Coinberry Review 2020: Safe Exchange? This You NEED To Know

January 24, 2020

You don’t want to wait 2 days for verification, while the price skyrockets. 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. 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. Well, if you are looking for an entry-level exchange with low fees, strong security and a reputable management team then it could be for you.

What is the cheapest way to convert crypto to cash?

Use an exchange to sell crypto

One of the easiest ways to cash out your cryptocurrency or Bitcoin is to use a centralized exchange such as Coinbase. Coinbase has an easy-to-use “buy/sell” button and you can choose which cryptocurrency you want to sell and the amount.

When you log in on the Coinberry platform, you can get a unique referral link by clicking the Invite friends and earn $30 button on your homepage. This means you’ll get a fixed $30 price for everyone who joins Coinberry using your referral link and makes a single trade with a volume of at least $50. After learning about Coinberry Pay, I was thrilled to explore this option.

This implies that users must first verify their accounts before they can begin depositing cash. One of the benefits members will receive at Coinberry is 0% withdrawal fees. One of the simplest methods to fill the Coinberry account is via E-Transfer . To start with, users will have to provide identity verification.

Key Features of Coinberry

We’re on both web and mobile with our simple and secure interface. Coinberry is the trusted crypto trading platform to buy and sell Bitcoin or crypto in Canada. Overall, Coinberry is a good exchange for first-time crypto investors and beginners that are looking for a modern and secure digital asset exchange. However, intermediate and experienced investors are better off using global exchanges with greater support for altcoins, deeper liquidity and lower trading fees. The benefit of using Coinberry is the easy to navigate website, 0% CAD deposit and withdrawal costs and a $200 million insurance policy.

coinberry review

Here we will take a closer look at this, and the variety of other features and capabilities that you can find when trading with Coinberry. We may receive compensation when you click on links to products we review. Users can easily access a Coinberry Pay link from within their account that they can share to anyone they want.

The Trustpilot Experience

In most cases though, the front line of security will start with the user. In order to help prevent any hacks or breaches to individual accounts on the client side, Coinberry also has a range of security tools. 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.

But unlike Bitbuy, which levies a deposit/withdrawal fee of 0.5% to 1.5%, Coinberry offers free deposit/ withdrawals for fiat. That said, Bitbuy offers a cheaper trading fee of 0.1% and 0.2% compared to Coinberry’s spread which may go up to 2.5% per trade. Interact e-Transfers and crypto deposits are processed instantaneously, but wire transfers take 2-3 days. Instead of charging extra fees, Coinberry levies an in-build spread fee of 0% to 2.5% applied between the bid-ask price when you place trades on the platform.

  • After your account has been verified and you’re ready to begin trading, the first thing you see is the buttons to buy and sell Bitcoin, Ethereum or Litecoin.
  • There are a number of funding options which will vary based on individual deposit limits as well as processing time.
  • Uberpay’s goal to make it easier and faster for people to use cryptocurrencies in their daily transactions with…
  • Andrei Poliakov co-founded Coinberry in 2017 with Evan Kuhn in order to meet the high demand for cryptocurrencies.
  • Firstly, Coinberry is registered with the Financial Transactions and Reports Analysis Centre of Canada as a Money Service Business .

Instead, the exchange sets the spread as a rate for crypto transactions. The Coinberry mobile app is available for both Android and iOS users. Compared to the original browser platform, I have the feeling that buying and selling crypto is simpler with the Coinberry app.

Is Coinberry Trustworthy?

I appreciate crypto exchanges with a personalized approach to providing customer support and can readily say that Coinberry belongs to this privileged group. However, before making an attempt to reach out to a Coinberry representative, you can take a look at their Help Centre. It’s neatly organized in the form of a FAQ section covering all important processes and potential issues. Coinberry does not require users to have their own crypto wallet in order to use the service.

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 uses institutional grade protection for their crypto assets, partnered with Gemini Trust Company, so you do not need to worry about security issues. In doing so, Coinberry users can always see the exact price they are paying for a certain coin, with no hidden charges or extra fees. Before an order is confirmed, Coinberry will show the estimated fee that goes to the exchange. For users that prefer to keep their cryptocurrency safe in a personal wallet , Coinberry is not a suitable exchange.

A 2.5% spread means that for every $1,000 of crypto you trade, you pay $25 in fees. This is extremely high among Canadian crypto exchanges, especially when you compare it with someone like VirgoCX, whose trading fees and spreads together total about 0.5%. This means you’ll save about 80% on fees just by switching to a better, lower-fee exchange.

coinberry review

Now that major players like Coinbase have added several Altcoins to their roster, Coinberry should at least be trading all of the top 10 coins from coin market cap. Listing more cryptocurrencies are the easiest way for the exchange to increase trading volume and generate more revenue. 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.

