Coinberry vs Coinsquare: What Works Better For Canadians?

Oleg Galeev

7 months ago

Coinberry vs Coinsquare featured image

Coinberry and Coinsquare are two Canadian cryptocurrency exchanges that offer Canadians easy, fast, and secure ways to buy crypto. At OCryptoCanada, we looked into both exchanges to see how these they compare. Check our Coinberry vs Coinsquare review.

Description

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

Coinsquare offers two trading platforms for Canadians. The Quick Trade app is for fast and easy purchases, while the Advanced Trade desktop platform offers more coins and more order types for the experienced trader.

Coins

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

Bitcoin, Ethereum, Litecoin, XRP, Stellar, Bitcoin Cash, Bitcoin SV, Dogecoin, Dash, Ethereum Classic

Fees

  • 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
  • 0% CAD deposit fees
  • 2% CAD withdrawal fees or 0% when using Quick Trade
  • 0.1% maker fee, 0.2% taker fee
  • 0.2% to 0.4% trading fees
  • Various crypto withdrawal fees

Pros

  • 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
  • No CAD deposit fees
  • OTC desk for large purchases
  • Quick Trade with free deposits available for beginners
  • Coinsquare Advanced Trade available for more experienced users

Cons

  • High spread
  • No debit or credit card deposits
  • 2% CAD withdrawal fee when using Coinsquare’s advanced platform
  • No credit/debit card deposits
  • App has bad reviews
  • Desktop platform not beginner-friendly

Account Limits

  • $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
  • $20 to $10,000 max Interac e-Transfer deposit
  • $10,000 to unlimited wire deposit
  • $20 to $10,000 max direct bank withdrawal
  • $10,000 to unlimited wire transfer withdrawal

Methods to buy

  • Interac e-Transfer
  • Wire transfer
  • Interac e-Transfer
  • Wire transfer

Security

  • Funds insured for $200m by Gemini Trust Company LLC™
  • Up to 97% of coins held in cold storage
  • 100% proprietary system
  • DDoS tested
  • SSL technology
  • 95% of coins held in cold storage

Coinberry vs Coinsquare: Mobile and Desktop Trading

Coinberry

Both Coinberry’s desktop and mobile apps feature a beginner-friendly interface that’s easy to navigate. With just a few clicks, you can purchase any of its seven coins available. 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

Coinsquare

Coinsquare’s Quick Trade app, however, has a rating of just 2.1 stars with over 600 reviews and its Android app has a 2.2-star rating with 750 reviews.

Coinsquare app screenshot

While Quick Trade is suitable for beginners, based on reviews, it seems Coinsquare’s advanced trading desktop platform is better favoured by its customers.

Coinberry vs Coinsquare: Security

For security, Coinberry implements military-grade encryption and keeps up to 97% of its coins in cold storage. When signing up to Coinberry and Coinsquare, customers must provide government-issued documents to verify their identity. This helps protect against money laundering and fraud.

Coinsquare keeps up to 95% of its coins in cold storage and both exchanges offer Two-Factor Authentication (2FA), so you can be sure no one but you can sign in to your account. Coinsquare utilizes SSL technology for private data encryption, and its system is DDoS tested to ensure that the platform can stay secure against an attempted hack.

Coinberry vs Coinsquare: Regulatory compliance

Coinberry and Coinsquare are both fully regulated in Canada. The exchanges are registered with FINTRAC and Coinberry is PIPEDA compliant. Coinberry has partnered with Gemini Trust Company LLC™ which provides $200M in insurance coverage. Coinberry also states on its website that it is backed by a “financial insurance bond” which provides insurance coverage for unethical acts from Coinberry employees. Coinsquare does not offer information about insurance policies on its website.

Customer support

Coinberry and Coinsquare both offer live chat and provide helpful knowledge centres on their websites. Customers can message the support teams online or via email. Neither exchanges offer 24/7 email support. 

Conclusion

Both Coinberry and Coinsquare are top choices for Canadians looking to buy cryptocurrency. If you want a fast and beginner-friendly way to purchase the most popular coins such as Bitcoin, Ethereum, or Litecoin, then Coinberry is a good choice. The exchange is heavily focused on making cryptocurrency as accessible to Canadians as possible. A perfect option for beginners. 

With Coinsquare, you have the choice of using its Quick Trade app, for fast and simple purchases, or its Advanced Trade desktop platform for more advanced order types. Coinsquare also offers a few more coins than Coinberry, but both are comparable and good choices for Canadians. 

We would say that Coinberry (sign up here) is the winner in this round due to its mobile and desktop apps.

On top of these two, we would recommend Coinsmart for a number of reasons. Why? Check on our Coinsmart review.

Author

Oleg is a crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun.