Coinberry Review 2022

James HeadshotAuthor: James Page
Last Updated: December 2022

Disclaimer: We may receive a commission for purchases made through the links on our site. However, this does not impact our reviews and comparisons. Learn more about our Affiliate Disclosure.

I’m fascinated to witness the entrance of digital currency into mainstream culture. It’s funny, but I still remember that in the early days of the wild-west crypto world:

  • The general public was pretty skeptical about digital money;
  • No government controlled the asset flow, and hence, its close relation to the dark market;
  • Cryptocurrency trading activities were reserved only for geeky individuals with strong IT skills.

Coinberry logo

Visit The Site

None of these statements describes the crypto industry anymore. Crypto exchanges aim at an inclusive blockchain-based economy, meaning everyone should be able to use crypto with ease, regardless of their trading expertise or IT background. There is one precondition to be met for developing such inclusiveness — a secure and regulated virtual environment.

Coinberry is one of the holders of the idea of an inclusive crypto realm in the Canadian market. I’ll give you a hint — Coinberry isn’t an exchange with mind-blowing charts but rather a virtual destination that enables hassle-free crypto buy-and-sell activities.

Table of Contents show

Website: https://www.coinberry.com/

Country: Canada

Mobile app: Yes

Deposit Methods: Credit/debit card, Interac e-Transfer, wire transfer

Trading Fees: spread-based fee system ranging between 0% and 2.5%

Fiat Currencies: CAD

Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Tron (TRON), Polkadot (DOT), Bitcoin Cash (BCH), and 30+ more

Pros:

  • User-friendly design and sleek navigation;
  • No deposit and withdrawal fees;
  • Fast crypto purchases;
  • Coinbeery Pay for off-chain crypto payments.

Cons:

  • Limited spot market;
  • No passive-earning options like staking, lending, or yield farming;
  • The dynamic fee schedule can be confusing for beginners.

What Is Coinberry?

Coinberry is a Toronto-based digital asset exchange that was established in 2017 by Andrei Poliakov. The exchange is part of the next generation of crypto providers whose purpose is to simplify the process of crypto purchases. So, I knew what to expect from the “Coinberry deal” even before opening my own account — incredible comfort of use, fast deposits, strict registration requirements, and instant transfers.

Coinberry website

In addition, the exchange has implemented some handy functionalities like Coinberry Pay and AutoPilot but I believe that its popularity lies in the high security. Since its inception, Coinberry puts user protection first. It’s a registered MSB (Money Service Business) with FINTRAC and the OSC (Ontario Security Commission).

Also, the exchange is PIPEDA compliant and keeps $200 million in an insurance fund through an external custodian. This attitude has made Coinberry the first crypto provider in Canada to partner with a few municipalities for processing Bitcoin tax settlements. In 2019, the Town of Innisfil in Ontario allowed property tax payments with bitcoins using Coiberry as a provider.

Finally, I read that Coinberry was officially acquired by WonderFi Technologies Inc in July 2022. This partnership means easier access for the 220,000 Coinberry users to the blooming DeFi world and other blockchain-based establishments.

Who Is Coinberry Aimed At?

For sure, Coinberry is a beginner-oriented crypto exchange. In many reviews and descriptions, you’ll find Coinberry as a crypto broker rather than a crypto trading platform, which is true. On Coinberry, you don’t trade crypto against other fellows, but buy Bitcoin similar to making an Amazon order. To my delight, Coinberry is substantially cheaper than many other beginner-friendly prototypes.

While it’s obvious that advanced traders will be looking for a better-equipped trading platform, I don’t think that they can’t make use of Coinberry at all. Its platform can be practical for entry-level crypto purchases against CAD, tax payments, and smooth implementation of the DCA (dollar-cost-average) strategy.

Supported Cryptocurrencies

Coinberry supported cryptocurrencies

Compared to international trading giants, the Coinberry exchange offers a modest selection of around 30 cryptocurrencies and DeFi tokens. No hassle, though. The Coiberry list of supported cryptos is more than enough unless you have profound expertise in the latest crypto trends.

It includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Bitcoin Cash (BCH), Dogecoin (DOGE), Zcash (ZEC), Stellar (XLM), Ripple (XRP), Balancer (BAL), Uniswap (UNI), Aave (AAVE), Chainlink (LINK), and Axie Infinity (AXIE).

Coinberry Features

I went through all extra-functionalities on Coinberry. While the list itself isn’t that extensive, I can say that the team put an incredible effort into maintaining the comfort of use.

Coinberry Mobile App

The Coinberry mobile app is available for both Android and iOS users. Both versions come with a top-notch design and usability. Compared to the original browser platform, I have the feeling that buying and selling crypto is simpler with the Coinberry app. It’s partly because the option for instant verification is also possible from your mobile.

Coinberry mobile appHowever, I noticed that some of the more advanced tools are missing from the mobile version. Strangely enough, the Apple version is rated much higher than the Android app.

Coinberry Autopilot

Coinberry autopilot feature

Coinberry has come up with a very witty name to describe the technique of dollar-cost averaging. With the Coinberry Autopilot, you’ll have the opportunity to implement this well-established trading strategy in your crypto investments. The Autopilot will automatically execute a purchase of your selected coin at a given time interval (daily, monthly, or weekly) regardless of its current exchange rate.

Coinberry Pay

After learning about Coinberry Pay, I was thrilled to explore this option. In a word, Coinberry Pay is a built-in processing solution that enables individuals, retailers, charities, and institutions to receive crypto payments. The good thing is that while they pay you in crypto, your crypto income is automatically converted into CAD and as such, delivered to your bank account.

Coinberry Pay feature

On top of this, you don’t need to meet certain requirements to use this service — you’ll get a free Coinberry Pay link together with your Coinberry account. Currently, the Coinberry processor receives payments in 4 popular cryptocurrencies — BTC, XRP, LTC, and ETH.

Coinberry Referral Program

Coinberry referral rewards

Coinberry offers a referral program with a straightforward reward system. 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. As simple as that.

The Trading Platform

I implied a few times throughout this article that Coinberry is tailored to encourage less-experienced investors to approach the blockchain market. And, I’m sure you’ll feel the same immediately after landing on their platform.

There is a clean dashboard with a comprehensive menu on the top of the page consisting of Fund, Buy/Sell, Withdraw, AutoPilot, and Coinberry Pay.

Right below, you can see your CAD wallet with the exact amount in your possession, together with the sum of cryptocurrencies you own. The rest of the page is reserved for a visualized presentation of those coins with an easy-to-read chart format that shows their market cap and price movement over time. You shouldn’t expect any complex charting tools even in the Buy/Sell section.

Coinberry Fees

Coinberry has a different pricing system than other popular Canadian crypto exchanges. I can notice that these platforms are promoting themselves as no-fee marketplaces, which is far from the truth.

Trading Fees

Coinberry platform fees

Buying and selling crypto on Coinberry doesn’t incur a fixed trading fee. Instead, the exchange sets the spread as a rate for crypto transactions. Spreads stand for the difference between buying and selling price of the crypto being traded and their range is very dynamic depending on the exchange liquidity sources and the current market fluctuations. On Coinberry, the spread extends between 0% and 2.5%.

Withdrawal and Deposit Fees

On the other hand, cash deposits and withdrawals on Coinberry are truly free, regardless of the selected payment method (wire or Interac e-Transfer). The exchange doesn’t charge any withdrawal fees as well, which is fantastic. It’s something you’d rarely see on both native and international exchanges.

The same refers to crypto deposits and withdrawals. Well, when withdrawing crypto, you must consider transaction fees, which are imposed by the blockchain itself. Their amount is also variable depending on the type of coin being transferred out.

Coinberry Safety and Security

Coinberry security featuresCoinberry is definitely one of the best-protected virtual platforms I’ve ever stayed on. It operates on a highly regulated ground, and it’s often referred to as the first fully regulated crypto provider across the entire territory of Canada.

