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

WonderFi and Bitbuy, its parent company, took over all Coinberry client accounts in 2023. This means Coinberry is now part of Bitbuy and isn't taking new sign-ups. If you're interested, sign up at Bitbuy instead. By using our referral link to sign up and depositing $250 in your account, you can receive a bonus of $50. Please note that the review content provided below is now outdated and is preserved solely for educational and historical reference.

Coinberry is a Canadian cryptocurrency exchange that has been gaining popularity. As someone who has tested over 50 crypto exchanges since 2016, I created a Coinberry account to determine if it’s worth using. In 2023, Coinberry was acquired by Bitbuy, making the two platforms essentially the same.

Here’s our detailed Coinberry review.

Coinberry Summary

Toronto-based Coinberry offers a wide selection of cryptocurrencies, aiming to make crypto more accessible to Canadians. Supported assets include Bitcoin, Ethereum, Litecoin, Stellar, Bitcoin Cash, Cardano, Kyber Network, yearn.finance, Compound, BAT, Aave, Chainlink, Uniswap, Balancer, Synthetix, Curve, Polkadot, and Dogecoin.

While deposits and fiat withdrawals are free, Coinberry’s trading fees are relatively high, reaching up to 2.5%. Canadians can purchase crypto using Interac e-Transfer or bank transfers, but credit and debit cards are not accepted.

 

Coinberry Features

Coinberry provides Canadians with a simple and user-friendly platform for purchasing cryptocurrency. You can buy crypto in minutes by sending an Interac e-Transfer or bank transfer.

The platform also offers an autotrading feature, allowing you to set up orders that execute automatically on specific days and times. This is particularly useful for those using a dollar cost averaging (DCA) strategy, enabling regular crypto purchases, such as weekly investments.

Additionally, Coinberry lets you accept crypto payments and tips through Coinberry Pay. You’ll receive a unique payment link, and any crypto deposited is automatically converted into Canadian dollars for convenience.

Does Coinberry Offer Staking or Other Services?

Coinberry does not offer any additional features such as staking or Visa cards. 

Does Coinberry Have an OTC Desk?

Coinberry does not currently have an OTC Desk for larger trades for Canadians.

Coinberry Registration & Verification

What You Need to Open an Account:

• Must be 18+
• A government-issued ID
• Face captured video
• Answer questionnaire

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.

First, sign up with your email, phone and password. Then, you can upload one of your identity documents. If you’re using a desktop you’ll be prompted to scan a QR code with your phone which will open a secure web link. Then, take a picture of your ID document with your phone’s camera.

Once you’ve uploaded your document, you’ll be prompted to make a quick video of yourself performing the action requested e.g. looking over your right shoulder and saying some numbers. This type of verification is becoming more common and replacing the usual selfie required.

Once you’ve gone through these steps, you will need to answer eight questions related to your finances, employment and investment intentions. These questions can feel quite intrusive. Coinberry asks what percentage of your net liquid assets you intend to invest in crypto among other things.

These sorts of questions are supposedly to help put limits on your account to protect you, as well as comply with regulations, but Coinberry, as with any business, will also want to gather as much data about their customers as they can get away with.

We have signed up to numerous Canadian crypto exchanges and Coinberry asks the most questions related to employment, finances and investing.

 

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 Spreads

A spread in trading refers to the difference between the highest price a buyer is willing to pay (bid price) and the lowest price a seller is willing to accept (ask price). The spread serves as a source of profit for the exchange.

Coinberry positions itself as a trading platform rather than a peer-to-peer exchange. This means that when you use Coinberry, you’re buying and selling directly with the platform rather than other individuals. Coinberry sets the buy and ask prices themselves, and this is how they generate revenue.

Coinberry’s spread ranges from 0% to 2.5%, which is relatively high. The spread can also fluctuate depending on the liquidity of an asset—higher liquidity and trading volume generally result in smaller spreads.

How Much Does it Really Cost To Trade With Coinberry?

We deposited $120 into our Coinberry account, and since deposits are free, the full amount was available in our account.

We used this to buy Bitcoin, and Coinberry provided a preview of the order before submission. The total fees, including the spread, came to $3.00, which equals a 2.5% fee—relatively high. In comparison, had we made this purchase at Newton, we would have paid a total fee of just $1.08 or 0.90%, making Newton a significantly cheaper option.

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. 

How Long Do Deposits Take?

Our deposit via Interac e-Transfer took five minutes to be deposited into our Coinberry account.

How Long Does it Take to Withdraw Coins?

Withdrawals depend on the network and to withdraw bitcoin to a private wallet takes only a few minutes but can take up to 10 minutes.

Coinberry Security and Safety

Is Coinberry safe for Canadians to use? Yes, absolutely. Coinberry provides robust security measures to protect users’ assets. The platform has a $200 million insurance policy with Gemini Trust Company LLC™ and states that it is backed by a financial insurance bond to cover unethical acts by its employees.

