Coinberry Reviews: Is It Worth It in 2023?
Their goal, according to their website, is to “make it easy and secure to trade cryptocurrencies in Canada.” Individuals that want to sell crypto can deposit funds to Coinberry which can be sold on the exchange. Users can only transfer coins that are supported by Coinberry to a unique wallet address. The time to transfer Bitcoin or another asset depends on the blockchain network congestion at the time of the transaction.
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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. For those who are not too familiar with the term, short selling is the act of agreeing to sell the asset at some time in the future at some predetermined price. The goal of a short seller is to agree to sell at future prices that are higher than the spot price will be at the time.
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. They also use segregated banking, meaning that the company funds and customers’ funds are kept in individual accounts. If the company ever has its assets frozen, customers wouldn’t have to worry because it wouldn’t impact their accounts in any way. With that being said, Coinberry is an incredibly safe and secure option for any Canadians interested in crypto.
Coinberry is a great crypto exchange for Canadians that are new to the cryptocurrency market. It makes it easy to buy, sell and trade crypto using CAD, with a quick verification process. There are no fees to deposit or withdraw CAD, and the trading fees are included in the spread, which is easy for beginners to know how much they are paying for each coin. It might be the best cryptocurrency exchange in Canada for beginners, although fans of Newton would have something to say about that. Shakepay is another good alternative, but you can only buy and sell bitcoin and ethereum on their platform.
Coinberry’s attempt to steal my money.
However, its disadvantage include high trading fees up to 2.5%, limited number of cryptocurrencies and slow customer service. Furthermore, the actual fees can fluctuate during the purchasing process which is a major pitfall. The quoted price and executed price can vary during the transaction process. Coinberry is available to customers that reside in Canada only. The exchange is limited to deposits in Canadian dollar coming from Canadian banks and/or financial institutions. Therefore, Coinberry does not support payments in US Dollars, Euros or British Pounds.
Go to withdrawals, and click on either your wallet or on EFT/e-Transfer directly. Enter the desired amount of CAD that you would like to withdraw, click on preview, and confirm your withdrawal, after which a pop-up will appear before the transaction is finalized. Limited choice of altcoins compared to other cryptocurrency exchanges, especially globally available exchanges like Binance. Coinberry is insured, FINTRAC registered & PIPEDA compliant and is the only digital asset platform trusted by Canadian Government municipalities. If you are new to the crypto world, we’d recommend checking these best crypto exchanges in Canada.
- The exchange adheres to strict international KYC/AML processes to provide a safe platform.
- However, the trading fees which range up to 2.5% per transaction are too high when compared to similar Canadian exchanges.
- To get started, sign up here (the link automatically applies a $30 bonus after you verify your account and trade at least $50).
- He started out with Coinbase, Kraken and Peer-to-Peer exchanges.
- Coinberry is a Canadian cryptocurrency exchange that was developed in 2017 to make it easy for Canadians to purchase Bitcoin, Ethereum and Litecoin.
Overall, Coinberry is a good exchange for first-time crypto investors and beginners that are looking for a modern and secure digital asset exchange. However, intermediate and experienced investors are better off using global exchanges with greater support for altcoins, deeper liquidity, and lower trading fees. To buy, sell, send and receive cryptocurrency using Coinberry, users will need to create an account and be at least 18 years or older.
Coinberry is a great exchange to use for first time cryptocurrency investors who reside in Canada. Coinberry does many things right for individuals in Canada to buy Bitcoin and 19 other cryptocurrencies. Its benefits include a beginner-friendly user interface and 0% CAD deposit and withdrawal fees for wire transfer and Interac e-Transfer. However, the trading fees which range up to 2.5% per transaction are too high when compared to similar Canadian exchanges. Coinberry offers a mobile app for iOS and Android devices that can be downloaded from the respective app marketplaces.
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I headed to the App Store, Google Play, Reddit and other websites to see the Coinberry reviews. Overall, you would see that Coinberry does not have a good rating online. All of the recent reviews are complaints about hidden fees, slow withdrawals, and poor customer service. Coinberry previously offered Autopilot, which enabled users to set up recurring purchases, and Coinberry Pay, an easy way to receive cryptocurrency payments.
You can sign up through their mobile application, available on iOS and Android, or the official Coinberry website! Coinberry Pay is the simplest Bitcoin payment processing solution created for Merchants, Charities, Municipalities and Individuals looking to accept Bitcoin payments or https://forex-review.net/ donations. Get paid in Bitcoin, immediately convert into Canadian dollars and deposit into your bank account. You get to keep more of your crypto because we have no CAD deposit fees and low withdrawal fees. And thank you so much for taking the time to leave us this amazing review.
Have been using Coinberry for the past…
You can also add a referral code if you were referred to the site by a friend. The exchange does offer a referral rewards program where you can earn $20 for inviting friends to sign up, but only once they trade $50. If you have decided that you would like to give Coinberry a try then you will need to create an account. Hit the “sign-up” button on the top right of the screen and you will be prompted for an email address as well as a password. The last port of call to get hold of the exchange is through their numerous social media accounts.
Negatives and Disadvantages of Coinberry
Perhaps the cheapest and fastest way to fund your account will be through the use of cryptocurrency. This should not dissuade you from still using Coinberry though. They can always be used as an affordable CAD “Fiat Gateway” to get your hands on Bitcoin.
It stated that its independent financial audit had been completed effectively in January 2019. Many crypto exchanges claim to have no trading fees, but that is never really the case. If they don’t charge a commission fee upfront, it means that they’re making money on the spread instead.
The sign-up process seemed relatively easy and there were plenty of stellar reviews for Coinberry. The vast number of crypto assets available on Coinberry is also a nice touch and is worth considering for both experienced and novice traders. Recently I made a withdrawal and their Bot blocked sending it on to my friend. That was tied up for a couple of days and they send it back. I then sent the withdrawal to another crypto exchange Newton to my own wallet address.
The mobile app looks to be designed well for users who want to not only invest on the go, but also spend their cryptocurrencies at merchant stores or anywhere else that accepts them. This is perhaps one of the only Canadian exchanges that offers free withdrawals and deposits on CAD funding. This is quite an important point when you consider that most deposits / withdrawals at other coinberry review exchanges are on average 3% one way. Is better suited to most Canadians because it provides both beginner and advanced trading options. It is a top choice because of its simple user interface, low trading fees, and reputation as Canada’s most reliable and secure exchange. If you’re a Canadian resident looking for a low-cost crypto exchange, Coinberry is not your best option.