Coinberry Pay

For large investments, using a wire transfer is the best option with a maximum limit of CAD 50,000 per 24 hour period. The speed of the wire transfer can take between 1 and 3 business days to clear depending on the bank. The spread is the mark-up or mark-down charged by the platform when you purchase a certain crypto here. So if the price of the relevant crypto is USD 100, and the spread is 1%, the buyer can buy the crypto on the trading platform for USD 101. The difference between the sell price and the purchase price , goes to the trading platform.

It was a part of the first Bitcoin property tax payment in Canada. An extensive help center with answers to the most frequently asked questions is accessible for customer assistance.

coinberry review

We have no CAD deposit, and no CAD withdrawal fees so you can buy Bitcoin and other crypto with no limits. Virtuse helps new and experienced investors securely accumulate Bitcoin. 99% of users’ funds are kept in a cold storage with the world’s leading licensed custodian guarded by multi-signature technology and a host of other controls. Registered in the EU commercial registry as a licensed virtual… Coinberry complies with the strict Anti-Money Laundering and Know Your Customer requirements as set out by FINTRAC to prevent fraudulent activity.

Coinberry does not have its own wallet, but they do keep customer funds in an account that serves as their wallet. 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. Users submit their account information, and Coinberry’s KYC/AML partners confirm their identity.

This is especially true if you choose to use your credit card to fund your account. 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. Coinberry and Wealthsimple Cryptooffer commission-free trading with no deposit/withdrawal fees.

Hit the “sign-up” button on the top right of the screen and you will be prompted for an email address as well as a password. The last port of call to get hold of the exchange is through their numerous social media accounts. The first and most important of these has to be mobile two-factor authentication. With this enabled, you will need to confirm the account login through your mobile device. Coinberry servers will sync up with Google authenticator which will generate the unique login codes. Firstly, Coinberry is registered with the Financial Transactions and Reports Analysis Centre of Canada as a Money Service Business .

Founded in 2017, Coinberry is a registered Money Service Business that is regulated byFINTRAC, an entity of the Federal Government of Canada. The exchange has become a leading provider that offers 19 major assets such as Bitcoin, Ethereum, Litecoin, XRP, Stellar, Bitcoin Cash and Cardano. Coinberry is aCanadian cryptocurrency exchange founded in Toronto in 2017, giving its users access to 18 different coins.

Account Management Metrics

And if i would meet this people in reality i would spit in their face. Hi- I have been trying to withdraw my BTC from the exchange for the past two weeks and I have filed 7 tickets so far and they keep saying I have to wait. I want to know how long is the maximum I have to wait to receive my BTC to my hardware wallet. The owner of this website may be compensated to provide opinions on products, services, websites and various other topics. The views and opinions expressed on this website are purely the author. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question.

Which Bitcoin wallet is best in USA?

  • Coinbase Wallet – Best for Beginners.
  • MetaMask – Best for Ethereum.
  • TrustWallet – Best for Mobile.
  • Ledger Nano S Plus – Best Crypto Hardware Wallet.
  • Electrum – Best Desktop Bitcoin Wallet.
  • BlueWallet – Best Mobile Bitcoin Wallet.
  • Exodus – Best for Desktop.

At Coinberry, you will find that a total of 8 cryptocurrencies are supported for trading. These are Bitcoin, Bitcoin Cash, Cardano, Dogecoin, Ethereum, Litecoin, Ripple, and Stellar. Coinberry does not have Live Chat support, which can be frustrating coinberry review when you are stuck with an issue. There is customer support via email, but it’s no substitute for a good Live Chat service. If responsive customer support is important to you, VirgoCX is a topCanadian crypto exchangewith Live Chat.

Overall, the Coinberry trading platform is a good representation of the exchange in that it is user-friendly and efficient in its operation. In this comprehensive review, we deeply analyze the Coinberry exchange, going over their fee structure security features, deposits and withdrawal methods and customer support. We also offer our thoughts on the best aspects of the exchange and ways we think it can improve. This means that you don’t need to transfer your newly-purchased coins to an external wallet once you buy them on the Coinberry platform. Buying and selling crypto on Coinberry doesn’t incur a fixed trading fee.

On Coinberry, your verification process starts with submitting basic contact information . This is perhaps the most demanding part of the registration process. However, now it’s time you make peace with your mind that KYC is an inevitable stage on every regulated exchange as part of the strict AML/CFT practices. For someone, it’s just easier to establish communication (even when it’s a customer inquiry) on social media, and as far as I can see, Coinberry supports this model. The exchange has active profiles on the most popular media, including Facebook, Instagram, Twitter, and Linkedin.

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