Coinberry Review 2024

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IMPORTANT UPDATE: Coinberry account has seamlessly tranferred to Bitbuy. To continue accessing your account, simply log in on Bitbuy.ca or the Bitbuy app using your Coinberry credentials.

And if you’re interested in exploring more cryptocurrency platforms, then explore our curated list of top crypto exchanges in Canada and discover the ideal platform for your trading needs.

Coinberry is a cutting-edge digital asset platform that is FINTRAC-registered. Its goals are simplicity and safety for users to transact using Bitcoin and other cryptocurrencies seamlessly on the platform. Coinberry review attempts to explain everything there is to know about it.

The company was launched in July 2017 as a Bitcoin ATM firm by a team of bitcoin and blockchain businessmen. The firm is presently led by Evan Kuhn and Andrei Poliakov, two of the company’s initial founders. It launched its platform on the internet in November 2017 and deactivated all the BTMs. It was also the first Canadian digital asset platform to cooperate with a municipal government to handle Bitcoin tax payments.

Coinberry, like Expedia, employs its own algorithm to secure cryptocurrency rates from exchanges around the world.

What Is Coinberry?

Coinberry is a cryptocurrency trading platform located in Toronto which permits users to buy and sell Bitcoin, Ethereum, and Litecoin. Its Android and iOS apps were released in March 2018. The company confirmed a collaboration with BRD bitcoin wallet in August of 2018. It stated that its independent financial audit had been completed effectively in January 2019.

Coinberry was the first crypto trading platform from Canada to be published on Ledger in February 2019. It delivers a user-friendly mobile application for converting traditional currency into crypto and vice versa on the web, iOS, and Android. Cryptocurrencies that are currently available include Bitcoin, Ethereum, and Litecoin. Currently, the Canadian dollar is the only traditional currency that is supported.

It provides users with a personalized link that allows others to pay or donate directly to them. Coinberry only works with CAD. It does not charge any deposit fees; the costs charged are connected to the payment provider. They also provide withdrawal options.

How Does Coinberry Work?

To begin using Coinberry, users must first join up. If they want to access it via mobile, they have to download the app through the Play Store or the App Store. While joining, Coinberry automatically provides a $20 bonus if a referral link is used. The lowest financing amount is $50, and the maximum funding amount is determined by the financial institution (often between $3000 and $50000).

It profits from the “spread,” which is the difference between the prices it can source crypto for as a large volume client and the published pricing. It is happy to provide a totally transparent price with NO hidden costs or extra fees; the prices displayed on their platform are the final transaction rates. Before order confirmation, the website shows their spread and any fees charged by the payment processors. Actual spreads and fees may be higher or lower as a result of the cryptocurrency market price changes. Coinberry does not clearly show any trade size limits. Credit card, Interac e-transfer, and wire transfer financing limitations are $500, $10,000, and $500,000 CAD, respectively.

More About the Coinberry Platform

Coinberry is a Money Service Business (MSB) registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and is obliged by law to have compliant Know-Your-Customer and Anti-Money Laundering procedures in place.

Coinberry offers segregated banking that the CDIC guarantees. This implies that Coinberry collaborates with Canadian Schedule banks to assist them in complying with Canadian regulations. They can accomplish this by storing business and client funds in separate accounts. This guarantees that if the company’s bank accounts are ever blocked, the money of its consumers is unaffected.

Coinberry works to exchange the fiat deposits of Canadian investors for crypto. One can start trading without fear and enjoy their services by completing the KYC procedure. Users can access all cryptocurrencies by purchasing Bitcoin, Ethereum, or another major coin using their Coinberry account and then withdrawing the cryptocurrency to an external wallet.

One of the simplest methods to fill the Coinberry account is via E-Transfer (online or mobile banking). To start with, users will have to provide identity verification.

Why Choose Coinberry to Buy Bitcoin?

