Coinberry Review 2022
Making Crypto Simple
Coinberry is a Bitcoin and Canadian cryptocurrency exchange that stands out as one of the most regulatory-compliant platforms in Canada, so the trading process is quite secure and it seems like they apply zero fees.
But is this platform truly fee-free? And how exactly safe is it? Does it deliver high-quality customer service or not? We’ll answer all these questions and more in our review of the Coinberry crypto exchange.
About the Coinberry Exchange
Founded in 2017 by Andrei Poliakov and Evan Kuhn, Coinberry is a cryptocurrency platform that offers quick and easy crypto transactions as the main purpose of its creators was to make crypto trading easier for newcomers.
Following Poliakov and Kuhn’s vision for their crypto endeavour, the Toronto-based platform offers a beginner-friendly sign-up procedure and several simple yet highly efficient trading tools. In order to start trading on Coinberry, you need to open a trading account and verify your identity.
The Coinberry trading platform supports a total of 29 digital currencies, including Bitcoin Cash (BCH), Cardano (ADA), Stellar (XLM), Aave (AAVE), Balancer (BAL), Dogecoin (DOGE), and other altcoins. While you can trade all of them using the buy and sell options, you are only permitted to withdraw Bitcoin (BTC), Ethereum (ETH), and Litecoin (ETH) from your Coinberry wallet. Your crypto deposit options are also limited to the two most liquid cryptocurrencies, BTC and ETH.
Once your Coinberry account has been validated, you can fund it with cryptocurrencies or Canadian dollars using your credit card/debit card, or by making an e-Transfer or wire transfer.
Interac e-Transfer® Autodeposit is a simple method to deposit money using online or mobile banking. You only need a Canadian bank account that accepts e-Transfers to get started.
You can also send money electronically from your bank account to your Coinberry account with a wire transfer. The maximum amount that can be transferred by wire transfer is $500,000 in 24 hours. Additionally, the wire sum must be represented in Canadian dollars (CAD). Make sure to provide your Coinberry account number when you are making a wire transfer deposit.
The name on your bank account has to match your Coinberry’s account name for your payment to be successfully processed.
As for crypto deposits, you can only deposit BTC or ETH into your Coinberry wallet. To do so, go to the Coinberry dashboard and click on the ‘Fund’ link, then on the ‘Crypto’ box.
Then, select the cryptocurrency you want to receive, read the exchange’s advisories, and click the “I understand” option. To copy your wallet address, you can scan the QR code or use the “Copy Address” option.
In the last step, use your Coinberry crypto wallet’s address to send your assets to Coinberry. Your crypto deposit order will be displayed in your Activity Feed once it has been confirmed on the blockchain. Depending on the network traffic, the transaction might take anywhere between 15 and 30 minutes to complete.
Trading Fees and Limits
Coinberry has a transparent fee structure. Transaction fees for buying or selling cryptocurrencies cost 0.5%, while the deposits and CAD withdrawals are free.
When making a CAD withdrawal using Interac e-Transfer, the minimum withdrawal amount is $100, while the maximum withdrawal amount is capped at $5,000. The least amount of CAD you can withdraw using a wire transfer, on the other hand, is $10,000, while the maximum amount is fixed at $500,000.
On September 17, 2021, Coinberry announced that Ripple (XRP) would be removed from their platform. Consequently, the Coinberry users who hold XRP are charged a 0.17% fee each month as long as they keep XRP in their accounts.
One of the perks of becoming a member at Coinberry is that there are no fees associated with withdrawals. You only have to pay mining costs/network fees to withdraw your assets, and you can see how much the transaction costs in the order summary.
Coinberry uses a dynamic fee structure to calculate cryptocurrency withdrawal fees. The exchange can keep track of the blockchain’s activities to alter fees as necessary. The minimum Bitcoin withdrawal is 0.001 BTC, Ethereum is 0.02 ETH, and Litecoin is 0.05 LTC.
This well-known Canadian trading platform enables you to trade some of the most prominent cryptocurrencies with relative ease and convenience. Coinberry also allows automated trading and has its own secure crypto payment provider for individual traders and businesses that wish to receive their payments in cryptocurrency.
Designed for businesses, nonprofits, local authorities, and individuals who willingly accept cryptocurrencies as payments, Coinberry Pay is the simplest Bitcoin payment service. All cryptocurrency you receive will be automatically exchanged for Canadian dollars and deposited directly to your bank account with the help of Coinberry Pay.
Every Coinberry account includes a free and distinctive Coinberry Pay link, which can be used to receive crypto payments. Through this service, you can effortlessly accept cryptocurrency payments from anyone.
