You will also have to insert your password in order to properly authenticate the transaction. Currently, there are only three cryptocurrencies on offer at Coinberry and these include Litecoin (LTC), Bitcoin (BTC) and Ethereum (ETH). Bitcoin hacks and data breaches are one of the biggest threats that face nearly all exchanges. Hence, when we are analysing the safety of an exchange, one of the most important requirements that we look at is a robust cyber security protocol. Firstly, Coinberry is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB). This means that the exchange will have had to have undergone a range of compliance checks before they were allowed to accept client money.
Only two, however, can be used to fund your Coinberry account (BTC, ETH), and only four currencies can be directly withdrawn (BTC, ETH, XRP, LTC). You must convert all other currencies, including alternative coins to one of the four main currencies or to fiat currency (Canadian dollars) prior to withdrawal. Users are able to buy and sell cryptocurrencies using Canadian dollars on Coinberry, which makes it one of the most popular cryptocurrency exchanges in Canada. Users have access to a wide number of financing options, including options to buy cryptocurrency by wire transfer as well as debit and credit card possibilities. Yes you can trust Coinberry as it is a legitimate crypto exchange, registered with FINTRAC and has been in operation in Toronto since 2017.
Coinberry provides customers with financial services that are kept separate and are guaranteed by the CDIC. It provides a mobile application that is simple to use and is accessible on the web, iOS, and Android devices for the purpose of changing regular cash into crypto and vice versa. In August of 2018, the business announced that they will be working together with BRD bitcoin wallet. It was reported that the independent financial audit had been successfully finished in January 2019. For those of you who would like to buy / sell crypto on the go, you will be happy to know that Coinberry has their very own mobile app that is available in both Android and iOS.
Furthermore, Coinberry is also backed by a form of insurance that protects against financial losses due to dishonest acts and unethical behavior from Coinberry employees. In conclusion, Coinberry can be considered to be coinberry review a great option for buying and selling cryptocurrencies. The user interface is easy to use, and the transaction speeds are impressive. Coinberry is also one of the few platforms that offer a Canadian dollar to cryptocurrency-of-choice exchange.
- Coinberry previously offered Autopilot, which enabled users to set up recurring purchases, and Coinberry Pay, an easy way to receive cryptocurrency payments.
- 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.
- In August of 2018, the business announced that they will be working together with BRD bitcoin wallet.
- The information provided here is general advice only and does not take into account your personal financial situation or needs.
When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. 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. 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. 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.
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. So if you’re not from Canada, and would like to engage in crypto trading, you will have to look elsewhere. Many online reviews complain about Coinberry’s slow withdrawals and poor customer support.
- This means that account verification is required in order for users to begin depositing funds.
- Unlike the website version, you can see a chart display for the price of BTC, ETH and LTC.
- Users of the Coinberry cryptocurrency trading platform are able to buy and sell cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.
Accounting
There is a significant difference between selling a coin or token and, for example, moving 10 Bitcoin to or from Coinberry using the user’s own wallet. They will be able to do this if they keep the money for the company and the customers in different accounts. These systems must be in place in order for Coinberry to continue to operate legally.
Coinberry Deposit Fees
The first thing that stands out on Coinberry’s website is its advertising of 0% deposit fees, 0% withdrawal fees and 0.5% trading fees – very transparent. For one, Cryptocurrency deposits made to Coinberry are routed to hierarchical wallets. Unfortunately, no live chat option is available at the moment unless you use the mobile app. The advantage of the web platform is that you can use a simple chart to visualize the price changes for your chosen cryptocurrencies.
Key Features & Advantages of Coinberry
Overall, you would see that Coinberry does not have a good rating online. All of the recent reviews are complaints about hidden fees, slow withdrawals, and poor customer service. Overall, Coinberry is considered a safe cryptocurrency exchange in Canada. They offer two-factor authentication and hold crypto in multisig cold storage with their custodian Bitgo, who is insured up to $250 million. While both exchanges only charge spread fees, Coinberry charges a higher spread. Coinberry’s spread can be up to 2.50% while Newton’s spread fee usually range from 0.5% to 0.7%.
We signed up for every crypto exchange and brokerage so you don’t have to. If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found. Kraken Pro is fully regulated in Canada and offers 250+ cryptos, professional trading, and high liquidity. According to our test, Coinberry had a total BTC purchase fee of 2.44% (11th overall).
Cryptocurrencies Available
These metrics can help users understand how active their account is, how much they are spending on the platform, and how often they are using it. Please keep in mind that funding via wire transfer can take up to three (3) business days to process. Fund Your Account – If Coinberry has been able to verify you using their instant ID process, they will activate your account within minutes, and you can deposit funds and begin trading.
Withdrawals
The Coinberry platform aims to make trading easy for everyone, regardless of their level of experience. Coinberry has been around for a while and it has made some good strides toward becoming one of Canada’s most popular exchanges. Coinberry autopilot is a dollar-cost averaging investment strategy that allows you to automatically invest a fixed sum of money into a coin every month. This helps to smooth out the price fluctuations and reduces the risk of investing in a single go. By investing a fixed sum of money each month, you are buying fewer coins when the price is high and more coins when the price is low, which helps to average out your overall investment.
These tiers fees can amount anywhere between 0-2% depending on the tier in question, see below image for more details. The mining fees during crypto withdrawals are also dynamic which means they vary based on real-time estimates. Whether you’re trading stocks or cryptocurrency, fees can take a bite out of your returns if you’re not careful. You can buy and sell as many as 19 cryptocurrencies with Coinberry, more than most Canadian exchanges.
The last port of call to get hold of the exchange is through their numerous social media accounts. Co-founders Andrei Poliakov and Evan Kuhn developed the exchange to reduce the learning curve for new people getting involved in cryptocurrency investing. This can be a godsend, considering the constant erratic shifts in the crypto markets. There’s not much difference between the desktop version of the platform and the Coinberry app.
Overall, Coinberry is a good starting point for new investors to cut their teeth with trading cryptocurrencies. Go to withdrawals, and click on either your wallet or on EFT/e-Transfer directly. Enter the desired amount of CAD that you would like to withdraw, click on preview, and confirm your withdrawal, after which a pop-up will appear before the transaction is finalized. While you can always check the spread before confirming your trade, I would prefer to pay a fixed commission fee upfront because it’s more transparent and predictable. Users have a range of deposit alternatives available to them in order to fund their Coinberry account which provides prospective investors with a choice of buying possibilities. This ensures that the vast majority of the users’ assets that are stored on Coinberry have an additional layer of protection and are kept as far away from hackers as is physically feasible.
Moreover, a MSB licence means that Coinberry will have to conduct regular KYC and make sure that all of the client accounts are above board. It also means that Coinberry will find it easier to get stable banking and payment processing solutions. Coinberry is a Canadian cryptocurrency exchange that was developed in 2017 to make it easy for Canadians to purchase Bitcoin, Ethereum and Litecoin. Alternatively, you can fund your account through an external crypto wallet, but this only works for Ether and Bitcoin. You can either do a QR scan of your wallet’s address or click on the Copy Address button and then paste it into the recipient field on your other wallet to send the necessary funds.