Coinberry Review: The Ultimate guide 2023
With a centralized crypto exchange, two factors are critical: security (trust) and ease of use. We’ve decided to write this Coinberry review as the platform checks both.
Following a thorough examination of the Coinberry cryptocurrency platform, our prognosis is: it is a safe place for buying, selling, and storing crypto-assets designed specifically for Canadian residents. Prices are in Canadian dollars, and the overall user experience is not only sleek but also simple and easy to use.
With that said, let’s take a closer look.
An Overview of Coinberry
Coinberry, a money service business is registered with FINTRAC and focused on blockchain and digital currency solutions. Founded in 2017, this crypto trading platform and exchange firm provides its Canadian users free access to the cryptocurrency market.
Coinberry users can buy and sell bitcoin and other crypto assets directly from their bank account. Headquartered in Toronto, Canada, Coinberry shares space with notable crypto projects such as Ethereum, Polymath, and Aion.
Following the introduction of Bitcoin property tax payment processing in the Town of Innisfil and the City of Richmond Hill. Coinberry was the first digital currency platform to partner with a Municipal Government for Bitcoin tax payment processing in Canada.
Key Features of Coinberry
Start trading crypto in minutes with the easy-to-set-up account process.
User-friendly interface designed for beginners and experienced traders alike.
Available Mobile app for iOS and Android and on the web.
28+ of the most popular cryptocurrencies are supported.
Zero withdrawal fees and no deposit fees.
AutoPilot – set up automatic recurring crypto purchases.
Coinberry Pay – get paid in BTC into your account.
FINTRAC registered – fully compliant with fraud monitoring and reporting.
Extremely secure – institutional-grade crypto protection.
Cryptocurrencies Available on Coinberry
Bitcoin (BTC), Ethereum (ETH), Aave, Cardano (ADA), AXS, Balancer (BAL), Basic Attention Token (BAT), Bitcoin Cash (BCH), Compound (COMP), Curve (CRV), Doge (DOGE), Polkadot (DOT), Enjin (ENJ), FTM, GRT, Kyber (KNC), LINK, LTC, Terra (LUNA), MANA, Polygon (MATIC), Maker (MKR), SAND, Shiba Inu (SHIB), Synthetix (SNX), Uniswap (UNI), Stellar (XLM), YFI, ZEC.
You can find the updated list here.
On Paper, Coinberry charges customers zero fees for deposits, purchases, or withdrawals. However, there are spreads when buying or selling cryptocurrencies. These spreads can amount anywhere between 2-3% depending on the asset in question. The mining fees during crypto withdrawals are also dynamic which means they vary based on real-time estimates.
There are four major funding channels on Coinberry, they include; Interac E-transfer, Wire Transfer, Crypto, Debit & Credit cards.
Funding and Withdrawal through Interac E-Transfer
Once your account has been activated, you can fund it using Interac e-Transfer Auto Deposit for up to $10,000 CAD (Higher limits are through a Wire transfer).
It’s a quick and easy way to send money using your online or mobile banking! All you need is an e-Transfer-capable Canadian bank account. Check out the Interac page for a complete list of supported institutions.
When funding your account via e-Transfer, follow these steps:
Select Interac e-Transfer from your online or mobile banking app.
Add Coinberry as a Payee/Recipient:
Coinberry Limited Recipient Name & Last Name Email: email@example.com
Security Question & Answer: It is no longer necessary. You can leave this field empty.
Make sure to include your Account number in the Message field.
Enter the desired amount here.
Click the Send button.
Your order has been fulfilled!
Your funds will be automatically deposited into your account once the e-Transfer has been sent.
Looking to do more volume?
Fund Your account through a wire transfer
A wire transfer is an electronic money transfer. Please double-check that all of the information on the Wire Transfer Form is correct.
When funding your account via wire transfer, keep the following instructions in mind:
The maximum wire transfer limit per 24-hour period is $500,000.
The wire amount must be denominated in Canadian dollars (CAD) (Canadian Dollars).
In the wire transfer Reference or Notes section, include your account number.
The name on the bank account from which you are sending must be the same as the name in your Coinberry account.
