As part of our ongoing commitment to delivering the best experience and service to our clients, we’re excited to share some important updates about forthcoming changes. As CoinSmart merges with Bitbuy, we understand that you may have questions about what this means for your account, your cryptocurrency holdings and trading. Please refer to these frequently asked questions (FAQs) about this transition to ensure you’re fully informed and prepared for the changes ahead.
Why Are We Making This Change?
- Unifying Vision: Bringing CoinSmart users over to the Bitbuy platform aligns with our goal to create Canada’s leading crypto trading destination. Consolidating under Bitbuy lets us pool our resources, knowledge, and expertise to achieve this vision faster.
- Innovation at Pace: This transition will allow us to introduce new features, products, and improvements at a quicker rate, ensuring our users always have access to the best tools and opportunities in the crypto market.
- Efficiency and Security: By focusing our efforts on one primary platform, we can be more efficient in our operations and continuously enhance security measures for our users.
What Does This Mean for Your Account?
On October 1st, 2023 CoinSmart plans to transfer all client accounts, including yours, to Bitbuy Technologies Inc., a registered Canadian crypto trading platform operated by WonderFi, our parent company. This transition means your account, along with all associated information and data, will be transferred to Bitbuy, and you will become a Bitbuy client.
Rest assured, the security and safety of your assets are our top priority. Your current balance, assets, and transaction history will be securely transferred to Bitbuy under rigorous security protocols to ensure the integrity of your funds.
What Benefits Can You Expect from This Transition?
Upon upgrading to Bitbuy, you’ll gain access to additional services, including:
- Crypto Staking: Earn passive income with ETH, ADA, SOL, MATIC, DOT, NEAR, and ATOM.
- Wider Range of Tokens: 39 coins available for trading.
- Bitbuy Private Wealth: Dedicated account management services.
- Enhanced Pro Trade and mobile application.
You won’t need to undergo another KYC process. Your verified status from CoinSmart will be honored on Bitbuy. If you’re using the CoinSmart mobile application, watch out for instructions on transitioning to the Bitbuy app. We’ll also provide helpful tutorials to guide you through any new features.
Please note that there will be some changes to fees as part of this upgrade. You can view Bitbuy’s complete fee schedule here.
What To Expect?
- On September 30th at approximately 8 AM EST all trading, deposits and withdrawals will be paused. During this time you won’t be able to access your account and all open orders will be cancelled.
- The migration is expected to be completed by the end of the day October 1st.
- Once your account is migrated you’ll be able to login to Bitbuy.ca to view your balances and continue trading.
- Note: You will need to generate a new crypto deposit address to send funds into your Bitbuy account (wallet addresses previously connected to your account will no longer be active) – steps to deposit crypto into your Bitbuy account are outlined here.
If you do not consent to your account being converted to a Bitbuy account, you have the right to close your account before the conversion date. Any account left open will be assumed to have consented to the transfer. We anticipate the transfer will occur in September of this year. We’ll communicate with you again before any changes take place regarding your account.
We thank you for trusting CoinSmart on your cryptocurrency journey and look forward to continuing to serve you.