Coinberry is one of the best crypto exchanges in Canada that offers commission-free trading with no deposit/withdrawal fees.
Others in this category include Wealthsimple Crypto, Newton, and Shakepay.
You can also look into other Coinberry alternatives like NDAX, Bitbuy, CoinSmart, and Netcoins.
The big question: Is Coinberry legit?
This Coinberry review covers how the platform works, supported cryptocurrencies, Coinberry crypto fees, pros, cons, referral program, and more so that you sign up with confidence.
What is Coinberry?
Coinberry is one of the best cryptocurrency exchanges in Canada for beginners that allows Canadians to trade about 20 cryptocurrencies.
It was founded in 2017 and is a FINTRAC registered Money Service Business licensed to operate throughout Canada.
It is also one of the few crypto trading apps in Canada trusted by Canadian municipalities to allow payment of property taxes using Bitcoin in some towns.
Coinberry offers instant account verification for most accounts and offers a simple desktop interface and Coinberry crypto app so that you can buy crypto instantly within minutes, starting with as little as $50.
Plus, the platform doesn’t charge extra trading fees or deposit/Coinberry withdrawal fees, so you get to keep more crypto at the end of the day.
That said, Coinberry doesn’t offer advanced trading features and charting tools; hence not great for seasoned traders looking to automate their trading activities.
If you verify your account and trade $50+, you get a $30 sign-up bonus.
How To Open a Coinberry Crypto Account
Visit the Coinberry home page, enter your email, and hit the Get Started button.
Then verify your email address and enter all the required details.
Coinberry will run an automatic check to verify your account instantly.
Otherwise, upload the required identity document to enter the manual verification process.
How Does Coinberry Work?
Coinberry Canada offers a simple sign-up process following KYC rules, with a $30 sign-up bonus if you verify your account and trade $50.
The verification process is automatic and instant for most accounts.
If the automatic check fails, you can enter the manual verification process by uploading your government-issued photo ID, a selfie photo, and proof of address provided with a bank statement or utility bill receipt bearing your name and physical address.
Once your account is set up, fund your Coinberry wallet via Interac e-Transfer, bank wire, crypto deposits, or credit/debit card purchases.
Then go ahead and purchase any of the coins listed on Coinberry.
Crypto Assets Available on Coinberry
Coinberry supports 30+ cryptocurrencies. Below is the Coinberry crypto list:
|Ethereum||Basic Attention Token|
|Kyber Network||The Sandbox|
|XRP* (currently delisted)|
You’ll be pleased to learn that Coinberry offers commission-free trading and doesn’t charge fiat deposit/withdrawal fees.
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.
Interact e-Transfers and crypto deposits are processed instantaneously, but wire transfers take 2-3 days.
Crypto deposits are free, but there are Coinberry crypto withdrawal fees.
With ripple delisted, you can currently withdraw 3 coins on Coinberry, and their fees come in as follows:
- Bitcoin: 0.0005 BTC
- Ethereum: 0.0063 ETH
- Litecoin: 0.02 LTC
Is Coinberry Legit and Safe?
Coinberry is a FINTRAC registered and PIPEDA compliant Money Service Business authorized by the Ontario Securities Commission (OSC) to offer crypto-based products and services across Canada.
To keep your crypto assets secure, Coinberry partners with Gemini Trust Company, a regulated digital asset custodian offering cold storage and custody insurance of $200 million.
It is also insured by Lloyd’s with a coverage of up to CAD 1 million per claim.
On top of that, it is one of the few crypto exchanges trusted by the Canadian government municipalities to allow payment of property taxes using Bitcoin.
Based on this information, one can say with confidence that Coinberry is a legitimate and safe crypto exchange that does its best to keep your digital assets secure.
That said, no crypto exchange is 100% hacker-proof, so you may want to move your crypto assets into an external software or hardware wallet where you have total control of your keys.
Pros and Cons of Coinberry
While Coinberry is a great crypto trading platform for beginners, it has its share of pros and cons.
