Bitbuy vs Coinberry Crypto Exchange Comparison
Making Crypto Simple
Many prominent crypto exchanges provide a vast number of trading features in an effort to attract more investors to their platforms. In turn, the large collections of financial instruments could be overwhelming to a newcomer, so picking the most popular service is not likely the best choice if you are new to crypto trading. Do not be misled by the interface’s gilded appearance, either.
To make your first cryptocurrency purchase successful, you could use a trading platform with an intuitive and uncluttered user interface that keeps the trading operations simple. Also, it is essential for a platform to support fiat currencies, as this is one of the most important criteria for making market entry less difficult for beginners.
For your convenience, we selected Bitbuy and Coinberry as two of Canada’s most popular and beginner-friendly platforms. We delved deeper into their features and functions, so you can make a more informed decision on the best trading platform that suits your trading needs.
- A fully licensed and beginner-friendly platform;
- Stores 95% of the crypto assets in offline, cold storage;
- Serves as a fiat gateway;
- A low-fee trading platform;
- Employs a transparent fee scheme.
- Available only to Canadian residents;
- Charges both a deposit and withdrawal fee (if you opt for the Interac e-Transfers);
- The CAD is the only supported fiat currency.
- A heavily regulated brokerage partnered with the municipal officials;
- A beginner-friendly platform with streamlined trading tools;
- No withdrawal or deposit fees;
- Provides a referral program;
- Levies low trading fees.
- Supports only a handful of cryptocurrencies for trading;
- Accessible only to Canadian residents.v
Bitbuy vs Coinberry – How It All Started?
Bitbuy, which has been in business since 2013 and is headquartered in Toronto, is a trading platform specializing in simplified trading products. This Canadian crypto exchange features a variety of beginner-friendly features that will make even the most technologically inexperienced trader feel at home.
Bitbuy is rapidly becoming one of Canada’s premier exchanges thanks to its regulatory transparency and the number of active traders. The stats illustrate this point perfectly. According to its webpage, Bitbuy has more than 350,000 registered users and has processed more than $4 billion worth of cryptocurrency transactions.
The Bitbuy exchange also supports two separate markets, one branded Bitbuy Lite for beginners with simplified trading capabilities and the other labelled Bitbuy Pro for more experienced investors. This more advanced platform features a real-time order book in addition to more sophisticated investment products.
Last but not least, Bitbuy is the first cryptocurrency exchange governed by the Ontario Securities Commission (OSC). With the other regulations and security measures integrated into the platform, Bitbuy is definitely a secure and liquid trading platform.
When it comes to the Canadian cryptocurrency sector, Coinberry distinguishes itself as one of the most regulated marketplaces, offering Bitcoin and around 30 other cryptocurrencies. This Toronto-headquartered exchange was founded in 2017 to simplify cryptocurrency trading for newbies.
To the best of our knowledge, Coinberry is the first-ever digital currency platform to collaborate with the municipal authorities in Canada. The purpose of their cooperation is to process Bitcoin tax payments.
For novice traders looking to put their Canadian dollars (CAD) into some of the most liquid coins like Bitcoin (BTC), Litecoin (LTC), or Ethereum (ETH), Coinberry offers a reliable and user-friendly trading platform. In spite of the exchange’s limited support for altcoins, it is still a good and safe option for anyone looking to purchase and trade the most popular cryptos. Also, there are a couple of great features you should consider on Coinberry.
The first one is Coinberry Autopilot, a function that lets you invest without continually monitoring the market. This feature is an excellent resource for monitoring your digital holdings, regardless of your degree of trading competence. Coinberry Pay, on the other hand, is the easiest Bitcoin payment tool since it instantly converts all cryptos into Canadian dollars.
Bitbuy vs Coinberry: The Best Crypto Exchanges Comparison
Opening an Account
Registering for a trading account on Bitbuy.com is the first step in engaging in cryptocurrency trading through this platform. An automated user verification process precedes the registration of your account. First, submit your personal data and confirm your email address and phone number to activate your account.
Provided your Bitbuy signup does not satisfy the automatic identification or Express Verification standards, you could also be required to supply additional identification documents, such as a government-issued photo ID, credit report, proof of residence, or other identity-supporting documents.
Coinberry also has an easy-to-follow registration process. First, sign up with your email and enter a strong password. Following that, enter your phone number and authenticate your account with the security code you’ll get by SMS. You will also be requested to enable the 2FA protocol as an added layer of security for your account.
Because Coinberry is entirely compliant with Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols, user verification is essential for client safety and fraud prevention.
