Coinberry Review: Simplicity and Efficiency

Features: 7.5
Tradeable Currencies: 8
Deposits and Withdrawals: 8
User Experience: 8.5

Overall Score: 8

Fees: 0% – 2.5% spread

Pros:
  • Reputable Canadian exchange registered with FINTRAC
  • Fee-free deposits and withdrawals
  • Coinberry Pay for receiving crypto payments
  • Coinberry Autopilot for recurring crypto purchases
  • $200 million in insurance on assets held in custodian cold storage

Cons:
  • Some advanced trading options are missing
  • Potentially high trading fees

Coinberry is a Canadian cryptocurrency exchange that promises to make buying and selling Bitcoin and other cryptocurrencies a piece of cake. But is it as good as it sounds? In this Coinberry review, we aim to find out. We’ll examine the pros and cons of using the platform and discuss its unique features. Let’s get started, shall we?

About Coinberry

The company was established in 2017 and has since become one of Canada’s favourite cryptocurrency exchanges, with a trading volume of over $1 billion. This Toronto-based digital marketplace offers a simple but effective crypto trading platform with reasonable fees and a good selection of cryptocurrencies.

But what is Coinberry doing that sets it apart from the competition? In addition to manually buying Bitcoin and other altcoins, you can set up automatic recurring purchase orders,  receive currency-converted crypto payments into your bank account, and buy all available Coinberry coins directly from the supported wallets.

Coinberry Trading

Coinberry prides itself on offering a simple and optimized trading platform ideal for beginners and journeyman traders. Before we move on to analyzing it in more detail, let’s first look at the three aspects traders will be most interested in: The currency selection, trading costs, and payment methods available on the platform.

Available Currencies

Coinberry reviews its coin portfolio often, adding new altcoins on a regular basis. The current selection includes 38 cryptocurrencies, including BTC, BCH, ETH, LTC, XLM, and many more. You can even buy the stablecoin USDC; on the other hand, there’s no more XRP on Coinberry, as it has been delisted in September 2021.

That said, this is a Canadian trading platform made with Canadians in mind. If you’re looking to trade fiat money that’s not Canadian dollars, you’re out of luck: Outside crypto, all trades are handled in CAD only.

Trading Fees

Coinberry works a little differently from other trading platforms in that it uses margins or spreads instead of the traditional maker and taker fees. Coinberry fees are essentially included in the spread, which varies between 0% and 2.5%, depending on the cryptocurrency you’re looking to buy.

While there are no hidden charges, and the platform does its best to show you what the trade will cost (as opposed to the market price, which you can also see on the site), you may end up paying more if there are sudden market movements and the margins change by the time your order completes.

Deposits & Withdrawals

You can fund your Coinberry wallet through wire transfers, crypto wallets, or by doing a Coinberry e-transfer using Interac. Interac and wire transfers support only Canadian dollars, while crypto deposits from other wallets can be made in either Bitcoin or Ether. The best part is that there are absolutely no fees for deposits or withdrawals.

You’ll want to use Interac for smaller deposits, and wire transfers to get larger funding and withdrawal limits. There is no minimum required deposit for Interac, but you can only deposit up to $10,000 and withdraw no more than $5,000 at any time.

On the other hand, wire transfers require at least $10,000 to fund your account, but you can invest up to $500,000 and take out as much as $100,000 at any time.

Coinberry Features

Coinberry is a trading platform with a clear focus on simplicity and efficiency. As such, it has fewer advanced trading options and currencies than exchanges such as Coinbase, but offers optimized desktop and mobile platforms and numerous useful automation features.

Web Platform

The main advantage of using Coinberry’s web interface is getting access to a well-designed chart that shows a graphical overview of the market cap and price changes for the currencies you’re interested in.

There are no advanced trade features, such as stop market and stop limit orders, but you can set up and halt automatic crypto purchases and get notified about price changes.  You can also set up a Coinberry login verification system through 2FA services such as Google Authenticator.

