How to Use Coinsquare

Coinsquare is one of the Canada’s largest and most trusted platforms for buying, selling, and trading digital assets. While international exchanges like Binance or Coinbase often dominate global markets, Coinsquare is a regulated Canadian exchange that allows users to trade in CAD (Canadian dollars) and offers compliance with local financial regulations.

This guide will walk you through everything you need to know about using Coinsquare—from account registration to making deposits, executing trades, and withdrawing funds.

What is Coinsquare?

Coinsquare is one of Canada’s leading cryptocurrency exchanges, offering a secure and compliant trading environment for digital assets. It supports major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and various altcoins, making it a great choice for both beginners and experienced traders.

How to Open a Coinsquare Account

1. Visit Coinsquare’s official website.    
2. Click on "Get Started" and enter your email address.    
3. Verify your email and complete the identity verification process.    
4. Submit your photo ID and follow the on-screen instructions.    
5. Set up two-factor authentication (2FA) for added security.

How to Deposit Funds into Coinsquare

Coinsquare allows deposits in CAD and cryptocurrency.     
Here’s how you can fund your account:

Interac e-Transfer (Best for Small Deposits)

● Minimum: $20 CAD | Maximum: $10,000 CAD per transaction    
● Processing Time: Usually within 30 minutes    
● Steps:

1. Log into your Coinsquare account.    
2. Navigate to “Deposit” and select Interac e-Transfer.    
3. Enter your desired deposit amount and follow the on-screen instructions.    
4. Complete the transfer from your Canadian bank account.

Bank Wire Transfer (Best for Large Deposits)

● Minimum: $10,000 CAD    
● Processing Time: 1-2 business days    
● Steps:

1. Select “Wire Transfer” under the deposit section.    
2. Transfer funds from your Canadian bank to the provided Coinsquare account.    
3. Upload a copy of your wire transfer receipt for verification.

Cryptocurrency Deposit

● Instant processing after blockchain confirmation    
● Steps:

1. Navigate to “Deposit” and select “Digital Currency”.    
2. Choose your cryptocurrency and copy the deposit address.    
3. Send funds from your external crypto wallet.

How to Trade Cryptocurrency on Coinsquare

1. Log into Coinsquare and go to the “Trade” section.    
2. Select the cryptocurrency pair you wish to trade.    
3. Enter the amount and click “Preview Trade”.    
4. If the details are correct, confirm your trade. 

Coinsquare supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and even meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).

How to Withdraw Funds from Coinsquare

CAD Withdrawals

1. Go to “Withdraw” and select Canadian Dollar (CAD).    
2. Choose Interac e-Transfer or Bank Wire Transfer.    
3. Enter the withdrawal amount and confirm.    
4. Processing time varies:

○ Interac e-Transfer: 1-3 business days    
○ Bank Wire Transfer: Up to 3 business days

Cryptocurrency Withdrawals

1. Navigate to “Withdraw” and select your desired cryptocurrency.    
2. Enter the destination wallet address.    
3. Confirm the transaction and complete two-factor authentication (2FA). 

How to Download Your Coinsquare Transaction History for Crypto Taxes

In Canada, cryptocurrency profits are considered either business income or capital gains and must be reported to the Canada Revenue Agency (CRA). 

To download your transaction history:    
1. Go to “Documents” in your Coinsquare account.    
2. Click “Statements & Reports”.    
3. Download the transaction history for tax reporting.

Summary

Creating an account on Coinsquare can be a viable option for Canadians seeking a secure, regulated cryptocurrency exchange that supports CAD. It offers a user-friendly interface and Interac e-Transfer support.   
Additionally, if you need an easy way to track your crypto taxes, consider using a tool like cryptact. 

With our comprehensive crypto profit and loss management & calculation tool, you can easily track your transactions, organize your data, and uncover strategies to optimize your tax planning.

cryptact simplifies the process, helping you stay compliant while saving time and effort. Start using our solution today to take control of your crypto taxes and ensure you're maximizing every opportunity to reduce your tax liability now!