Coinberry Review

Purchasing Digital Asset

While the mission of Coinberry is to make crypto trading and investing available to everyone worldwide, it is currently only available to Canadian traders.

Consumers cannot purchase crypto directly through Coinberry. Customers must first buy crypto through another exchange and transfer their crypto over or have already existing crypto. Coinberry has partnered with Interac, a Canadian financial institution that facilitates the transfer of electronic funds between banks and businesses. Interac allows customers to pay bills, including taxes, digitally with Canadian dollars or crypto.

Coinberry sets limits for minimum and maximum amounts for deposits and withdrawals, depending on the currency exchanged. Credit card, Interac e-transfer, and wire transfer limits are $500, $10,000, and $500,000, respectively. Additionally, the ceiling amounts for withdrawals are often lower than deposits.

Deposits and withdrawals are not instantaneous. Transactions take a day to process and reflect in your Coinberry account. Coinberry does offer Auto Pilot. Autopilot allows consumers to schedule continuous purchases of crypto.

Coinberry does not offer peer-to-peer exchange pair trading, meaning you can’t trade one type of currency for another. All trades occur through brokers. They do not provide up-to-date currency exchange pricing charts. To compare currency exchange rates versus Coinberry pricing, consumers must rely on pricing charts from more significant 3rd party exchanges.

A Money Service Business

Coinberry has partnered with Canadian Municipal Governments since 2019. This partnership allows for Bitcoin tax payment processing. Coinberry is accessible on both web and mobile devices. It was the first digital currency exchange for offering crypto purchases through Interac. Interac accepts only Canadian dollars for transfer to Coinberry. They accept electronic funds via bank wire transfers, credit/debit cards, or linked bank accounts. Withdrawals from Coinberry pay in Canadian dollars.

As a money service business, they also offer Coinberry Pay. This feature allows consumers to pay for bills and services via bitcoin and receive payments for goods and services via bitcoin, including federal taxes. Coinberry is the first money service business and exchange to offer the ability to pay taxes.

Coinberry has also partnered with Bunz, a bartering community where consumers go to trade items they no longer use for things they need. While it is primarily an even, one-for-one trading site, members often post item values in Bitzon (BTZ) and accept various cryptocurrency payments. In this way, BTZ can be used to purchase cryptocurrencies and altcoins supported by Coinberry and transfer the money to start an account or make further deposits.

Supported Currencies

Coinberry supports 29 leading and popular cryptocurrencies on the market, including:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Xchange (XRR)
• Stellar (XLM)
• Bitcoin Cash (BTCC)
• Cardano (ADA)
• Ripple (XRP)
• Bitcoin Cash (BCH)
• Dogecoin (DOGE)
• AAVE (AAVE)
• Newton (NEW)

Although the number of alternate coins is limited, they continue to grow their diversity with time. The process for approval partially slows the introduction of new cryptocurrencies through financial regulatory committees.

Fees

There are no deposit fees or withdrawal fees through Coinberry. Coinberry earns money through price spreads, equating to a 0.5% trading fee.

Gaining from the profit on a spread implies that Coinberry charges slightly higher exchange rates. Even at the marginally higher exchange rate, Coinberry’s rates are still comparative to other platform fees. Additionally, many say that the simplicity and ease of buying and selling via Coinberry’s streamlined app make the slightly higher rates worth it.

On the surface, Coinberry’s use of price spreads rather than trading fees leads many to believe that trade prices are highly unbalanced, with Coinberry coming out on top; however, a review of the actual spread values negates that assumption. Setting a flat rate on a trade, which already includes the spread that Coinberry collects, means no guessing on the part of the investor as to what they are paying.

Customer Support

Options for customer support are limited in Coinberry. Users can access customer support via email or phone, but only during business hours. Coinberry claims to be working a 24-hour support line option. They provide a comprehensive FAQ section on their website and mobile app (available on Android) to compensate for this limited customer support.

Coinberry has received primarily positive reviews from its consumers despite limited customer support. Comments identify the company as responsive, engaged, and efficient at handling consumer matters. Some comments suggest that customers do not find them completely honest; however, most describe them as extremely fast, friendly, and professional.

