Buying, selling, and, trading Bitcoin and other major cryptos can be done on Coinsquare with as little as $20. Looks good right? So, what do you need to know about this exchange?
What is Coinsquare?
Coinsquare is a Canadian-based cryptocurrency exchange that was founded in 2015. The cryptocurrency trading exchange is designed to enable a safe and affordable exchange of cryptocurrencies online. The interface is easy to use. You don’t need to be a professional trader to understand it. Currently, Coinsquare is considered as one of the leading cryptocurrency exchanges in Canada.
How It Works
As at the time this piece was written, there were seven cryptocurrencies listed on the cryptocurrency trading exchange. The exchange also lists two precious metals and lets users trade against five fiat currencies which include the United States dollars and Canadian dollars.
When you register, you’ll be automatically provided with a wallet address to help you keep track of your digital currencies. About 95% of your funds will be stored in a cold wallet for added security.
The first step to getting started is signing up. After that, you’ll need to verify and fund your account. The funding can be done in either the Canadian dollars or supporting cryptos. As soon as the account is funded, you can start selling, buying, and, trading cryptocurrencies. Note that Coinsquare is a centralized exchange, so it only acts as the intermediary for cryptocurrency to fiat trading and vice versa. You can trade with Bitcoin, Dash, Bitcoin Cash, Dogecoin, Ethereum, Squarecoin, Litecoin, US dollar, British pound, Australian dollar, silver, and gold.
One of the biggest disadvantages of this exchange is the fact that it is centralized. Although centralized exchanges have more advanced features than decentralized exchanges, the exchange will have full control of funds and all transactions performed on the platform. If you’re looking for an anonymous platform, Coinsquare may not be the best cryptocurrency trading exchange for you. Being centralized also makes it more prone to hacks.