Security Compliance
Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more.
Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft.
Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication - such as FaceID - to
Regarding security, Coinsmart utilizes SSL, and 2FA to safeguard users' personal information and funds. In contrast, Crypto.com holds 100% of customer funds in cold storage and employs multi-factor authentication while consulting with leading cybersecurity firms to maintain a secure platform.
Regulatory Compliance
Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).
Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.
In terms of Canadian compliance, Coinsmart adheres to all national regulations and is registered with FINTRAC as a Money Services Business. Meanwhile, Crypto.com became the first global cryptocurrency exchange to sign a pre-registration undertaking with the Ontario Securities Commission (OSC), ensuring its full compliance with Canadian regulations.
Customer support
CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.
The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down.
Coinsmart and Crypto.com both provide customer service to their users, but their performance and satisfaction levels differ. Coinsmart offers prompt customer support via live chat and email, earning a solid reputation for addressing user concerns efficiently. On the other hand, Crypto.com has been criticized for slow response times and lack of educational resources on their website, leading to some dissatisfaction among users. Despite these criticisms, Crypto.com's support team typically resolves issues within 24 hours. Overall, Coinsmart's customer service is considered more reliable and efficient, while Crypto.com may need to improve its support to better meet user expectations.
Conclusion
In conclusion, both Coinsmart and Crypto.com are excellent choices for Canadians looking to trade cryptocurrencies. While Crypto.com provides a more comprehensive trading experience, better security, and a wider selection of cryptocurrencies, Coinsmart excels in customer support and user-friendliness. If customer support and low fees are your priorities, Coinsmart would be the better choice. However, if you seek a more extensive range of features and better security, Crypto.com might be more suitable for your needs.
We recommend choosing Coinsmart over Crypto.com for your cryptocurrency trading needs. By opting for Coinsmart through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!
If you find that neither Coinsmart nor Crypto.com meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