Coinberry does have a presence on leading social media outlets, including Facebook, Instagram, and Twitter. These social media crypto platforms offer a variety of ways to communicate with page owners, so it is hard to determine customer satisfaction or response times for customers who reach out in this way.

Coinberry Security

Our Coinberry review shows that, although new, Coinberry is making its member funds’ security a priority.

Working with Interac as a 3rd party exchange partner for diverse forms of payments, Coinberry member funds have protections via Interac security measures for currency deposits.

Funds are further protected in cold storage or hardware wallet by Gemini Trust Company, a New York-based trust that is the most regulated and compliant trust service offering asset coverage of up to $200 million. This insurance coverage protects consumers from any possible financial abuses at the hands of Coinberry.

Lastly, Coinberry is regularly audited and monitored via FINTRAC. Fintrac is the national financial intelligence agency of Canada. FINTRAC monitoring protects against fraud, money laundering, and transactions from or supporting terrorist organizations. Coinberry is verified to meet all regulatory standards.

FINTRAC is also responsible for verifying new cryptocurrencies supported by the Coinberry exchange. These checks are intended to limit risk to customers via purchases of unreliable crypto and therefore slow down the entry of new crypto into the exchange. It is also regulated and monitored by the OSC, Ontario Securities Commission. At least one year, its financials are audited annually by outside professionals.

Coinberry requires member authentication before investing and trading via their platform. Equifax manages this consumer verification process via their standard automatic creditor verification service. If interested members do not pass the automatic creditor verification, they are subject to a manual check which is more thorough. While time-consuming, this added check can be worth it if it means being able to start simple investing.

In addition to requiring a KYC check for all interested members, Coinberry requires two-factor authentication and regular tests for account security.

In partnership with these three highly respected and reputable institutions, customers can feel safe regarding the security of their investments. To date, there have been no hacks of customer information or funds and no negative Coinberry reviews regarding Coinberry’s protections.

How to Buy Bitcoin on Coinberry

Register for an account

Click on the Sign up button in the upper-right corner.

Select a username and password. Please fill in the required information on these pages.

Verify your account

You can verify your account by undergoing either instant or manual verification. Most clients pass instant verification. Coinberry will review any documents that you have not submitted for verification.

You will need to upload a government-issued photograph ID that includes your full name, birth date, and social security number.

You must include your name, address, date, and phone number in proof of address. It must be within the last three months. It could be a utility bill or investment account statement, Canadian Pension Plan statement, Canadian Pension Plan Statement document, CRA document.

Also, you may need to go through selfie verification. You will need to have your photo ID with you and a piece paper with the date and “Coinberry”. Then, take a photo of yourself with these items.

Secure your account with 2-Factor Authentication

Coinberry encourages you to use two-factor authentication to increase security.

Google Authenticator can be downloaded to your smartphone. When logged in to your account, choose “Settings”. Click on “Enable 2FA” and then choose “Scan barcode”. Click on the QR code to scan it. Enter the Verify Token, and click “Update”.

Coinberry will provide you with three backup codes. Keep them safe.

Fund Account

You can fund your account using any method by clicking on “Fund” at top of the menu.

Payment Methods

Add Credit or Debit Cards:

You cannot fund your account with a credit card or debit card . Instead, you can directly buy crypto with the card. Coinberry accepts Visa debit and credit cards.

Click on the Buy/Sell button in the main menu. You must be on the Buy tab to choose your coin. Enter the amount that you wish to purchase. Choose debit or credit card to pay.

Select the appropriate card information to preview your order. Click “Buy Now.”

Information about Adding Bank Accounts:

An e-transfer is a simple way to fund your account. Only a Canadian bank account is required to support e-transfer.

Add Coinberry to your payee list. For the Recipient Name and Last Name, enter “Coinberry Limited.” For the email, enter “transfers@coinberry.com.” You can leave the security question and answer empty.

In the message box, enter your Coinberry account number. Enter the amount you wish to transfer, and click Send.

You can also use wire transfers. This must be done in Computer Aided Design (CAD).

Your bank account name and Coinberry account name must match. In the notes section, write your account number.

Coinberry can also be linked directly to your bank account. Click the drop-down menu with the name of your bank in the top right corner. Select Settings. Click Settings. Coinberry uses a third-party app to facilitate this process.

