With the recent, and spectacular, demise of Canadian-based, QuadrigaCX, many crypto enthusiasts are understandably dismayed by the industry. It is important to remember though, not to paint the industry with a broad brush. Despite the downfall of QuadrigaCX, there remain multiple Canadian-based companies. Each of which provide services similar to their fallen competitor. Here is a brief look at what it is like to use these platforms
Based out of Toronto, Coinsquare is a cryptocurrency trading platform that was founded in 2014. Since launch, Coinsquare has expanded to support operations in over 25 countries.
Coinsquare really started to take off a year ago. Sports enthusiasts may remember the satirical commercials from Coinsquare, highlighting the dangers of cryptocurrencies. These were seemingly played on a loop during last year’s iteration of the Toronto Raptors playoff run.
The platform itself is simple to use, and offers plently. Users are able to fund, withdraw, and trade various assets. Methods range from flexepin vouchers, money orders, bank drafts, credit cards, and e-transfers.
Assets supported for trading include BTC, BSV, DASH, ETH, DOGE, XRP, BAB, ETC, LTC.
Also headquartered in Toronto, Coinberry offers, essentially, the same services as Coinsquare. The main difference between the two offerings is in their fee-structure.
While Coinsquare boasts lower trading fees, Coinberry boasts free funding and withdrawal fees.
One area that hasn’t caught up to Coinsquare, is their number of support currencies. On the Coinberry platform, trading is limited to BTC, ETH, LTC, and XRP. Funding and withdrawal are also limited to e-transfer, credit card, and wire transfers.
These limitations, relative to Coinsquare, are to be expected, as Coinberry was founded 3 years later than the former, in 2017.
Most clichés are founded on truth. Within the cryptocurrency world, one of the most oft repeated ‘words of warning’, is to not keep your holdings on an exchange. If you are not in possession of your crypto, you do not control the fate of your crypto.
Despite each of these companies having good track records, always place caution above all else. There are many companies that have been well intentioned, yet still got burned.
As a cryptocurrency enthusiast, I took the time to test each of these platforms. From my brief experience with each, I would not hesitate to use either in the future. Customer service on each platform was very good, with prompt responses.
Once set up, the withdrawal process is more seamless through Coinsquare. This is because Coinberry utilizes e-transfers, requiring you to retrieve a password from the Coinberry site, and go through the usual acceptance process. Since Coinsquare utilizes direct deposits, this is not needed – the money simply shows up in your account.
If your goal is to enter or exit the market, Coinsquare is more seamless, however Coinberry is much cheaper, as they boast 0% funding and withdrawal fees.
If your goal is to trade, each platform is easy enough. However, Coinsquare provides better fees for both makers and takers, along with more supported currencies.
Each of these companies have been successful in their mission thus far. For those affected by the QuadrigaCX fiasco, and still not turned off of cryptocurrency, both Coinberry and Coinsquare surely stand to inherit much of this customer base.
Both Coinberry and Coinsquare offer slick, easy to use platforms, with each providing various methods for both entry and exit to the market.
Both platforms are viable alternatives to Coinbase. For those looking to support Canadian ventures, these two Toronto-based companies should be your first stops.