Coinberry Review

Editor's note: Coinberry has become a part of Bitbuy. New customers can sign up for Bitbuy and get improved experiance.

Looking for a new way to invest your money? Coinberry is a popular Canadian online exchange platform that allows users to buy and sell Bitcoin, Ether, and a variety of other popular cryptocurrencies.

What Is Coinberry?

Coinberry is a Canadian cryptocurrency trading platform based in Toronto. It has been in operation since 2017, serving more than 220,000 Canadians and reaching a trading volume of over $1 billion. It offers over 35 different cryptocurrencies and several valuable tools for crypto investors to streamline the trading process.

If you’re wondering who owns Coinberry, the company has recently been acquired by DeFi giant WonderFi Technologies Inc., which also owns fellow Canadian company Bitbuy.

Coinberry Features

Along with Coinsquare and Bitbuy, Coinberry is probably Canada’s most famous crypto exchange and trading platform. During the previous five years, the company has positioned itself as an excellent marketplace for new investors, thanks to its simplicity and well-thought-out trading interface.

While not offering as many options as some competitors, nor boasting advanced trade features experienced traders would appreciate, Coinberry does have several tools to facilitate crypto trading and makes new user registration and verification a breeze.

Desktop & Mobile Apps

There’s not much difference between the desktop version of the platform and the Coinberry app. The advantage of the web platform is that you can use a simple chart to visualize the price changes for your chosen cryptocurrencies.

On the other hand, the app, available for both iOS and Android systems, offers a stripped-down user interface, but adds a useful feature that lets you set up price alerts for each cryptocurrency you’re interested in. This can be a godsend, considering the constant erratic shifts in the crypto markets.

Coinberry Autopilot

As the name implies, this feature automates purchasing cryptocurrencies. The process is incredibly simple: All you have to do is select your favourite crypto coin, how much you want to purchase each time, and how often you wish to make the purchases. You can always reset and change your choices easily from the same menu.

Coinberry Pay

Here’s another valuable thing you can do after completing your initial sign-up: Activate the platform’s dedicated crypto payment processing system that makes getting paid in crypto more accessible than ever.

Coinberry Pay also lets you set up donations and tips, and the funds can easily be converted into Canadian dollars and deposited into your bank account.

Coinberry Partnerships

Coinberry has partnered with several organizations and companies to improve its service and user experience. For example, you can buy Bitcoin through the Trezor and BRD wallets and even use it to pay your taxes if you live in the town of Innisfil.

Coinberry Fees

Coinberry prides itself on having “no hidden fees,” and that’s, for the most part, true. The problem is that the company charges spreads or margins instead of classic fees, so your quoted price may end up changing by the time your order completes.

That said, the company doesn’t hide anything, nor does it charge any deposit or withdrawal fees, so the only extra costs you’ll pay for trading altcoins like Dogecoin are these spreads that range from 0% to 2.5%.

Coinberry Currencies

Coinberry offers a solid collection of 38 different cryptocurrencies at the time of writing this article. The list includes everything from big-name cryptos such as Bitcoin, Cardano and Litecoin, to lesser-known ones such as Gala or Enjin Coin.

You can also buy Ether and many coins related to the Ethereum network, and the platform even offers a chance to get on the stablecoin bandwagon by purchasing some USD Coin (USDC).

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. You can, however, deposit in Bitcoin and Ether, as well.

Deposits and Withdrawals

You can fund your crypto purchases by making an e-transfer through Interac or wire transfer, which will determine the minimum and maximum deposit and withdrawal limits. As we’ve already mentioned, the only accepted currency is Canadian dollars.

Both options have their pros and cons. The best thing about Interac is that it’s swift, with no minimum deposit for funding your account. On the other hand, wire transfers support higher limits. Here’s a handy table with all the details:

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.

Coinberry Insurance, Security, and Trustworthiness

Coinberry takes fund security very seriously. The company is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and has a partnership with Gemini Trust Company LLC (Gemini), which provides crypto custodial services. This New York State trust company offers an unprecedented $200 million in insurance for the funds in its cold storage.

Privacy-wise, Coinberry requires all users to have a 2FA system set up and uses the latest in SSL/TSL encryption technology to protect all transactions on the site.

Coinberry Customer Support

You can reach Coinberry by sending a message through the website or using the email address [email protected]. Alternatively, you can try calling the toll-free number 1 (888) 997-6544 or consulting the extensive help center on the site. Unfortunately, no live chat option is available at the moment unless you use the mobile app.

Final Verdict

Coinberry is an excellent digital asset trading platform that offers a healthy variety of cryptocurrencies and simple but highly functional mobile and web apps.

Its main advantages are charging no fees on deposits or withdrawals and offering valuable tools for automating the purchase of cryptocurrencies. Our main concerns are the potentially high trade fees and the lack of more advanced tools aimed at expert traders.