Just like all other Canadian exchanges, Coinberry is a FINTRAC registered business with a license from Ontario Security Commission. I was impressed to read that Coinberry established its security practices in partnership with Gemini Trust Company, LLC and keeps $200 million in insurance through the company.

Gemini is a world-renowned cryptocurrency exchange, but it also acts as an external custodian for cold storage services and is regulated by the New York Department of Financial Services. It’s the first crypto company to receive ISO 27001 certification and pass SOC Type 2 and SOC 1 Type 2 examinations.

Is It Safe?

The highly regulated status, combined with the robust KYC protocol, defines Coinberry as a safe exchange, even though a virtual money transmitter can never guarantee full security.

Coinberry platform security

When it comes to platform protection, Coinberry implements all industry-standard features including optional 2FA (two-factor authentication) and options for biometric login. Since its inception in 2017, the exchange has never faced any cryptical hacker attacks, identity scams or other data-leakage compromises.

Coinberry Customer Support

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.

If you need direct assistance, there are a few ways to contact the Coinberry team. You have a 24-hour email-support channel, ticket system, and a phone line, which is also available for 24 hours. Unfortunately, I didn’t see any live-chat option, but if you ask me, nothing works better than direct phone communication.

Social Media Accounts

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.

How to Open a Coinberry Account

I didn’t face any difficulties in my attempt to open a Coinberry account. The registration system runs smoothly despite the strict KYC requirements.

Signing up

Visit the Coinberry website and find the Sign-Up button at your top-right. Then, you’ll need to insert your email address and wait for the verification link to confirm your address.

The Verification Process

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.

So, after confirming your email, the system will divert you to the exchange’s Identity Verification section. On Coinberry, your verification process starts with submitting basic contact information (phone number).

Then, you’ll need to attach a government-issued document (passport, ID card, driving license) to prove your identity. When done, the system will ask you to submit a live photo (selfie) and film a short video response.

Finally, you’ll get an Investor Suitability Assessment that contains some questions about your financial background. For example, you’ll need to provide a valid answer about your investment allocations, the income status of your partner, and risk level. Also, you may need to answer a series of crypto-related questions.

If you’ve done everything correctly, you won’t wait more than a few moments to access your profile.

Funding Methods

Coinberry deposit methods

With the status of a verified user, you’re all set to fund your Coinberry account with Canadian Dollars and make your first purchase. The exchange supports wire bank transfers and Interac e-Transfers as funding options, but you can also buy crypto instantly using your credit card or debit card.

Each method comes with different processing times and limits:

Payment method Fee Minimum limit Maximum limit Processing times
Wire transfer 0% $10,000 $500,000 2-3 business days
Interac e-Transfer 0% no minimum $10,000 instantaneous

Alternatives

Coinberry comes with a unique set of functionalities, but we can’t decide whether it’s a good choice without close insight into its direct competitors.

Which Is Better Bitbuy or Coinberry?

Bitbuy websiteBoth Bitbuy and Coinberry are Canadian-native exchanges that focus on user comfort and establish sleek grounds for purchasing crypto against CAD. However, I find the Bitbuy package superior even though they don’t differ much in the number of supported coins. The customer support is also excellent on both exchanges.

The thing is that Bitbuy offers two separate platforms to meet the needs of both novices and advanced crypto traders. The advanced market features state-of-the-art charing tools, something that you won’t find on Coinberry. More importantly, the overall cost is much lower than the spread-based fee schedule on Coinberry, especially if you use the advanced platform. Because of this incredible adjustability, Bitbuy is considered the best Canadian exchange.

Which Is Better Coinbase or Coinberry?

Coinbase homepageCoinbase is a global crypto brand that contributed a great deal to the development of the crypto industry. Since 2012, this US-based exchange has been recognized as the most user-friendly platform and an exceptionally secure marketplace. Similar to Coinberry, Coinbase focuses on buy-and-sell activities, leaving no room for extra-trading functionalities such as staking, yielding, or decentralized apps (dApps).

