Coinberry Review: A Cryptocurrency Exchange Built for Beginners
Coinberry is a Canadian-based cryptocurrency exchange, which is similar to trading platforms like Newton and Shakepay. They’ve been around since 2017 and feature 0% funding fees, a claim, not all crypto exchanges can make. In this Coinberry review, I’ll fill you in on all of their features, and let you know how they compare to the top cryptocurrency trading platforms.
Getting Started with Coinberry
With Coinberry, you can open an account in minutes. Here’s the process, in 3 quick steps:
1. Sign-up – When you select the “sign-up” button on the Coinberry homepage, you’ll be asked to enter your email and a password. Coinberry will send you an email to confirm your new account. Coinberry uses 2-Factor Authentication (2FA) for added security, so you’ll need to set that up as well, using SMS and your mobile phone.
2. ID Verification – Once your account has been initiated, Coinberry will attempt to verify your ID. You’ll be asked to take a selfie while holding a piece of government-issued ID. This could be a driver’s license, passport, or other valid government ID.
3. 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. I’ll explain how to transfer funds in and out of your Coinberry account below. If Coinberry cannot verify you instantly, you’ll need to upload some additional documentation, like a utility bill. In this case, they might delay the process by a day or two.
What Crypto Can I Buy and Sell with Coinberry?
You can buy and sell as many as 19 cryptocurrencies with Coinberry, more than most Canadian exchanges. Only two, however, can be used to fund your Coinberry account (BTC, ETH), and only four currencies can be directly withdrawn (BTC, ETH, XRP, LTC).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.
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- Dogecoin (DOGE)
- Curve (CRV)
- Polkadot (DOT)
- Synthetix (SNX)
- Kyber Network (KNC)
- Yearn Finance (YFI)
- Aave (AAVE)
- Stellar (XLM)
- Cardano (ADA)
- Balancer (BAL)
- Uniswap (UNI)
- Basic Attention Token (BAT)
- Chainlink (LINK)
- Compound (COMP)
- Ripple (XRP)
Coinberry Funding Options
There are two options for transferring fiat currency in and out of your Coinberry account – Interac e-Transfer and a bank wire transfer. Below are the minimums and maximum amounts for each funding method:
Deposits
Method Min/Max Processing Time
Interac e-Transfer $0/$10,000 Instant
Wire Transfer $10,000/$500,000 2-3 business days
Withdrawals
| Method | Min/Max | Processing Time |
|---|---|---|
| Interac e-Transfer | $100/$5000 | Instant* |
| Wire Transfer | $10,000/$500,000 | 2-3 business days |
* Coinberry locks withdrawals for 24-hours for 1st-time users.
Coinberry Fees
Whether you’re trading stocks or cryptocurrency, fees can take a bite out of your returns if you’re not careful. Some trading platforms are more expensive than others. Let’s see how Coinberry fares when it comes to price.
Deposit & Withdrawal Fees
| Currency | Deposit Fees | Withdrawal fees |
|---|---|---|
| Canadian dollars | 0% | 0% |
| Bitcoin | 0% | .0005 BTC |
| Ethereum | 0% | .0063 ETH |
| Litecoin | N/A | .02 LTC |
| XRP | N/A | .01 XRP |
Coinberry does not charge fees on deposits or Canadian dollar withdrawals, though they charge a small fee for crypto withdrawals. No fees give them an advantage on price over several other large crypto trading platforms. As a trader, you have peace of mind not having to worry about fees for moving fiat currency in and out of your account.
Trading Fees
Buy and Sell Commission fee: 0% (price charged on spread)
Many crypto exchanges claim to have no trading fees, but that is never really the case. If they don’t charge a commission fee upfront, it means that they’re making money on the spread instead. That’s the case with Coinberry.
When you buy or sell crypto with Coinberry, the price displayed includes revenue that Coinberry will collect. This is how they make money. According to Coinberry, the spread is “between 0% and 2.5% to the rate offered by our liquidity sources.”
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.
2.5% is a hefty price to pay, much higher than the commission fee charged by other platforms.
What Is Coinberry Pay?
Coinberry’s most unique feature might be the free Coinberry Pay link when you open an account. Coinberry Pay lets you accept crypto payments from anyone, regardless of the device they are using. Once received, the crypto can be converted to Canadian dollars and deposited into your bank account. You can receive the following coins via Crypto Pay: Bitcoin, Ethereum, Litecoin, Ripple.
Is Coinberry Safe?
Like most crypto exchanges in Canada, Coinbase goes to great lengths to protect its customers’ privacy and the security of their crypto. For starters, they are registered with FINTRAC, Canada’s money laundering and anti-terrorism watchdog (#M18502412). They use offline cold storage to protect crypto assets and hold fiat currency with a chartered Canadian bank. Coinberry is the only crypto exchange that has partnered with a municipal government in Canada to accommodate the acceptance of bitcoin for payment of property taxes.
Coinberry Pros and Cons
Coinberry has several advantages for crypto lovers and a couple of drawbacks. Here’s my list of pros and cons.
Pros
- No funding fees on fiat currency
- Easy to use interface
- Intuitive mobile app
- Trade up to 19 coins
- Coinberry Pay makes it easy to receive crypto
Cons
- Expensive spread price (up to 2.5%)
- The trading platform lacks tools for advanced traders
Final Thoughts on Coinberry
I like Coinberry. It might be the best cryptocurrency exchange in Canada for beginners, although fans of Newton would have something to say about that. Shakepay is another good alternative, but you can only buy and sell bitcoin and ethereum on their platform. The main downside to Coinberry is that their spread is steep, at up to 2.5% per trade. However, they make up for this by not charging fees when you fund your account. If you’re new to crypto trading, I recommend that you check out Coinberry when exploring your options.
