This means the person could receive less crypto than what was initially displayed. A better solution would be to fix the rate during the buying or selling process which is common practice for other crypto brokers and instant-swap crypto platforms. The insurance policy covers the exchange against financial losses due to dishonest and unethical behavior from Coinberry employees. Bad actors within a company have been the cause of several crypto exchange hacks in recent years. Yes, Coinberry is officially registered and has various security measures. Coinberry is entirely compliant with rules because it is FINTRAC-registered.

coinberry review

The total BTC selling fee was 1.71% and the BTC spread was last place at 4.19% . To compare, NDAXhad a total BTC purchase fee 0.49% ,Coinbasewas 4.54% , was 1.68% . 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.

Individuals within Canada that create an account with Coinberry have immediate access to 19 different cryptocurrencies which include the major assets by market capitalization. The supported coins include Bitcoin, Ethereum, Litecoin, Cardano, Dogecoin and Polkadot. The available coins will appeal to beginners, however, the list of assets is quite limited for serious altcoin investors that are searching for DeFi tokens and low-cap speculative coins. Coinberry was the first crypto trading platform from Canada to be published on Ledger in February 2019.

Their digital assets are protected by Gemini Trust Company LLC™, the most regulated, secure and compliant digital asset custodian in the world, with $200 million in insurance coverage. Coinberry is dedicated to maintaining an extremely secure platform for their users. Free deposits and withdrawals is great and you can easily transfer Canadian dollars without worrying about exchange fees. However, Coinberry has some of the highest fees we’ve seen of any crypto exchange in Canada. Typical trading fees are just 0.2%, so keep this in mind if you wish to trade with Coinberry. Getting started with cryptocurrencies can be a daunting task for newcomers that are not familiar with crypto exchanges and wallets.

Verifications and KYC Process by Coinberry

Great customer service and I feel very great about their security as there are so many check points regarding transactions. Some may find annoying but a little inconvenience for peace of mind works for me. With all the new coins being offered I wish there was a way to filter out and save preferences on the mobile app. Coinberry is the only digital asset platform trusted by Canadian government municipalities and is insured, FINTRAC registered, and PIPEDA compliant.

  • Bryan is a graduate of Dawson College and Concordia University.
  • If responsive customer support is important to you, VirgoCX is a topCanadian crypto exchangewith Live Chat.
  • You can select the amount you want to purchase, and the frequency, to suit your personal needs.
  • They have no withdrawal or deposit fees, and the trading fees are included in the spread, so what you see on the buy/sell page is what you get.
  • I do not like withdrawal fees and can only withdrawal particular crypto.

Coinberry describes itself as a trading platform rather than an exchange. When using Coinberry, you are buying and selling from them directly, rather than other individuals like yourself. Coinberry can therefore set the buy and ask price themselves and this is how they make money. Unfortunately, being a Canadian-focused marketplace, you can only make fiat deposits, withdrawals and conversions in Canadian dollars, and other currencies are not currently supported. This can be a godsend, considering the constant erratic shifts in the crypto markets. Along with Coinsquare and Bitbuy, Coinberry is probably Canada’s most famous crypto exchange and trading platform.

Transparency of founders and team members is something that is often in short supply when it comes to cryptocurrency exchanges. It is therefore quite refreshing to see the how prominently Coinberry displays their team members. If you select CAD and you do coinberry review not have funds in your account already you must fund your account with E-transfer, Wire transfer or credit card. If you are going to be funding with a wire transfer then you will need to take down the wiring instructions for the Coinberry bank account.

Final Thoughts on Coinberry

Unacceptable for a withdrawl to take more than a few minutes in a market where time matters. I want to buy BTC, transfer out and get into a stable coin asap. I could lose $100’s or even $1000’s just waiting on the withdrawl. Funds and while waiting for a reply I looked up the issue I had in the support option within the app. The next morning the support team sent me an email with the answer to my question. I thanked them and apologized for bothering them as I already found the solution in the well documented support pages.