Coinberry is also registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and complies with PIPEDA (Personal Information Protection and Electronic Documents Act). The platform uses military-grade encryption to secure user data and stores up to 97% of its coins in cold storage, one of the highest percentages in the industry. These features make Coinberry a reliable choice for Canadians.

Coinberry Mobile and Desktop app

Coinberry’s iOS app has a solid 4.5-star rating with 5,000 reviews, reflecting general user satisfaction. However, its Android app fares worse, with a 3.1-star rating from 1,000 reviews.

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.

The Coinberry platform is well-suited for beginners, thanks to its simple and modern layout that provides a pleasant trading experience. To purchase crypto, you simply click the buy button and use the funds in your fiat wallet.

From the dashboard, you can view your portfolio, access simple charting, and manage your referrals. While Coinberry doesn’t offer many advanced features, this simplicity makes it an ideal choice for beginner traders who want an easy-to-navigate platform without overwhelming options.

To buy crypto on Coinberry, start by funding your account. Click the “Fund” button at the top of your dashboard, select your preferred payment method, and follow the instructions. If you choose Interac e-Transfer, log in to your online banking and send the transfer, ensuring you include the reference number in the message box.

Once your account is funded, click the “Buy” button. Select the cryptocurrency you want from the list, choose the type of order, and enter the amount you wish to buy.

Coinberry allows you to choose between a market order (executed at the current market price) or a limit order (executed at a specific price you set). This flexibility helps you tailor your trades to your preferences.

Coinberry Customer support

Coinberry provides 24/7 customer support, accessible through online messaging or email. The platform also features a helpful FAQ section on its website to address common questions.

Customer feedback is mixed—while some users praise the support team’s responsiveness, others report unresolved issues. In our experience, we submitted a support ticket and received a helpful response within minutes, demonstrating the potential for reliable assistance.

Coinberry Consumer Ratings, Reports & Reviews on Other Platforms

Coinberry holds an average 3.6-star rating on Trustpilot, with 47% of reviews rated as excellent.

Many customers express satisfaction with Coinberry’s services, often highlighting the professionalism and helpfulness of the support team in addressing their needs.

However, there are some people who have had trouble withdrawing assets.

Does Coinberry Restrict or Freeze Accounts?

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. In this situation, their compliance team will ask you to submit additional documents and manually review them. During this time you will be unable to use your account.

Any crypto exchange has the ability to freeze your account if they suspect suspicious behaviour such as trading larger amounts, or more frequently, than usual. 

If you are linked with criminal behaviour you may find your account frozen as well. 

Can Coinberry Track where you Receive and Send Crypto?

Coinberry and any crypto exchange can track where you have received and sent crypto since crypto trades are recorded on the blockchain and are public. 

Before trading on a crypto exchange you must provide identity documents so Coinberry, canlink a wallet on the blockchain with someone’s identity. This information can easily be passed onto law enforcement if requested. 

This is how the Canadian government was able to freeze accounts of the protestors during the “Freedom Convoy” earlier this year. 

Coinberry Alternatives

There are many Canadian crypto exchanges to choose from. We recommend Bitbuy or NDAX as alternatives to Coinberry.

CoinSmart’s trading fees are just 0.2% and they offer the ability to trade crypto to crypto pairs without having to sell to Bitcoin or Ethereum first. 

NDAX also has low trading fees, staking, and a wide range of cryptocurrencies. 

	Coinberry		NDAX
Trading fees	0 to 2.5%		0.2%
Cryptocurrencies	20+		35+
Additional features	None		Staking, OTC Desk
Customer Support	Good		Poor
Security	Good		Good

Common Crypto Exchange Scams with Coinberry

Some common crypto exchange scams I’ve come across include phishing emails, fake websites, social media accounts, and fake airdrops. These scams are often so convincing because they replicate the exact logos, branding, and layouts of legitimate exchanges, making it easy to fall for them.

In my experience, phishing emails are one of the most common tactics. Scammers might claim there’s an issue with your account and try to trick you into sharing sensitive information like passwords. I always double-check that any email I receive is from the official address before clicking links, and I recommend you do the same. Legitimate exchange representatives, like support staff, will never contact you first or ask you to send money or crypto.

Another common scam is fake airdrops, which promise free crypto but require you to send tokens first in exchange for more valuable coins. This is a classic trap. I always tell people: never send crypto to anyone you don’t know—genuine airdrops don’t ask for payments upfront. Staying vigilant has saved me from these pitfalls, and it can save you too.

Coinberry Liquidity

Coinberry does not list information about their liquidity but since they are a broker they have third-party liquidity providers. Should you make a large trade, Coinberry can source liquidity from one of their partners.

Conclusion