BitBuy vs CoinBerry: What Works Better For Canadians?

Oleg Galeev

4 months ago

BitBuy vs. Coinberry featured image

BitBuy and CoinBerry are two Canadian cryptocurrency exchanges that allow you to purchase Bitcoin, Ethereum, and more in just a few clicks. Both exchanges are suitable for beginners, so here at OCryptoCanada, we looked into both exchanges to make Bitbuy vs. Coinberry comparison.  

Description

Bitbuy was founded in 2016 and it offers nine of the most popular cryptocurrencies. It has an Express platform for beginners and a Pro platform for more experienced traders.

Toronto-based Coinberry offers a wide range of cryptocurrencies. The exchange is dedicated to making crypto accessible to Canadians.

Coins

Bitcoin, Bitcoin Cash, Ethereum, Litecoin, EOS, Stellar, LINK, AAVE, Solana (SOL)Cardano (ADA)Polkadot (DOT), Dogecoin (DOGE), Uniswap (UNI), Sushiswap (SUSHI) and Polygon (MATIC)

Bitcoin, Ethereum, Litecoin, Stellar, Bitcoin Cash, Cardano, Kyber Network, yearn.finance, Compound, BAT, Aave, Chainlink, Uniswap, Balancer, Synthetix, Curve, Polkadot, Dogecoin

Fees

  • 1.5% CAD deposit and withdrawal fees for e-Transfer
  • 0.5% fee for wire transfer
  • 0.79% spread
  • 0.1% Maker 0.2% Taker fees
  • Wire transfer 0.50% ($20k min)
  • 0.00025 BTC crypto withdrawal fee
  • 0% CAD funding
  •  0% CAD withdrawal fees
  • 0% to 2.5% Spread 
  • 0.02 fixed fee for LTC withdrawal
  • Crypto withdrawal fees to cover mining costs

Pros

  • Offers seven of the world’s most popular cryptocurrencies
  • Express Trade and Pro Trade makes it suitable for beginners and advanced traders
  • OTC Desk available
  • Digital assets held in cold storage
  • $20 referral bonus
  • Interac e-Transfer available
  • Industry leader in compliance and security
  • No CAD deposit and withdrawal fees
  • Beginner-friendly
  • Crypto education hub on the website 
  • Coinberry Pay allows anyone to receive crypto payments
  • Customers can set up automatic payments

Cons

  • Deposits can take a few hours
  • 1.5% Interac e-Transfer fee (both in and out)
  • Low Android app rating
  • High spread
  • No debit or credit card deposits

Account Limits

  • Deposit $100 - $10,000 via Interac daily
  • $50 minimum e-Transfer withdrawal
  • $20,000 minimum for wire transfers
  • $10,000 max daily Interac e-Transfer deposit
  • $10,000 to $500,000 max wire deposit
  • $100 to $5,000 Interac e-transfer withdrawal
  • $10,000 to $500,000 wire transfer withdrawal

Methods to buy

  • Debit card
  • Interac e-Transfer
  • Wire transfer
  • Interac e-Transfer
  • Wire transfer

Security

  • Up to 98% of digital assets are held in cold storage
  • Users can withdraw crypto to private wallets
  • Bitcoin backed 1:1 with Knox insurance policy
  • Funds insured for $200m by Gemini Trust Company LLC™
  • Up to 97% of coins held in cold storage

Bitbuy vs. Coinberry: Mobile and Desktop Trading

Both Coinberry’s desktop and mobile apps have an easy-to-navigate interface that’s suitable for beginners. Coinberry’s iOS app has a 4.4-star rating with 4.4k reviews. Its Android app has a 3.3-star rating with 900 reviews.

Coinberry desktop interface

Coinberry desktop interface

Coinberry mobile interface #1

Coinberry app interface

Coinberry mobile interface #2

Coinberry app interface while trading

The Bitbuy app has a 4.6-star rating and 6,000 ratings on the Apple App Store. It has a 2-star rating with 1,000 ratings on Google Play. According to reviewers, the Android app has bugs that prevent them from logging in and verifying their account. They also claim customer support is poor. 

The iOS app is easy to use and offers a modern interface like the desktop platform. There is live charting where you can find volume and order book data. Easily deposit funds to your account, and click on your profile tab for your referral details. The app uses biometrics for security. 

Bitbuy’s Express Trade is suitable for beginners or anyone seeking a quick market trade. The Pro Trade platform is geared toward more experienced traders who wish to place advanced order types. 

Express Trade

Express trade view for Bitbuy

Pro Trade

Express trade on Bitbuy app

 

Bitbuy app interface

Bitbuy app interface

Bitbuy app interface while trading

Bitbuy app interface while trading

Bitbuy vs. Coinberry: Security

Coinberry and Bitbuy are secure and reliable exchanges. They both require new customers to go through the KYC process in order to trade. 

The Blockchain Intelligence Group has completed its third annual proof of reserves and due diligence report confirming that Bitbuy exceeds its mandate requiring 95% of customer funds to be held in cold storage. Bitbuy keeps 98% of Bitcoin, Litecoin, and Ethereum funds in cold storage, which is the highest percentage we’ve seen.

Bitbuy vs. Coinberry: Regulatory compliance

Coinberry and Bitbuy are both fully regulated in Canada. The exchanges are registered with FINTRAC and are PIPEDA-compliant. Coinberry has a $200M insurance policy with Gemini Trust Company LLC™ and it states on its website that it is backed by a “financial insurance bond” which covers any unethical acts from Coinberry employees. 

Bitbuy is an industry leader in Canadian regulatory adherence and compliance. In addition to being a Virtual Asset Service Provider and registered Money Service Business with FINTRAC, Bitbuy’s leadership team is a member of the IIROC Crypto-Asset Working Group, which helps to set high quality regulatory standards and strengthen Canadian markets. 

Bitbuy vs. Coinberry: Customer support

Coinberry and Bitbuy have FAQs and knowledge centres on their websites. Customers can message the support teams either online via their support pages or through email. Neither platform offers phone support. 

Conclusion

Both Coinberry and Bitbuy offer Canadians a fast, simple, and secure way to buy cryptocurrency. Both exchanges have insurance policies to protect your assets, and both are fully regulated in Canada. 

Though it has higher deposit and withdrawal fees than Coinberry, Bitbuy has a lower spread, which often works out cheaper overall. Sometimes traders make the mistake of thinking a “no-fee” exchange is the cheapest option, but the fees are usually hidden within the spread. Here is an example comparing Bitbuy to a no-fee crypto exchange:

Actual fees vs. spread fees

Due to the higher spreads of no-fee crypto exchanges, you can see that Bitbuy is the more profitable option.

While Coinberry has more cryptocurrencies available and no deposit fees which might seem appealing at first, Bitbuy is suitable for both beginners and those who want to more advanced order types and data. In addition, Bitbuy has a stronger reputation. 

Due to its highly regarded reputation, its transparency on security, its commitment to regulatory compliance, and its overall lower fees, we think Bitbuy is the clear winner when it comes to choosing a crypto exchange in Canada