. Not applied to ATM or OTC. Quote dated 2026-10-03, no live price shown.
Bitcoin Well
CAD In
Free over $2,000; 1% fee on smaller Interac deposits. CAD, USD and EUR (SEPA) accepted.
Interac e-Transfer on the portal, no separate fee; cash at 160+ ATMs and Lite cash vouchers (4.0% spread). Interac min and max: Not published.
Bitcoin Well
CAD Out
1% fiat withdrawal fee.
Sell to your bank with no withdrawal fee. Methods, minimums and speed: Not published.
Bitcoin Well
Crypto In And Out
No longer available to Canadians
Delivery on-chain or over Lightning to your own wallet, no withdrawal fee. Lightning also for sells and bill payments. Minimums: Not published. No Liquid.
Bitcoin Well
Custody
BitGo custody, legacy arrangement.
Non-custodial: coins are delivered straight to a wallet you control. No custody of coins, so no proof of reserves or insurance is needed or published.
Bitcoin Well
Verification (KYC)
No longer available to Canadians
Verified account: phone, name, address, birth date, ID, selfie. Lite account: email only for cash vouchers. Business accounts need corporate documents. SIN: Not verified.
Depends
Account Types
No longer available to Canadians
Verified, Lite, business, and Bitcoin Well Infinite (private service for trades from CAD 50,000).
Bitcoin Well
Provinces
No longer available to Canadians
Terms: Canadians in a province where Bitcoin Well operates. ATMs in BC, AB, SK, MB, ON, QC, NB and NS. Full online province list: Not verified.
Bitcoin Well
Extra Products
No longer available to Canadians
160+ ATMs, recurring Interac buys, bill payment with bitcoin, Bitcoin Well Points redeemed for sats, Infinite OTC desk. No card, loan or staking.
Bitcoin Well
Tax Tools
No longer available to Canadians
Export transactions by date range as CSV from the account; a Bitcoin Well to Koinly CSV converter exists. No CRA-ready report.
Bitcoin Well
App
Apps no longer maintained; addresses redirect to Bitbuy.
No Apple Canada or Google Play rating found on 2026-10-01. Web portal is the main product. French UI, 2FA and price alerts: Not verified.
Bitcoin Well
Support
No longer available to Canadians
Email hello@bitcoinwell.com. Hours reported as Monday to Friday 9am to 5pm MDT (not on a page I could open). Phone and French: Not verified.
What Are The Key Differences Between CoinSmart And Bitcoin Well?
CoinSmart Vs Bitcoin Well: Side By Side
CoinSmart
Bitcoin Well
Description
CoinSmart was a Toronto-based crypto exchange, launched in 2018, known for same-day CAD, USD and EUR deposits and a beginner-friendly design with advanced trading built in. It joined the WonderFi group in 2023 and its client accounts were moved to sister platform Bitbuy; coinsmart.com now shows the Bitbuy site, which says it is part of Robinhood.
Bitcoin Well is a Canadian bitcoin company where you can buy online through your bank or with cash at one of its 160+ Bitcoin ATMs across Canada. Every purchase is sent straight to your own wallet and it never takes custody of your coins. It is publicly listed (TSX.V: BTCW) and its online portal also covers all 50 US states.
Coins
A modest selection including Bitcoin, Ethereum, Litecoin, Cardano, Dogecoin, Solana and Shiba Inu.
Bitcoin only, delivered on-chain or over the Lightning Network, with Lightning also used for selling and bill payments.
Fees
0.20% single-trade fees, free deposits over $2,000, a 1% fee on smaller Interac deposits, and 1% fiat withdrawal fees.
The online portal charges a spread only: 1.5% to buy and 2.0% to sell for verified accounts paying by Interac e-Transfer, and 4.0% either way for Lite accounts using cash vouchers. No withdrawal, account or hidden fees. The rates page says the spreads do not apply to ATM or OTC trades, whose fees are shown before the transaction.
Pros
Low trading fees
Same-day verification
Multi-currency deposits (CAD, USD, EUR via SEPA)
Crypto-to-crypto trading without intermediate pairs
Bitcoin goes straight to your own wallet, on-chain or Lightning
Lowest published online spread among the Canadian Bitcoin-only platforms, 1.5% to buy
Cash at 160+ ATMs and cash vouchers for people who want to avoid a bank link
Lite account needs only an email
Recurring Interac e-Transfer buys sent to your wallet automatically
Pay bills with bitcoin, including over Lightning
Listed on the TSX Venture Exchange
Cons
Ceased operating independently in 2023, with all accounts migrated to Bitbuy
The 1% fiat withdrawal fee was always a sore point
Smaller coin selection than rivals
Bitcoin only
Sell spread is 2.0% and Lite accounts pay 4.0%
Not on the CSA list, no CIRO membership, no CIPF
FINTRAC registration expires 2026-10-08 on the registry snapshot, renewal not yet confirmed
ATM prices are higher and shown only at the machine
Support is email only on the terms page
No mobile app rating found
Security
The wind-down was orderly and regulator-supervised, with no reported loss of customer funds. Its legacy custody arrangement with BitGo and its OSC registration made the handover possible.