The trading solutions provided by Bitbuy are appropriate for novice and experienced crypto investors. The OTC desk, the Pro Trade marketplace, and the Express Trade are the three primary features available to cryptocurrency traders on this platform.
To acquire cryptocurrency quickly and easily, check out the Express Trade platform. Namely, Express Trade is an instant-trade exchange unit on Bitbuy that allows Canadian dollars (CAD) to be exchanged for Bitcoin or other accepted coins at low transaction rates.
For experienced cryptocurrency traders, we recommend Pro Trade, a very flexible trading platform. You can place limit orders or market orders in the traditional order book, plus there’s the advanced TradingView market charting technology to help you keep pace with market fluctuations.
You can trade the most popular cryptocurrencies with relative simplicity and ease on this popular Canadian trading site. Coinberry’s principal offering is a crypto to Canadian Dollar exchange service. Traders can use CAD to purchase and trade a small number of cryptocurrencies through this platform.
Crypto investors and companies that prefer to be reimbursed in cryptocurrencies can also use Coinberry since the platform supports automated trading through the Coinberry Autopilot, while Coinberry Pay serves as Coinberry’s instant payment operator.
Bitbuy doesn’t have a vast selection of coins. Still, it does offer the most popular ones like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), USD Coin (USDC), Litecoin (LTC), Polkadot (DOT), Dogecoin (DOGE), and others. The selection of the most liquid coins ensures that Bitbuy’s users have access to a stable supply of cryptocurrency and a constant degree of liquidity.
Coinberry, on the other hand, offers over 30 digital assets for trading. These include Aave (AAVE), Bitcoin Cash (BCH), Eos (EOS), Stellar (XLM), Dogecoin (DOGE), Cardano (ADA), and a handful of other altcoins.
All of these cryptocurrencies can be traded using the buy and sell trading instruments, but you can only move Bitcoin, Ethereum, and Litecoin from your Coinberry balance. Similarly, BTC and ETH, the two cryptocurrencies with the highest volume, are the only alternatives for you to use when making crypto deposits.
In September 2021, Coinberry stated that it was delisting Ripple (XRP). As a result, Coinberry clients who continue to keep their XRP in their Coinberry portfolios after the delisting must pay a 0.17% monthly fee.
Bitbuy customers can finance their trading accounts using various payment methods, including digital currencies, bank transfers, wire transfers, and Interac e-Transfers. However, keep in mind that you can only deposit CAD or crypto.
On Coinberry, once you verify your account, you can also deposit only CAD or digital currencies into your trading account through bank wire, credit card, debit card, or e-Transfer. With Interac e-Transfer® Autodeposit, you can easily fund your account from your computer or mobile device. All that’s required to use this payment method is an e-Transfer-enabled bank account in Canada.
A wire transfer allows you to transfer funds directly from your bank account to your Coinberry wallet. If you want to move more than $500,000 daily, you’ll need to use another payment method since this is the maximum amount you can transfer within 24 hours. The wired amount must also be in CAD.
Finally, if you are depositing by wire transfer, you must supply the account number associated with your Coinberry trading profile.
Trading Fees and Limits
Trading costs on Bitbuy are similar to those on other Canadian exchanges. Bitbuy’s maker/taker fee structure requires market makers to pay 0.1% in trading fees while liquidity takers pay 0.2% of the transaction.
Bitbuy levies fees on both the deposit and withdrawal side of Interac e-Transfers, unlike its competitors Shakepay or NDAX. Users commonly prefer Interac deposits because they can be completed within a couple of hours.
Moreover, there is a cost of 1.5% for using Interac e-Transfer to fund your account. Therefore, it is recommended that you deposit a somewhat larger initial payment to accommodate the additional expenses.
Coinberry imposes a straightforward pricing model. The fees for purchasing or selling crypto are 0.5% of the whole transaction, whereas making a deposit or withdrawal of your CAD holdings is free on this platform.
Coinberry does not charge any fees for making withdrawals, which is one of the many advantages of signing up for an account on this native Canadian exchange. To withdraw your crypto holdings, you will only incur mining costs, i.e. the network fees associated with the transaction, the total amount of which will be displayed in the order summary.
When calculating the fees associated with withdrawing cryptocurrency, Coinberry makes use of a dynamic pricing model. The exchange can monitor the transactions on the blockchain and adjust the costs accordingly.
How Safe Are Bitbuy and Coinberry?
Bitbuy is the first cryptocurrency exchange in Canada to acquire regulatory certification, enabling it to conduct cryptocurrency trading services. Furthermore, Bitbuy is an MSB (Money Service Business) licensed by FINTRAC and owns a Restricted Dealer license from the Canadian government.