Mobile App

There is a very good Coinberry app for both Android and iOS. The interface is pretty basic compared to the web platform, but the mobile application does offer price change notifications and live customer support.

Coinberry Autopilot

Whether you’re trying to earn some cash on one of the altcoins on the Ethereum network or have a line on the newest crypto that will explode on the market, Coinberry allows you to set up automatic recurring purchases.

You just need to choose your coin, the amount you want to purchase, and how often you’ll be making the transactions, all of which can be changed on the fly whenever needed.

Coinberry Pay

Although it is primarily a digital asset trading marketplace, Coinberry also offers a handy feature for those who need a simple crypto payment processing solution.

You can accept payments (including donations and tips) directly from your website, and the cryptocurrencies you receive are automatically converted to Canadian dollars and sent into your bank account.

Additional Benefits

In addition to what we’ve already discussed, Coinberry offers users several additional perks. A notable one is its referral program, which will reward you with $30 when you refer a friend who then makes a Coinberry account and trades $50 or more on it.

Coinberry users also can buy cryptocurrencies directly from the hardware wallets Trezor and BRM, while residents of Innisfil can use the platform to pay property taxes with Bitcoin.

Security & Fund Insurance

Coinberry has security measures that rival or exceed most competitors on the market.  Two-factor authentication is mandatory on all accounts, and the company uses sophisticated encryption services to ensure the data privacy of its user accounts.

Furthermore, Coinberry has partnered up with a well-respected custodian, Gemini Trust Company LLC, and has an insurance policy covering up to $200 million in crypto funds that Gemini holds in cold storage.

The company is registered with the Ontario Securities Commission (OSC) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), so you know you’re dealing with a regulated operator.

Customer Support

There are multiple ways to get in touch with Coinberry in Canada. Mobile users can chat with agents through live chat, while others can try calling 1 (888) 997-6544 or sending an email to [email protected]. In our experience, Coinberry customer support replies quickly, and the agents are very helpful in answering any questions you may have.

The site also features an excellent set of resources for new and inexperienced traders, where you can find out about the blockchain network, crypto taxes in Canada, and more.

Final Thoughts

Coinberry is a platform trusted by over 220,000 people across Canada. With five years of experience and millions of completed trades, it’s one of Canada’s most popular digital asset exchange marketplaces.

While it doesn’t offer as many cryptocurrencies or advanced trading options as some of its competitors, the intuitive trading interface, excellent mobile apps, and helpful learning center make it a fantastic choice for new and inexperienced traders.


FAQ

Should I use Coinberry?

Yes, absolutely. Coinberry is an excellent option if you’re looking for a platform that is easy to use and provides a secure environment for buying, selling, or storing cryptocurrencies.

Can you make money with Coinberry?

This depends entirely on your skills as an investor, as Coinberry is limited to offering a trading platform and doesn’t advise or make the trades for you. While there are certainly some risks involved with any online investment, Coinberry is a reputable platform that has helped many people earn extra income – you just need to know how to invest to get the most out of it.

Is Coinberry a crypto wallet?

In a way, yes. Coinberry is a crypto exchange or digital asset trading platform, but like most cryptocurrency exchanges, it is essentially a custodial wallet. This means it stores your crypto assets and private keys for you.

Are Coinberry fees high?

That depends mainly on the cryptocurrency you trade. Unlike some other crypto exchanges, Coinberry uses a spread system, which adds a fee of up to 2.5% on every transaction. Depending on how popular/expensive the crypto coin you’re trading is, this can seriously eat into your profits.

How long do Coinberry withdrawals take?

This depends on whether you use an external crypto wallet, a wire transfer or Interac e-transfer. You can check out the details in our Coinberry review above, but, in short: transfers can take anywhere from 15 minutes to several business days to clear.

coinberry logo reviewmoose

Overall Score: 8

Fees: 0% – 2.5% spread

We will be happy to hear your thoughts

Leave a reply

ReviewMoose.ca
Logo