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CoinIQ

Coinsave.io Review – Supports All of Canada’s “Big 5” Banks

Coinsave.io in Brief

If you’re totally new to cryptocurrency and you have a Canadian bank account, you may want to check out Coinsave. It is slightly more expensive to use than advanced crypto exchanges, but its slick user interface, instant verification feature and fiat bank integration remove many of the hassles involved with buying cryptos from other purchasing services.

Pros

  • Easy to use. Coinsave’s intuitive interface makes it easy for complete beginners to buy and sell cryptocurrency.
  • No withdrawal or deposit fees. You don’t have to pay Coinsave anything to fund your account or cash out.
  • Instant verification. As soon as you link your bank account to Coinsave, you can begin buying and selling cryptos. The company uses an automatic verification system to instantly cross-reference your identifying information.
  • Cryptocurrency index option. If you’re not sure which cryptocurrency you want to invest in, you can choose Coinsave’s “top 10” crypto index. The index lets you invest in 10 of the most popular coins on the market. The weight of each coin changes automatically depending on how it performs.
  • Monthly automatic deposits. Coinsave’s “Repeat this Buy” feature lets you schedule weekly, bi-weekly, or monthly crypto purchases.
  • Live chat support. Coinsave provides instant live chat support to its users through a communications firm called Intercom. A chat bubble located on the bottom right side of the screen lets you chat with a representative.

Cons

  • The iOS and Android apps aren’t out yet. Coinsave is still developing its mobile apps. A representative from the company informed CoinIQ that apps will be available in three months.
  • High commission fee. Coinsave is more user-friendly than other crypto exchangers, but its 1.75% commission fee makes it slightly more expensive to use.
  • United States residents can’t join. Coinsave’s Terms of Service document specifically states that in order to use the site, you “must not be a resident or citizen of the United States of America or any territories of the United States of America.”
  • Crypto withdrawals not yet available. According to Coinsave CEO Nick Tsagatakis, support for crypto withdrawals will be added sometime next month.

What is Coinsave.io?

Coinsave is a cryptocurrency purchasing service for Canadians. It caters to beginner cryptocurrency traders with a simplified trading interface, quick verification and convenient purchasing options.

Perhaps the most unique thing about Coinsave is its crypto indexes. These indexes let you invest in a handpicked batch of high-volume cryptocoins. If you don’t like the index that Coinsave has assembled, you can even create your own. Coinsave uses a balancing strategy to automatically adjust the weights of whatever coins you select.

History

According to Crunchbase, Coinsave launched on December 27th, 2017. The marketing build-up to the go-live date began around September. By the middle of that month, Coinsave had achieved 300 signups.

Coinsave’s Indie Hackers profile contains a quote from Coinsave co-founder Nickolas Tsagatakis that explains the company’s aspirations:

“We wanted to make it simpler for Canadians to buy a variety of crypto currencies. When we started they could only buy 5-6 and we already offer 20. We also wanted to provide indexing options to retail investors.”

Leadership

  • Nickolas Tsagatakis – Co-founder, Chief Operating Officer. Tsagatakis is a serial entrepreneur who has been involved with a number of different Canada-based e-commerce businesses. He studied at Dawson College and McGill University.
  • Justin Aiello – Co-founder, Chief Financial Officer. Before co-founding Coinsave with Tsagatakis, Aiello was an Investment Accountant at State Street. He holds a Bachelor’s degree in Finance from Concordia University.
  • Jonathan Desormeaux – Chief Technical Officer. Desormeaux began his career as an IT consultant at Videotron. In 2015, he began developing software for Yellow Pages Canada. He left to join Coinsave early this year. Desormeaux received his Bachelor’s degree in Computer Science from Concordia University in 2018 and is currently studying Artificial Intelligence at Université de Montréal.
  • Calvin Maighan – Chief Design Officer. Before joining the Coinsave team, Maighan was an analyst at National Bank of Canada. Like Desormeaux and Aiello, Maighan is a Concordia University alum.

Protecting customers’ coins

Legal and regulatory compliance

Some cryptocurrency purchasing services are run by crypto purists who believe that cryptocurrency will one day make government-issued money obsolete. These services typically do the bare minimum to comply with state-issued rules and regulations. Coinsave’s founders, however, have taken a proactive approach to compliance.

According to Coinsave’s Terms of Service document, Coinsave is registered in Montreal, Canada and complies with all local laws. The document goes on to state that Coinsave “is NOT a financial institution, bank, credit union, trust, or deposit business” and “exists solely for the purposes of buying and selling cryptocurrencies.”

In Canada, digital currencies are not legal tender. This means that services like Coinsave are regulated differently compared to other money services.

Related: Canadian Crypto Regulation: Slowing Down and Speeding Up

Coin listing policies

No specific coin listing policy is available on the Coinsave website. However, this knowledge base article states that the crypto service “plans to always have the most coins in Canada.”

Co-founder Nickolas Tsagatakis provided some additional details in a Reddit post:

“Internally we plan to start giving airdrops for all the coins we offer by Q2 2019. We’re coming out with a road map for the new year, more information on that will be available on there.”

Network security

Like many cryptocurrency exchanges and purchasing services, Coinsave doesn’t specify the exact type of security system it uses to protect its users’ coins. Coinsave’s privacy disclosure merely promises to protect all sensitive data with “appropriate safeguards and security measures.” So far, these safeguards have kept Coinsave’s users secure. The crypto service has never been hacked.

If you want to add an additional layer of protection when you use Coinsave, you can set up 2FA (Two-Factor Authentication). 2FA requires you to enter in a second set of credentials every time you log in. To enable 2FA, all you have to do is download Google Authenticator or any other 2FA app and scan the barcode that appears on the screen. Then, every time you log in, all you have to do is open your 2FA app and enter in your access code.