Overall, I’d say that Coinberry is more suited for Candian residents, especially now that it allows instant card payments.

Which Is Better NDAX or Coinberry?

NDAX.io website

I can tell that NDAX and Coinberry work as two different worlds, so I don’t need to compare them based on more detailed features. Well, both are Canadian exchanges with intuitive design, but NDAX charm is trading rather than executing purchases on a retailer level.

NDAX features a superb platform that can be adapted to user needs and their previous experiences. It can either display simple charts or visualize a sophisticated charting system with an array of advanced orders. Coinberry, on the other hand, tries to keep it simple during your entire stay on their platform and offers only the very basic market information behind every crypto they support.

To sum up, Coinberry is a better solution for one-off crypto investments, while NDAX is a perfect choice for learning the trading ropes under the Canadian crypto landscape.

Which Is Better CoinSmart or Coinberry?

Coinsmart homepage

These two exchanges are very similar in their approach — they both put ease of use on a pedestal. However, you can easily single out a favorite based on a few distinctive traits.

First, CoinSmart isn’t restricted to Canadian residents only — it allows you to open an account from over 20 territories worldwide. The trading fees are relatively low (0.2%), but unlike Coinberry, this exchange charges substantial deposit and withdrawal fees. I feel that the registration process on CoinSmart is much simpler than the overall navigation from one section to another. So, if I were a beginner, I’d rather go for CoinSmart.

Frequently Asked Questions

Is Coinberry a good exchange?

If you’re at the early stage of your crypto career, Coinberry can be an excellent solution. The exchange is incredibly intuitive and provides an amicable environment for basic crypto trading activities. Coinberry isn’t the most cost-efficient crypto destination in Canada, but it’s more competitive than other crypto brokers that offer instant purchases and sales against CAD.

Can you make money with Coinberry?

With a good strategy and a little luck, you can sell your crypto on Coinberry at a price much higher than the buying price. That’s the only way you can earn on Coinberry — the regular way. But, if you ask whether the exchange offers opportunities for passive income such as staking or other earning programs, then the answer is no.

Is Coinberry a crypto wallet?

Coinberry is a centralized exchange, and just like the majority of other exchanges of this caliber, it comes with a built-in wallet system for both CAD and all platform-supported crypto assets. 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.

However, I don’t recommend this storage solution in the long haul, especially if you hold large crypto amounts. Coinberry is a robustly secure exchange, but the virtual environment can never guarantee 100% protection against scams.

Can You withdraw crypto from Coinberry?

Yes. Coinberry crypto withdrawals are just as sleek as its deposits. So, you can easily transfer all the crypto you hold on your exchange wallet to another exchange or external wallet. All you have to do is navigate to the Withdraw tab on the main top menu, select Crypto, and insert the wallet recipient’s wallet address. Remember that, unlike crypto deposits, withdrawals aren’t entirely free.

Can I transfer from Coinberry to Binance?

Not only to Binance, but you can also transfer cryptocurrencies from Coinberry to any other external wallet address. It’s a very common practice among professional traders — they use trustworthy home-based exchanges as a fiat gate, i.e., buy crypto with CAD. Then, traders send the newly-acquired crypto to an international exchange with a superior feature set, including coin-diverse spot market or crypto derivatives platforms with high margins.

Who owns Coinberry?

Since April 2022, Coinberry has been part of the WonderFi ecosystem. This tech giant acquired Bitbuy for $38.5 million.

Conclusion

Just because you can’t expect an abundance of cryptocurrencies and advanced tools on Coinberry, it doesn’t mean that Coinberry isn’t a good exchange. It successfully implements the highest security standards while offering a beginner-friendly interface and fast transactions. This combo is the ultimate goal of the modern crypto generation.

Most importantly, it’s a trustworthy marketplace where you’ll feel comfortable using crypto in day-to-day financial activities. That’s why I believe that Coinberry is worth considering when choosing a departure point for your long-term crypto journey.