Follow the steps below to obtain the wire transfer information:
Navigate to the Fund page.
Select CAD. Then click on Wire Transfer.
This page contains instructions as well as important reminders.
You’ll also find your Coinberry account number, which you must enter in the wire transfer Reference or Notes section.
Coinberry’s bank account information is also provided.
Please keep in mind that funding via wire transfer can take up to three (3) business days to process.
Looking for something limitless and instant?
Fund your account With Crypto
You’ll need to send your cryptocurrency from an external wallet to your Coinberry wallet to fund your account.
Cryptocurrencies that are supported include Bitcoin (BTC), Ethereum (ETH), and all of the other cryptocurrencies we mentioned earlier.
We’ll be using Bitcoin to illustrate how things work in the simple steps below:
1. Proceed to Fund. Then choose Crypto.
2. Choose the cryptocurrency you’d like to receive.
3. Pay attention to the Important Reminders. Then select I understand from the drop-down menu.
4. To get your wallet address, either scan the QR code or click the Copy Address button. Your wallet address is permanent, so you can keep it and use it again and again.
5. Paste your Coinberry wallet address as the recipient in your external wallet.
As soon as your crypto fund order is validated in the blockchain, it will display in your Activity Feed. It could take 15-30 minutes, depending on the network.
Coinberry security is ensured through a combination of blockchain technology and two-factor authentication. By storing all user data on a secure blockchain, Coinberry is able to keep user information safe and inaccessible to anyone other than the user themselves. In addition, Coinberry requires users to provide a two-factor authentication code in order to log in, providing an extra layer of security.
Coinberry does not currently offer any staking rewards at least not publicly. However, some insider sources did reveal their intention to be listed on the stock exchange market in 2022.
Opening a Coinberry Account
Provided you are a legal Canadian resident, signing up for Coinberry should be a seamless process.
At the moment, there is only one type of account publicly available (A personal account), which means that once registered and verified, you have access to all features. Identity verification, on the other hand, comes in both instant and manual forms.
To sign up, either download the iOS or Android app or go to their website Coinberry.com, then:
Click the “Sign-Up” button.
Enter your email address.
Choose a password.
Terms are agreed upon.
Verify your email address.
Enter your phone number to receive SMS code verification.
To verify your phone number, enter the code you received via text message.
Select an ID verification method (passport, driver’s license, or other government identification)
Take a selfie with your ID and you’re done! Begin funding and purchasing.
In the unlikely event that Coinberry is unable to verify your identity through this instant process. You will be required to upload a piece of government-issued ID, a document proving your address such as a utility bill, and a selfie. Once the documents are submitted, manual verification takes no more than one business day.
As opposed to other popular crypto exchanges like Uphold and Coinbase, Coinberry has reliable customer service that can be reached by email.
Customer satisfaction ratings are an important metric for companies to track and Coinberry has received mixed reviews regarding its customer service. Some customers have complained about long wait times for customer service support, while others have praised the company’s quick response times. Overall, Coinberry has received a mixed rating for customer service.
This is partly because only an email is provided, and the response time is usually up to one business day.
Coinberry account management refers to the various activities that can be performed with a Coinberry account. These include creating a new account, logging in to an existing account, viewing account details, changing account settings, and closing an account. Each of these tasks can be completed through the Coinberry website or mobile app.
Account Management Metrics
Coinberry account management metrics track the performance of a user’s account on the platform. They are used to measure how well an account is performing and to identify areas where improvements can be made. The most important metrics include the total value of transactions, number of transactions, average transaction value, and the average time between transactions. These metrics can help users understand how active their account is, how much they are spending on the platform, and how often they are using it.
Coinberry Pay provides a simple payment processing solution for traders on its platform. This feature enables traders to accept cryptocurrency as payment, and funds can be converted into CAD and deposited into a bank account with ease.
There is a whole section and a blog dedicated to educating users on the website.
In conclusion, Coinberry can be considered to be a great option for buying and selling cryptocurrencies. The user interface is easy to use, and the transaction speeds are impressive. Coinberry is also one of the few platforms that offer a Canadian dollar to cryptocurrency-of-choice exchange. Additionally, the easy-to-use platform and user-friendly interface make it a great choice for anyone looking to invest in cryptocurrencies.
