I’ve used Coinsquare a few times now and I’m actually quite happy with their service. So far, so good. The process looks a little bit like this:
1) You enter the deposit amount on the coinsquare website
2) You get an email from interac e-transfer that directs you to your banking app
3) You send the amount you wish to deposit through interac e-transfer
4) Coinsquare’s processing system will recognize when it goes through
E-transfers are usually processed within an hour, but in some cases it can take longer.
If you’re a first time user, there are a few caveats. The most important one to know is that you won’t be able to withdraw your crypto right away.
In my experience, it would be better to wait until the withdrawal is enabled BEFORE purchasing crypto with my Canadian dollars. For example, if you deposit 300$ in CAD and trade it for bitcoin, It will the be frozen for 24 hours because your account is new. You won’t be able to send it to another exchange to buy that altcoin you wanted to get. In the course of 24 hours, a lot can happen. If you’re just planning to hold the bitcoin no matter what, then there isn’t anything to worry about. If you’re planning to buy an altcoin the same day, or buy into an IDO the same day, you’d better plan ahead. You’ll also need to do the KYC verification ahead of time.
Once you’ve done a few deposits, that restriction goes away, but the caveat is still there. It appears that coinsquare manually reviews each crypto withdrawal, and they won’t process it quickly during the weekend or late at night.
I’m not complaining, I like their service. These are just a few important things you may want to know if you’re ever planning to use their service.
You can register an account with coinsquare through this link:
https://coinpump.info/coinsquare