February 8

Coinberry Review 2021: Legit, Safe or SCAM?

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Coinberry is a Canadian cryptocurrency exchange that was found in 2017 in Toronto. It enables its users to buy and sell bitcoin along with five other popular cryptocurrencies. Coinberry place a lot of emphasis on security and regulation, they are FINTRAC-registered and fully compliant with regulations. The platform is also committed to proper fraud monitoring, reporting, and user onboarding. They also refuse to store customer data on a server outside of Canada. As a customer, you can feel safe with Coinberry.

  • Web Address:  www.coinberry.com
  • Main location: Toronto, Canada
  • Mobile app available: Yes
  • Deposit & Withdrawal fees: none
  • Fiat Currencies: CAD
  • Cryptocurrencies: BTC, ETH, LTC, XRP, BCH, XLM
  • Deposit Methods: Credit card, Debit card, Interac e-Transfer, Wire transfer
  • Trading Fees: 0.5%

What services to Coinberry offer:

Coinberry cryptocurrency exchange:

Coinberry's primary service is the cryptocurrency exchange where users buy and sell any of the six supported cryptocurrencies (BTC, ETH, LTC, XRP, BCH, XLM) using CAD. Their mobile app is created to make this process as easy as possible, they have even included price alerts so you can get notified when your desired price is available. Coinberry charge 0.5% for each trade, this is about average when it comes to Canadian regulated exchanges, to put it in perspective BitBuy charges the same trading fee.

Coinberry Auto Pilot Service:

Auto Pilot is a service that allows coinberry users to set pre defined settings for when to buy or sell cryptocurrencies. Simply choose the amount, the frequency and Coinberry will automatically purchase or sell your cryptocurrencies for you. Some people opt for this approach as it protects you against market fluctuations.

Coinberry Pay:

This is a service that allows you to get paid for goods or services directly into your coinberry account, when the bitcoin arrives in your account, Coinberry will automatically convert it into CAD. This is very easy to set up, Coinberry will give you a custom link that allows people to pay or donate directly to you.

Coinberry Supported Cryotocurrency

Coinberry supports:

  1. Bitcoin
  2. Ethereum
  3. Litecoin
  4. Ripple
  5. Bitcoin Cash
  6. Stellar

Coinberry Supported Fiat Currency

Coinberry only supports CAD

Coinberry fees and limits:

Platform trading fees

Platform fee type

Fee

Trading fees

0.5%

Exchange rate margins

Varies – check your prices at the time of purchase

Deposit and withdrawal fees

Deposit fees

Coinberry don't actually charge any deposit fees, the fees you will pay are related to the payment provider.

Deposit type

Fee

Limits

Credit card

Standard card payment fees apply, plus cash advance fees of up to 6%

$500 maximum per transfer

Interac e-Transfer

Free

$10,000 maximum per transfer

Wire transfer

Varies depending on your location and financial institution

$10,000 minimum, $500,000 maximum per transfer

Cryptocurrency

Standard network fees (typically no more than a few cents)

No set limits

Withdrawal fees

Withdrawal type

Fee

Limits

Interac e-Transfer

None

$100 minimum, $5,000 maximum per transfer

Wire transfer

None

$10,000 minimum, $500,000 maximum per transfer

Cryptocurrency

Standard network fees

No set limits

Is Coinberry Safe to Use?

Regulation: Coinberry has an KYC/AML policy and has reported that it operates in compliance with FINTRAC rules and regulations. Coinberry has a compliance officer and is registered with FINTRAC as a Money Services Business and is one of the two Canadian cryptocurrency platforms that have undergone a full financial audit.

Verification: All users are required to complete identity verification before they can start trading.

Security Features: Coinberry has reported that it has industry-leading security to protect its users. Some of these measures including separate accounts for company fiat and customer funds, 2-factor authentication

Coinberry Pros & Cons

Pros
  • Coinberry is very easy to use as it is built to allow users to trade cryptocurrencies and make purchases as easily as possible
  • Coinberry is also one of the very few crypto exchanges to allow users to trade using Canadian dollars
Cons
  • Coinberry differs from peer-to-peer exchanges in that it buys below the prevailing market rates and sells above the prevailing market rates
  • Coinberry is made to support Canadian dollars and it only supports Canadian dollars. All other currencies are converted at the current rate
  • Coinberry only lets users trade a small set of cryptocurrencies so their choices are severely limited

Coinberry FAQs

What Countries Does Coinberry Support?

Although coinberry does not block users from any country from using the platform, it does want users to be mindful of their local laws, rules, and regulations that surround the use and trade of cryptos in their countries

Does Coinberry Have an App?

It does, and you can download the Coinberry app for Android or iOS through the respective app stores.

How does Coinberry Verify Its Users?

The platform uses third-party verification services. All the information you supply is checked against and matched to any other information that exists about you including from your credit reports or from other verification services and sources.

How Can I Get In Touch With Their Customer Support?

You can get in touch with Coinberry’s customer support through email, phone, or a ticket on their website.

To read our privacy policy please read this page.


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