By using Coinberry Pay, you’ll be able to avoid all price volatility, send invoices by email or SMS, accept payments directly from your website. It also offers convenient accounting and tax reporting functionalities.
The Coinberry customers can also automate their trading techniques by using the Coinberry Autopilot. You can execute a dollar-cost-average investing strategy to earn stable profits. Automated Bitcoin purchases save you time by automating the crypto investments on a daily, weekly, or monthly basis.
You can easily set up the Autopilot function through the Coinberry mobile app, select the dollar quantity and frequency you want to make the investments, and just sit back and wait for the money to come in.
With Autopilot, you can invest in digital assets without constantly monitoring the marketplace. You can also update your buying quantities and frequency at any time. Whatever your level of experience in crypto trading, Coinberry’s Autopilot functionality is a great tool for managing your digital assets.
Is the Coinberry Exchange Safe to Use?
The Coinberry exchange strictly adheres to all applicable anti-money laundering (AML) and Know Your Customer (KYC) regulations. All of the information you supply is SSL encrypted by special algorithms and maintained per the provisions of the Canadian Privacy Act. The identity verification process usually only takes a few minutes.
Moreover, Coinberry has also been licenced to operate as a registered cryptocurrency asset trading platform by the Ontario Securities Commission (OSC), and it has been authorized to conduct Money Service Business (MSB) by the Financial Industry Regulatory Authority of Canada (FINTRAC), as well as PIPEDA compliant.
Coinberry also employs a two-factor authentication protocol (2FA) for account security., The exchange uses segregated banking, so the company’s money and those of its clients are held in separate accounts at all times. Coinberry users don’t have to worry about their accounts being affected if the company’s assets are frozen for some reason.
Finally, Coinberry has formed a partnership with the Gemini Trust Company, which provides cold storage for the exchange’s funds.
Coinberry provides a toll-free helpdesk number you can call Monday through Friday between the hours of 9:30 a.m. and 4:00 p.m. EST. You can chat with a professional when you have an urgent issue that needs to be addressed.
No time to call? Send the Coinberry support team an email at email@example.com or leave a message on their webpage. Alternatively, you can contact them through the contact form provided on the exchange’s support page.
Pros & Cons
- Almost instant sign-up process;
- No fiat withdrawal or deposit fees;
- A user-friendly platform.
- A handful of supported cryptocurrencies;
- CAD is the only supported fiat currency.
Coinberry is a safe and convenient trading platform for beginners who want to invest CAD in high-yielding cryptocurrencies such as Bitcoin, Ethereum, or Litecoin. Although there isn’t a large number of supported cryptocurrencies on the exchange, if you want to buy and sell top cryptocurrencies, it still has you covered. You can buy or sell cryptos with Coinberry quickly and without any deposit or withdrawal fees, apart from the crypto mining costs imposed by the respective coin’s blockchain network.
The bottom line? Coinberry streamlines the process of trading cryptocurrencies for Canadian customers. The exchange is heavily secured and reliable platform that complies with strict regulations in order to provide a good trading experience. If you are interested in investing in the crypto market, Coinberry is a good place to start.
Frequently Asked Questions
In order to authenticate your identity on Coinberry, you have to go through three stages. The verification processes include scanning a government-issued picture ID, recording a video verification selfie, and passing a suitability assessment.
You’ll need an Android or iOS device with a camera and microphone in order to complete the identification verification procedure.
The suitability assessment is a basic questionnaire that is used to determine users’ suitability to trade on this exchange. The Ontario Securities Commission has required Coinberry to do a trade-by-trade user evaluation as a precondition to maintain the platform’s accreditation with the commission.
It’s standard practice for the exchange staff to ask you a few basic questions regarding your liquidity status to ensure that they are offer investment options relevant to your trading goals.
The primary distinction between Coinberry and Bitbuy is how they operate. More specifically, whereas Coinberry primarily provides crypto payment solutions, Bitbuy is a cryptocurrency exchange with an OTC desk that can manage higher trading volumes. All other characteristics of the exchanges are similar, as both of these Canadian platforms provide user-friendly interfaces appropriate for newbies. Both are safe and regulated platforms and provide excellent customer service.
Yes. You will receive $20 after your friends join and trade $50 worth of coins on the exchange.
Purchasing Bitcoin with debit and credit cards is very simple. All you have to do is log in to your verified account, navigate to the ‘Buy’ tab, and enter the quantity of BTC you wish to purchase. Next, choose your preferred payment method (here, credit/debit card), preview your order, then finish the translation by clicking on ‘Buy now’ to submit your order to the system. That’s all there is to it.