Why do a Coinberry review? Coinberry is special among cryptocurrency exchanges: it is so easy to use and has free withdrawals and deposits. For the plenty of curious Canadians who want to start investing in the crypto market, easy and free are key selling points. Many platforms support the same top coins, so what makes one cryptocurrency exchange better than the other?
That is why we bring you this Coinberry review. Coinberry is a popular and competitive option in a crowded space. We'll look at the fees, the interface, wallets, funding options and more. Get ready, get set; here we go.
What made me check out Coinberry?
After managing to find its way onto the top 15 cryptocurrency exchanges list from Hardbacon, I felt like it was only right to see what makes this platform stand out. The sign-up process seemed relatively easy and there were plenty of stellar reviews for Coinberry. The vast number of crypto assets available on Coinberry is also a nice touch and is worth considering for both experienced and novice traders. My interest was piqued.
What is Coinberry?
Founded in 2017, Coinberry is a Canadian-based exchange that many say operates more like a retailer than anything else. It’s based in Toronto and started out as a Bitcoin automated teller machine (ATM) service. Exchanges allow you to trade with other investors, but Coinberry only allows you to buy or sell assets directly with them. If you’re a beginner and are interested in buying crypto for the first time, Coinberry is as solid an option as any other.
Opening my Coinberry account
Signing up on Coinberry was very easy, as is the case for most crypto exchanges. With this exchange, all you’ve got to do is register for an account using your email and verify your identity! After that, you’ll have complete access to Coinberry and its amazing features.
Even if you aren’t great with computers, Coinberry makes it easy to sign up for their services. You can sign up through their mobile application, available on iOS and Android, or the official Coinberry website! It is a simple 6 steps to get started.
Step 1. Click on the “Sign Up” button
Step 2. Enter your email; use one you can access easily
Step 3. Create your password and make sure it meets all of the requirements
Step 4. Agree to the “Terms and Conditions”
Step 5. Check your email for a verification link
Step 6. Verify your email!
At this point, you’re technically a registered member on Coinberry, but you can’t buy or sell crypto until you’ve gone through the verification process.
The verification process
Because cryptocurrency is decentralized, verifying the identity of each Coinberry user is important. They have two different methods of verification: automatic and manual. I highly recommend avoiding manual verification unless you run into trouble using the automatic feature. When it comes to verification, all you’ve got to do is:
Step 1. Enter your phone number
Step 2. Verify your number by entering the personal identification number (PIN) they text you
Step 3. Choose your form of personal ID (passports, driver’s license, or other official papers)
Step 4. Upload a picture of your ID
Step 5. Take a selfie holding your ID
Step 6. That's it! You’re ready to start investing in crypto
The only way you would have to go through manual verification is if the automated service has an issue verifying your documents. If you have a good phone camera and aren’t trying to cheat the system, the automated feature is going to work 99% of the time. I didn’t have any issues with it myself and was verified within 30 minutes or so, The manual verification can take 24-hours or longer. I used my driver’s license and the automated process recognized my details easily.
What crypto assets can I buy on Coinberry?
Coinberry is a reputable exchange with an expanded list of available assets. Coinberry currently allows users to buy and sell metaverse, stable coins and alt coins including:
- BTC (Bitcoin)
- ETH (Ethereum)
- LTC (Litecoin)
- XRP (Ripple)
- BCH (Bitcoin Cash)
- XLM (Stellar Lumens)
- ADA (Cardano)
- DOGE (Dogecoin)
- MANA (Decentraland)
- SAND (The Sandbox)
Although the number of assets is limited compared to some exchanges, they still offer the most popular ones in ETH and BTC. This is what most beginners are interested in anyway, but the addition of altcoins makes Coinberry a viable option for beginners. They also allow users to expand on their investments and learn more about the projects you’ll be buying into, so you won’t just be blindly picking projects and praying.
Withdrawing and depositing money on Coinberry
Turning your “fiat” into cryptocurrency is a challenge when you’re in certain places around the world. Canada is quite flexible when it comes to the financial revolution. Users can fund their Coinberry accounts through a variety of deposit methods, giving potential investors purchase options. The different deposit options available on Coinberry are:
Interac e-Transfer: instant
Credit card: instant
Debit card: instant
Wire transfer: up to 1 day
Regardless of where your money is located or how you plan on funding your account, Coinberry makes it funding easy and straightforward.
