Coinberry Review (December 2022) - Pros, Cons, Features, & Pricing - Comparewise
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Coinberry Review (December 2022) – Pros, Cons, Features, & Pricing

A group of bitcoin and blockchain industry professionals got the business off the ground in July 2017 by launching it as an ATM company for bitcoin transactions. Evan Kuhn and Andrei Poliakov, who were also two of the company’s original founders, now serve as the company’s leaders. Check out our Coinberry review to learn all the details about this awesome crypto exchange.

In November of 2017, it introduced its platform via the internet and simultaneously disabled all of the ATMs. 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.

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Last Updated: Nov 24, 2022

Coinberry

  • Over 35 cryptocurrencies available
  • Cheapest crypto exchange, 0% deposit & withdrawal fees
  • Fund using e-transfer

Buy and sell in just minutes on Canada’s #1 platform - Claim this offer

Similar to other exchanges, Coinberry uses its own algorithm to get cryptocurrency values from exchanges located all over the globe. Check out our Coinberry review to learn all the details about this platform.

What is Coinberry?

Users of the Coinberry cryptocurrency trading platform are able to buy and sell cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. The Coinberry platform allows users to trade cryptocurrencies. The HQ of the Coinberry company can be found in Toronto.

In March of 2018, the firm started making its apps accessible for both the Android and iOS operating systems. In August of 2018, the business announced that they will be working together with BRD bitcoin wallet. It was reported that the independent financial audit had been successfully finished in January 2019.

When Ledger began publishing cryptocurrency trading platforms in February 2019, Coinberry was the first Canadian platform to do so. It provides a mobile application that is simple to use and is accessible on the web, iOS, and Android devices for the purpose of changing regular cash into crypto and vice versa.

There are now three cryptocurrencies that are available to the general public, and those are Bitcoin, Ethereum, and Litecoin. At this time, only the Canadian dollar can be considered a traditional currency since it is the only one that is supported.

It does this by providing users with a customized URL that others may use to pay them directly or give money to them. Coinberry is compatible with just CAD. It does not charge any fees associated with deposits; rather, the charges that are associated with deposits are related to the payment provider. They also provide choices for making withdrawals.

Coinberry Mobile App - Comparewise

How Does the Coinberry Work?

Before being able to start using Coinberry, users are needed to register for an account on the website. They will need to go to either the Play Store or the Software Store in order to download the app before they can use it on their mobile devices.

If a referral link is utilized during the registration process for Coinberry, the user will instantly get a bonus. The minimum amount that may be financed is fifty dollars, while the highest amount that can be financed is often between three thousand and five hundred thousand dollars and is set by the financial institution.

It makes money off of what is known as the “spread,” which is the difference between the prices it can obtain cryptocurrency for as a high-volume customer and the prices that are publicly advertised.

It is delighted to give a price that is completely transparent and does not have any hidden expenses or additional fees; the prices that are listed on their site are the final transaction rates.

Their spread as well as any fees that may be levied, by the payment processors are shown on the website before the purchase is confirmed. As a direct consequence of the fluctuating prices of the cryptocurrency market, the actual spreads and fees may be larger or lower than expected.

Coinberry does not make any transaction size limitations transparently visible. The maximum amounts that may be funded by a credit card, or a wire transfer are $500 and up to $500,000 CAD.

More Information About Coinberry

Because Coinberry is a Money Service Business that is registered with the Financial Transactions and Reports Analysis Centre of Canada, it is required by law to have “Know-Your-Customer” and Anti-Money Laundering systems in place that are in compliance with the regulations.

These systems must be in place in order for Coinberry to continue to operate legally. These systems are required to be operational at all times. Coinberry provides customers with financial services that are kept separate and are guaranteed by the CDIC.

This suggests that Coinberry works together with Canadian banks in order to help those banks in complying with rules imposed by the Canadian government. They will be able to do this if they keep the money for the company and the customers in different accounts.

This ensures that the customers’ money will remain untouched in the event that the company’s bank accounts are ever frozen for whatever reason. Coinberry is a service that facilitates the conversion of Canadian investors’ fiat currency holdings for various cryptocurrencies.

After passing the KYC process, one is free to start trading without worry and may take use of their services. If a user wants access to all cryptocurrencies, they must first use their Coinberry account to purchase Bitcoin, Ethereum, or another major currency, and then withdraw the money to an external wallet.

Only then will the user have access to all cryptocurrencies. E-transfer is one of the fastest and simplest methods to deposit money into your Coinberry account. E-transfer is also one of the most convenient options. Users will first be required to supply identification information in order to proceed.

Coinberry Crypto Mobile App - Comparewise

Why Should You Buy Bitcoin with Coinberry

In Canada, Coinberry is the first digital asset trading platform to be insured and registered with FINTRAC. It also has the distinction of being trusted by Canadian government municipalities. It may take as little as one minute to sign up for a Coinberry account and make a purchase of Bitcoins using that account.

