Coinberry Exchange Review 2022

Coinberry Exchange Review 2022

Daniel Chan

January 3, 2022

Cryptocurrency

What is Coinberry?

Coinberry is a Canadian 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. In 2019, Coinberry partnered with Municipal Governments in Canada for Bitcoin tax payment processing, making it the first and only digital currency platform to do so.

  • Web Address: www.coinberry.com
  • Main Location: Toronto, Canada
  • Deposit Methods: Interac e-Transfer, Wire transfer, Credit card, Debit card, Cryptocurrency
  • Deposit Fee: Free
  • Fiat Currencies: CAD
  • Mobile App: Yes
  • Cryptocurrencies: BTC, ETH, BCH, LTC, XLM, ADA, DOGE, DOT & 10 more
  • Withdrawal Fee: Free
  • Trading Fees: Included in the spread

My Overall Thoughts on Coinberry

Coinberry is an impressive cryptocurrency exchange built for Canadians, making it easy to buy crypto directly with CAD. 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. Here are my top 3 reasons why I recommend Coinberry to Canadian crypto investors.

1) Buy and sell 18 of the most popular cryptocurrencies using CAD, from one of Canada's best crypto exchanges. The coins you can find on Coinberry are BTC, ETH, BCH, LTC, XLM, ADA, DOGE, DOT, CRV, KNC, SNX, YFI, AAVE, BAL, UNI, BAT, COMP and LINK.

2) Coinberry has institutional grade crypto protection, with digital assets protected by Gemini Trust Company LLC™, the most regulated, secure and compliant digital asset custodian in the world, offering $200 million in insurance coverage. They are also backed by a form of insurance that protects against financial losses due to dishonest acts and unethical behavior from Coinberry employees.

3) Coinberry has a mobile app available for iOS and Android so you can trade whenever and wherever you are. The app is very user-friendly and intuitive, so it is great for beginners.

One downside that I hear from some people is that Coinberry only offers a limited range of coins. While that is true, they are continually growing their selection, and if you are new to cryptocurrency, most of the big coins you have heard of will be available to buy here. If you are after a crypto exchange with more coins, you can try out Binance with over 300+ coins, or KuCoin, with over 250+ coins.

Key Features & Advantages of Coinberry

Canadians have a lot of reasons to love Coinberry, and I have summarized the top features and advantages of Coinberry for you here. If you want to find out more, you can click on the relevant jump links.

Negatives and Disadvantages of Coinberry

Coinberry has a lot of good points going for it, but there are a few downsides of this crypto exchange. If you want to read about these disadvantages in a bit more detail, you can click on the respective jump links below. 

What Services does Coinberry offer?

Let's find out what services are offered by Coinberry, to make it such a popular crypto exchange in Canada.

Easy set-up process - buy crypto in minutes:  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.

User-friendly interface that is easy for beginners:  Coinberry is perfect for beginners because it has a very intuitive interface that is easy to use. Even someone that has no idea about crypto will be able to figure out how to navigate around the platform. It is easy to deposit, buy, sell and withdraw from Coinberry.

Mobile app for iOS and Android:  Coinberry's app is fantastic for those that want to trade easily on their phone. You can always keep an eye on your coins no matter where you are. The app is available on both iOS and Android devices, and just like the desktop site, it is user-friendly and intuitive.

18 of the most popular cryptocurrencies supported:  Coinberry has 18 of the most popular cryptocurrencies for you to buy and sell. These are all the coins that are currently supported: Bitcoin (BTC), Ethereum (ETH), Bitcoin cash (BCH), Litecoin (LTC), Stellar (XLM), Cardano (ADA), Dogecoin (DOGE), Polkadot (DOT), Curve (CRV), Kyber Network (KNC), Synthetix (SNX), Yearn.Finance (YFI), Aave (AAVE), Balancer (BAL), Uniswap (UNI), Basic Attention Token (BAT), Compound (COMP) and Chainlink (LINK).

AutoPilot - set up automatic recurring crypto purchases:  AutoPilot is a feature on Coinberry that allows you to automatically make regular purchases of crypto. This helps you to reduce the effect of price volatility by averaging out the cost of buying crypto. You can select the amount you want to purchase, and the frequency, to suit your personal needs. 