Visit The Site

I’m fascinated to witness the entrance of digital currency into mainstream culture. It’s funny, but I still remember that in the early days of the wild-west crypto world:

  • The general public was pretty skeptical about digital money;
  • No government controlled the asset flow, and hence, its close relation to the dark market;
  • Cryptocurrency trading activities were reserved only for geeky individuals with strong IT skills.

None of these statements describes the crypto industry anymore. Crypto exchanges aim at an inclusive blockchain-based economy, meaning everyone should be able to use crypto with ease, regardless of their trading expertise or IT background. There is one precondition to be met for developing such inclusiveness — a secure and regulated virtual environment.

Coinberry is one of the holders of the idea of an inclusive crypto realm in the Canadian market. I’ll give you a hint — Coinberry isn’t an exchange with mind-blowing charts but rather a virtual destination that enables hassle-free crypto buy-and-sell activities.

Coinberry logo

Visit The Site

Website: https://www.coinberry.com/

Country: Canada

Mobile app: Yes

Deposit Methods: Credit/debit card, Interac e-Transfer, wire transfer

Trading Fees: spread-based fee system ranging between 0% and 2.5%

Fiat Currencies: CAD

Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Tron (TRON), Polkadot (DOT), Bitcoin Cash (BCH), and 30+ more

Pros:

  • User-friendly design and sleek navigation;
  • No deposit and withdrawal fees;
  • Fast crypto purchases;
  • Coinbeery Pay for off-chain crypto payments.

Cons:

  • Limited spot market;
  • No passive-earning options like staking, lending, or yield farming;
  • The dynamic fee schedule can be confusing for beginners.
Table of Contents show

 

What Is Coinberry?

Coinberry is a Toronto-based digital asset exchange that was established in 2017 by Andrei Poliakov. The exchange is part of the next generation of crypto providers whose purpose is to simplify the process of crypto purchases. So, I knew what to expect from the “Coinberry deal” even before opening my own account — incredible comfort of use, fast deposits, strict registration requirements, and instant transfers.

Coinberry website

In addition, the exchange has implemented some handy functionalities like Coinberry Pay and AutoPilot but I believe that its popularity lies in the high security. Since its inception, Coinberry puts user protection first. It’s a registered MSB (Money Service Business) with FINTRAC and the OSC (Ontario Security Commission).

Also, the exchange is PIPEDA compliant and keeps $200 million in an insurance fund through an external custodian. This attitude has made Coinberry the first crypto provider in Canada to partner with a few municipalities for processing Bitcoin tax settlements. In 2019, the Town of Innisfil in Ontario allowed property tax payments with bitcoins using Coiberry as a provider.

Finally, I read that Coinberry was officially acquired by WonderFi Technologies Inc in July 2022. This partnership means easier access for the 220,000 Coinberry users to the blooming DeFi world and other blockchain-based establishments.

Who Is Coinberry Aimed At?

For sure, Coinberry is a beginner-oriented crypto exchange. In many reviews and descriptions, you’ll find Coinberry as a crypto broker rather than a crypto trading platform, which is true. On Coinberry, you don’t trade crypto against other fellows, but buy Bitcoin similar to making an Amazon order. To my delight, Coinberry is substantially cheaper than many other beginner-friendly prototypes.

While it’s obvious that advanced traders will be looking for a better-equipped trading platform, I don’t think that they can’t make use of Coinberry at all. Its platform can be practical for entry-level crypto purchases against CAD, tax payments, and smooth implementation of the DCA (dollar-cost-average) strategy.

Supported Cryptocurrencies

Coinberry supported cryptocurrencies

Compared to international trading giants, the Coinberry exchange offers a modest selection of around 30 cryptocurrencies and DeFi tokens. No hassle, though. The Coiberry list of supported cryptos is more than enough unless you have profound expertise in the latest crypto trends.

It includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Bitcoin Cash (BCH), Dogecoin (DOGE), Zcash (ZEC), Stellar (XLM), Ripple (XRP), Balancer (BAL), Uniswap (UNI), Aave (AAVE), Chainlink (LINK), and Axie Infinity (AXIE).