If you’re looking for a reliable and user-friendly platform to buy and sell cryptocurrencies in Canada, then Coinberry is definitely worth the shot.
Our extensive analysis of the Canadian Crypto Exchanges doesn’t stop here. You can also read our page with the best crypto exchanges for Canadians to have a better view of what is available in Canada.
Most frequent questions and answers
The short answer is Yes. Coinberry is a very safe cryptocurrency exchange for Canadian residents.
Why and how?
With institutional-grade security, your digital assets are insured to the tune of $200 million by Gemini Trust Company LLC, the world’s most regulated, safe, and compliant digital asset custodian. Furthermore, Coinberry is also backed by a form of insurance that protects against financial losses due to dishonest acts and unethical behavior from Coinberry employees.
Coinberry does not require users to have their own crypto wallet in order to use the service. Coinberry provides a secure online platform through which users can buy, sell, and store various cryptocurrencies. The platform also allows users to exchange their cryptocurrencies for Canadian dollars.
Coinberry charges a spread fee when buying or selling. This means that they charge a percentage of the total transaction in order to cover their costs. The spread fee is often 0.5 percent. While this may seem high, it is important to consider the fact that Coinberry is a regulated company with high-security measures in place.
They also offer a very user-friendly platform that makes it easy for beginners to get started. In this light, it can be said that Coinberry’s fees are reasonable. They are also competitive when compared to other exchanges.
Coinberry is not a registered tax reporting entity with the CRA and therefore, does not report any user information to the CRA. This means that users of the platform need not worry that their transactions on the exchange have been to the tax agency. Coinberry is one of the few exchanges in Canada that does not fall under the purview of the CRA, and as such leaves you to your tax responsibilities.
Users of the platform are able to operate without having to worry about their transactions being reported.
Coinberry is not a cryptocurrency wallet, but it is a cryptocurrency exchange. However, they partner with BRD, a global cryptocurrency wallet provider. Their partnership with BRD allows users to connect their Coinberry account with their online BRD wallet, making it easier to buy and sell cryptocurrencies.
Coinberry has also partnered with Trezor, a leading hardware wallet manufacturer, to provide an even more secure experience for its users.
Coinberry is a relatively safe investment option, as it is registered with the Ontario Securities Commission and is subject to regular audits. In addition, Coinberry has implemented multiple layers of security, including two-factor authentication and a host of other measures.
It also has a strict verification process that ensures only legitimate users can access the platform. Overall, Coinberry is one of the safest cryptocurrency exchanges in operation today.
Coinberry plans to continue expanding its offerings to include new cryptocurrencies. This means that new cryptos will be added to the platform for users to buy, sell, and trade. Coinberry is committed to providing a user-friendly platform that is easy to use and offers a wide range of options for users. Adding new cryptos is one way that the company is working to meet the needs of its customers.
Coinberry’s withdrawal process usually takes between 15 and 30 minutes. However, in some cases it may take a few days for the withdrawal to be processed. However, as we have noted, Coinberry does its best to ensure that withdrawals are completed as quickly as possible, but there can be delays due to the volume of requests or other unforeseen circumstances.
Coinberry is an excellent cryptocurrency exchange for Canadians who are new to the sector. With a short verification process, it makes it simple to buy, sell, and exchange crypto using CAD. There are no fees to deposit or withdraw CAD, and trading fees are reflected in the spread, making it simple for newbies to figure out how much each coin costs.
Coinberry, on the other hand, may not be suited for more experienced traders due to its limited selection of only 18 cryptocurrencies and lack of advanced trading tools.
Coinberry autopilot is a dollar-cost averaging investment strategy that allows you to automatically invest a fixed sum of money into a coin every month. This helps to smooth out the price fluctuations and reduces the risk of investing in a single go. By investing a fixed sum of money each month, you are buying fewer coins when the price is high and more coins when the price is low, which helps to average out your overall investment.
We always try to provide the most accurate information available, and make sure our team follow through.
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Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.