This means that the buy / sell price may be higher / lower as it is on other exchange. In most cases though, the front line of security will start with the user. In order to help prevent any hacks or breaches to individual accounts on the client side, Coinberry also has a range of security tools. Safety is a particularly important point for Canadian cryptocurrency users.

coinberry review

Coinberry is an excellent digital asset trading platform that offers a healthy variety of cryptocurrencies and simple but highly functional mobile and web apps. The company is registered with the Financial Transactions and Reports Analysis Centre of Canada and has a partnership with Gemini Trust Company LLC , which provides crypto custodial services. This New York State trust company offers an unprecedented $200 million in insurance for the funds in its cold storage. Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases.

Coinberry review

I’ll explain how to transfer funds in and out of your Coinberry account below. If Coinberry cannot verify you instantly, you’ll need to upload some additional documentation, like a utility bill. In this case, they might delay the process by a day or two. Shakepay and Coinberry are two very similar platforms, as they’re both aimed at customers who are purchasing Bitcoin for the first time. Both systems aim to provide a user-friendly interface for those unfamiliar with Bitcoin trading. However, because of the BRD integration, Coinberry may be better if you want to manage your Bitcoin private keys.

This is comparable to Newton and VirgoCX, which are other exchanges in Canada that charge a spread fee only. However, when compared to other platforms with fixed fees such as Bitbuy and NDAX, the fees on Coinberry can be a lot higher. In short, the buying and selling experience on Coinberry is minimal and straightforward with no complicated options or selections. The user interface is suited for individuals of all experience levels. However, the trading experience could be improved with the inclusion of price charts such as Tradingview which is widely integrated with many crypto platforms. Buying and selling crypto assets on Coinberry is very streamlined that is ideal for quick purchases.

coinberry review

Coinberry is a beginner-focused cryptocurrency exchange founded in 2017. Their goal, according to their website, is to « make it easy and secure to trade cryptocurrencies in Canada. » Bitcoin is a decentralized cryptocurrency that you can acquire online, rather than having to apply with a bank or other administrator. You can then sell and transfer your Bitcoins to other users or trade them for products, services and other currencies. Some platforms even allow you to use Bitcoin to pay your taxes.

Once you have hit « submit » on the sign up you will have to confirm your email. Once confirmed, you must add a secure phone number to enable 2-factor authentication and protect your account. Lastly, when it comes to your personal information, this is OpenPGP protocol encrypted. PGP is an encryption program that provides cryptographic privacy and authentication for data communication. The first and most important of these has to be mobile two-factor authentication.

One of the simplest methods to fill the Coinberry account is via E-Transfer . To start with, users will have to provide identity verification. Coinberry, like Expedia, employs its own algorithm to secure cryptocurrency rates from exchanges around the world. The material contained on this website is for informational purposes only and, and its affiliates, is not soliciting any action based upon such material. The material is not to be construed as an offer or a recommendation to buy or sell investments nor is it to be construed as investment advice.

The Coinberry short selling feature is really quite simple and allows for one click ordering. This makes it that much more beginner friendly than the short selling procedures that are available on more advanced margin trading platforms. This will be followed by a final step that will ask you to confirm the withdrawal. Withdrawal times can vary depending on whether Coinberry has the required funds stored in their « hot wallet ». Something that we were quite surprised by is the fact that Coinberry uses unique one time addresses for those users who fund with crypto. This means that Coinberry is helping you protect your transaction history by not re-using addresses.

How Do I Withdraw Crypto-Coins From My Coinberry Account?

If you have a good phone camera and aren’t trying to cheat the system, the automated feature is going to work 99% of the time. I didn’t have any issues with it myself and was verified within 30 minutes or so, The manual verification can take 24-hours or longer. I used my driver’s license and the automated process recognized my details easily.

Your clear instructions, simplicity of use and speed of transactions have really helped me to gain some confidence in online financial dealings. I’ve found Coinberry to be very responsive to all my issues. Any problems I have encountered have been timing issues, delays in transferring eth, etc It was easy to set up my account. We value your input and encourage you to let us know more details about your experience with us.