Coinberry Fees

Coinberry and the user’s wallet do not share a common “taxable event,” hence the exchange of tokens or currencies between the two does not trigger taxation. There is a significant difference between selling a coin or token and, for example, moving 10 Bitcoin to or from Coinberry using the user’s own wallet. Coinberry just acts as a transfer service.

Coinberry Wallet

Coinberry Pay is the simplest Bitcoin payment processing solution that is currently available. It was developed specifically for use by businesses, charities, municipalities, and individuals who want to accept Bitcoin payments or contributions.

Coinberry Pay is available for free to anyone who wants to use it. Every Coinberry account comes with its own one-of-a-kind Coinberry Pay link, which may be accessed for free. If one is paid in Bitcoin, they are able to instantly convert that amount into Canadian dollars and then deposit the money into their bank account.

As a Decentralized Cryptocurrency Exchange, Coinberry

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. The Bitcoin ATM service was the first product that the Toronto-based company offered when it began in 2017.

Because users are only able to purchase and sell assets using Canadian dollars on the platform, it functions more similarly to a brokerage than it does an exchange. The reason for this is because users are unable to exchange crypto assets with anybody else outside Coinberry.

Signing up for it is not a difficult task at all. Users have access to a wide number of financing options, including options to buy cryptocurrency by wire transfer as well as debit and credit card possibilities. Coinberry is an excellent option for anyone living in Canada who wish to make their first cryptocurrency purchases using Canadian dollars rather than having to worry about the impact of currency conversion rates.

Coins and Countries Coinberry Supports

On the exchange, you may trade cryptocurrencies such as Bitcoin, Ethereum, and others. Many popular cryptocurrencies are also accepted. As of the beginning of 2019, Coinberry is the first and leading cryptocurrency platform that has cooperated with municipal governments throughout Canada.

The handling of tax payments makes advantage of this cooperative effort. Coinberry may be accessed via a variety of mediums, including mobile devices and the web. Coinberry is geared for those living in Canada. It is a trading platform for digital assets that is based in Canada and facilitates the buying and selling of cryptocurrencies inside that country.

Coinberry Crypto Trading - Comparewise

Is it Safe to Use Coinberry?

Since Coinberry is registered with the Financial Transactions and Reports and Analysis Centre of Canada as a Money Service Business, it would seem that Coinberry is a reputable business. This indicates that Coinberry conducts its business in accordance with the legal requirements.

In 2021, the Ontario Securities Commission provided it with relief, allowing it to market crypto-based goods and services across the whole of Canada. In the year 2020, Coinberry purchased a Financial Institution Bond from Llyod’s of London, which had previously been underwritten.

According to the information that is currently available, the maximum for any individual claim under this coverage is one million Canadian dollars. In addition to this, it has formed a partnership with Gemini Trust Company, which is a licensed custodian, in order to store the majority of the coins on the site offline. Gemini has a custody insurance policy of $200 million.

Coinberry Features

When selecting a cryptocurrency platform, it is important to take into account each and every function it provides. For instance, Coinberry is a wonderful option for those who want to invest in Bitcoin because

Coinberry Pay

In Canada, a growing number of organizations that support charitable causes, governments, businesses, and individual traders now accept Bitcoin for contributions, tips, and payments. In essence, any one of these entities may use Coinberry Pay to convert bitcoins into Canadian dollars and then deposit those dollars into an account of their choosing at a participating financial institution.

Offline Security

Coinberry is also well-known for delivering top-level security, both online and offline, which ensures the confidentiality of your personal information and the safety of your financial transactions. In addition, Coinberry is the only digital asset platform in Canada that is fully insured, complies with PIPEDA, and is registered with FINTRAC. Canadian municipalities trust Coinberry.

Competitive Bitcoin Prices

If you look at their website, you’ll notice a full list of the cryptocurrency rates that Coinberry offers, and you’ll find that these prices are competitive and cheaper than those offered by many other cryptocurrency platforms now available. In addition, you have the ability to check out the current market price of any digital currency that is supported by Coinberry.

Human Support

Coinberry is one of the few online crypto-coin platforms that provides “Live Support for all your Bitcoin queries,” which is a feature that is becoming more rare. You may also get in touch with them by e-mail if live chatting isn’t really your thing. Because of this, Coinberry is an excellent alternative for traders with less expertise.

Buy Bitcoin in Minutes

As was previously indicated, signing up with Coinberry simply takes a few moments of your time. After you have created your account, you will be able to immediately begin buying and selling cryptocurrency. When you purchase Bitcoin or Ethereum using Canadian Dollars (the transaction must be priced at $50 or more all at once), you will be eligible for a referral bonus credit.

