Coinsquare, the Toronto-based digital currency platform, has announced a new mobile trading application designed to simplify the buying and selling of cryptocurrencies in Canada.
Quick Trade was officially unveiled Monday, allowing commission-free transactions of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BTC). A total of 15 trading pairs are available at launch, with “many more digital assets to be onboarded over the coming months,” the company said.
The app is available on Android and Apple devices alongside Coinsquare’s existing mobile application, which is an extension of its web-based trading platform.
In addition to commission-free trades, the new app allows for instant account funding via Interac e-Transfer – a considerable upgrade from Coinsquare’s current funding window, which can take up to two days.
Coinsquare says Quick Trade includes a simplified Know-Your Customer process, allowing for near-instant verification of new users.
Stacey Hoisak, who was named Coinsquare CEO in November after serving as general counsel and chief privacy officer, said:
“Quick Trade’s simple onboarding and easy-to-use interface offers Canadians a simple and secure way of investing in digital assets […] Our new Quick Trade app is part of our commitment to offer Canadians the most user-friendly, comprehensive and secure investing experience.”
Coinsquare revamped its leadership team last year after its CEO, president and chief compliance officer stepped down over allegations of wash trading, or artificially inflating trade volume. A settlement with the Ontario Securities Commission stipulated that the three executives were not to assume any leadership position with Coinsquare for up to three years. Under Hoisak’s leadership, the firm has strengthened its regulatory focus.
Canadians have seen a steady influx of new digital currency exchanges since 2019, when Newton launched no-fee crypto trading services. Wealthsimple, one of the country’s largest micro-investing apps, introduced its crypto services in September 2020.