Coinberry Reviews: Is It Worth It in 2022?

This means that they are the counter party to your trade and will hence make the price for you. This means that the buy / sell price may be higher / lower as it is on other exchange. Safety is a particularly important point for Canadian cryptocurrency users. This is especially true given the recent events around the QuadrigaCX exchange. Until December of 2018, this was the largest exchange in Canada that recently collapsed. Over 250 total financial institutions use Interact, including all major banks in Canada.

Save up to $600 by signing up to our banking products and services for 3 years. After funding my account using Interac e-Transfer, I had $100 to work with, and the money was available in my account almost immediately. I was interested in some of the alt coins available on Coinberry but chose to stick with Bitcoin for review purposes. Coinberry offers a solid collection of 38 different cryptocurrencies at the time of writing this article. The list includes everything from big-name cryptos such as Bitcoin, Cardano and Litecoin, to lesser-known ones such as Gala or Enjin Coin.

coinberry review

It is easy to deposit, buy, sell and withdraw from Coinberry. Coinberry has a very quick process when you open your account. Over 90% of their new members are automatically verified, allowing them to begin buying crypto within just minutes. This is perfect for newcomers to crypto who want to jump in while crypto is on an upward trend. You don’t want to wait 2 days for verification, while the price skyrockets.

Trading Platforms

You can buy and sell as many as 19 cryptocurrencies with Coinberry, more than most Canadian exchanges. Only two, however, can be used to fund your Coinberry account , and only four currencies can be directly withdrawn . You must convert all other currencies, including alternative coins to one of the four main currencies or to fiat currency prior to withdrawal. Coinberry offers segregated banking that the CDIC guarantees.

And with their fee structure which we’ll discuss below, Coinberry makes an excellent choice compared to competitors. With the payment methods of debit cards, wire transfers and Interac-Transfer, buying Crypto is streamlined for Canadians. Coinberry does not have Live Chat support, which can be frustrating when you are stuck with an issue. There is customer support via email, but it’s no substitute for a good Live Chat service. If responsive customer support is important to you, VirgoCX is a topCanadian crypto exchangewith Live Chat. Let’s find out what services are offered by Coinberry, to make it such a popular crypto exchange in Canada.

  • They are insured, OSC and FINTRAC registered, as well as PIPEDA compliant.
  • To do this, users would withdraw funds from their Coinberry wallet and deposit them into a third-party wallet such as MetaMask, moving their crypto back to Coinberry only when executing a trade.
  • Co-founders Andrei Poliakov and Evan Kuhn developed the exchange to reduce the learning curve for new people getting involved in cryptocurrency investing.

If you have any question or doubt, just reach out to them, they respond in time and get an appropriate response. It is highly recommended for someone who want to engage on digital trade. You are never to old to learn…Coin berry is one of those Companies that are Hyper Vigilant about their clients trading and wellbeing.

Final Thoughts on Coinberry

The fiat account is a great feature and it is a very good onramp for new investors who are not used to blockchain transactions. Coinberry is aCanadian cryptocurrency exchange founded in Toronto in 2017, giving its users access to 18 different coins. It is the safest and most secure FINTRAC-registered crypto exchange, so users can buy and sell with peace of mind.

Although it can be turned off and biometric login features for the platform that you’re using, but in terms of the platform’s security measures, you don’t have to worry about a thing. However, its relationship with Gemini does not stop there; Gemini also provides cold storage. Acceptable alternatives include a T4 statement, a Record of Employment, a utility bill, or a statement regarding government benefits.

Coinberry Review: Complete Exchange Overview

Educational platforms are an underrated feature of cryptocurrency exchanges. Coinberry allows new users to learn about the industry and the latest developments on the exchange. It is user-friendly and offers a good selection of cryptocurrencies and learning options. While it may not have as many features and earning protocols as other exchanges, it makes up for that through its referral programs and additional layers of security it has implemented. Depositing and withdrawing fiat with e-Transfer is nearly instantaneous, while wire transfers can take longer. The process of transferring Bitcoin to the exchange through the Coinberry Pay program creates an additional accessible way to transfer Bitcoin to the exchange.

If you are looking for a trustworthy crypto exchange, this Bitbuy review migh… Coinberry complies with all of the requirements without exception. Additionally, the platform is designed to efficiently onboard new users, check for fraudulent activity, and provide reports. Coinberry has a user-friendly Help Center that doubles as an extensive Frequently Asked Concerns section, which will answer the vast majority of questions that may arise while using the platform.

Well, if you are looking for an entry-level exchange with low fees, strong security and a reputable management team then it could be for you. While there were a few things that we thought warranted improvement, most are relatively easy to address. The team at Coinberry seems to be really open to suggestions and if enough traders telegraph interest, they may consider incorporating it. After your account has been verified and you’re ready to begin trading, the first thing you see is the buttons to buy and sell Bitcoin, Ethereum or Litecoin. This is the instantaneous purchase of crypto directly from Coinberry. Once the payment has been confirmed it should be credited to your trading account within 3 hours.

coinberry review

In 2021, it was granted relief by the Ontario Securities Commission to offer crypto-based products and services across Canada. In addition to Coinberry, you can also buy and sell crypto using platforms like Coinsmart, Netcoins, and Wealthsimple Crypto. Coinberry is one of the simple-to-use and safest crypto exchange created in Canada; however, it functions more like a Bitcoin store.

What made me check out Coinberry?

I then sent the withdrawal to another crypto exchange Newton to my own wallet address. Coinberry blocked that one and at the time of writing this no money has appeared in my Newton wallet. Their excuse is that it is being reviewed by the financial department. I ask you the other crypto investor coinberry review should it take over a week to get a withdrawal finished?? There will also be a small mining fee depending on the crypto you trade as these network fees are not covered by the exchange. When it comes to deposits, there are no fees from the exchange side and a minimum deposit of just $50.

Because it is registered with FINTRAC, Coinberry complies with all regulations without exception. In addition to that, the platform is specifically designed to effectively detect and report fraud, as well as onboard new users. The storage of Coinberry’s assets is managed through cold storage, which is a standard in the industry. After you have chosen a crypto, you will be given a non-static address that disappears after it has been used.

Coinberry Fees

You would also be surprised to know that Coinberry is one of only 2 crypto exchanges in Canada to successfully complete a financial statements audit from an independent third party. You get to keep more of your crypto because we have no CAD deposit and withdrawal fees. In Canada, you are taxing cryptocurrency just as any other “currency” and Coinberry has a complete tool for bitcoin and cryptocurrency tax info for Canadians.

When an individual uses Coinberry to buy or sell Bitcoin, the transaction is completed by the exchange via the use of Coinberry’s network of liquidity providers. Coinberry charges reasonable prices for the services it offers. I did some trading myself and didn’t see a single fee while using the website, the only thing that I noticed was the spread when comparing crypto exchanges fees.

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