Coinberry Promo - Comparewise

How to Buy and Sell Crypto on Coinberry

One other advantageous feature of Coinberry is the platform’s simplicity and friendliness toward users. Simply following these instructions will get you started buying and trading bitcoin as well as mining for it

1. Create an account

You can locate the “Sign Up” button on the Coinberry platform by going to the upper right-hand corner of the page. Simply click on it and then come up with a username and password for yourself.

2. Verify Your Account

You have the option of manually inputting your personal information or uploading a picture ID card issued by the government, such as a driver’s license, in order to validate your account.

If you do not pass the “instant” verification process, which the vast majority of customers do, you will be required to provide an additional document that was issued within the past three months and displays your name, address, and the date it was authenticated. Acceptable alternatives include a T4 statement, a Record of Employment, a utility bill, or a statement regarding government benefits.

3. Set Up Two-Factor Authentication

To give your account an extra layer of protection and safety you should have google authenticator” on your phone. Therefore the step is to launch google authenticator, choose “Scan Barcode,” and use the screen of your Coinberry device to scan your QR code. After you have entered your Verify Token and clicked the “update” button Coinberry ought to provide you three backup codes that you should save securely.

4. Deposit Funds into Your Account

The next thing you need to do is fund your Coinberry account with cryptocurrency. You can do this by clicking the “Fund” button on the menu bar and selecting one of the following payment methods:

Credit or Debit Card

Coinberry is able to accept both credit cards and debit cards issued by Visa. On the other hand, rather of putting money into your account, you use your card to purchase cryptocurrency right away. To achieve this, go to the main menu, click on “Buy/Sell,” and then pick the “Buy” option from the drop-down menu that appears.

After that, you will have the option of selecting both the currency kind and the mode of payment. The last stages consist of entering your card information, clicking “Preview Order,” and finally clicking “Buy.”

Transfer from Your Bank Account

If you have a Canadian bank account, you may add Coinberry as a payee and then make them an electronic transfer from your bank account. There is no need to provide a password or answer a security question. The step is to fill up the message area with your Coinberry account number, choose the amount you want to send, and then click the “Send” button.

Wire Transfer

You also have the option of transferring Canadian dollars to Coinberry via wire transfer. First double check that the information in your bank account and your Coinberry account is the same and then put your account number into the “Notes” as appropriate.

You also have the option of directly linking your bank account to Coinberry, after which you may log in by using the credentials you use to access the internet together with one of Coinberry’s approved third-party applications.

Fund Your Account with Cryptocurrency

You may even finance your account by transferring Ethereum or Bitcoin to it from an external wallet this is referred to as “cryptocurrency funding.” Followed by clicking “Fund Account” at the very top of your account. After you have chosen a crypto, you will be given a non-static address that disappears after it has been used. Verify the money in your Activity Feed once you have either used your wallet to copy and paste the address.

Coinberry Review - Online Platform-Comparewise

Coinberry Safety and Assurance Measures

The fact that Coinberry is registered as a Money Service Business with the Financial Transactions and Reports Analysis Centre of Canada demonstrates that the firm satisfies all of the prerequisite requirements for complying with the relevant rules.

It is also a registered firm with the Ontario Securities Commission, which is notable in light of the fact that the OSC still seems to have some qualms about bitcoin exchanges and cryptocurrency trading in general. It’s fantastic that Gemini offers industry-standard functionality like two-factor authentication.

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.

This ensures that the vast majority of the users’ assets that are stored on Coinberry have an additional layer of protection and are kept as far away from hackers as is physically feasible.

Coinberry Customer Support

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. You have access to a dependable customer support staff that you will be able to contact via a wide number of various channels, such as phone support, email assistance, and the filing of tickets, in the event that you have a challenging query that the Help Centre does not address.

Surprisingly, though, Coinberry does not include a live chat facility, which is unusual given the sheer number of cryptocurrency exchanges that have it. Despite this, Coinberry is still a good option.

The Coinberry Wallet

Coinberry Pay is a straightforward payment processing solution that is provided to traders on the Coinberry platform. Because of this capability, merchants may now accept cryptocurrencies as a means of payment, and customers’ cash can be converted into Canadian dollars and put into their bank accounts without any hassle.

This helps you save a significant amount of time, which is particularly beneficial when you consider the fact that certain cryptocurrency exchanges need you to convert your cryptocurrency money into CAD before you can do anything else with them.

Coinberry Fees

There are, no transaction fees charged for deposits or withdrawals while using Coinberry. There are also no costs associated with cryptocurrency deposits; however, you should be informed that there is a bid-ask spread rate that varies from 0% all the way up to 2.5%, which is considered to be rather pricey.

Coinberry Review Mobile View - Comparewise

Pros and Cons of Coinberry

Next in our Coinberry review we’ll go over some of the pros and cons of the user experience.

