Coinberry Review

Coinberry is a Canadian cryptocurrency exchange that is based in Toronto. While Coinberry is a great crypto trading platform for beginners, it has its share of pros and cons. That said, no crypto exchange is 100% hacker-proof, so you may want to move your crypto assets into an external software or hardware wallet where you have total control of your keys. Instead of charging extra fees, Coinberry levies an in-build spread fee of 0% to 2.5% applied between the bid-ask price when you place trades on the platform. This Coinberry review covers how the platform works, supported cryptocurrencies, Coinberry crypto fees, pros, cons, referral program, and more so that you sign up with confidence. At Coinberry, you will find that a total of 8 cryptocurrencies are supported for trading.

The exchange has been around for a while now, and they have built up a solid reputation as one of Canada’s best crypto exchanges. Once an amount of CAD has been entered, the corresponding value of the cryptocurrency is displayed. The transaction fees are shown before confirming the order which is a positive to provide full transparency on the fees. Coinberry complies with the strict Anti-Money Laundering and Know Your Customer requirements as set out by FINTRAC to prevent fraudulent activity. All users must complete account verification by submitting documentation that states a full name and date of birth. Examples include a Canadian Passport or Canadian Driver’s License.

Coinberry also offers a simple payment processing solution for traders on its platform through Coinberry Pay. This feature allows traders to accept cryptocurrency as a form of payment, and funds can seamlessly be converted into CAD and deposited into a bank account. We recommend using Binance, one of the largest cryptocurrency exchanges in the world.

Best Crypto Exchange in Canada 2022

These are Bitcoin, Bitcoin Cash, Cardano, Dogecoin, Ethereum, Litecoin, Ripple, and Stellar. We have no CAD deposit, and no CAD withdrawal fees so you can buy Bitcoin and other crypto with no limits. However, the exchange has been criticized in relation to its “pump and dump” nature that allows experienced traders to manipulate the price of small-cap coins by getting novices to buy them. On the other hand, if you are looking for a new or less popular coin there is a high chance that Bittrex has it for trading. While they’re technically not an exchange, their platform (it’s just an app really) is one of the easiest and fastest ways to purchase Bitcoin and Ethereum in Canada. The fees are very reasonable and the support team seems to be pretty responsive.

Credit card transfers are instantaneous and can fund up to $500. There is a minimum transfer of $10,000 and a maximum of $500,000. Coinberry homepageAs of 2019, Coinberry is the first and only platform for digital currencies partnered with Canadian Municipal Governments. This partnership is used for tax payment processing in Bitcoin. Sometimes I have to log out and in a few times before i can use my funds and then same thing when I want to withdraw my crypto. In addition, the platform is dedicated to effective user onboarding, fraud monitoring, and reporting.

NDAX: Best exchange with an advanced trading platform

Virtuse allows both novice and experienced investors to securely accumulate Bitcoin. 99% of users’ funds are stored in cold storage with the largest licensed custodian in the world. This is protected by multi-signature technology as well as a host other controls. The platform also has a high level of security, which can be beneficial for users that are trading in lots of cryptocurrencies with different levels of market value. However, NDAX slightly edges it out with its support for more cryptocurrencies and lower fees to buy crypto. When it comes to security, both platforms have several layers of protection in place including two-factor authentication, cold storage wallets and offline backups of user funds.

Coinberry is one of the few Canadian crypto platforms that are registered with OSC and FINTRAC, insured and PIPEDA compliant. This means the person could receive less crypto than what was initially displayed. A better solution would be to fix the rate during the buying or selling process which is common practice for other crypto brokers and instant-swap crypto platforms. For small purchases and using the recurring order feature, Interac e-Transfers are suitable with near-instant processing times.

What coins can you withdraw on Coinberry?

This feature is available for free with an account on Coinberry. The platform offers users something called “Coinberry AutoPilot”, which allows users to set up recurring buys and sells for their accounts. Given the recent boom of interest in cryptocurrencies, you’ve probably been thinking about getting into the market. You may be wondering what platform you should use for your cryptocurrency trading in Canada. In short, the buying and selling experience on Coinberry is minimal and straightforward with no complicated options or selections. The user interface is suited for individuals of all experience levels.

A pop-up will appear shortly before the transaction ends.

Furthermore, the actual fees can fluctuate during the purchasing process which is a major pitfall. The quoted price and executed price can vary during the transaction process. Individuals that want to sell crypto can deposit funds to Coinberry which can be sold on the exchange. Users can only transfer coins that are supported by Coinberry to a unique wallet address. The time to transfer Bitcoin or another asset depends on the blockchain network congestion at the time of the transaction. However, Coinberry has one small setback that doesn’t allow me to call it the best crypto exchange in Canada, and that would be its bid-ask spread rate.

We make trading crypto easy

Moreover, depending on the payment method you choose, your bank might charge you a little extra. When it comes to safety and security, Binance is more than reliable. It has its very own money vault called SAFU to which it pools money from the trading fees users pay.

Coinberry is a great crypto exchange but it’s not the only option out there. Many other exchanges offer similar services and products. Also, it has a lot of security measures in place to protect its users from getting hacked or losing money. The platform uses cold storage to store funds, which means it stores them offline on software that isn’t connected to the internet.

