Given the recent boom of interest in cryptocurrencies, you’ve probably been thinking about getting into the market. You may be wondering what platform you should use for your cryptocurrency trading in Canada.
Yes, it can be tough deciding on a secure exchange that is also a good place to start trading. The great news is there are reputable crypto exchanges that have been operating for some time. These exchanges make it easy to trade cryptocurrency in Canada.
One of the best options for buying, selling and storing cryptocurrencies in Canada is Coinberry.
In this Coinberry review, you’ll learn more about the features of this exchange including its pros and cons to decide if it’s suitable for your crypto needs.
Update: Coinberry is no longer accepting new applicants. They have transferred existing accounts to Bitbuy. Continue reading to find the best alternative.
What is Coinberry
Coinberry is a cryptocurrency exchange that was launched in 2017. It is a Canadian cryptocurrency exchange and it’s based in Toronto, Ontario, Canada.
The exchange has been around for a while now, and they have built up a solid reputation as one of Canada’s best crypto exchanges.
Its website design is very clean and easy to navigate through, making it easy to find exactly what you are looking for.
The exchange also offers a mobile app for iOS and Android devices so that users can trade on the go without having to worry about using a separate application on their mobile device.
Coinberry is one of the few Canadian crypto platforms that are registered with OSC and FINTRAC, insured and PIPEDA compliant.
Also, Coinberry has a wallet service available on the site, which allows you to store your cryptocurrencies in cold storage. This means that your coins are stored in an offline environment where they cannot be hacked or stolen.
Additionally, Coinberry has a unique referral program that gives you $30 when you sign up using a referral link or refer someone to create an account with Coinberry.
Coinberry Key Features
Coinberry has different features that make it unique from other cryptocurrency exchanges. Below are some of its most popular features:
- Inception Year: 2017
- Headquarters: Toronto, Ontario, Canada
- Supported Cryptocurrencies: 35+
- Minimum Deposit: $50
- Supported Fiat Currency: Canadian Dollar
- Funding Options: Wire transfers and Interac e-transfers
- Spread: 0% to 2.5%
- Trading Fees: None
- Deposit Fees: None
- Withdrawal Fees: None
- FINTRAC Regulation: Yes
- Sign-up Bonus: $30
How Does Coinberry Work?
Coinberry has been around for a while and it has made some good strides toward becoming one of Canada’s most popular exchanges.
Coinberry allows users to trade cryptocurrencies through its mobile app or web platform. The platform offers several funding options. You can add funds to your account using wire transfers and e-transfers.
There are no fees for trading, depositing or withdrawing funds on the Coinberry platform. However, the platform charges a spread fee that ranges from 0% to 2.5%.
The platform offers users something called “Coinberry AutoPilot”, which allows users to set up recurring buys and sells for their accounts.
This means that users can set up an automatic purchase of a certain amount of cryptocurrency every week or month and have it automatically deposited into their account. This feature is available for free with an account on Coinberry.
Coinberry also offers an interesting service known as “Coinberry Pay”, which allows merchants, charities, municipalities and individuals to accept payment for goods and services using cryptocurrencies instead of fiat currency like Canadian dollars or US dollars.
This makes it easier for people who want to use cryptocurrencies as payment methods because they don’t have to worry about converting them into local currencies first before they can make purchases.
Coinberry Supported Coins
Coinberry is a cryptocurrency exchange that supports a wide range of digital currencies. Although it started with a few cryptocurrencies, the platform now supports 35+ different cryptocurrencies.
This includes major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), which are the most popular digital assets on the market today.
The following list shows some of the supported cryptocurrencies on Coinberry:
- Ethereum (ETH)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Cardano (ADA)
- Stellar (XLM)
- Curve (CRV)
- Dogecoin (DOGE)
- Synthetix (SNX)
- Polkadot (DOT)
- Aave (AAVE)
- Balancer (BAL)
- Uniswap (UNI)
- Chainlink (LINK)
- Tezos (ETZ)
- Tron (TRX)
- Decentraland (MANA)
Pros and Cons of Coinberry
The Coinberry platform aims to make trading easy for everyone, regardless of their level of experience.
However, before you use Coinberry, you have to be aware of its pros and cons. The pros and cons of Coinberry include:
- Easy to use: The platform has an intuitive interface that is easy to navigate. You can easily find your way around the site without any problem.
- It’s secure: The company uses advanced security measures to protect your funds against fraud and theft. It uses cold storage to store customer funds, which protects against hacking attacks.
- Instant verification: Coinberry offers instant verification. This means you can start trading immediately after registration without having to wait for days for your identity to be verified.
- Moderate fees: Coinberry doesn’t charge other fees apart from the spread. It charges a spread fee of 0% to 2.5%. There are no hidden fees or commissions.
- Excellent customer support: Coinberry has 24/7 customer support that is available via phone, email and live chat should you need help with anything at all.
- High spread: Coinberry’s spreads can be up to 2.50%, which is very high compared to other exchanges.
- Supports only CAD: Coinberry only accepts CAD. This means that if you want to deposit other currencies, you must convert them to CAD.
As a crypto investor, you need to know all the fees involved when you use a cryptocurrency exchange. Fees can add up fast when you’re trading.
You can trade on Coinberry without paying any commission fee. The platform does not charge any fees on deposits or withdrawals from your account.
The only fee that Coinberry charges are a spread fee. Coinberry’s spread fee ranges from 0% and 2.5%. This fee is added to the quoted crypto prices and is effectively calculated as a percentage of the total trade size.