Non-custodial: the terms state that all bitcoin is delivered to a self-custody wallet you control. FINTRAC-registered MSB. No insurance or proof of reserves is published because there is no custody.
Methods To Buy
There is no way to buy crypto through CoinSmart. Former users can log into Bitbuy with their old CoinSmart email, reset the password on first login and use existing Google Authenticator codes. Deposit wallet addresses changed in the migration, so never send crypto to an old CoinSmart address; if you did, contact Bitbuy support with the transaction hash.
Interac e-Transfer on the online portal (verified account), cash at ATMs, cash vouchers for Lite accounts, or a recurring Interac e-Transfer.
App
The platform is gone; its web addresses redirect to Bitbuy and its mobile apps are no longer maintained.
Web portal; an app rating on Apple Canada or Google Play was not found.
Account Limits
No longer applicable.
Lite account cash vouchers: up to CAD 4,950 per day on the rates page (the buy page also says CAD 3,000). Verified accounts: no limit published. Bitcoin Well Infinite handles trades from CAD 50,000. Limits can be set by risk and payment method.
How Do You Fund And Cash Out CoinSmart And Bitcoin Well In Canada?
CoinSmart: CAD Deposits (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Interac e-Transfer
Free over CAD 2,000; 1% below
Not published
Not published
Not published
CoinSmart: CAD Withdrawals (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Fiat withdrawal
1%
Not published
Not published
Not published
Bitcoin Well: CAD Deposits
Method
Fee
Minimum
Maximum
Speed
Interac e-Transfer (portal)
No separate fee, 1.5% spread
Not published
Not published
Not published
Cash at Bitcoin ATM
ATM fee shown at the machine
Not published
Not published
at the machine
Cash voucher (Lite account)
4.0% spread
Not published
CAD 4,950 per day
Not published
Bitcoin Well: CAD Withdrawals
Method
Fee
Minimum
Maximum
Speed
Sell to bank account
No withdrawal fee, 2.0% sell spread
Not published
Not published
Not published
All funding ended. Accounts moved to Bitbuy. Interac and sell limits, speeds and weekend handling are not on the pages I could read. The spreads exclude ATM and OTC trades. Bitcoin Well may set limits by risk and payment method.
What Does It Actually Cost To Buy On Bitcoin Well?
Worked Cost, Buy Only And Buy Plus Sell (Round Trip)
Amount
Bitcoin Well Buy
Bitcoin Well Round Trip
CAD 100
$1.50
$3.50
CAD 500
$7.50
$17.50
CAD 1,000
$15.00
$35.00
CAD 10,000
$150.00
$350.00
Bitcoin Well: Rates page checked 2026-10-03: verified account via Interac, buy 1.5% and sell 2.0%. Lite account 4.0% both ways. Not valid for ATM or OTC. Neither publishes a maker and taker schedule because there is no order book: the spread is the fee. If cost matters most, NDAX (flat 0.20%) or Kraken Pro are cheaper places to buy in Canada. Ranges reflect each platform’s published band, not a single quote. Bank and network fees are not included.
What Do CoinSmart And Bitcoin Well Offer Beyond Buying And Selling?
Bitcoin Well Only
Bitcoin ATMs: 160+ machines in Canada for cash buys, no account needed; the price is shown before the transaction and is not covered by the portal spread.
Recurring buy: Set a recurring Interac e-Transfer; each time it arrives, bitcoin is sent automatically to your own wallet.
Bill payment with bitcoin: Add a Canadian payee and send bitcoin on-chain or over Lightning; it is converted to CAD and paid. A permanent per-payee address and a 1% spread with a 0.1 BTC cap were reported by search results and not confirmed on the page.
Bitcoin Well Infinite: Private service for trades from CAD 50,000 with an Executive Bitcoin Advisor.
Bitcoin Well Points: A rewards programme whose points redeem for sats; no cash signup bonus found.
What Happens To Your Money If CoinSmart Or Bitcoin Well Fails?
CoinSmart: This was a merger, not a collapse. CoinSmart's accounts went to Bitbuy, which has since moved to Coinsquare Capital Markets Ltd. and then Robinhood. Log in through Bitbuy with your old CoinSmart email, and never send crypto to an old CoinSmart deposit address, because the addresses changed. If you prefer not to follow the move to Robinhood, withdraw to your own wallet.
