Coinberry Review: A Cryptocurrency Exchange Built for Beginners

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. Coinberry is a very safe cryptocurrency exchange for Canadian residents. In the unlikely event that Coinberry is unable to verify your identity through this instant process.

Listing more cryptocurrencies coinberry review are the easiest way for the exchange to increase trading volume and generate more revenue. If you select CAD and you do not have funds in your account already you must fund your account with E-transfer, Wire transfer or credit card. This will be followed by a final step that will ask you to confirm the withdrawal. Withdrawal times can vary depending on whether Coinberry has the required funds stored in their “hot wallet”. In order to get the address to which to send the funds you will need generate an address. You can do this in your account section under the “Fund Account” section.

Fund Your account through a wire transfer

• If you want to read about these disadvantages in a bit more detail, you can click on the respective jump links below.
• With a career as a Financial Analyst and over a decade writing about personal finance, Tom has the knowledge to help you get control of your money and make it work for you.
• Coinberry is a Canadian-based cryptocurrency exchange, which is similar to trading platforms like Newton and Shakepay.

This means that Coinberry is helping you protect your transaction history by not re-using addresses. For one, Cryptocurrency deposits made to Coinberry are routed to hierarchical wallets. Speaking of stable banking, Coinberry has CDIC insured segregated banking. This means that Coinberry works with Canadian Schedule I banks that help them achieve compliance with Canada’s laws. One of the ways they do this is by keeping company funds and customer funds in completely different accounts. Moreover, a MSB licence means that Coinberry will have to conduct regular KYC and make sure that all of the client accounts are above board.

A Leading Canadian Cryptocurrency Broker

Following a supposed scheduled platform update, all access to my assets has been lost. They sent an email to reset password but once the password has been changed, I still can’t access my account. This is definitely a fraud attempt to steal honest Canadian citizens money. I am contacting the RCMP authorities to alert them on this scam and I urge everyone to do the same to stop those criminals and bring them to justice. They know how to take your money but they refuse your withdrawal request.Don’t burn your hard earned money!

There are quite a few suggestions that users have given about how to improve the apps functionality which are all well received. It is highly encouraging to see that the Coinberry developers are “on the ball” and are quickly responding to these queries. They are also taking their suggestions into considerations as they push further updates to the app. Essentially, the trader is hoping the price of the asset falls. If you select Credit Card or Debit Card (in the previous menu) you have to first connect your bank account to your Coinberry account for fraud prevention.

What Crypto Can I Buy and Sell with Coinberry?

We aim to maintain accurate product information, but details may change at providers’ discretion. Read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before applying. Overall, Coinberry is a good starting point for new investors to cut their teeth with trading cryptocurrencies. According to their website, they employ fraud monitoring across their platform to guard against financial fraud, account takeovers, etc. Coinberry also takes their security protocols very seriously, implementing many best security practices and standards of today’s global exchanges use. With these partnerships, they are the only exchanges in Canada to formally partner with governments.

Latest Financial News

The spread can also fluctuate depending on the liquidity of an asset—higher liquidity and trading volume generally result in smaller spreads. Coinberry does not offer any additional features such as staking or Visa cards. Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course.

We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Also, it has partnered with Gemini Trust Company (a regulated custodian) to keep most coins on the platform in cold storage. Coinberry appears to be a legitimate company that is registered with the Financial Transactions and Reports and Analysis Centre of Canada (FINTRAC) as a Money Service Business. To get started, sign up here (the link automatically applies a $30 bonus after you verify your account and trade at least $50). If you are one of those folks looking to jump aboard meme coins like Dogecoin, Coinberry offers it as well.

3) Coinberry has a mobile app available for iOS and Android so you can trade whenever and wherever you are. The app is very user-friendly and intuitive, so it is perfectly suited for beginners. For example, Coinberry has very limited options for coin coverage. Now that major players like Coinbase have added several Altcoins to their roster, Coinberry should at least be trading all of the top 10 coins from coin market cap.

• Typical trading fees are just 0.2%, so keep this in mind if you wish to trade with Coinberry.
• I was deeply disappointed on here, my experience was fraught with issues not resolved.
• Withdrew some cash and sent it via etransfer to my bank account.
• Key to this is the fact that Coinberry is FINTRAC registered as a Money Service Business.

Fees

Coinberry asks what percentage of your net liquid assets you intend to invest in crypto among other things. The verification process includes a standard KYC with instant verification for most customers. In addition to Coinberry, you can buy and sell crypto using platforms like Coinsmart, Netcoins, and Wealthsimple Crypto. Backlinks (links from other websites) show how well-known and trusted a company is online. However, the quality of these links is more significant than the quantity. The more high-quality sites link to Coinberry’s website, the higher its credibility in the eyes of customers and partners.

Well, if you are looking for an entry-level exchange with low fees, strong security and a reputable management team then it could be for you. While there were a few things that we thought warranted improvement, most are relatively easy to address. The team at Coinberry seems to be really open to suggestions and if enough traders telegraph interest, they may consider incorporating it. For those of you who would like to buy / sell crypto on the go, you will be happy to know that Coinberry has their very own mobile app that is available in both Android and iOS. Unfortunately for those traders who prefer to operate anonymous accounts, Coinberry is not for you.

Customer Support

In 2020, Coinberry is now also working with the City of Richmond Hill. Coinberry is FINTRAC registered and they were the first to partner up with the Candian Municipal governments for Bitcoin Tax processing. Since then, they have also partnered up with other government bodies in Canada. You’re also able to withdraw easily by supplying an address to withdraw your crypto. On top of which, the company Coinberry itself is formally registered with the Financial Transactions and Reports Analysis center or known as FINTRAC.

This Coinberry review covers its fees, insurance, pros, cons, and how it compares to Bitbuy, NDAX, and Coinsmart. The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews.