Coinsquare is a Canadian base cryptocurrency exchange that offer its cutomer trading service of several major cryptocurrency such as Bitcoin, Ethereum, Ripple and several other cryptocurrencies as well as Financial Services.
Coinsquare was founded in 2014 whose mission is "to revolutionize and simplify the buying and selling of digital assets, while delivering on industry-leading and user experience." (1)
Coinsquare is regulated by Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) - Canada's financial intelligence unit. FINTRAC's mandate is to detect, prevent and anti money laundering and the financing of terrorist activities. As a result, Coinbase can provide its customers a transparency, risk mitigation, a regulated and safe environment. Consquare also has secured an exclusive relationship with one of Canada’s Big 5 banks.
Coinsquare has raised a total of CA$98.5M in funding over 6 rounds. Their latest funding was raised on Feb 11, 2021 from a Corporate Round round.
Coinsquare is funded by 4 investors. Mogo and Canaccord Genuity Group are the most recent investors. (2)
Consquare being one of Canadian exchange offer its customers the ability to convert Fiat currency deposits (CAD, EUR, CHF, and USD) to a selection of cryptocurrencies. Coinsquare also a reputable and secured exchange which is regulated by a Government Agency.
Coinsquare platfom is purposed built amining at Canadian cryptocurrency investors thus exchange is available in English and French. Nevertheless, Coinsquare is also available to investors from the global cryptocurrency market.
Investor can deposit their Fiat currency to Consquare with the below nominal fee:
- Interac Online 2.5%
- Interac e-Transfer (r) 2.5%
- Flexepin 2.5%
- Bank draft 2.5%
- Money order 2.5%
- Wire transfer 0.5%
For withdrawals:
- Direct Bank Deposits 1%
- Wire Transfer 0.5%
Coinsquare provides their customers with a web-based platform which is user-friendly. The platform is also available for iOS and Android mobile users. Customers have two methods that they can trade on the market:
-
“QuickTrade” feature allows customer to select the coin that he/she wish to buy and the amount that he/she wish to spend. The fee is 0.2% for each convertsion of one cryptocurrency to BTC. For double conversion trades (one crypto currency to another one other than BTC), the fee is 0.4%.
-
"Spot market" which is a trading interface more sophisticated and comes various tools and charts which customers can use to monitor their cryptocurrencies' porfolio and performance. The pricing model that is currently utilised is Maker/Taker model. The Maker fee is 0.1% while the Taker fee is 0.2%
Types of cryptocurrencies that are currently availabe on Consquare: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Bitcoin Cash SV, Dogecoin, Dash, Ripple, Ethereum Classic, and Stellar.
Security is Coinsquare's number one priority, the exchange provides several layers of protection in place such as:
- 2FA Authentication
- 95% of the funds are kept in cold storage
- Encrypted and Distributed backups daily
- SSL Encryption
Coinsquare is actively using 8 technologies for its website, according to BuiltWith. These include SPF, WordPress, and Google Apps for Business. Coinsquare has also registered 2 trademarks with the most popular class being 'Scientific and electric apparatus and instruments', according to IPqwery. (3)
Coinsquare is a cryptocurrency trading platform which aim is to become a multi-faceted financial services company that buid it foundation around blockchain technology.
Blockchain technology (which is the foundation that all cryptocurrencies werr build on) has seen a surge in its applications over the past decade. This technology has evolve to not just cryptocurrency but into other applications in include fund transfers, settling trades, voting, etc.
Other major cryptocurrency exchange in the same domain with Coinsquare are:
- Bitbuy
- Coinberry
- NDAX
- Binance
- Coinsmart
- MyBTC
- Kraken
- Coinbase
- Shakepay
- Bittrex
- Newton
Coinsquare has raised a total of $98.5M in funding from Nimble Ventures, Riot Blockchain, Mogo and Canaccord Genuity Group.
The company's most recent acquisition was Just.Cash on Jul 4, 2019 enable its customers to carry out cryptocurrency transactions through using Just Cash ATMs (4)(5)
Being an online trading platform, one of the core metric of Coinsquare is the amount of visitors to the site. the current metric as of May 2021 is 622,858 monthly visitors that is ranked 2,537th in Canada and 69,485th globaly. (6)
The monthly visit has recently declinde due to the rise of other trading plaform (-5.39% monthly visit grown) (6)
It is recommended that the company would list more types of cryptocurrency to attarct more investors to conduct business on the exchange. Currently the number of cryptocurrentcy types being offered is limited compare to other competitiors in the same market such as Bittrex (https://coinmarketcap.com/exchanges/bittrex/) coin list.
Eventhough the tools and utitlites that is currently being offered by Coinsquare are user friendly, it is lacking in functionalities compare to other exchanges.
(1) https://www.linkedin.com/company/coinsquare/about/
(2) https://www.crunchbase.com/organization/coinsquare/company_financials
(3) https://www.crunchbase.com/organization/coinsquare/technology
(4) https://www.theblockcrypto.com/tiny/coinsquare-buys-majority-stake-in-just-cash-in-bid-to-make-worlds-atms-crypto-friendly
(5) https://twitter.com/Coinsquare/status/1146388682489962496
(6) https://www.crunchbase.com/organization/coinsquare/technology