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Coinberry Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?

  • Freilla Espinola
  • July 19, 2022

coinberry review

It supports popular coins like Bitcoin, Ethereum, Stellar, Ripple, Cardano, and several others. Users submit their account information, and Coinberry’s KYC/AML partners confirm their identity. These are often credit reporting organizations with information about the user’s financial history. They must provide a government-issued picture ID with their full name and birth date for verification. A government-issued photo ID, a document (such as a utility bill) providing proof of address, and a selfie may be required.

Coinberry Reviews

Coinberry implements military-grade encryption and keeps up to 97% of its coins in cold storage, which is one of the higher percentages we’ve seen. Coinberry allows you to accept crypto payments and tips via Coinberry Pay. You’ll get a unique oay link and once the crypto is deposited it will automatically be converted to Canadian dollars. With this https://forexbroker-listing.com/, hopefully, you can now determine if it’s the right fit for your cryptocurrency trading. Both exchanges offer a wide range of coins, including bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and more. The first difference between the two platforms is the number of cryptocurrencies supported by each platform.

Coinberry took my money and will not…

Coinberry has mixed reviews with some people praising their customer support and others saying they have had unresolved issues. However, we submitted a support ticket and received a helpful response within minutes. You can trade on Coinberry without paying any commission fee. The platform does not charge any fees on deposits or withdrawals from your account. Coinberry gives its users the ability to get their bitcoin out of their account at any time. To withdraw money, all that is required is the address of the wallet you use.

Coinberry has proved safe and secure

coinberry review

This means that account verification is required in order for users to begin depositing funds. The first thing that stands out on Coinberry’s website is its advertising of 0% deposit fees, 0% withdrawal fees and 0.5% trading fees – very transparent. Speaking of stable banking, Coinberry has CDIC insured segregated banking. This means that Coinberry works with Canadian Schedule I banks that help them achieve compliance with Canada’s laws. One of the ways they do this is by keeping company funds and customer funds in completely different accounts. In this Coinberry review we will take a look at a growing cryptocurrency exchange based in Canada.

The Trustpilot Experience

The last port of call to get hold of the exchange is through their numerous social media accounts. For example, you can message them on Facebook or their Twitter. Currently, there are only three cryptocurrencies on offer at Coinberry and these include Litecoin (LTC), Bitcoin (BTC) and Ethereum (ETH). The first and most important of these has to be mobile two-factor authentication. With this enabled, you will need to confirm the account login through your mobile device.

The Coinberry platform allows users to trade cryptocurrencies. Coinbase also offers a much more extensive cryptocurrency selection, accepts more fiat currencies, and supports more payment methods. Coinberry Pay also lets you set up donations and tips, and the funds can easily be converted into Canadian dollars and deposited into your bank account.

Super Slow Crypto Withdrawls!

coinberry review

Its main advantages are charging no fees on deposits or withdrawals and offering valuable tools for automating the purchase of cryptocurrencies. Our main concerns are the potentially high trade fees and the lack of more advanced tools aimed at expert traders. Coinberry is a Canadian cryptocurrency trading platform based in Toronto. It has been in operation since 2017, serving more than 220,000 Canadians and reaching a trading volume of over $1 billion.

After you have entered your Verify Token and clicked the “update” button Coinberry ought to provide you three backup codes that you should save securely. You have the option of manually inputting your personal information or uploading a picture ID card issued by the government, such as a driver’s license, in order to validate your account. You can locate the “Sign Up” button on the Coinberry platform by going to the upper right-hand corner of the page. Simply click on it and then come up with a username and password for yourself. In addition to this, it has formed a partnership with Gemini Trust Company, which is a licensed custodian, in order to store the majority of the coins on the site offline. Since Coinberry is registered with the Financial Transactions and Reports and Analysis Centre of Canada as a Money Service Business, it would seem that Coinberry is a reputable business.

Before trading on a crypto exchange you must provide identity documents so Coinberry, canlink a wallet on the blockchain with someone’s identity. This information can easily be passed onto law enforcement if requested. Many customers feel happy with Coinberry’s service and professional help coinberry review from the support team. We bought bitcoin with our money and Coinberry gave us a preview of our order before we submitted it. The total fees including the spread was $3.00 or 2.5%, which is high. Had we made this purchase at Newton we would have paid a total fee of just $1.08 or 0.90%.

  1. WonderFi and Bitbuy, its parent company, took over all Coinberry client accounts in 2023.
  2. All information contained herein should be independently verified and confirmed.
  3. Because it is registered with FINTRAC, Coinberry complies with all regulations without exception.
  4. While Coinberry offers popular cryptocurrencies, it is lacking in the features department as well.

If your trading volume is under $250K, they have a 2.00% maker/taker fee which is the highest in Canada. They also hit you with a 1.50% withdrawal fee on Canadian Dollars. Have you used any of the featured crypto platforms featured?

This saves a lot of time and it takes away some of the emotions from investing. Coinberry offers a web app and mobile app on iOS and Google Play which is easy for anyone to use. Buy Bitcoin and other major cryptos like, Ethereum, Litecoin, Bitcoin Cash, etc. While there are no trading fees, the actual fees are in the spread (more on this below). Coinberry recently delisted 5 coins so there are only 25 cryptocurrencies available now.

coinberry review

Top registered and regulated crypto trading platform for Canadians. The trading fees on Coinberry are based on the price spread at the time you place a trade and vary between 0% and 2.5%. Coinberry is the safest cryptocurrency exchange platform situated in Canada. Users can invest by doing some research about the service and security of this platform. Users can acquire cryptocurrencies using a variety of financing ways, such as wire transfer, e-transfer, and debit and credit card choices.

  • Freilla Espinola
  • July 19, 2022