Coinberry is the only digital asset platform trusted by Canadian government municipalities and is insured, FINTRAC registered, and PIPEDA compliant. Coinberry signup and purchase of Bitcoins might take as little as 60 seconds. Choose the top crypto wallets for storing your cryptocurrencies.

Key Features of Coinberry

• Users can find live cryptocurrency data and the latest price of Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash in Canadian dollars on Coinberry.
• The Coinberry team can offer customers extremely low costs and quick transaction processing times by handling vast quantities of trading orders throughout their system of financial intermediaries.
• Coinberry purchases cryptocurrency at a discount as a large volume client, then re-sells it at the advertised price, profiting from the spreads that are price differences. User coins are sent after Coinberry gets the money.
• This is practically immediate when using a card. This might take up to a day through a bank transfer.
• Users can also use e-transfer to register. After this, they can start funding their account, allowing them to trade commission-free in Canadian dollars in moments utilizing deposited cash.
• To use a credit card to fund a Coinberry account, users must authenticate their account by linking it with a Canadian bank account.
• One of the benefits members will receive at Coinberry is 0% withdrawal fees.
• For crypto withdrawals, mining fees/network fees will be applied and shown in the order preview before a withdrawal order is completed.
• Coinberry charges a trading fee which is about 0.5 percent. Presently, these fees are 0.0005 BTC, 0.001 ETH, 0.02 LTC, and 1 XRP.

Coinberry Review: Pros and Cons

Pros	Cons
Instant verification: New clients are automatically confirmed on Coinberry and do not have to undergo a lengthy verification procedure.	The processing and trading fees can go up to 22.50%.
One-Click Trades: A one-click trade option is available for new customers who are not very familiar with trading.	The platform only supports six coins.
No fees: There are no cash deposits or withdrawal fees.	One should have an initial deposit of $50 to begin with.
Offers automatic purchases of Bitcoins after sign up.	The platform is very basic and does not have advanced tools for experienced users.
Insured by Lloyds.
Protected by Gemini trust company LLC.

Verifications and KYC Process by Coinberry

Coinberry complies completely with FINTRAC’s Anti-Money Laundering and Know-Your-Customer standards. This implies that users must first verify their accounts before they can begin depositing cash.

There are two methods for verifying new customers:-

Instant Verification

Users submit their account information, and Coinberry’s KYC/AML partners confirm their identity. These are often credit reporting organizations with information about the user’s financial history. They must provide a government-issued picture ID with their full name and birth date for verification. A government-issued photo ID, a document (such as a utility bill) providing proof of address, and a selfie may be required.

Manual Verification

If users do not pass the quick verification, Coinberry requires further verification papers, such as a government-issued photo ID and a Proof of Address document, to complete the procedure. If manual verification is the sole available option, users must submit a government-issued identity proof.

Coinberry accepts the following forms of identification documents:-

• Passport of Canada
• Permanent Resident Card (Canadian Driver’s License)
• Identity card issued by a province or territory
• Indian Status Card

Users must produce one of the following types of address proof:-

• Utilities Bill (electricity, water, phone, internet)
• Statements of investment accounts (RRSP, GIC)
• T4 declaration
• Statement of the Canada Pension Plan (CPP)
• A municipality issues a property tax assessment
• The province grants vehicle registration

After submitting these papers, Coinberry will have to verify them personally, which might take one to three business days.

Based on Coinberry’s stringent criteria, we can see that the exchange is attempting to market itself as a Coinbase or Gemini, a completely compliant service that retail and institutional investors may use without fear of being on the wrong side of the law.

Coinberry Fees

The transfer of a currency or token between Coinberry and the user’s wallet is not a taxable event. Transferring 10 Bitcoin to or from Coinberry with the user’s own wallet, for example, is not the same as selling a coin or token. For more detail click here.

Coinberry Pay

Coinberry Pay is the most straightforward Bitcoin payment processing solution designed for merchants, charities, municipalities, and individuals that want to accept Bitcoin payments or donations.