Originally, Coinberry’s cryptocurrency support was a lot more limited, but it has grown to support 30 different cryptocurrencies since its inception. Let’s start this Coinberry review by taking a look at what the platform has to offer. You’ll incur an in-built spread fee applied between the bid-ask prices when you buy crypto on both platforms.

Binance’s US arm has fewer currency pairs than thier main exchange, but still has a solid offering. They offer fiat on and off ramps as well, allowing you to get new money into the market quickly. Coinberry is a leader in cryptocurrency trading with CAD.

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. Coinberry is dedicated to maintaining an extremely secure platform for their users. Coinberry is an impressivecryptocurrency 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. Coinberry is a cryptocurrency trading platform located in Toronto which permits users to buy and sell Bitcoin, Ethereum, and Litecoin.

Buying and selling crypto assets on Coinberry is very streamlined that is ideal for quick purchases. Once an asset is selected from the coin list, the user interface is intuitive and follows a step-by-step process. There is the option to choose at market price or limit order to execute a trade. This can be useful however there are no price charts to maximize the benefits of a limit order.

Top Exchanges

One of its primary features is dollar-cost averaging into crypto, and it does have some other beginner-friendly features that make it easy to use for newbies. Coinberry supports about 20 cryptocurrencies, but you can only withdraw four coins, including Bitcoin, Ethereum, Litecoin, and Ripple . That said, Wealthsimple Crypto offers up to 42 cryptocurrencies, compared to Coinberry’s 29 coins.

Also, while Coinberry doesn’t charge deposit or withdrawal fees, NDAX charges a withdrawal fee of $4.99 CAD. NDAX also charges a trading fee of 0.20% plus a spread fee of 0.40%. Coinberry and NDAX are both focused on providing safe and secure cryptocurrency trading platforms to Canadians. This includes major cryptocurrencies such as Bitcoin and Ethereum , which are the most popular digital assets on the market today. There are no fees for trading, depositing or withdrawing funds on the Coinberry platform.

Traders will need to use a third-party website for crypto charting to determine a lower or higher price to place a trade. Coinberry supports wire transfers and Interac e-Transfers to fund an account using Canadian Dollars]. For large investments, using a wire transfer is the best option with a maximum limit of CAD 50,000 per 24 hour period. The speed of the wire transfer can take between 1 and 3 business days to clear depending on the bank. Coinberry is a reputable and trustworthy digital currency exchange in Canada that enables Canadian’s to deposit and withdraw CAD with zero fees.

You can also trade stock and ETFs commission-free on Wealthsimple. That said, Bitbuy offers a cheaper trading fee of 0.1% and 0.2% compared to Coinberry’s spread which may go up to 2.5% per trade. Again there are no fees from the exchange side for a withdrawal and the methods you velocitytrade review have available are the same as you used to fund. You should just keep in mind that the minimum withdrawal here is $100. With Coinberry, you can buy and sell crypto like Bitcoin , Shiba Inu , Ethereum , Bitcoin Cash , Litecoin , Dogecoin , and many other major cryptocurrencies.

Therefore, the platform now complies with AML and CFT regulations and asks customers to verify their identity to be granted trading access. This transparency and compliance has won the hearts of local traders and investors. It’s handy to buy some quick crypto, but they lack additional coins like Litecoin and Ripple, nor do they have an advanced and more sophisticated trading platform like Bitbuy or NDAX. You can still opt for Kraken if you’re interested in things like margin or futures trading as the platform is a true leader when it comes to advanced trading services. To learn more about the safety measures employed by the platform, check out our post on Kraken’s safety features and history.

Therefore, Coinberry does not support payments in US Dollars, Euros or British Pounds. Customers that want to buy crypto with these currencies will need to find a USA crypto exchange or a trading platform based in the UK that accepts GBP deposits. Getting started with cryptocurrencies can be a daunting task for newcomers that legacyfx review are not familiar with crypto exchanges and wallets. Coinberry takes the stress out of investing in Bitcoin and 18 other digital currencies with its modern, elegant and intuitive user interface. Crypto investors can easily and quickly monitor asset prices and their portfolios using the website or feature-rich mobile app.

Coinbase has slightly higher trading fees that start around 1.49%, except for card purchases which incur a 3.99% fee per transaction. Canadian traders can only purchase crypto with CAD via debit card (instantaneously!) or sell their cryptos via PayPal. To fund your account, you can use Interac e-transfer, Wire Transfer, or Bank Draft/Certified Cheque.

The insurance policy covers the exchange against financial losses due to dishonest and unethical behavior from Coinberry employees. Bad actors within a company have been the cause bitfinex review of several crypto exchange hacks in recent years. Designed for simplicity and is best suited for beginners and experienced investors with various features and services.

In this article, we explain what is cryptocurrency, what problems it solves, what’s it used for and how many crypto’s there are. Get the latest news and best offers from the crypto community by joining our newsletter. As we are not from Canada, we have not been able to obtain a picture of the purchase interface here. We apologize for this inconvenience and we will be sure to update this review with a picture of the trading view as soon as we have received it. Coinberry Help Center – How to Fund with CryptoSelect either Bitcoin or Ethereum at the top of the page.