Coinberry Features

I went through all extra-functionalities on Coinberry. While the list itself isn’t that extensive, I can say that the team put an incredible effort into maintaining the comfort of use.

Coinberry Mobile App

The Coinberry mobile app is available for both Android and iOS users. Both versions come with a top-notch design and usability. Compared to the original browser platform, I have the feeling that buying and selling crypto is simpler with the Coinberry app. It’s partly because the option for instant verification is also possible from your mobile.

Coinberry mobile appHowever, I noticed that some of the more advanced tools are missing from the mobile version. Strangely enough, the Apple version is rated much higher than the Android app.

Coinberry Autopilot

Coinberry autopilot feature

Coinberry has come up with a very witty name to describe the technique of dollar-cost averaging. With the Coinberry Autopilot, you’ll have the opportunity to implement this well-established trading strategy in your crypto investments. The Autopilot will automatically execute a purchase of your selected coin at a given time interval (daily, monthly, or weekly) regardless of its current exchange rate.

Coinberry Pay

After learning about Coinberry Pay, I was thrilled to explore this option. In a word, Coinberry Pay is a built-in processing solution that enables individuals, retailers, charities, and institutions to receive crypto payments. The good thing is that while they pay you in crypto, your crypto income is automatically converted into CAD and as such, delivered to your bank account.

Coinberry Pay feature

On top of this, you don’t need to meet certain requirements to use this service — you’ll get a free Coinberry Pay link together with your Coinberry account. Currently, the Coinberry processor receives payments in 4 popular cryptocurrencies — BTC, XRP, LTC, and ETH.

Coinberry Referral Program

Coinberry referral rewards

Coinberry offers a referral program with a straightforward reward system. 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. As simple as that.

The Trading Platform

I implied a few times throughout this article that Coinberry is tailored to encourage less-experienced investors to approach the blockchain market. And, I’m sure you’ll feel the same immediately after landing on their platform.

There is a clean dashboard with a comprehensive menu on the top of the page consisting of Fund, Buy/Sell, Withdraw, AutoPilot, and Coinberry Pay.

Right below, you can see your CAD wallet with the exact amount in your possession, together with the sum of cryptocurrencies you own. The rest of the page is reserved for a visualized presentation of those coins with an easy-to-read chart format that shows their market cap and price movement over time. You shouldn’t expect any complex charting tools even in the Buy/Sell section.

Coinberry Fees

Coinberry has a different pricing system than other popular Canadian crypto exchanges. I can notice that these platforms are promoting themselves as no-fee marketplaces, which is far from the truth.

Trading Fees

Coinberry platform fees

Buying and selling crypto on Coinberry doesn’t incur a fixed trading fee. Instead, the exchange sets the spread as a rate for crypto transactions. Spreads stand for the difference between buying and selling price of the crypto being traded and their range is very dynamic depending on the exchange liquidity sources and the current market fluctuations. On Coinberry, the spread extends between 0% and 2.5%.

Withdrawal and Deposit Fees

On the other hand, cash deposits and withdrawals on Coinberry are truly free, regardless of the selected payment method (wire or Interac e-Transfer). The exchange doesn’t charge any withdrawal fees as well, which is fantastic. It’s something you’d rarely see on both native and international exchanges.

The same refers to crypto deposits and withdrawals. Well, when withdrawing crypto, you must consider transaction fees, which are imposed by the blockchain itself. Their amount is also variable depending on the type of coin being transferred out.

Coinberry Safety and Security

Coinberry security featuresCoinberry is definitely one of the best-protected virtual platforms I’ve ever stayed on. It operates on a highly regulated ground, and it’s often referred to as the first fully regulated crypto provider across the entire territory of Canada.

Just like all other Canadian exchanges, Coinberry is a FINTRAC registered business with a license from Ontario Security Commission. I was impressed to read that Coinberry established its security practices in partnership with Gemini Trust Company, LLC and keeps $200 million in insurance through the company.

