Oleg Galeev

2 weeks ago

Coinberry Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?

Coinberry review featured image

Coinberry is a Canadian cryptocurrency exchange that is becoming more popular. We created an account to see if it’s worth using. Here is our Coinberry review.

Coinberry Summary

Toronto-based Coinberry offers a wide range of cryptocurrencies. The exchange is dedicated to making crypto accessible to Canadians. With Coinberry, you can purchase Bitcoin, Ethereum, Litecoin, Stellar, Bitcoin Cash, Cardano, Kyber Network, yearn.finance, Compound, BAT, Aave, Chainlink, Uniswap, Balancer, Synthetix, Curve, Polkadot, and Dogecoin. There are free deposits and fiat withdrawals but the trading fees are on the high side (up to 2.5%). You can buy crypto with an Interac e-Transfer or bank transfer, but not credit or debit cards.

  • Coinberry logo

    8.8/10

  • Pros & Cons

    • 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
    • High spread
    • No debit or credit card purchases
  • 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
  • Coins

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

 

Coinberry Features

Coinberry offers Canadians a simple-to-use trading platform to purchase cryptocurrency. Simply send an Interac e-Transfer or a bank transfer and you can buy crypto in minutes. 

With Coinberry, you can set up autotrading where your desired order will execute automatically on the days and times you specify. This is helpful if you have a dollar cost average (DCA) strategy where you buy crypto at regular intervals e.g. weekly. 

Coinberry also has one of the better referral programs we’ve seen. Refer a friend and you’ll both get $40 if your friend trades $50 of crypto. 

Coinberry Registration & Verification

The verification process at Coinberry is the same as other Canadian crypto exchanges. It is a straightforward process. You will need to provide a government-issued ID, a selfie, and proof of address in order to trade with Coinberry.

Registering with Coinberry

Coinberry 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

Free deposits and withdrawals is great and you can easily transfer Canadian dollars without worrying about exchange fees. However, Coinberry has some of the highest fees we’ve seen of any crypto exchange in Canada. Up to 2.5% spread is very high. Typical trading fees are just 0.2%, so keep this in mind if you wish to trade with Coinberry. 

Coinberry Currencies & Deposit methods

  • Interac e-Transfer
  • Wire transfer

You can make free deposits using Canadian dollars via Interac e-Transfer or bank transfer, but you cannot buy crypto with credit or debit cards. 

Coinberry Security and Safety

  • Funds insured for $200m by Gemini Trust Company LLC™
  • Up to 97% of coins held in cold storage

Is Coinberry safe for Canadians to use? Yes, definitely. 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. Additionally, Coinberry is registered with FINTRAC and is PIPEDA-compliant. Coinberry implements military-grade encryption and keeps up to 97% of its coins in cold storage, which is one of the higher percentages we’ve seen. 

Coinberry Mobile and Desktop app

Coinberry’s iOS app has a 4.5-star rating with 5,000 reviews. Its Android app has a 3.1-star rating with 1,000 reviews. Some people have complained about Coinberry taking too long to withdraw funds, having a slow verification process and being unable to login to the app. 

Coinberry mobile app entry screen

The Coinberry platform is suitable for beginners with its simple and modern layout. It offers a pleasant trading experience. Simply click the buy button and you can use the funds in your fiat wallet to purchase crypto. View your portfolio, simple charting and your referrals in your dashboard. Coinberry does not have many features, which makes its platform suitable for beginner traders. 

Coinberry desktop interface

Coinberry Customer support

Customers can message the Coinberry support team online or via email. It offers 24/7 support and a helpful FAQ section on the website. Coinberry has mixed reviews with some people praising their customer support and others saying they have had unresolved issues.

Conclusion

Is legit? Coinberry is a simple and easy-to-use platform that is suitable for beginner traders. With its free deposits and withdrawals and the fact that you can connect your Canadian bank account, it makes the process of buying crypto simple. It’s also fully compliant and has some of the best security we’ve seen. However, the trading fees are some of the highest out there. There are far cheaper alternatives that are also Canadian and beginner-friendly. While Coinberry offers popular cryptocurrencies, it is lacking in the features department as well. You can’t do much other than trade. For these reasons, we think you should give Coinberry a miss and perhaps check out other Canadian exchanges such as Bitbuy or Binance instead. Both of them offer lower fees, great security, and simple trading platforms with a host of features. You can sign up here.

Coinberry rated as a #6 in the list of the best crypto exchanges for Canadians

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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. 

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