Cryptocurrency Funding Account

Coinberry accounts can be funded with Bitcoin and Ethereum.

Scroll to the top and click on “Fund.” Then, click on “Fund Account”, then select “Crypto.”

At the top of this page, choose either Bitcoin or Ethereum. The address will be non-static. After every use, the unique address will self-destruct for your safety. Copy and paste the address below or scan QR code with your wallet.

Confirm funding through your Activity Feed.

Frequently Asked Questions

Can I make transactions via a Coinberry app?

Yes. Coinberry has positive reviews for its overall ease of use via its exchange app. The app is more streamlined than other exchange apps, as it was developed with a beginner user experience in mind.

While the Coinberry app is not like other cryptocurrency exchange apps, its simplicity does not automatically imply that it lacks value in information. Users can buy, sell, trade, and view multiple account summaries, all at their fingertips. Consumers consider Coinberry’s app modern, elegant, and highly intuitive.

What countries are supported by or support using Coinberry?

No. While Coinberry’s goal is to make crypto investing easy and possible for everyone across the globe, it is currently only supported in Canada and for use only by Canadian citizens.

Does Canada support crypto trading?

Yes, Crypto trading is legal in Canada. FINTRAC, Canada’s national financial intelligence agency, manages Coinberry monitoring and auditing to ensure things remain on the up and up.

Does Coinberry offer a crypto wallet for holding crypto investments?

No. Unlike other exchanges, Coinberry does not offer a digital wallet of its own. In 2018, Coinberry partnered with BRD, a secure wallet service, to afford members the ability to store in a hot wallet. This partnership could mean that Coinberry will consider offering its secure wallet in the future.

Does Coinberry have a referral program?

Yes! Coinberry has a referral program. Refer a friend and you both receive $20 each after the initial $50 trade.

Coinberry Overall

Like any other exchange, some features win customer satisfaction while others do not.

Pros

Easy setup

User-friendly website and mobile app

One-click trades

Supports 29 crypto assets and growing

Free deposits and withdrawals

Autopilot purchases

Bill pay

Fintrac 3rd party audits

No fees on deposits or withdrawals for fiat currencies

Ability to place limit orders for buying and selling

It is registered with FINTRAC and compliant with PIPEDA

Cons

No live chat

Withdraw in BTC, ETH, and LTC only

Only supported in Canada

Potentially higher than average trade costs

The Ideal Coinberry User

As stated many times in this Coinberry review, Coinberry developed with the ease of new users in mind. To this end, all Coinberry features support easy access, reporting, and trading. This simplicity includes transactions via their website, the digital app, and communications through multiple social media outlets.

The flip side to this ease of use means that Coinberry is not necessarily a good fit for more experienced, high trade investors. Coinberry does not offer all the bells and whistles that other crypto exchanges tout on their websites or mobile apps.

Our Final Thoughts

Coinberry is a new and quickly growing crypto exchange with a lot to offer the beginning investor. With growth, they will likely have a lot to offer the whole range of experienced investors. For the moment, though, some features are limited, and it is hard to say for sure what is or is not sustainable as they continue to make their mark in the crypto exchange industry.

It is a very reliable service that is highly received and rated by its customers for what they do offer. They have top-of-the-line security measures in place, working with Interac, Gemini, and FINTRAC, relationships that can only serve to increase reliability, customer confidence, and satisfaction further.

Since the inception of Bitcoin in 2008, more than 1000 different cryptocurrencies and 600 crypto exchanges have flooded the market. These numbers are certainly daunting and can make the challenge of choosing the right crypto exchange scary. This in-depth review aims to help navigate the somewhat complex waters of crypto investing.

The crypto exchange that is right for someone else may not be the right one for you. In addition to having our Coinberry review on hand as a resource, do your research, and determine your long- and short-term investment goals.

If you don’t feel like trying Coinberry and want to see other Canadian crypto exchanges, we’ve got your back! Here’s a quick review of the best Bitcoin exchanges in Canada! The list include some of the very prominent Canadian exchanges out there such as Bitbuy, Binance, Blockchain, Coinbase, Coinsmart, NDAX, Balancer, Gemini, and Shakepay.

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