Gemini is a world-renowned cryptocurrency exchange, but it also acts as an external custodian for cold storage services and is regulated by the New York Department of Financial Services. It’s the first crypto company to receive ISO 27001 certification and pass SOC Type 2 and SOC 1 Type 2 examinations.

Is It Safe?

The highly regulated status, combined with the robust KYC protocol, defines Coinberry as a safe exchange, even though a virtual money transmitter can never guarantee full security.

Coinberry platform security

When it comes to platform protection, Coinberry implements all industry-standard features including optional 2FA (two-factor authentication) and options for biometric login. Since its inception in 2017, the exchange has never faced any cryptical hacker attacks, identity scams or other data-leakage compromises.

Coinberry Customer Support

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.

If you need direct assistance, there are a few ways to contact the Coinberry team. You have a 24-hour email-support channel, ticket system, and a phone line, which is also available for 24 hours. Unfortunately, I didn’t see any live-chat option, but if you ask me, nothing works better than direct phone communication.

Social Media Accounts

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.

How to Open a Coinberry Account

I didn’t face any difficulties in my attempt to open a Coinberry account. The registration system runs smoothly despite the strict KYC requirements.

Signing up

Visit the Coinberry website and find the Sign-Up button at your top-right. Then, you’ll need to insert your email address and wait for the verification link to confirm your address.

The Verification Process

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.

So, after confirming your email, the system will divert you to the exchange’s Identity Verification section. On Coinberry, your verification process starts with submitting basic contact information (phone number).

Then, you’ll need to attach a government-issued document (passport, ID card, driving license) to prove your identity. When done, the system will ask you to submit a live photo (selfie) and film a short video response.

Finally, you’ll get an Investor Suitability Assessment that contains some questions about your financial background. For example, you’ll need to provide a valid answer about your investment allocations, the income status of your partner, and risk level. Also, you may need to answer a series of crypto-related questions.

If you’ve done everything correctly, you won’t wait more than a few moments to access your profile.

Funding Methods

Coinberry deposit methods

With the status of a verified user, you’re all set to fund your Coinberry account with Canadian Dollars and make your first purchase. The exchange supports wire bank transfers and Interac e-Transfers as funding options, but you can also buy crypto instantly using your credit card or debit card.

Each method comes with different processing times and limits:

Payment method Fee Minimum limit Maximum limit Processing times
Wire transfer 0% $10,000 $500,000 2-3 business days
Interac e-Transfer 0% no minimum $10,000 instantaneous

Alternatives

Coinberry comes with a unique set of functionalities, but we can’t decide whether it’s a good choice without close insight into its direct competitors.

Which Is Better Bitbuy or Coinberry?

Bitbuy websiteBoth Bitbuy and Coinberry are Canadian-native exchanges that focus on user comfort and establish sleek grounds for purchasing crypto against CAD. However, I find the Bitbuy package superior even though they don’t differ much in the number of supported coins. The customer support is also excellent on both exchanges.

The thing is that Bitbuy offers two separate platforms to meet the needs of both novices and advanced crypto traders. The advanced market features state-of-the-art charing tools, something that you won’t find on Coinberry. More importantly, the overall cost is much lower than the spread-based fee schedule on Coinberry, especially if you use the advanced platform. Because of this incredible adjustability, Bitbuy is considered the best Canadian exchange.

Which Is Better Coinbase or Coinberry?

Coinbase homepageCoinbase is a global crypto brand that contributed a great deal to the development of the crypto industry. Since 2012, this US-based exchange has been recognized as the most user-friendly platform and an exceptionally secure marketplace. Similar to Coinberry, Coinbase focuses on buy-and-sell activities, leaving no room for extra-trading functionalities such as staking, yielding, or decentralized apps (dApps).

Overall, I’d say that Coinberry is more suited for Candian residents, especially now that it allows instant card payments.

Which Is Better NDAX or Coinberry?

