Coinberry Review 2024: Safe Exchange? This You NEED To Know

Coinberry’s withdrawal process usually takes between 15 and 30 minutes. However, in some cases it may take a few days for the withdrawal to be processed. In the unlikely event that Coinberry is unable to verify your identity through this instant process.

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This is how the Canadian government was able to freeze accounts of the protestors during the “Freedom Convoy” earlier this year. Coinberry holds an average 3.6-star rating on Trustpilot, with 47% of reviews rated as excellent. Withdrawals depend on the network and to withdraw bitcoin to a private wallet takes only a few minutes but can take up to 10 minutes. Our deposit via Interac e-Transfer took five minutes to be deposited into our Coinberry account.

The maximum amounts that may be funded by a credit card, or a wire transfer are $500 and up to $500,000 CAD. When Ledger began publishing cryptocurrency trading platforms in February 2019, Coinberry was the first Canadian platform to do so. Users of the Coinberry cryptocurrency trading platform are able to buy and sell cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. Let’s find out what services are offered by Coinberry, to make it such a popular crypto exchange in Canada.

• We are not an agent, representative, or broker of any advertiser, and we don’t endorse or recommend any particular offer.
• While Coinberry doesn’t offer many advanced features, this simplicity makes it an ideal choice for beginner traders who want an easy-to-navigate platform without overwhelming options.
• Funds can be immediately converted into CAD and deposited into your bank account.
• The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time.

Although Coinberry is very secure and has never been hacked since its establishment in 2017, there is always a small chance of it occurring. The safest way to store your cryptocurrency is in your own personal wallet (either a soft wallet or a hardware wallet). Yes, Coinberry is a legitimate cryptocurrency exchange founded in Toronto in 2017.

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It was also one of the easiest onramps to the crypto market, allowing you to fund your account by Interac eTransfer, debit card, credit card, and wire transfer. Coinberry quickly won user trust with its simplicity, security, and transparency. While deposits and fiat withdrawals are free, Coinberry’s trading fees are relatively high, reaching up to 2.5%.

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Many crypto exchanges claim to have no trading fees, but that is never really the case. If they don’t charge a commission fee upfront, it means that they’re making money on the spread instead. While this isn’t a huge range of coins compared to some other exchanges, if you are only looking to invest in the main crypto assets, you will find them at Coinberry. Tailored for beginners, NDAX boasts a clean and simple interface, quick CAD transactions, modest fees of only 0.2%, and free deposits.

With this Coinberry review, hopefully, you can now determine if it’s the right fit for your cryptocurrency trading. The first difference between the two platforms is the number of cryptocurrencies supported by each platform. 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. One of the best options for buying, selling and storing cryptocurrencies in Canada is Coinberry. Coinberry, on the other hand, may not be suited for more experienced traders due to its limited selection of only 18 cryptocurrencies and lack of advanced trading tools.

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Coinberry is not a registered tax reporting entity with the CRA and therefore, does not report any user information to the CRA. This means that users of the platform need not worry that their transactions on the exchange have been to the tax agency. Coinberry is one of the few exchanges in Canada that does not fall under the coinberry review purview of the CRA, and as such leaves you to your tax responsibilities. Our extensive analysis of the Canadian Crypto Exchanges doesn’t stop here. You can also read about one of its competitors Coinsquare here or our page with the best crypto exchanges for Canadians to have a better view of what is available in Canada. If you’re looking for a reliable and user-friendly platform to buy and sell cryptocurrencies in Canada, then Coinberry is definitely worth the shot.

• They will be able to do this if they keep the money for the company and the customers in different accounts.
• By using our referral link to sign up and depositing $250 in your account, you can receive a bonus of $50.
• Although Coinberry was developed in Canada and is considered to be one of the most user-friendly and secure cryptocurrency exchanges available, it operates more similarly to a Bitcoin shop.

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Additionally, it was the very first time a digital asset platform in Canada collaborated with a local government in order to process Bitcoin payments for taxes. Unlike the website version, you can see a chart display for the price of BTC, ETH and LTC. One additional feature the mobile app has that the website doesn’t have is the ability to send coins or CAD to other accounts. If you would prefer to fund your account with your fiat then you have quite a few options.

We also think that although the trading platform was designed for beginner traders, it lacks any other advanced features and functionality. They should consider adding a slightly more “advanced” secondary platform for those users who would like to trade in a more professional manner. Now that major players like Coinbase have added several Altcoins to their roster, Coinberry should at least be trading all of the top 10 coins from coin market cap. Listing more cryptocurrencies are the easiest way for the exchange to increase trading volume and generate more revenue. Transparency of founders and team members is something that is often in short supply when it comes to cryptocurrency exchanges.

With this enabled, you will need to confirm the account login through your mobile device. Coinberry servers will sync up with Google authenticator which will generate the unique login codes. HD wallets generate addresses from a single master seed using a variant of the standard 12-word master seed key, which makes it possible to automatically create an unlimited number of new addresses.

The platform has a $200 million insurance policy with Gemini Trust Company LLC™ and states that it is backed by a financial insurance bond to cover unethical acts by its employees. The verification process at Coinberry is the same as other Canadian crypto exchanges. You will need to provide a government-issued ID, a selfie, and proof of address in order to trade with Coinberry. Coinberry previously offered Autopilot, which enabled users to set up recurring purchases, and Coinberry Pay, an easy way to receive cryptocurrency payments. Unfortunately, both of these features have been removed in the March 2023 update.

Coinberry uses institutional grade protection for their crypto assets, partnered with Gemini Trust Company, so you do not need to worry about security issues. However, for more experienced traders, Coinberry may not be suitable; there is a limited range of only 37 cryptocurrencies, trading fees are 2%, and there are no advanced markets. If you are a serious trader, you may find that Binance is the exchange for you. It has over 600+ cryptocurrencies, and many more trading markets, including derivatives.

So if the price of the relevant crypto is USD 100, and the spread is 1%, the buyer can buy the crypto on the trading platform for USD 101. The difference between the sell price and the purchase price (USD 1 in this case), goes to the trading platform. You should yourself determine which trading view that suits you the best.

We also offer our thoughts on the best aspects of the exchange and ways we think it can improve. Its main advantages are charging no fees on deposits or withdrawals and offering valuable tools for automating the purchase of cryptocurrencies. Our main concerns are the potentially high trade fees and the lack of more advanced tools aimed at expert traders. Once a leading name among Canadian crypto asset trading platforms, Coinberry was beloved for its intuitive interface, making it the preferred choice for new crypto converts. It supported popular the most popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin, and was the first regulated crypto-only platform in Canada.

Coinberry has recently changed their fee structure which you can find here. If your trading volume is under $250K, they have a 2.00% maker/taker fee which is the highest in Canada. 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. You need to confirm your identity with a secret code sent to your phone every time you log in on the platform. 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.

It offers over 40 coins, robust tools for buying and selling cryptocurrencies, and straightforward interface that appeals to both beginner and experienced traders alike. Funding your account is free with options including Interac e-Transfer, debit card, credit card, Apple Pay, bank wire, and cryptocurrency deposits. Coinberry is a Canadian-based cryptocurrency exchange, which is similar to trading platforms like Newton and Shakepay.