Coinberry Review 2023: Buy and Sell Crypto in Canada

Last updated Jul. 4, 2024 by Peter Jakes

Cryptocurrency has evolved from a fringe technological curiosity to a mainstream financial instrument over the past decade. With an ever-increasing number of people looking to get in on the action, reliable and user-friendly crypto exchanges have become indispensable. One such platform that Canadian users have found invaluable is Coinberry. This article delves into an in-depth review of Coinberry in 2023, examining its features, fees, security measures, and overall user experience. By the end, you’ll know whether Coinberry is the right platform for you to buy and sell crypto in Canada.

Overview of Coinberry

What is Coinberry?

Coinberry is a Canada-based cryptocurrency exchange founded in 2017. It allows Canadian residents to easily trade various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. The platform is designed to be user-friendly, compliant with Canadian regulations, and secure.

User Experience

From signing up to executing trades, Coinberry offers an intuitive user experience. The platform is accessible through both web and mobile applications, providing flexibility for users who want to trade on the go. The dashboard is straightforward, showing essential information like portfolio balance, recent transactions, and market data.

Supported Cryptocurrencies

Coinberry supports a variety of popular cryptocurrencies, including:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Ripple (XRP)
• Stellar (XLM)
• Bitcoin Cash (BCH)

The platform continues to expand its list of supported assets, making it a viable option for those who want to diversify their crypto portfolios.

Features

Instant Verification

One of the reasons Coinberry has gained popularity is its quick and seamless verification process. Most users can go from signing up to trading within just a few minutes. This is a significant advantage for those eager to jump into the market without delay.

CAD Funding and Withdrawal

Coinberry makes it easy to fund your account and withdraw funds in Canadian dollars (CAD). Users can deposit money via Interac e-Transfer or wire transfer. Withdrawals are similarly smooth, ensuring that you can access your funds whenever you need them.

No Deposit or Withdrawal Fees

Coinberry stands out for not charging any fees on deposits or withdrawals. This makes it an attractive option for users who want to avoid the typical costs associated with moving money in and out of their crypto accounts.

Recurring Buys

For those who prefer a more structured investment approach, Coinberry offers the option for recurring buys. Users can set up automatic purchases at regular intervals, such as weekly or monthly. This feature is valuable for those looking to dollar-cost average their investments over time.

Coinberry Pay

Unique to Coinberry is its Coinberry Pay feature, which allows users to accept cryptocurrency payments. This is particularly beneficial for businesses or individuals who wish to receive payment in crypto without hassle.

Security

Regulatory Compliance

Coinberry is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and complies with all relevant Canadian regulations. This adherence to local laws ensures that users are protected and that the platform operates transparently.

Two-Factor Authentication

To add an extra layer of security, Coinberry requires users to enable two-factor authentication (2FA). This step helps to protect accounts from unauthorized access, making it harder for malicious actors to compromise user data.

Multi-Signature Wallets

Coinberry utilizes multi-signature wallets to store user funds, ensuring that assets are secure even in the unlikely event of a security breach. This means that multiple keys are required to authorize a transaction, making it more difficult for hackers to steal funds.

Cold Storage

Coinberry employs cold storage techniques to keep the majority of user funds offline, further reducing the risk of hacks. Only a small portion of funds are kept in hot wallets to facilitate daily transactions, ensuring a balanced approach between usability and security.

Fees

Trading Fees

Coinberry charges a competitive flat trading fee of 0.5% for both buying and selling transactions. While this is not the lowest in the market, it is relatively modest and straightforward, making it easy for users to calculate their costs.

Spread

In addition to the flat fee, Coinberry also applies a spread on all trades. The spread is the difference between the buying and selling prices and varies depending on market conditions. While this is standard practice among crypto exchanges, it’s essential to be aware of the additional cost.

No Hidden Fees

One of Coinberry’s significant advantages is its transparency regarding fees. There are no hidden charges, and users are informed about the costs upfront, enabling them to make well-informed decisions.

Customer Support

Coinberry provides multiple avenues for customer support, including email, live chat, and an extensive help center. Users can find answers to common questions in the help center, while more specific queries can be addressed through direct communication with the support team.

Response Time

Coinberry boasts prompt response times, often addressing queries within 24 hours. The live chat option is particularly useful for urgent issues, ensuring that users can resolve problems quickly.

Pros and Cons

Pros

• User-Friendly Interface: The platform is intuitive and easy to navigate, even for beginners.
• No Deposit/Withdrawal Fees: Users can move their money in and out without incurring additional costs.
• Regulatory Compliance: Being registered with FINTRAC gives users peace of mind regarding the platform’s legitimacy and security.
• Quick Verification: Instant verification means new users can start trading almost immediately.
• Recurring Buys: A useful feature for those employing a dollar-cost averaging strategy.

Cons

• Limited Cryptocurrency Selection: While the platform supports major cryptocurrencies, it lacks a more extensive range of altcoins.
• Trading Fees: Although competitive, the 0.5% trading fee is higher compared to some international exchanges.
• Spread Charges: Users need to account for the spread in addition to the trading fee.

Conclusion

Coinberry is a solid option for Canadian residents looking to buy and sell cryptocurrencies easily and securely. Its user-friendly interface, quick verification process, and lack of deposit/withdrawal fees make it particularly appealing to both crypto novices and seasoned traders. While it may not offer the extensive range of altcoins available on larger international platforms, its focus on regulatory compliance and security ensures a trustworthy trading environment.

FAQs

Is Coinberry safe to use?

Yes, Coinberry is registered with FINTRAC and complies with Canadian regulations, making it a secure platform for trading cryptocurrencies.

How long does it take to verify my account?

Most users can complete account verification within a few minutes, thanks to Coinberry’s instant verification process.

What are the deposit methods for funding my Coinberry account?

You can fund your Coinberry account using Interac e-Transfer or wire transfer.

Does Coinberry charge any fees for deposits and withdrawals?

No, Coinberry does not charge any fees for deposits or withdrawals, making it cost-effective to move money in and out of your account.

What is the trading fee on Coinberry?

Coinberry charges a flat trading fee of 0.5% for both buying and selling transactions.

Can I set up recurring buys on Coinberry?

Yes, Coinberry offers a recurring buys feature, allowing you to automate purchases at regular intervals.

Does Coinberry support a wide range of cryptocurrencies?

While Coinberry supports major cryptocurrencies like Bitcoin, Ethereum, and Litecoin, it has a more limited selection compared to some larger international exchanges.