Coinsmart vs Coinbase | Discover Why Coinbase Is Much Better

When it comes to trading fees, Coinsmart exchange charges a fee of 0.2% for single trades and a slightly higher fee of 0.3% for double trades.

Single trades occur when users trade between any fiat currency or any cryptocurrency, while double trades involve trading two cryptocurrencies that are not Bitcoin.

While these fees may not be the lowest in the market, Coinsmart does provide a user-friendly platform with a range of cryptocurrencies to choose from.

On the other hand, the trading fees taken by Coinbase. For makers, the fee stands at 0.40%, while takers pay a fee of 0.60%. What's interesting about Coinbase is that they provide an opportunity for traders to lower their fees If monthly trade volumes exceed $10,000.

Coinsmart and Coinbase are both cryptocurrency exchanges that offer fiat currency deposit methods. However, there are some differences in the fiat deposit options they provide.

Coinsmart supports three fiat currencies: USD, EUR, and CAD. To deposit EUR, users can use SEPA, which is a free of charge method.

For USD deposits, users can use Wire Transfers, which are also free of charge. CAD deposits can be made through Interac e-Transfers or Wire Transfers, with both methods being free.

It is worth noting that Interac e-Transfers have a 1.5% fee for deposits under $1,999, but they are free above that amount. The minimum deposit for EUR is 50 EUR, and the processing time is up to 5 business days.

Card purchases are also possible on Coinsmart, but they come with higher fees starting at 6.75% commission and a minimum fee of $10.

On the other hand, Coinbase allows users to deposit funds with three fiat currencies: USD, EUR, and GBP. They offer different deposit methods for each currency. For USD deposits, users can use ACH transfers which are free of charge. Wire transfers are also an option but they incur a $10 USD fee.

EUR deposits can be made through SEPA transfers which have a deposit fee of 0.15 EUR. GBP deposits can be done via Swift transfers which do not have any deposit fees. And finally, basic ACH deposits are free of charge on Coinbase.

Let's take a closer look at the withdrawal options provided by each of these exchanges. Coinsmart allows users to withdraw their funds in various fiat currencies such as USD, EUR, and CAD. These withdrawals can be made through Wire Transfer or SEPA withdrawals.

SEPA withdrawals are free of charge and typically take 1-5 days to process. On the other hand, withdrawing funds through Bank wire or Interac e-Transfer comes with a 1% commission or $15, whichever is higher.

When it comes to withdrawing cryptocurrencies from Coinsmart, the fees vary depending on the blockchain. For example, Bitcoin withdrawals come with a 0.0005 BTC fee, Ethereum with a 0.003 ETH fee, and Solana with a 0.01 SOL fee. For ERC-20 USDC withdrawals, Coinsmart charges a 10 USDT fee.

Moving on to Coinbase, users can withdraw their funds in multiple fiat currencies such as USD, EUR and GBP via ACH, Wire, SEPA, and Swift. ACH withdrawals are free of charge, while Wire withdrawals come with a $25 USD fee. SEPA withdrawals have a fee of 0.15 EUR, and Swift withdrawals have a fee of 1 GBP.

In terms of cryptocurrency withdrawals on Coinbase, the exchange charges a fee for each type of cryptocurrency. For instance, withdrawing Bitcoin incurs a fee of 0.0002 BTC, Ethereum has a fee of 0.000768 ETH, SOL carries a fee of 0.008 SOL, and USDT (ERC-20) has a fee of 3 USDT.

In conclusion, Coinsmart and Coinbase cater to different regions and offer unique features to their users.

Coinsmart, based in Canada, has a smaller user base of 250,000 users primarily based in North America and Europe. Coinsmart aims to provide accessible and secure cryptocurrency trading for beginners. However, it supports a limited range of only 40 cryptocurrencies compared to over 200 offered by Coinbase.

Coinbase is the much larger exchange with over 100 million users and many more services not available on Coinsmart such as spot trading, staking, earn programs, NFTs, learn and earn and more.

In terms of KYC requirements, Coinsmart and Coinbase both prioritize user identity verification and comply with regulatory standards. Coinbase has a quicker verification process that can be completed within minutes, while Coinbase's process may take a few hours. However, Coinsmart is limited to Canadian residents only, whereas Coinbase is more widely accessible.

When it comes to trading fees, Coinsmart charges a fee of 0.2% for single trades and 0.3% for double trades, while Coinbase offers competitive spot trading fees of 0.40% for makers and 0.60% for takers. While Coinsmart has lower base fees, Coinbase also provides an opportunity for reduced fees based on trading volumes.

Both Coinsmart and Coinbase support fiat deposits for fiat currencies. Coinsmart supports USD, EUR, and CAD, while Coinbase supports USD, EUR, and GBP.

So which is the better exchange? Well it depends, assuming you only want to buy Bitcoin or other well known cryptocurrencies with lower fees, than Coinsmart is slightly cheaper than Coinbase. If however you want to access a wider range of cryptocurrencies and products, then you have to turn to exchanges like Coinbase.