Withdrawal and deposit fees
One of the best parts about Coinberry has to be the fact that they offer 0% withdrawal and deposit fees, meaning you can take your money out without having to pay a dime. Of course, they offer dynamic fees if you plan on withdrawing crypto to an external wallet or another exchange, so it only applies if you’re taking out or depositing CAD. There are no fees associated with taking your money out or depositing money into your account:
Withdrawal fees: free
Deposit fees: free
Coinberry makes its money on the spread. Spreads are when they source crypto to customers at a slightly higher price than what they paid for it, earning the company a small profit for their efforts. When you take into account that you can withdraw and deposit for free, the spread is a small price to pay for convenience.
Making my first Coinberry trade
After funding my account using Interac e-Transfer, I had $100 to work with, and the money was available in my account almost immediately. I was interested in some of the alt coins available on Coinberry but chose to stick with Bitcoin for review purposes.
So I bought $100 worth of Bitcoin at $45,281.40. The net deposit in my account was $98.50, leading me to believe they gave me a spread of 1.5% for the purchase. They state that their spread is anywhere in between 0% to 2.5%. I suppose the spread cost me $1.50.
Is Coinberry a safe and secure option for Canadians?
Coinberry is one of the safest options for Canadians because of more than just their stellar reputation. They are registered with the Ontario Securities Commission (OSC) as a registered crypto asset trading platform, and with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as an Money Service Business (MSB). This means that they’ve gone through an abundance of requirement and certification checks before being able to receive money from clients.
They also use segregated banking, meaning that the company funds and customers' funds are kept in individual accounts. If the company ever has its assets frozen, customers wouldn’t have to worry because it wouldn’t impact their accounts in any way. With that being said, Coinberry is an incredibly safe and secure option for any Canadians interested in crypto.
Pros and cons of Coinberry
Every exchange is going to come with its own set of pros and cons. It comes down to a fine balance. Coinberry does a lot of great things to help introduce curious users into the world of cryptocurrency, but is it enough to warrant using them over some of the other platforms?
Coinberry is great for Beginners
I had a wonderful time with Coinberry and the only gripe I have with the platform is the lack of assets but that is personal opinion. Seeing as most beginners are interested in BTC or ETH, that isn’t a huge deal. If you want to use a cryptocurrency exchange that offers minimum fees, quick deposits, and a streamlined sign-up process, this just might be the one for you!
The addition of a mobile application allows you to invest on the go and keep track of your account regardless of where you are, granting users a flexible exchange option that won’t eat away at their profits. All in all, Coinberry is a solid 4 out of 5 stars. Right now you can take advantage of Coinberry‘s offer of $30 in crypto when you open a new account. It makes getting started in crypto even better.
Frequently asked questions about Coinberry
Is Interac e-Transfer easy to use on Coinberry?
I didn’t have a problem with it at all, and they also offer it as an option for withdrawals. Using an eTransfer in Canada is relatively foolproof these days and Coinberry does a great job of integrating it into their funding and withdrawal options!
Will Coinberry add more assets in the future?
While I don’t know for sure, I feel like Coinberry is going to do everything they can to add more alt coins to their available asset list throughout the year.
Are there genuinely no fees on Coinberry?
I did some trading myself and didn’t see a single fee while using the website, the only thing that I noticed was the spread when comparing crypto exchanges fees. Paying for a spread is nothing compared to some of the percentage-based fees you would be paying on other platforms, but the lack of assets sort of balances that out.
Do I need to be worried about getting hacked on Coinberry?
Coinberry hasn’t been hacked in the past and they make quite an effort to keep their website secure. Although that’s true, if they ever get hacked, it would definitely be problematic for the user base. Like most exchanges that people store their assets on, one hack is all it takes to wipe away all of your investments – this is why I always suggest using a software/hardware wallet to store your assets.
Compare dozens of Canadian crypto exchange platforms and find the one that best suits your needs.
About The Author: Arthur Dubois
Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon. Since his arrival in Canada, he’s built his credit score from nothing.
Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it’s with the BitBuy online platform. Of course it goes without saying that he uses the Hardbacon app so that he can manage all of his finances from one convenient place.
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