- No extra trading fees or fiat deposit and withdrawal fees
- Offers automatic instant account verification for most accounts
- Gemini cold storage and custody insurance and Lloyd’s insurance
- User-friendly web and mobile interfaces for crypto newbies to trade with a single click
- Crypto Learning Portal to increase your digital assets knowledge
- Coinberry Pay to send and receive Bitcoin payments or donations
- Live customer support to answer all your questions
- FINTRAC & OSC registered MBS that’s PIPEDA compliant.
- Coinberry spreads can get expensive, up to 2.5% per trade
- Doesn’t offer advanced order types and charting tools for seasoned traders
- Supports only CAD as fiat, and there is a CAD 50 minimum deposit
- You can only withdraw four coins, namely BTC, ETH, LTC, and XRP
Coinberry Referral Code Bonus
You can take advantage of the Coinberry referral program to make extra cash by inviting other people to sign up for Coinberry accounts.
Simply copy your Coinberry referral code or link from your dashboard and share it with friends on social media or on your website.
For each of your invites that sign up for an account through your promo code and trade $50 or more, you both get a $30 sign-up bonus.
Coinberry vs Bitbuy
Bitbuy was launched in 2016, while Coinberry entered the game a year later, in 2017, and both are great crypto trading platforms in Canada.
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.
But unlike Bitbuy, which levies a deposit/withdrawal fee of 0.5% to 1.5%, Coinberry offers free deposit/ withdrawals for fiat.
If you are looking for advanced trading features, you are better off with Bitbuy as it offers Bitbuy Pro with advanced order types, charting tools, and an OTC desk to automate your trading activities and fill large orders.
Learn more about Bitbuy in this review.
Coinberry vs Wealthsimple Crypto
Both Coinberry and Wealthsimple Crypto offer commission-free trading with no deposit/withdrawal fees.
They are great crypto trading platforms for beginners as they offer a simple way to buy crypto, with no advanced trading tools.
You’ll incur an in-built spread fee applied between the bid-ask prices when you buy crypto on both platforms.
Coinberry spread ranges from 0% to 2.5%, while Wealthsimple Crypto spread comes in between 1.5% to 2%.
That said, Wealthsimple Crypto offers up to 50+ cryptocurrencies, compared to Coinberry’s 30+ coins. You can also trade stock and ETFs commission-free on Wealthsimple.
Learn more about Wealthsimple Crypto in this review, plus how to get a $25 bonus.
Coinberry vs Bitbuy vs Wealthsimple Crypto
Below is a table breakdown to give you a quick glimpse of how Coinberry stacks up against Bitybuy and Wealthsimple Crypto.
|Funding methods||Interac e-Transfer, bank wire, crypto, and credit card purchases||Interac e-Transfer and bank wire||E-Transfer and crypto deposits|
|Trading fees||0% to 2.5% spread fee||0.1% and 0.2%||1.5% to 2% spread fee|
|Deposit/withdrawal fees||Free||0.5% to 1.5%||Free|
|Promotions||Get a $30 sign-up bonus after trading $50+||–||Deposit $150 to get $25|
Is Coinberry a good app?
Yes, Coinberry is a good platform offering a simple way to trade crypto in less than a minute. The platform is accessible via the web browser or through the Coinberry crypto app but does not offer advanced trading features.
Is Coinbase better than Coinberry?
Coinbase offers more crypto services and advanced trading features than Coinberry, but has a convoluted fee structure that can prove expensive to beginners, especially for smaller crypto purchases of $10 to $200.
Does Coinberry offer crypto wallets?
Yes, Coinberry offers its own custodial wallet, but also partners with wallet providers like Trezor wallet and BRD wallet to allow you to store your crypto securely and buy crypto from the platform directly from your external wallet.
What coins can you withdraw on Coinberry?
Coinberry supports more than 30 cryptocurrencies, but you can only withdraw four coins, including Bitcoin, Ethereum, Litecoin, and Ripple (currently delisted).