Customer support

In addition to the standard ticket-based support system that many cryptocurrency exchanges and purchasing services use, Coinsave also offers live chat support through Intercom. When CoinIQ tested the system, a live customer support representative replied immediately.

Coinsave.io reputation

Coinsave is currently so new that not many people seem to know about it yet. Its social media accounts were created just a few months ago.

Coinsave co-founder Nickolas Tsagatakis explained why there isn’t much available information about his company yet on Reddit:

“You won’t find much as we’re a small team and we’re relatively new to the scene but we’re actively rolling out new features and fixes every week so don’t count us out. If you have any questions about the platform or team send them my way and I will try my best to answer them, cheers!”

How to Join Coinsave.io

Who can join?

In order to use Coinsave, you have to verify your identity by linking your bank account. Currently, only HSBC and a few other international banks are supported. The Terms of Service document states that customers “must not be a resident or citizen of the United States of America or any territories of the United States of America.”

Verification

On Reddit, a representative from Coinsave wrote that the company uses a 3rd party service called flinks.io to verify its users’ identities. After you connect your bank account, Flinks compares your Coinsave account data to your bank account data. If everything checks out, you can start trading within five minutes of creating your Coinsave account.

What Can You Trade on Coinsave.io?

Cryptocurrencies

Coinsave supports all of the following crypto assets: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, Dash, Binance, EOS, Cardano, Icon, Iota, Lisk, Nano, Neo, Qtum, Tron, VeChain, Stellar, Monero and Zcash.

In addition to individual coins, you can also opt to invest in Coinsave’s coin index, SAV10. SAV10 lets you quickly and easily invest in the cryptocurrency industry as a whole, rather than just a few coins or tokens.

This excerpt from the Coinsave website provides a high-level view of how SAV10 works:

“The Coinsave Top 10 Basket was launched on November 1st, 2018. This product can be described as a diversified basket of coins. It is designed to rebalance based on the coins’ performance and volume which in turn decides their weight changes.”

Fiat currencies

Currently, Coinsave only supports Canadian dollar deposits. A knowledge base article indicates that “more funding options including USD and EURO will be available in the future.”

Currency exchanges

Right now, all of Coinsave’s markets are tied to the Canadian dollar. A crypto-for-crypto trading feature is in the works, though.

Interface Walkthrough

The Coinsave.io website

Creating a Coinsave account only takes a few minutes. The only information you need to get started is an email address. Alternatively, you can sign up using Google or Facebook.

Source: CoinIQ

This is what Coinsave’s dashboard looks like. The Buy and Sell buttons let you exchange Canadian dollars for any of the cryptocurrencies that Coinsave supports. Before you can place an order, though, you have to connect your bank account.

Source: CoinIQ

Coinsave supports all of Canada’s “big five” banks: TD Bank, Royal Bank of Canada, CIBC, Bank of Montreal and Scotiabank.

Source: CoinIQ

Clicking the Buy button from the dashboard takes you to the Buy/Sell/Convert screen. A box on the right side of the screen displays the fees you’ll pay. The fees are charged in Canadian dollars rather than in crypto. The default selection for the Buy dropdown box is SAV10, Coinsave’s top 10 crypto index.

Source: CoinIQ

If you’d rather buy an individual coin or token, you can do so by opening the drop-down menu and selecting a different crypto asset.

Source: CoinIQ

Coinsave’s 2FA feature integrates with Google Authenticator. All you have to do is open Google Authenticator on your phone, scan your QR code and then enter the number that Google Authenticator provides.

Source: CoinIQ

Everything you do while using Coinsave gets recorded to the Activity section of the interface. This data could be useful for adding up your cryptocurrency gains and losses at tax time.

Source: CoinIQ

The support section of the website is divided up into several different sections. You can either click one of the buttons or use the search bar to learn what you want to know.

Source: CoinIQ

If you’ve searched the knowledge base and still can’t find what you’re looking for, you can open a live chat with Coinsave’s technical support team by clicking the icon on the bottom right part of the screen.

Source: CoinIQ

Mobile app support

According to a Coinsave customer support representative, the service will have iOS and Android apps ready in three months.

Deposits and withdrawals

Fiat currencies

Coinsave currently supports two fiat transfer options: Electronic Funds Transfer and Interac e-Transfers. Support for wire transfers and Flexepin is on the way.

Source: CoinIQ

Digital currencies

Coinsave currently doesn’t support crypto withdrawals. However, on Reddit, Coinsave CEO Nick Tsagatakis wrote that this feature will be added in January of 2019.

Transaction fees

Coinsave charges a flat 1.75% commission fee for all transactions. There’s an additional 2% management fee that you have to pay if you want to buy or sell the SAV10 index fund.

Final Word

Coinsave is a convenient but somewhat pricey crypto exchanger that caters to beginners. The most unique thing about it is the crypto index, which provides an easy way to simultaneously invest in ten different cryptocurrencies.

For new traders

It’s hard to imagine a cryptocurrency service that’s easier to use. You don’t even have to go through the hassle of setting up your own cryptocurrency wallet. The interface provides everything that’s needed to get started.

For advanced traders

Coinsave could use the fact that many advanced crypto exchanges don’t support fiat deposits to its advantage. If Coinsave enabled support for crypto withdrawals, day traders might use Coinsave as a quick and easy way to trade fiat money for crypto.

Alex Munkachy

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Please note that CoinIQ is reader-supported. When you sign up for products or services through links on CoinIQ, we may receive an affiliate commission.

We maintain strict editorial standards and our recommendations are in no way affected by these commissions.  We do not compromise on our critical approach for any product, service, person, or company.

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