Coinberry Review 2024: Safe Exchange? This You NEED To Know

Taking a closer look at these trading fees, they are about in line with the execution fees charged at other Canadian exchanges. For example, they are slightly more than the 0.4% quick buy fees at Coinsquare but are slightly less than the trading fees at BitBuy. For one, Cryptocurrency deposits made to Coinberry are routed to hierarchical wallets. Privacy-wise, Coinberry requires all users to have a 2FA system set up and uses the latest in SSL/TSL encryption technology to protect all transactions on the site.

Business

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. They also offer a very user-friendly platform that makes it easy for beginners to get started. In this light, it can be said that Coinberry’s fees are reasonable.

Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service. Because of the financial risks involved when buying, selling and trading crypto-coins, you always want to go with a reputable platform that’s been operating for at least a few years.

Account Management Metrics

It supports some of the most popular cryptocurrencies as well as numerous altcoins. Since it was founded in 2017, Coinberry have developed interesting features such as AutoPilot and Coinberry Pay, differentiating them from other crypto exchanges for Canadians. Yes, Coinberry is a very safe exchange for Canadian users, with institutional grade crypto protection.

How Long Do Deposits Take?

Coinberry does provide Canadian users a protection offered by institutional-grade crypto exchanges, so the answer is yes. Coinberry not only protects itself against external dangers, but they are also mindful of the hazards that come from inside the company. As a result, they have insurance to cover financial losses that are brought on by dishonest actions and unethical conduct on the part of Coinberry personnel.

One of the ways they do this is by keeping company funds and customer funds in completely different accounts. Moreover, a MSB licence means that Coinberry will have to conduct regular KYC and make sure that all of the client accounts are above board. It also means that Coinberry will find it easier to get stable banking and payment processing solutions. In this Coinberry review we will take a look at a growing cryptocurrency exchange coinberry review based in Canada. This New York State trust company offers an unprecedented $200 million in insurance for the funds in its cold storage. Coinberry offers a solid collection of 38 different cryptocurrencies at the time of writing this article.

This means that your coins are stored in an offline environment where they cannot be hacked or stolen. Funding your account with e-Transfer is simple and can be completed in a few steps. First, you need to add Coinberry as a recipient, then, you need to enter the amount you would like to fund your Coinberry account with.

Coinberry is fully compliant with Anti-Money-Laundering and Know-Your Customer requirements set by FINTRAC. This means that account verification is required in order for users to begin depositing funds. No doubt one of the most important considerations for any cryptocurrency trader is customer support. This is especially true when you have more urgent queries that need to be addressed in a timely manner. Something that is worth pointing out as well is that the “0% withdrawal” fees applies to the fiat withdrawals only.

Coinberry Review

Enter the desired amount of CAD that you would like to withdraw, click on preview, and confirm your withdrawal, after which a pop-up will appear before the transaction is finalized. Coinberry Autopilot makes it easy to set up cryptocurrency purchases on a daily, weekly, or monthly basis. This streamlines the investing experience and allows you to dollar cost average over time. At Coinberry, you will find that a total of 8 cryptocurrencies are supported for trading.

It also has a strict verification process that ensures only legitimate users can access the platform. Overall, Coinberry is one of the safest cryptocurrency exchanges in operation today. In conclusion, Coinberry can be considered to be a great option for buying and selling cryptocurrencies. The user interface is easy to use, and the transaction speeds are impressive. Coinberry is also one of the few platforms that offer a Canadian dollar to cryptocurrency-of-choice exchange. Additionally, the easy-to-use platform and user-friendly interface make it a great choice for anyone looking to invest in cryptocurrencies.

• We used this to buy Bitcoin, and Coinberry provided a preview of the order before submission.
• Coinberry is a service that facilitates the conversion of Canadian investors’ fiat currency holdings for various cryptocurrencies.
• On the other hand, rather of putting money into your account, you use your card to purchase cryptocurrency right away.
• Speaking of stable banking, Coinberry has CDIC insured segregated banking.
• Coinberry recently delisted 5 coins so there are only 25 cryptocurrencies available now.

Information found in this website are to be used at your own risk, Skrumble will be not liable for any loss or profit that derivates from the use of those. Coinberry, on the other hand, may not be suited for more experienced traders due to its limited selection of only 18 cryptocurrencies and lack of advanced trading tools. Coinberry has also partnered with Trezor, a leading hardware wallet manufacturer, to provide an even more secure experience for its users.

• Unfortunately, both of these features have been removed in the March 2023 update.
• You may be wondering what platform you should use for your cryptocurrency trading in Canada.
• This means that users can set up an automatic purchase of a certain amount of cryptocurrency every week or month and have it automatically deposited into their account.
• Also, while Coinberry doesn’t charge deposit or withdrawal fees, NDAX charges a withdrawal fee of $4.99 CAD.
• The platform also features a helpful FAQ section on its website to address common questions.

It offers over 40 coins, robust tools for buying and selling cryptocurrencies, and straightforward interface that appeals to both beginner and experienced traders alike. Funding your account is free with options including Interac e-Transfer, debit card, credit card, Apple Pay, bank wire, and cryptocurrency deposits. Coinberry is a Canadian-based cryptocurrency exchange, which is similar to trading platforms like Newton and Shakepay. They’ve been around since 2017 and feature 0% funding fees, a claim, not all crypto exchanges can make.

The owner(s) of this website may be compensated to provide opinions on products, services, websites and various other topics. Even though the owner(s) of this website receives compensation for our posts or advertisements, we always give our honest opinions, findings, beliefs, or experiences on those topics or products. The views and opinions expressed on this website are purely the author. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question. Yes, Coinberry is a legitimate cryptocurrency exchange founded in Toronto in 2017. It is registered with FINTRAC and complies with all strict KYC/AML and reporting obligations.

As a Decentralized Cryptocurrency Exchange, Coinberry

Our deposit via Interac e-Transfer took five minutes to be deposited into our Coinberry account. Access over 45 popular coins and altcoins and staking to earn interest. You can also share your own referral link or referral code (3b28a1568bc) with others on social media, and you both get $30 after they complete verification and trade $50 or more. Coinberry has a referral that pays you $30 when you sign up here and trade at least $50. There is a whole section and a blog dedicated to educating users on the website.

Coinberry has recently changed their fee structure which you can find here. 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. At OCryptoCanada, we like to give people knowledge to become aware and catch up in the cryptocurrency industry. Cryptocurrency will be one of the main medium exchanges in the future.

As of the beginning of 2019, Coinberry is the first and leading cryptocurrency platform that has cooperated with municipal governments throughout Canada. Coinberry and the user’s wallet do not share a common “taxable event,” hence the exchange of tokens or currencies between the two does not trigger taxation. It may take as little as one minute to sign up for a Coinberry account and make a purchase of Bitcoins using that account. Toju Ometoruwa is a Northeastern University alumni who is the co-founder of Pazima, a start-up that provides secure lending options for low-income workers.

Over the last 3 years, we put every Canadian platform to the test across 60+ features each. Visit our free comparison tool here or see this year’s Best Canadian Exchanges. Coinberry provides a custodial wallet where traders can store and transfer cryptocurrencies. However, they are in full control of the private keys, which can pose a risk if Coinberry experiences a hack or wants to lock your account for whatever reason. With that being said, Coinberry is still a centralized crypto exchange and does not replace the need for a hardware wallet. The main drawback when it comes to security is the inability to withdraw most cryptocurrencies.