How to Sign-up for Coinberry
The sign-up process on the Coinberry platform is very straightforward. You can sign-up for an account on Coinberry within minutes by filling out a simple registration form.
First, go to Coinberry’s website or download the app and create an account using this link to earn a welcome bonus of $30.
You will need to provide your personal details as part of the registration process. This includes your name, date of birth, email and residential address.
To complete your registration, you will be asked to verify your identity with a government-issued ID. Once your account has been approved, you will have access to all Coinberry’s features that we’ve discussed above.
Next is to add funds to your new Coinberry account using e-transfers or wire transfers. Once you successfully add funds to your account, you will be able to buy or sell digital assets on the platform.
You can then choose from any of their supported currencies and place an order for it. After your order has been processed, you will receive a confirmation email.
Is Coinberry Safe?
Coinberry is a safe place to buy, sell and store digital currencies. The platform is designed to be secure and reliable. It’s also regulated by FINTRAC, Canada’s anti-money laundering organization.
This means it complies with AML/KYC rules and regulations as they relate to cryptocurrency exchanges.
Coinberry is also one of a handful of crypto platforms that are registered as Restricted Dealers or Marketplace with the Ontario Securities Commission.
Also, it has a lot of security measures in place to protect its users from getting hacked or losing money. The platform uses cold storage to store funds, which means it stores them offline on software that isn’t connected to the internet. This makes it much harder for hackers to access your money.
Also, Coinberry uses 2FA authentication to protect your account. You need to confirm your identity with a secret code sent to your phone every time you log in on the platform.
Coinberry is a great crypto exchange but it’s not the only option out there. Many other exchanges offer similar services and products.
Some of these exchanges have lower fees and others support more coins. Here are some of the best Coinberry alternatives:
Coinberry vs Newton
Newton is another popular Canadian crypto exchange that offers similar services as Coinberry.
The company was founded in 2018 and has quickly established itself as one of Canada’s most reputable crypto exchanges.
Both Coinberry and Newton are Canadian exchanges based in Toronto, Ontario. They offer users a wide range of digital currencies with low fees and fast transactions.
Also, both exchanges are registered by FINTRAC as a Money Services Business. This means that they both must adhere to anti-money laundering regulations.
While both Newton and Coinberry offer Canadian crypto traders the opportunity to buy, sell, and store digital currencies, there are some key differences between the two.
The first difference between the two platforms is the number of cryptocurrencies supported by each platform.
Coinberry offers about 35+ cryptocurrencies. In contrast, Newton supports 71 cryptocurrencies including Bitcoin, Ethereum, Litecoin and Ripple. Meaning, you have more choice in the available crypto asset to trade on Newton.
Another difference between the two platforms is fees. While both exchanges only charge spread fees, Coinberry charges a higher spread. Coinberry’s spread can be up to 2.50% while Newton’s spread fee usually range from 0.5% to 0.7%.
When it comes to security, both platforms have several layers of protection in place including two-factor authentication, cold storage wallets and offline backups of user funds.
Get a $25 welcome bonus on Newton when you trade at least $100 in cryptocurrencies using this referral link or by clicking the button below – No Newton promo code required.
Check this Newton Review to learn more about the features and benefits of Canada’s best crypto exchange for altcoins.
Coinberry vs NDAX
Both Coinberry and NDAX are registered with FINTRAC as a Money Services Business (MSB) and are fully compliant with the Canadian anti-money laundering regulations (AML).
Coinberry and NDAX are both focused on providing safe and secure cryptocurrency trading platforms to Canadians. Both platforms were launched in the same year.
However, each exchange has its strengths that make it stand out from the other. Let’s take a look at how they compare.
Both exchanges offer a wide range of coins, including bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and more.
However, Coinberry currently supports 35+ different cryptocurrencies compared to the 32+ available coins on NDAX.
Also, while Coinberry doesn’t charge deposit or withdrawal fees, NDAX charges a withdrawal fee of $4.99 CAD. NDAX also charges a trading fee of 0.20% plus a spread fee of 0.40%.
But even with these fees at NDAX, you ‘ll likely end up paying less to buy crypto on its platform compared to the up to 2.50% spread charged by Coinberry.
Additionally, both exchanges offer a wide range of payment methods including Interac Interac e-transfer and wire transfers.
Overall, both NDAX and Coinberry offer similar services. However, NDAX slightly edges it out with its support for more cryptocurrencies and lower fees to buy crypto.
Learn more: Best Crypto Exchange Sign Up Bonuses & Offers
FAQs on Coinberry Review
Coinberry is a Canadian cryptocurrency exchange that takes security seriously. It employs multiple security measures such as two-factor authentication (2FA) which requires email confirmation whenever there is a login attempt from a new IP address or device.
Yes. Coinberry is a legitimate Canadian cryptocurrency exchange that is based in Toronto, Ontario, Canada
Yes. Coinberry is a reputable crypto exchange that offers a secured platform to buy and sell several cryptocurrencies including Cardano.
Final Thoughts on Coinberry Review
Coinberry stands out among cryptocurrency exchanges with its variety of features, excellent customer support and easy-to-use interface.
The platform also has a high level of security, which can be beneficial for users that are trading in lots of cryptocurrencies with different levels of market value.
With this Coinberry review, hopefully, you can now determine if it’s the right fit for your cryptocurrency trading.
We hope you liked this article, please if you did, don’t forget to share this useful article with your friends who are also interested in cryptocurrency.
If you have any questions, feel free to drop them in the comments section.
Coinberry is a cryptocurrency exchange launched in 2017 and has built up a solid reputation as one of Canada’s best crypto exchanges.