Coinberry Review 2024 Fees, Facts & WARNINGS
Funds can be immediately converted into CAD and deposited into your bank account. Coinberry Autopilot makes it easy to set up cryptocurrency purchases on a daily, weekly, or monthly basis. This streamlines the investing experience and allows you to dollar cost average over time. Yes, Coinberry is considered to be a very safe cryptocurrency exchange with several security layers that are mandatory for any top-level crypto platform. Coinberry is backed up by Gemini Trust Company LLC with up to $200 million of coverage.
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. coinberry review Coinberry is a Canadian cryptocurrency exchange that simplifies the process of buying and selling cryptocurrencies for Canadian users. It positions itself as a secure and regulatory-compliant alternative for institutional investors.
While there were a few things that we thought warranted improvement, most are relatively easy to address. The team at Coinberry seems to be really open to suggestions and if enough traders telegraph interest, they may consider incorporating it. There are quite a few suggestions that users have given about how to improve the apps functionality which are all well received.
- There are mandatory security features top global exchanges follow which provides the best security.
- Also, minor problems that might occur will be solved much faster.
- You can trade on Coinberry without paying any commission fee.
Once your account is open, you can deposit and withdraw funds from your Canadian bank account. Wealthsimple Trade is an ideal Coinberry substitute for crypto beginners who prefer to buy and hold instead of actively trading. It features a user-friendly interface for trading over 50 cryptocurrencies, with a simple fee structure that uses a spread between the bid and ask price. This trading fee is tiered based on account type and ranges anywhere from 0.5%-2%. The move came one year after it was acquired by WonderFI, Bitbuy’s parent company. Not only was Coinberry a prominent cryptocurrency exchange in Canada, but it was also among the first to be regulated.
With all the new coins being offered I wish there was a way to filter out and save preferences on the mobile app. Canadians who are 18 or older can https://broker-review.org/ open a Coinberry account and start trading popular crypto assets. You will first need to go through the KYC process and prove your identity.
Coinberry Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?
This form will be sent off to the Coinberry customer support staff where it will be reviewed and you will be contacted back with a solution. Users can use the ticket email system report card or email Coinberry directly. If you need a simple yet efficient trading platform, you definitely should. Coinberry is a well-respected Canadian digital asset trading platform with years of experience and a wide selection of tradeable cryptocurrencies. Lastly, Coinberry has to think globally (or at least cross-continentally) if it hopes to become a dominant force in the market. This ensures that if the company’s bank accounts were to ever be frozen, it would not affect the customers’ money.
Beginner Friendly Platform
Within a short period of time and a lot of understanding on their part, I was up and running. I am much more confident now, heading into this new trading adventure thanks to their help. I do not like withdrawal fees and can only withdrawal particular crypto. Need to upgrade graphing to be more accurate and interactive. I have been locked out of my account before and was unable to access my crypto.
This means that the interface is a lot simpler (so there is no margin trading or ability to view trading charts). It’s unfathomable why they demand such massive amount of money each time. I finally met all of their financial requirements but they still won’t release my money.
Trust
Unlike some of the competing exchanges, they have expanded their product offering to appeal to merchants who would like to accept crypto as a form of payment. Coinberry offers a combination of useful features for investors, active traders, and even merchants. In Canada, you are taxing cryptocurrency just as any other “currency” and Coinberry has a complete tool for bitcoin and cryptocurrency tax info for Canadians. Use this tool to calculate taxes when buying and holding crypto, selling and trading crypto, loss or gain of cryptocurrency, as well as capital gain vs business income. All of this can be access on the Crypto Taxes Canada page on Coinberry. We may receive compensation when you click on links to products we review.
That entirely depends on what you need from your crypto marketplace. While Coinbase has low maker and taker fees, Coinberry reviews each transaction and puts a spread or margin on the final cost, which often ends up being far more expensive for the buyer. Unfortunately, being a Canadian-focused marketplace, you can only make fiat deposits, withdrawals and conversions in Canadian dollars, and other currencies are not currently supported. 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.
Ratings methodology – how we scored Coinberry
I am contacting the RCMP authorities to alert them on this scam and I urge everyone to do the same to stop those criminals and bring them to justice. But if you sign in with my referral (7bf27f69faa) you will get free $30 bonus after first crypto purchase. My affiliate wrote the last review in haste.I am completely happy with my experience with coinberry.
Remember to include the reference number in the message box. Our deposit via Interac e-Transfer took five minutes to be deposited into our Coinberry account. Essentially, the trader is hoping the price of the asset falls. If you select Credit Card or Debit Card (in the previous menu) you have to first connect your bank account to your Coinberry account for fraud prevention.
Coinberry does not offer any additional features such as staking or Visa cards. Coinberry allows you to accept crypto payments and tips via Coinberry Pay. You’ll get a unique oay link and once the crypto is deposited it will automatically be converted to Canadian dollars. Toju Ometoruwa is a Northeastern University alumni who is the co-founder of Pazima, a start-up that provides secure lending options for low-income workers.
Not being able to withdraw my own keys made me feel worse then the banking system. Will not recommend to anyone, there is better exchange in Canada who are cheaper and let you do whatever you want with your keys. With this Coinberry review, hopefully, you can now determine if it’s the right fit for your cryptocurrency trading. However, Coinberry currently supports 35+ different cryptocurrencies compared to the 32 available coins on NDAX. The first difference between the two platforms is the number of cryptocurrencies supported by each platform. Also, both exchanges are registered by FINTRAC as a Money Services Business.
Unfortunately, Coinberry is winding down its operations and migrating users to Bitbuy. While Coinberry and Bitbuy are both safe platforms, they are very expensive. I tested 20+ platforms and the best crypto exchange for Canadians is NDAX for its low fees and good security. Read my NDAX review to learn more or sign up to get $10 free when you deposit $100. Yes you can trust Coinberry as it is a legitimate crypto exchange, registered with FINTRAC and has been in operation in Toronto since 2017.