Bitcoin Well: Bitcoin Well never holds your coins, so the main exposure is the cash in transit and the quote: you pay by Interac or cash and rely on the company to send the bitcoin to your wallet. It is a FINTRAC-registered MSB only, with no CSA registration, no CIRO membership and no CIPF, and the terms mention no insurance. A wrong wallet address or a scam is your loss. The FINTRAC registration shown expires 2026-10-08, so confirm the renewal before relying on it.
How Are CoinSmart And Bitcoin Well Treated For Tax In Canada?
CoinSmart: Trades on CoinSmart were dispositions for CRA purposes. Pull your CoinSmart history from your migrated Bitbuy account. Export formats: Not published.
Bitcoin Well: Each sell, bitcoin-funded bill payment or Lightning payment is a disposition, and each buy sets your cost base. Export your history as CSV by date range and load it into Koinly or another tax tool; there is no CRA-ready report.
Selling, swapping or spending crypto is a disposition for the CRA on any platform. This is not tax advice: see my guide to crypto taxes in Canada.
Which Should You Choose, CoinSmart Or Bitcoin Well?
Choose CoinSmart If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
Choose Bitcoin Well If
You want bitcoin sent straight to your own wallet, on-chain or over Lightning, at a low published spread.
You want to buy with cash at an ATM or without a full bank-linked account.
You want to pay Canadian bills with bitcoin.
You trade above CAD 50,000 and want a private desk.
What Happened To CoinSmart?
CoinSmart, run by Simply Digital Technologies Inc., stopped operating as a separate exchange after WonderFi moved its client accounts to Bitbuy. WonderFi announced the deal on September 8, 2023, and I could not verify the exact completion date. Its two CSA decisions, the original of October 21, 2021 and an amended one of December 21, 2021, now sit under the CSA's expired decisions.
FINTRAC lists the CoinSmart registration as ceased on September 10, 2024. Today coinsmart.com serves the Bitbuy site with a banner saying Bitbuy is now part of Robinhood. That chain matters: CoinSmart accounts went to Bitbuy, Bitbuy later moved under Coinsquare Capital Markets Ltd., and Robinhood closed its WonderFi purchase on June 1, 2026.
So CoinSmart did not collapse. It was folded into a larger group, and the group is now being folded into Robinhood. Bitbuy has a help article for migrated CoinSmart accounts if you ever need to trace one.
CoinSmart Status Record
Status
Merged, accounts moved to Bitbuy (announced September 8, 2023)
Operator
Simply Digital Technologies Inc.
CSA record
Original decision October 21, 2021 and amended decision December 21, 2021, both expired
FINTRAC
Registration ceased September 10, 2024
Where it points today
coinsmart.com shows the Bitbuy site, now part of Robinhood
For more detail, see my CoinSmart page. I do not link to CoinSmart for sign-ups, because it is not an option for Canadians.
What Should CoinSmart Users Use Instead?
The short answer is Bitcoin Well, the other half of this match-up. It is available to Canadians, and it is people who want bitcoin in their own wallet and may want to pay with cash. If you want the closest like-for-like match to CoinSmart, my notes name NDAX.
7
NDAX: Best For Low Flat Fees
7.8/10
Best for: Low flat fees and cheap cash-outs to your bank
CSA-registered
Fees A flat 0.20% on every buy and sell, with no volume tiers and no maker or taker split.
CAD Funding Free Interac e-Transfer and wire deposits. Withdrawals cost CAD 1.50 by Interac e-Transfer (up to CAD 10,000 per transaction) or CAD 4.99 by EFT.
Coins 77 base assets (public API)
Safety Ndax Canada Inc. is an investment dealer with CIRO membership terms imposed on December 19, 2024, the same day as its CSA decision. It also holds a FINTRAC registration.
Bitcoin Well: Best For Bitcoin Delivered To Your Own Wallet
6.4/10
Best for: Bitcoin with cash, ATM and voucher options
FINTRAC MSB
Bitcoin Well is FINTRAC-registered but is not a CSA-registered dealer.
Fees Spread only: 1.5% to buy and 2.0% to sell on the online portal for verified accounts paying by Interac e-Transfer. Lite accounts pay a 4.0% spread.
CAD Funding Interac e-Transfer on the online portal, cash at 160+ Bitcoin ATMs, and cash vouchers with a Lite account. It says there are no withdrawal fees when selling to your bank.
Coins 1 (Bitcoin only)
Pros
Bitcoin delivered straight to your own wallet
Cash and ATM options
No withdrawal fees stated
Cons
Bitcoin only
Spread of 1.5% to 4.0% depending on account type
Not a CSA-registered dealer, so no CSA investor protections
How Much Does Bitcoin Well Cost, And How Do You Fund It?
Since CoinSmart cannot be compared on current fees, here is what Bitcoin Well charges today, taken from its own published pages.
