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Coinsquare; no support, no communication

edited May 2017 in Buying/Selling Bitcoins
I've tried contacting them on 3 fronts now: email, support ticket, and social media. They've gone dark and might be some sort of shady operation. Anyways, there's no little explanation for the the withdrawal restrictions on their end or what their formula is based on or how long they're in effect.

If someone on here uses them and can explain how I get my all my ETHER out, i'm all ears.


  • Update: I've amended the above original post as promised. Some of it is deleted and some just struck through as things develop. The CEO reached out to me personally in a kind letter and I appreciated it although I still replied with some constructive criticisms but in a courteous manner. The main crux of my argument is that when it comes to people's money, trust and relationship building is paramount.

    This is a sad commentary on our current world that I had to use some pretty provocative language before I got any traction.
  • CoinGuyCoinGuy Administrator
    edited May 2017
    Thanks for the update. As this is still a young industry I think there are lots of growing pains for new entrepreneurs dealing with the public. When it comes to money delays and lack of communication this makes people anxious. Giving feedback in a constructive way hopefully makes everything better for everyone else :) Some of us, who have been around a while, have gotten used to it, but for continued growth this need to change. This is true as the majority gets into Crypto...
  • I was actually meeting with the developer of coin square this afternoon.

    You should

    A. Send an email to

    B. Calmly explain the issue you are having

    C. Be patient as he has had a 100x increase in communications due to an immense upswing in their customer base

    That email u received from the CEO was sent to everyone of their customers in an effort to curb the nasty emails coming in complaining of long waits and higher fees etc

    Coin square is a top notch company that has never done me any wrong whatsoever.

    In the crypto community that's saying something. And I'm sure if you follow A B and C. Your issue will be resolved within a day or two

    Remember that companies who experience such a growth spurt have growing pains

    If it makes u feel better you can actually walk into their offices in Toronto and air your grievances.

    They aren't in a basement somewhere. They are easily located in a nice building downtown.
  • Money has been successfully withdrawn out. Last time I checked, the page with info on withdrawal restrictions was still not readily accessible unless a certain flag is activated and it does not explicitly state that withdrawal includes crypto transferral to personal wallet, not just fiat conversion.

    Board does not allow further edit of OP.
  • MFLamoureuxMFLamoureux Member
    edited September 2017
    I have opened an account on and was finally approved after 2 days. I have deposited $ 2000 yesterday in my account and started trading ETH. The CAD money in my account was $ 1949.99 (so about 2.5 % commission fees). But today, I cannot access my account??? why?? I keep rolling in circles. Can not log in. The site is asking for a 2FA Code which I do not have and cannot talk to any one. The phone number on my yesterday's invoice is 647-300-8390 which is not even initialized. The address in Toronto is: 1903 – 438 King St W, Toronto, Ontario, M5V 3T9.. IS THIS A SCAM COMPANY??? I can not reach anyone nor anything. HELP.
  • Sorry to learn that you are having issues connecting to your account. At the moment, all of our systems are operational and no connectivity problems have been reported on our end. We invite you to reach us at in order to investigate your problem further. The best way to reach support, however, is through the ticket system if you regain access later.

    Coinsquare thrives in providing the utmost customer service for Canadian amid the extreme demand for our services. We serve thousands of customers monthly and our team is processing all requests on a first come first served basis. We do attend all support requests, however, support isn't provided over the phone nor in person as this isn't part of our business model in order to keep cost down. Support also operates Mon-Fri 9am-5pm during non-holidays.

    Funding fees are periodically adjusted to reflect the cost of banking and the cost of processing all payments made to and from Coinsquare in a timely manner. Due to the size of our business, this is a significant expense and as such, it needs to be accounted for in our service offering. We encourage people to carefully review the funding schedule to make sure that the method chosen is acceptable in terms of fees, processing time, and withholding period.

    We hope that we can keep up with the expectation of all Canadians who wants to start trading Bitcoin and Ethereum and do our part to help the digital currency revolution.
  • nenabnenab Member
    edited September 2017
    I had the same problems with coinsquare. Honestly, if you can't afford to run your business, then perhaps you should stop taking money from people. I am totally annoyed that my money was accepted by coinsquare (interac e-transfer), but when i bought my coins and subsequently tried to transfer them to another (external) wallet, I could not do so and there was absolutely no indication of why on their website. I have tried now 3 times to reach out, even tried facebook. It is an awful feeling when you've given your money, trustingly to a company and they go silent. I am/was extremely angry.

    Don't ask me to be "patient" you're a business, and there is much competition. People take their business elsewhere or report you for fraudulent activity if you don't respond within a timely manner. At least in your automated responses provide a time-frame within which you will respond? Not even that.

    First impressions count for a lot, and I can't see how coinsquare can keep their customers with this bad service.
  • CoinGuyCoinGuy Administrator
    It seems @CoinSquare may be backlogged. I can say I do know they do get back to everyone, eventually. So far, as well, I am not aware of anyone having their money held hostage. Please keep us updated on what happens.
  • See, the problem I always have with these claims is that it's always the new people who are quickest to start the "Pitchforks-and-torches" rants. It doesn't matter if you're sending CAD or BTC, 99% of the time you don't actually know the person you're sending these funds to. It's a trustless economic model. If a service has been around for more than a year then you can assume someone has already sent a pile of "money" to them and received it back. Otherwise they would have been labeled a scam by now and confirmed, kind of like how a transaction is send via any coin in this space. Don't think you're unique. If you're ordering a pizza during a hockey game on Friday night don't expect the chef to rush over to your house to deliver it personally. Feel free to complain when prices have been down for awhile and almost everyone left the party.
  • is a complete scam site that will take your funds. After that you can't trade or withdraw your funds. And they'll tell you that your funds will be well taken care of by them, which will be the last word you'll hear from the scumbags.
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