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Coinberry review: The easy way to start trading crypto in Canada?

Out of 20+ platforms we tried, NDAX had the #1 lowest fee to buy Bitcoin in Canada. Despite Coinberry being very new, I can see it being one of the best exchanges in the country. I like the the fact that they offer a referral bonus when you introduce others to their network. So to summarize Coinberry is a respectable option for Canadians looking to trade cryptocurrencies. The public at large has a generally favorable opinion of Coinberry. As was mentioned before, the platform operates in conjunction with the municipalities of Richmond Hill and Innisfil.

Coinberry Wallet

It’s unfathomable why they demand such massive amount of money each time. I finally met all of their financial requirements but they still won’t release my money. They now tell me because of previous potential suspicious activity they lowered my credit score to 60 and they won’t release my money until I bring my score up to 100. To do this, I have to deposit $5000 for every point needed to reach 100 which means I need to deposit another $200,000. Of course, it is important to point out that there may be fees that your own financial institution will charge on the transaction.

• This is quite an important point when you consider that most deposits / withdrawals at other exchanges are on average 3% one way.
• You will be required to upload a piece of government-issued ID, a document proving your address such as a utility bill, and a selfie.
• It is therefore quite refreshing to see the how prominently Coinberry displays their team members.
• In addition to requiring a KYC check for all interested members, Coinberry requires two-factor authentication and regular tests for account security.
• However, the platform charges a spread fee that ranges from 0% to 2.5%.
• Coinberry is one of the few Canadian crypto platforms that are registered with OSC and FINTRAC, insured and PIPEDA compliant.

Bad service

You will need to provide a government-issued ID, a selfie, and proof of address in order to trade with Coinberry. Coinberry offers a simple buy and sell interface which makes investing in the crypto markets incredibly hassle-free. Sign up, verify your identity, fund your account, and invest.

Click the drop-down menu with the name of your bank in the top right corner. Coinberry uses a third-party app to facilitate this process. While the mission of Coinberry is to make crypto trading and investing available to everyone worldwide, it is currently only available to Canadian traders. Coinberry offers a solid collection of 38 different cryptocurrencies at the time of writing this article. The list includes everything from big-name cryptos such as Bitcoin, Cardano and Litecoin, to lesser-known ones such as Gala or Enjin Coin. Coinberry has partnered with several organizations and companies to improve its service and user experience.

Security and verifications upon every sign in and transaction is excellent. If you don’t feel like trying Coinberry and want to see other Canadian crypto exchanges, we’ve got your back! Here’s a quick review of the best Bitcoin exchanges in Canada! The list include some of the very prominent Canadian exchanges out there such as Bitbuy, Binance, Blockchain, Coinbase, Coinsmart, NDAX, Balancer, Gemini, and Shakepay. Since the inception of Bitcoin in 2008, more than 1000 different cryptocurrencies and 600 crypto exchanges have flooded the market.

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. 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. E-Transfer makes it easy to add funds to your account, and the process only requires a few simple steps to finish.

• There is a whole section and a blog dedicated to educating users on the website.
• Hence, when we are analysing the safety of an exchange, one of the most important requirements that we look at is a robust cyber security protocol.
• You will still have to pay an arbitrary miners fee on the withdrawal of crypto.
• The goal of a short seller is to agree to sell at future prices that are higher than the spot price will be at the time.
• Additionally, Coinberry lets you accept crypto payments and tips through Coinberry Pay.
• To complete your registration, you will be asked to verify your identity with a government-issued ID.

Company Security Features

In this situation, their compliance team will ask you to submit additional documents and manually review them. Some users have reported issues such as delays in fund withdrawals, a slow verification process, and difficulties with logging into the app, which may contribute to the lower Android rating. While the iOS experience appears smoother, these complaints highlight areas where Coinberry could improve. Coinberry is a fully insured and FINTRAC regulated cryptocurrency exchange based in Canada with the main office located at 100 Designers Walk Lane, Toronto, ON, M5R 1K6.

Coinberry Mobile App

This combined with fast account verification and a very smooth KYC process makes it a top-level platform to use. 2fa verification is of course an option to safeguard your account against immediate threats. If you are into app trading, Coinberry offers a great crypto trading app for all investors who wants to trade on the go. Coinberry is an excellent cryptocurrency exchange for Canadians who are new to the sector.

Coinberry’s trading fees are among the highest, and it lacks advanced features, limiting users to basic trading. There are cheaper alternatives like Bitbuy or Binance, both of which offer lower fees, excellent security, and beginner-friendly platforms with a wider range of features. Some people have written reviews of Coinberry stating that their accounts have been blocked. As with a lot of exchanges, reasoning is mostly unknown, but usually it is due to suspicious activity or the user has not provided sufficient verification documents.

We deposited $120 into our Coinberry account, and since deposits are free, the full amount was available in our account. Coinberry does not offer any additional features such as staking or Visa cards. Yes, it is regulated by the Canadian government and they are also partners with Gemini Trust Company LLC™, this gives you digital asset insurance of up to $200 Million. Coinberry does not offer a charting interface for active traders. There are quite a few suggestions that users have given about how to improve the apps functionality which are all well received. It is highly encouraging to see that the Coinberry developers are “on the ball” and are quickly responding to these queries.

In its limited existence, Coinberry has not been the victim of any scandals, hacks, or leaks. However, its coinberry review relationship with Gemini does not stop there; Gemini also provides cold storage. 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. To give your account an extra layer of protection and safety you should have google authenticator” on your phone. Therefore the step is to launch google authenticator, choose “Scan Barcode,” and use the screen of your Coinberry device to scan your QR code.