Dear Coinsquare customers and fellow digital currency enthusiasts,
We have made some changes in how you fund your account – namely, we’ve standardized some of our fees to make them easier to understand.
The changes came from taking a look at where we sit in terms of the competitive landscape and feedback from users about how you like to fund your accounts.
What will be changing?
Interac e-Transfer Fees
We listened to your concerns, and we have lowered our e-Transfer fee from 5% to 2.5%. There is no flat fee on top of this percentage.
Bank Draft and Money Order Fees
Effective March 15th, 2018, the fees for bank drafts and money orders will increase from 0.25% to 2.5%.
Why are these fees changing?
Interac e-Transfer fees decreased so that Coinsquare remains a competitive option for you to fund your accounts. We also noticed that many banks stopped charging users to send e-transfers, meaning that this option becomes one of the most cost-effective and secure methods to fund
your Coinsquare account.
The popularity of bank drafts and money orders as a funding method increased to the point where we have additional expenses to ensure the same service. An increase in fees covers our labour costs to continue to process bank drafts and money orders in the same timeline as previously.
How will this affect how I fund my Coinsquare account?
If you use e-Transfers, you will see your fees decrease. This change has already taken effect.
Although the fee rate for bank drafts and money orders has changed on our website, we will not be charging customers the new rate until March 15th, 2018, to allow the drafts that were already in the mail at the time of the rate change to be processed at the current rate.
If you use any other funding options, there is no change and you can fund your accounts as normal.
When are the changes coming into effect?
Interac e-Transfer fees have already been lowered from 5% to 2.5%.
As of March 15th, 2018, bank drafts and money order fees will increase to 2.5%.
I don’t want to use banks draft and money orders, what can I do?
If you don’t want to use bank drafts or money orders for larger deposits, you can send multiple e-transfers per your bank’s rules. Since we do not charge a flat fee per transaction, the amount you pay is the same whether you send your money in one large transfer or in multiple, smaller transfers.
The fees for all other funding options (i.e. Interac Online, Bank Wires and Flexepin) are not part of this change and will not be affected. To see a list of the other funding options and their fees, please visit: https://coinsquare.io/funding_options
We’re always looking for more efficient, cost-effective ways for you to fund your accounts. As more options become available, we will continue to post updates.
I plan on investing more than $25,000 and was using bank drafts and money orders, but don’t want to pay the new fee. What can I do?
If you’re planning on investing over $25,000 in digital currencies, you might like Coinsquare Wealth. Not only do you get human service through our Coinsquare Concierge to help you execute trades, you benefit from a 0.25% fee instead of the new 2.5% fee.