NDAX.io website

I can tell that NDAX and Coinberry work as two different worlds, so I don’t need to compare them based on more detailed features. Well, both are Canadian exchanges with intuitive design, but NDAX charm is trading rather than executing purchases on a retailer level.

NDAX features a superb platform that can be adapted to user needs and their previous experiences. It can either display simple charts or visualize a sophisticated charting system with an array of advanced orders. Coinberry, on the other hand, tries to keep it simple during your entire stay on their platform and offers only the very basic market information behind every crypto they support.

To sum up, Coinberry is a better solution for one-off crypto investments, while NDAX is a perfect choice for learning the trading ropes under the Canadian crypto landscape.

Which Is Better CoinSmart or Coinberry?

Coinsmart homepage

These two exchanges are very similar in their approach — they both put ease of use on a pedestal. However, you can easily single out a favorite based on a few distinctive traits.

First, CoinSmart isn’t restricted to Canadian residents only — it allows you to open an account from over 20 territories worldwide. The trading fees are relatively low (0.2%), but unlike Coinberry, this exchange charges substantial deposit and withdrawal fees. I feel that the registration process on CoinSmart is much simpler than the overall navigation from one section to another. So, if I were a beginner, I’d rather go for CoinSmart.

Frequently Asked Questions

Is Coinberry a good exchange?

If you’re at the early stage of your crypto career, Coinberry can be an excellent solution. The exchange is incredibly intuitive and provides an amicable environment for basic crypto trading activities. Coinberry isn’t the most cost-efficient crypto destination in Canada, but it’s more competitive than other crypto brokers that offer instant purchases and sales against CAD.

Can you make money with Coinberry?

With a good strategy and a little luck, you can sell your crypto on Coinberry at a price much higher than the buying price. That’s the only way you can earn on Coinberry — the regular way. But, if you ask whether the exchange offers opportunities for passive income such as staking or other earning programs, then the answer is no.

Is Coinberry a crypto wallet?

Coinberry is a centralized exchange, and just like the majority of other exchanges of this caliber, it comes with a built-in wallet system for both CAD and all platform-supported crypto assets. 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.

However, I don’t recommend this storage solution in the long haul, especially if you hold large crypto amounts. Coinberry is a robustly secure exchange, but the virtual environment can never guarantee 100% protection against scams.

Can You withdraw crypto from Coinberry?

Yes. Coinberry crypto withdrawals are just as sleek as its deposits. So, you can easily transfer all the crypto you hold on your exchange wallet to another exchange or external wallet. All you have to do is navigate to the Withdraw tab on the main top menu, select Crypto, and insert the wallet recipient’s wallet address. Remember that, unlike crypto deposits, withdrawals aren’t entirely free.

Can I transfer from Coinberry to Binance?

Not only to Binance, but you can also transfer cryptocurrencies from Coinberry to any other external wallet address. It’s a very common practice among professional traders — they use trustworthy home-based exchanges as a fiat gate, i.e., buy crypto with CAD. Then, traders send the newly-acquired crypto to an international exchange with a superior feature set, including coin-diverse spot market or crypto derivatives platforms with high margins.

Who owns Coinberry?

Since April 2022, Coinberry has been part of the WonderFi ecosystem. This tech giant acquired Bitbuy for $38.5 million.

Conclusion

Just because you can’t expect an abundance of cryptocurrencies and advanced tools on Coinberry, it doesn’t mean that Coinberry isn’t a good exchange. It successfully implements the highest security standards while offering a beginner-friendly interface and fast transactions. This combo is the ultimate goal of the modern crypto generation.

Most importantly, it’s a trustworthy marketplace where you’ll feel comfortable using crypto in day-to-day financial activities. That’s why I believe that Coinberry is worth considering when choosing a departure point for your long-term crypto journey.

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About The Author

James Page

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James is the main editor. With a passion for finance and anything blockchain, cryptocurrency is right up his alley. He's responsible for most of the content on the site, trying his best to keep everything up to date and as informative as possible.

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Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.