Coinberry review

By   |   Updated 18th November 2021

Coinberry review
  • Coinberry is a Canadian cryptocurrency exchange platform with headquarters in Toronto.
  • Trade a selection of cryptocurrencies including many altcoins.
  • Useful features such as AutoPilot and Coinberry Pay.

There are a plethora of options out there when it comes to buying and selling cryptocurrencies in Canada. Some exchanges emphasize security, while others put an emphasis on what you can trade with their platform.

Coinberry offers a combination of useful features for investors, active traders, and even merchants.

Coinberry

On Coinberry's website

Highlights

  • Register in just 60 seconds and start investing with as little as $50.
  • No CAD deposit and withdrawal fees.
  • Coinberry is insured, FINTRAC registered & PIPEDA compliant and is the only digital asset platform trusted by Canadian Government municipalities.

What is Coinberry?

Coinberry is a cryptocurrency exchange specifically tailored towards Canadian users. It supports some of the most popular cryptocurrencies as well as numerous altcoins. Since it was founded in 2017, Coinberry have developed interesting features such as AutoPilot and Coinberry Pay, differentiating them from other crypto exchanges for Canadians.

Is it safe?

Coinberry Limited (MSB M18502412), the company that operates the Coinberry exchange, is a Money Service Business (MSB) regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

According to their website, they employ fraud monitoring across their platform to guard against financial fraud, account takeovers, etc.

Coinberry is also PIPEDA compliant, meaning they must comply with a set of rules that govern how private sector organizations collect, use and disclose personal information.

Who is Coinberry aimed at?

Coinberry was built by Canadians for Canadians. Unlike some of the competing exchanges, they have expanded their product offering to appeal to merchants who would like to accept crypto as a form of payment.

Tradable assets

In terms of the tradable assets you have on offer at Coinberry, they include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Stellar (XLM), Cardano (ADA), Dogecoin (DOGE), Polkadot (DOT), Chainlink (LINK), Filecoin (FIL), VeChain (VET), Tron (TRX), Solana (SOL), Eos (EOS), Tezos (TEZ), Aave (AAVE), Cosmos (ATOM), Neo (NEO), Enjin (ENJ), Basic Attention Token (BAT), Compound (COMP), Stacks (STX), OMG Network (OMG), Flow (FLOW), Balancer (BAL), Curve (CRV), Dai (DAI), Kyber Network (KNC), Synthetix (SNX), Uniswap (UNI) and Yearn.Finance (YFI).

Notable features

Coinberry Autopilot and Coinberry Pay are two of their standout features. most

Coinberry Autopilot

Coinberry Autopilot makes it easy to set up cryptocurrency purchases on a daily, weekly, or monthly basis. This streamlines the investing experience and allows you to dollar cost average over time.

Coinberry Pay

This is a simple payment processing solution for merchants to accept cryptocurrency as a form of payment. Funds can be immediately converted into CAD and deposited into your bank account.

Fees

There is a 0% fee for fiat deposits and withdrawals.

Dynamic fees are set for BTC, ETH, and XRP, with calculations based on network activity. There is a fixed fee for LTC of 0.02 LTC. There are no fees to deposit crypto.

Coinberry’s spread ranges from 0% to 2.5%.

Pros and cons

Pros

  • The verification process at Coinberry is instantaneous for Canadians.
  • Coinberry uses cold storage by Gemini Trust Company, which is insured up to $200 million.
  • Coinberry Autopilot and Coinberry Pay are real points of difference, certainly among Canadian exchanges.
  • No fees on deposits or withdrawals for fiat currencies.

Cons

  • Spreads up to 2.50%, which is high.
  • Supports Canadian dollars by default. Other currencies need to be converted at the rate at that point in time.
  • Limited choice of altcoins compared to other cryptocurrency exchanges, especially globally available exchanges like Binance.

Alternatives

There are many alternatives to Coinberry. These are some of Canada's best known and most popular crypto exchanges.

  • Newton. Beautifully designed, Newton has a seamless trading experience.
  • NDAX. A Canadian exchange with a reputation for its selection of digital assets, free deposits, and appealing referral program.
  • CoinSmart. Supports CAD as its main currency. Trade a lot of different cryptocurrencies.
  • Bitbuy. Canadian exchange with the full value of its bitcoin cold storage holdings insured.

Comparisons

A series of side-by-side comparisons pitting Coinberry against competing exchanges.

FAQs

Does Coinberry have a demo account for paper trading?

No.

Is Coinberry insured?

Coinberry is insured by the Gemini Trust Company and has $200 million in custody insurance.

Do I need my own crypto wallet to use Coinberry?

No. Coinberry provides you with a custodian wallet.

How do I fund a Coinberry account?

Funding your account with e-Transfer is simple and can be completed in a few steps. First, you need to add Coinberry as a recipient, then, you need to enter the amount you would like to fund your Coinberry account with. Make sure to include your Coinberry Account Number in the message field of the e-Transfer. Last but not least, once the e-Transfer has been set, the balance will be deposited into your Coinberry account.

How do I withdraw crypto from Coinberry?

Go to withdrawals, and click on either your wallet or on EFT/e-Transfer directly. Enter the desired amount of CAD that you would like to withdraw, click on preview, and confirm your withdrawal, after which a pop-up will appear before the transaction is finalized.

Verdict

Coinberry offers an extremely easy-to-use cryptocurrency exchange specifically tailored towards a Canadian user base, with CAD being the main currency. It is FINTRAC-registered and insured. Verification is quick and its well-designed app makes trading it a pleasure to trade what is a decent range of coins.

Overall, Coinberry is a good starting point for new investors to cut their teeth with trading cryptocurrencies.

On Coinberry's website