Coinberry Pay - get paid in BTC into your Coinberry account:  Users can easily access a Coinberry Pay link from within their account that they can share to anyone they want. It is even possible to add a Coinberry Pay button on your website so people can pay or donate to you in Bitcoin. Once the BTC arrives into your Coinberry account, it is automatically converted to Canadian Dollars for you. 

Extremely secure - institutional grade crypto protection:  Coinberry is dedicated to maintaining an extremely secure platform for their users. It has implemented institutional grade crypto protection, with digital assets 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 not only prevents against external threats, but also internal threats; they are backed by insurance that protects against financial losses due to dishonest acts and unethical behavior from Coinberry employees.

What I Don't Like About Coinberry

Limited range of cryptocurrencies:  Coinberry has only 18 different cryptocurrencies currently on offer. Although they have grown their selection, it is still a small range for those that are interested in diversifying their investments. If you looking for a cryptocurrency exchange with a lot more coins to choose from, you can check out Binance with over 300+ coins, or KuCoin, with over 250+ coins.

Cannot withdraw crypto from the exchange (except BTC, ETH, LTC):  For users that prefer to keep their cryptocurrency safe in a personal wallet (either a soft or hard wallet), Coinberry is not a suitable exchange. Besides Bitcoin, Ethereum and Litecoin, the other cryptocurrencies found on the exchange cannot be transferred out of the account. 

No Live Chat support:  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 top Canadian crypto exchange with Live Chat.

Coinberry Fees

Coinberry Deposit Fees

It is FREE to deposit cryptocurrency and CAD into Coinberry.

Coinberry Trading Fees

Coinberry does not charge any commission on trades, but instead they make money on the spread, which is the difference between the prices they are able to source crypto for, and listed prices. In doing so, Coinberry users can always see the exact price they are paying for a certain coin, with no hidden charges or extra fees. Before an order is confirmed, Coinberry will show the estimated fee (that is included in the price) that goes to the exchange.

Coinberry Fiat Withdrawal Fees

There are ZERO fees charged for withdrawing CAD by e-Transfer or Wire transfer.

Coinberry Crypto Withdrawal Fees

BTC withdrawal: dynamic fee based on current network activity of the blockchain

ETH withdrawal: dynamic fee based on current network activity of the blockchain

LTC withdrawal: 0.02 LTC flat fee

Other cryptocurrencies: cannot be withdrawn from Coinberry account

Pros and Cons of Coinberry

Pros
  • User-friendly and intuitive interface
  • Quick and easy verification to start trading in minutes
  • Extremely secure crypto exchange
  • Mobile app for iOS and Android
  • Free deposits and withdrawals, and trading fee included in spread (no additional commission)
Cons
  • Limited range of only 18 cryptocurrencies
  • Cannot withdraw crypto from the exchange (except BTC, ETH, LTC)
  • No live chat support

Verdict

Coinberry is a great crypto exchange for Canadians that are new to the cryptocurrency market. It makes it easy to buy, sell and trade crypto using CAD, with a quick verification process. There are no fees to deposit or withdraw CAD, and the trading fees are included in the spread, which is easy for beginners to know how much they are paying for each coin.

However, for more experienced traders, Coinberry may not be suitable, as there is a limited range of only 18 cryptocurrencies, and no advanced trading tools. If you are a serious trader, you may find that Binance is the exchange for you. It has over 300+ cryptocurrencies, and many more trading markets, including derivatives.

Frequently Asked Questions

Is Coinberry a legitimate crypto exchange?

Yes, Coinberry is a legitimate cryptocurrency exchange founded in Toronto in 2017. It is registered with FINTRAC and complies with all strict KYC/AML and reporting obligations.

Is Coinberry a safe exchange?

Yes, Coinberry is a very safe exchange for Canadian users, with institutional grade crypto protection. 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. Not only does Coinberry protect themselves against external threats, but they are also aware of internal threats; they have insurance for financial losses caused by dishonest acts and unethical behavior from Coinberry employees.

Can I trust Coinberry?

Yes you can trust Coinberry as it is a legitimate crypto exchange, registered with FINTRAC and has been in operation in Toronto since 2017. Coinberry uses institutional grade protection for their crypto assets, partnered with Gemini Trust Company, so you do not need to worry about security issues.

Can Coinberry be hacked?

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).

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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