Coinberry Pros

  • Interface that is not just simple to use but also understandable
  • Verification is quick and straightforward, allowing you to begin trading in a matter of minutes.
  • Extremely safe cryptocurrency trading platform.
  • App for mobile devices running iOS and Android
  • Deposits and withdrawals are free, and the trading charge is included into the spread (no additional commission)

Coinberry Cons

  • There are just 18 different cryptocurrencies available.
  • It is not possible to withdraw cryptocurrency from the exchange (except BTC, ETH, LTC)
  • There is no support for live chat.

Depositing and Withdrawing from your Coinberry Account

When you are in some locations throughout the globe, it might be difficult to convert your “fiat” money into bitcoin. In relation to the ongoing financial revolution, Canada has a high degree of adaptability. Users have a range of deposit alternatives available to them in order to fund their Coinberry account which provides prospective investors with a choice of buying possibilities.

The following are the many deposit methods that may be used on Coinberry:  Instantly using a credit card, Debit card: instant and Up to one day for bank wire transfers. Coinberry makes the process of financing your account simple and uncomplicated, regardless of where your money is kept or how you want to finance it in the future.

Coinberry Review Final Thoughts

Users are able to buy and sell cryptocurrencies using Canadian dollars on Coinberry, which makes it one of the most popular cryptocurrency exchanges in Canada. In addition, it has FINTRAC registration.

This indicates that the firm would have been subjected to a series of compliance checks before they would have been allowed to receive money from customers. In its limited existence, Coinberry has not been the victim of any scandals, hacks, or leaks.

The public at large has a generally favorable opinion of Coinberry. As was mentioned before, the platform operates in conjunction with the municipalities of Richmond Hill and Innisfil. It was a component of the very first Bitcoin payment made in Canada to pay property taxes.

So to summarize Coinberry is a respectable option for Canadians looking to trade cryptocurrencies. The usage of this platform is beneficial for anybody interested in purchasing cryptocurrency using the method of dollar-cost averaging as well as beginning crypto investors who are seeking for one of the exchanges that is the least complicated to use.

However, it is important to point out that its spread rate may be as high as 2.5 percent, which can build up over time and often results in a loss of several thousand dollars due to costs in transactions that are more substantial.

Coinberry Alternatives

Not convinced Coinberry is right for you? You might consider using another crypto exchange, such as:

Thanks for checking out our Coinberry review!

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FAQs about Coinberry

What does it cost to use Coinberry?

There are no additional fees involved. 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. The rate that is applied to cryptocurrency transactions on the Coinberry platform is decided by the company by adding a margin or spread that ranges from 0% to 2.5% to the rate that is provided by their liquidity providers.

Is it safe to use Coinberry?

Coinberry has been formally registered, and it also features a number of other safety precautions. 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.

Is Coinberry a reliable trading platform?

Coinberry does provide Canadian users a protection offered by institutional-grade crypto exchanges, so the answer is yes. The protection of their digital assets is the responsibility of Gemini Trust Company, which is recognized as the digital asset custodian that upholds the highest standards of regulation, security, and compliance. This company also provides insurance coverage of up to $200 million. Coinberry not only protects itself against external dangers, but they are also mindful of the hazards that come from inside the company. As a result, they have insurance to cover financial losses that are brought on by dishonest actions and unethical conduct on the part of Coinberry personnel.

Should I be concerned about the possibility of being hacked on Coinberry?

Coinberry's website has never been penetrated by hackers, and the company puts a lot of work into preventing future intrusions. Despite the fact that this is true, in the event that they are ever hacked, it will most certainly create issues for the user base. One breach, as is the case with the majority of the exchanges on which individuals keep their assets, is all that is required to destroy all of your investments. For this reason, it is always recommended utilizing a software or hardware wallet to keep your money safe.

Should I trust Coinberry?

Coinberry has been formally registered, and it also features a number of other safety precautions. 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.

Is it possible to withdraw money from Coinberry?

Coinberry gives its users the ability to get their bitcoin out of their account at any time. To withdraw money, all that is required is the address of the wallet you use. One of the digital currencies that is now being used and accepted is bitcoin.

What are the steps for adding money to my Coinberry account?

E-Transfer makes it easy to add funds to your account, and the process only requires a few simple steps to finish. After adding Coinberry as a recipient on your account, you will then be prompted to input the amount that you would want to deposit into your Coinberry account. It is essential that your Coinberry Account Number be included in the message area of the e-Transfer. After the e-Transfer has been successfully configured, the remaining amount will thereafter be transferred into the account you have established with Coinberry.

Is Coinberry covered by insurance?

Yes, the cryptocurrency holdings that Coinberry maintains are protected by insurance. The company maintains a financial institution bond that safeguards its customers against unethical business practices, crimes committed on the premises, losses incurred while in transit, and forgeries and alterations.

October 6, 2022
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