Every Coinberry account comes with a free & unique Coinberry Pay link. One can get paid in Bitcoin, immediately convert it into Canadian dollars, and deposit it into their bank account.

Coinberry Referral Program

After account verification, users may invite people by using their unique referral link. Users receive $20 if the people they have referred join and exchange $50 or more.

Coinberry may potentially provide users with a trade credit of up to $300 in addition to the referral benefit, depending on the number of individuals they recommend.

Coinberry as a Cryptocurrency Exchange

Coinberry is one of the simple-to-use and safest crypto exchange created in Canada; however, it functions more like a Bitcoin store. The Toronto-based firm launched as a Bitcoin ATM service in 2017.

It works more like a brokerage than an exchange because one cannot trade crypto assets with anybody other than Coinberry, which means they can only buy and sell assets for Canadian dollars on the platform.

It is incredibly simple to sign up for. Users can acquire cryptocurrencies using a variety of financing ways, such as wire transfer, e-transfer, and debit and credit card choices. Coinberry is a fantastic choice for making initial crypto buys in Canada for individuals who want to utilize Canadian dollars without worrying about conversion rates.

Supported Coins and Countries by Coinberry

Popular cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar, and XRP are all accepted on the exchange. Coinberry is the first and foremost cryptocurrency platform that has collaborated with local Canadian governments as of 2019. This collaboration is used to process tax payments. Coinberry is accessible via mobile devices and the web.

Coinberry is targeted at Canadians. It is a Canadian digital asset trading platform and supports buying and selling cryptocurrencies in Canada.

Coinberry Supported Application

Coinberry is accessible as a desktop website or as a mobile app for Android and IOS. The mobile application has the same functionality as the website and is simple to use. Coinberry does not have its own wallet, but they do keep customer funds in an account that serves as their wallet.

Coinberry Customer Support

An extensive help center with answers to the most frequently asked questions is accessible for customer assistance. A live chat feature and a contact form are also available.

Coinberry Review: Conclusion

Coinberry is one of the best Canadian crypto exchanges where users may purchase and sell cryptocurrencies in Canadian currency. It is PIPEDA-compliant and FINTRAC-registered. This implies the company would have had to pass a series of compliance tests before being permitted to accept client money. There are no financing or withdrawal costs, and trade fees are only about 0.5 percent. Coinberry has no controversies, hacks, or leaks in its brief history.

Coinberry is typically well-liked by the general population. As previously stated, the platform collaborates with the city of Richmond Hill and Innisfil. It was a part of the first Bitcoin property tax payment in Canada.

FAQs

Can I Trust Coinberry?

Yes, Coinberry is officially registered and has various security measures. Coinberry is entirely compliant with rules. In addition, the platform is dedicated to effective user onboarding, fraud monitoring, and reporting.

Can You Withdraw from Coinberry?

Users have the option to withdraw cryptocurrency from their Coinberry account. All that is needed is a wallet address to withdraw funds. Bitcoin is one of the digital currencies that is accepted.

What are The Coinberry Fees?

There are no extra costs. When one uses Coinberry to purchase or sell Bitcoin, the exchange fulfills the order using Coinberry’s network of liquidity providers. Coinberry provides its services at low fees. Coinberry determines the rate for cryptocurrency transactions on the platform by adding a margin or spread of 0% to 2.50% to the rate given by their liquidity providers.

Is Coinberry Legit?

Yes, Coinberry is officially registered and has various security measures. Coinberry is entirely compliant with rules because it is FINTRAC-registered. In addition, the platform is dedicated to effective fraud monitoring, reporting, and user onboarding. Coinberry’s asset storage is handled via industry-standard cold storage.

Is Coinberry Safe?

Coinberry is the safest cryptocurrency exchange platform situated in Canada. One can trade on this platform without fear of security. Users can invest by doing some research about the service and security of this platform.