A new cryptocurrency exchange for investors was launched in Canada by Coinsmart. The target of that platform is the “Crypto Curious” market. This category gathers people who are new to the market. The platform offers an easy-to-use interface, educational resources, and 24/7 live support. A tax-time reporting tool was also offered by Coinsmart. This tool helps clients determine their taxable income and capital gains. There is also an automatically-generated report for both fiat-to-crypto and crypto-to-fiat transactions.
Justin Hartzman, the CEO, said “As a long-standing cryptocurrency investor, I have experienced first-hand how Canadians are under-served by existing exchanges.” “Platforms are unnecessarily complex, lack the personal touch, and do not provide the tools and service support that consumers deserve. We used these issues as our design motivation and trust that Coinsmart fixes all these concerns allowing any investor —first time or not— to truly feel comfortable and secure.”
Coinsmart was offering BTC, BCH, LTC, DASH, XMR, and EOS, as of launching day. It promised that additional altcoins were to be rolled out on an ongoing basis. Fiat, Canada’s Electronic Money Transfer (EMT) system and Electronic Funds Transfer (EFT) can be used as means for clients to fund their accounts, with plans to introduce credit cards, Flexepin and other gift card funding options.
It is interesting to note that users have the possibility to purchase any listed cryptocurrency directly with CAD, thereby mitigating the need for a BTC or ETH pairing. The exchange gives investors the power to transact between crypto assets that are not paired with BTC or ETH. They then have the ability to easily switch from one cryptocurrency to another, and Coinsmart handles the process on the back-end.