Also, this trading platform stores 95% of the users’ funds in an offline, cold storage system to prevent hacking attacks. Additionally, Bitbuy undergoes regular third-party audits, monthly risk evaluations, and financial reviews to demonstrate the platform’s sufficient reserves. These audits are conducted to ensure the exchange follows the legislation and norms set out by the government.
Moving onto Bitbuy’s peer in this review, Coinberry is a legally controlled cryptocurrency exchange with many layers of protection integrated into its trading platform. For starters, it is essential to know that Coinberry complies fully with all AML and KYC requirements. All the data you provide is stored securely following the Canadian Privacy Act requirements and encrypted using specific algorithms. The time required to verify an individual’s identification is often minimal, taking a few minutes at most.
Additionally, Coinberry complies with the PIPEDA guidelines, holds a license from the Ontario Securities Commission (OSC), and has FINTRAC permission to perform Money Service Businesses (MSB).
To further ensure user safety, Coinberry employs two-factor authentication (2FA) and segregated banking, meaning that corporate funds are kept in separate accounts from client funds at all times. This means that users shouldn’t worry that their funds will be compromised in case of a hacking incident.
This Canadian platform has earned a reputation for offering exceptional customer support, which is especially crucial for newbies. Having the support of an expert when you’re making your initial entry into the world of cryptocurrency might be highly beneficial for the trader, you’d agree.
For any questions or concerns you may have regarding cryptocurrency trading, the Bitbuy exchange provides round-the-clock assistance from knowledgeable staff members. The 24/7 customer support is available by telephone and email.
Similarly, when you need immediate assistance registering or trading on Coinberry, you can talk to a trained crypto expert. Namely, Coinberry has a free, 24/7 helpline available from Monday through Friday (9:30 am until 4:00 pm Eastern Standard Time).
If the phone is not your preferred method of communication, feel free to contact the Coinberry support staff by email at email@example.com.
Bitbuy has an app you can download from the App Store and the Google Play Store for Android and iOS-supported devices. This mobile app offers all of the trading and account management capabilities available on the exchange’s desktop platform.
For cryptocurrency traders who need assistance managing their hectic schedules with their activities in the crypto market, the Bitbuy mobile app is a great alternative. The trading operations are carried out through this application and safeguarded by industry-best security mechanisms.
Signing up for Coinberry is just as easy and quick on their mobile app as it is on their website. Your deposits are available for immediate use the day they are received; there’s no waiting period required.
Bitbuy and Coinberry vs Other Exchanges
If you feel like having a couple of extra alternatives to compare these two exchanges against, we suggest you check out Coinbase and Binance – the top two most popular and beginner-friendly exchanges worldwide.
Coinbase lives up to its reputation as the world’s most user-friendly platform. Notably, all of the trading features have been optimized so that any trader can effortlessly purchase or sell their chosen currencies using this platform. The exchange, like Bitbuy and Coinberry, also features a user-friendly and uncluttered interface that intuitively takes traders to the next stage of the financial transaction.
On the other hand, Coinbase’s fees aren’t exactly the lowest in the business. When you factor in the fees levied by some of the payment providers featured on this platform, you may find that your overall trading costs are more than you have estimated. The transaction fees are significantly higher if you utilize Coinbase’s Instant Buy option. In terms of expenses, Bitbuy and Coinberry are considerably more cost-effective than Coinbase.
Binance – the number one exchange in the world by trading volume, active traders, currency choices, payment methods, and trading options is undoubtedly one of the most user-friendly platforms in the industry. However, the wide offer often seems intimidating for newcomers, which is not the case with Bitbuy and Coinberry’s simple and uncluttered user interface.
Furthermore, the majority of the trading capabilities on this platform are geared toward expert traders, even though there’s a separate platform for newbies.
Exploring the exchange even further, Binance features some of the lowest trading costs in the business, comparable to Bitbuy and Coinberry. However, unlike these two Canadian platforms, which only accept CAD and a handful of cryptos, Binance allows trading in a wide range of fiat and cryptocurrencies.
The way each of these exchanges operates is the critical differentiator between Coinberry and Bitbuy. While Bitbuy is a trading platform that provides an OTC desk and can handle bigger trading volumes, Coinberry focuses solely on streamlined crypto payment solutions.
In other respects, the two Canadian exchanges are very similar, as both feature intuitive interfaces that are excellent for beginners in crypto trading. Also, both Bitbuy and Coinberry are trustworthy exchanges, compliant with all applicable laws and regulations, and offer first-rate support to their users.