Bitcoin Well Fees And Funding
Trading Fees
Spread only: 1.5% to buy and 2.0% to sell on the online portal for verified accounts paying by Interac e-Transfer. Lite accounts pay a 4.0% spread.
CAD Deposits And Withdrawals
Interac e-Transfer on the online portal, cash at 160+ Bitcoin ATMs, and cash vouchers with a Lite account. It says there are no withdrawal fees when selling to your bank.
Coins
1 (Bitcoin only)
Is Bitcoin Well Safe For Canadians?
Bitcoin Well Canada Ltd. is a FINTRAC-registered money services business. It is not on the CSA list of authorized platforms, so it is not a CSA-registered dealer.
Bitcoin Well is non-custodial: it delivers bitcoin to your own wallet, on-chain or by Lightning. The parent company is publicly traded (TSX.V: BTCW).
I could not verify app store ratings.
Whichever platform you use, I still say the same thing: do not keep more on an exchange than you are prepared to lose, and move long-term holdings to your own wallet.
Who Should Choose Bitcoin Well?
Bitcoin Well suits people who want bitcoin in their own wallet and may want to pay with cash. It is a weaker fit if you need something its list or fee structure does not cover: bitcoin only, and spread of 1.5% to 4.0% depending on account type.
What Should You Do If You Still Have Something With CoinSmart?
CoinSmart: If you held a CoinSmart account, it was migrated to Bitbuy, and Bitbuy's help centre has an article on what to do with a migrated account. Bitbuy itself is now part of Robinhood and is inviting customers to the Robinhood app, so check what you hold there and decide whether you want to stay. Whatever you decide, do not send crypto to an old CoinSmart deposit address.
A simple rule applies after any platform change: keep your own records of every purchase, because the CRA treats crypto as a commodity and you need the history for your tax return.
What Changed For CoinSmart And Bitcoin Well In October 2026?
Robinhood closed its purchase of WonderFi, the parent of Bitbuy, where CoinSmart's client accounts had been moved.
FINTRAC shows CoinSmart's registration (Simply Digital Technologies Inc.) as ceased.
WonderFi announced that Bitbuy would acquire all CoinSmart client accounts.
Frequently Asked Questions
Is CoinSmart Still An Option For Canadians?
No. CoinSmart stopped operating separately after WonderFi moved all its client accounts to Bitbuy, announced in September 2023.
What Should CoinSmart Users Use Instead?
My notes point to NDAX. Registered Canadian platform with CAD funding and a broad coin list. A flat 0.20% on every buy and sell, with no volume tiers and no maker or taker split.
Is Bitcoin Well Registered In Canada?
Bitcoin Well Canada Ltd. is a FINTRAC-registered money services business. It is not on the CSA list of authorized platforms, so it is not a CSA-registered dealer.
How Do You Fund Bitcoin Well In Canadian Dollars?
Interac e-Transfer on the online portal, cash at 160+ Bitcoin ATMs, and cash vouchers with a Lite account. It says there are no withdrawal fees when selling to your bank.
Which Is Better For Canadians, CoinSmart Or Bitcoin Well?
Bitcoin Well, by default, because CoinSmart is not available to Canadians. CoinSmart no longer operates separately. Bitcoin Well is best for bitcoin with cash, ATM and voucher options.
Do CoinSmart And Bitcoin Well Have Limit Orders?
CoinSmart: Not published Bitcoin Well: No: you buy and sell at the quoted portal price.
Which Coins Can You Buy On CoinSmart And Bitcoin Well?
CoinSmart: Modest list, closed Bitcoin Well: Bitcoin only
Is The Spread The Fee On CoinSmart And Bitcoin Well?
CoinSmart: No longer applicable. Bitcoin Well: The 1.5% buy and 2.0% sell spread is the whole fee: no withdrawal or account fees.
Does CIPF Cover My Crypto On CoinSmart Or Bitcoin Well?
CoinSmart: CIPF never covers crypto, and this platform no longer serves Canadians. Bitcoin Well: Bitcoin Well is not a CIPF member; CIPF never covers crypto.
Are CoinSmart And Bitcoin Well Available In Every Province?
CoinSmart: No longer available in any province. Bitcoin Well: Online province list not published; ATMs sit in eight provinces.
Do Interac Deposits Work On Weekends On CoinSmart And Bitcoin Well?
CoinSmart: No longer applicable. Bitcoin Well: Not published.
What Is The Minimum Buy On CoinSmart And Bitcoin Well?
CoinSmart: No longer applicable. Bitcoin Well: Not published for Interac; Lite cash vouchers cap at CAD 4,950 per day.
Can A Business Use CoinSmart Or Bitcoin Well?
CoinSmart: No longer applicable. Bitcoin Well: Yes, business accounts need corporate documents; Infinite serves trades from CAD 50,000.
Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.
He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.
His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.
