When comparing Bitbuy vs. Coinberry, we recommend Bitbuy, as its the industry leader in regulatory compliance and security. It's not only registered with FINTRAC as a registered Money Service Business, but it's also a Virtual Asset Service Provider. Unlike Coinberry, Bitbuy is highly transparent about its fee structure and has publicly stated that it keeps 95% of its digital assets in offline wallets. Its Express Trade mode is perfect for beginners who are just starting and want to buy/sell cryptocurrencies in a few simple clicks. For experienced traders, Bitbuy also offers a Pro Trade mode where users can find volume and order book data.
Coinberry and Bitbuy are two of Canada's most popular crypto exchanges, so which one is better for Canadians? In this article, I have compared a wide range of aspects of both these exchanges so you can see what suits your needs.
However, I would recommend Bitbuy over Coinberry because of its lower trading fees, higher transparency, advanced trading tools, and low spreads.
Bitbuy has been in this game for a long time and has successfully gained the trust of over 400,000 Canadian investors. They are transparent about their fee structure and have taken various security measures to keep their users' accounts safe. Compared to Coinberry, Bitbuy offers fewer cryptocurrencies, but the platform is fully insured and regulated, which gives you the peace of mind that your investment is fully secured.
Unlike Coinberry, Bitbuy has a low spread of 0.46% and supports all local and international payment systems, including Interac e-transfer, wire transfer, and debit or credit card. For serious investors, the availability of the OTC Desk in Bitbuy can be a big deal because it allows direct buying/selling of cryptocurrencies within seconds without the involvement of credit cards.
Coinberry vs. Bitbuy: Pros & Cons
Pros Of Bitbuy
- Offers the world's top cryptocurrencies.
- Availability of OTC Desk.
- Registered with FINTRAC and approved by OSC and CSA.
- User-friendly interface for both desktop and mobile apps.
- Live charting is available in Pro Trade mode.
- Express Mode for quick buying/selling cryptocurrencies.
- Keep assets in cold storage.
Pros Of Coinberry
- 35 cryptocurrencies available.
- Quick signup process.
- $50 minimum starting investment.
- No deposit and withdrawal fees.
- Live support.
- Registered with FINTRAC and OSC.
- Make crypto payments with Coinberry Pay.
Cons Of Bitbuy
- 0.1% to 1.5% trading fees.
- Deposits can take a few minutes.
- 1.5% withdrawal fee for both Interac e-transfer and wire transfer
- Compared to Coinberry, fewer cryptocurrencies are available..
- Pro Trade mode can confuse new investors.
Cons Of Coinberry
- Spread can be as high as 2.50%.
- No advanced charting tools.
- You can only withdraw in four cryptocurrencies.
- Low security.
- No market trades are available.
- $100 minimum withdrawal amount.
One of the key cons of Coinberry is its high bid-ask spreads which are in the same ballpark as other expensive crypto exchanges like Newton and Shakepay. These spreads can significantly eat into your profits.
Bitbuy Vs. Coinberry: Detailed Breakdown
Security
Both these exchanges take the required security measures to protect their users' accounts, but when it comes to insurance and the protection of digital assets, Bitbuy is way ahead.
Bitbuy and Coinberry have two-factor authentication and require new customers to go through the KYC (Know Your Customer) process to start trading. But on Bitbuy, users have peace of mind as it keeps more than 95% of its digital assets in cold storage (confirmed by the Blockchain Intelligence Group), and they are covered with a 1:1 Knox insurance policy. No other crypto exchange in Canada takes such high-security measures; this is the highest percentage we have seen so far.
Regulatory Compliance
Bitbuy and Coinberry are fully regulated and allowed to operate in Canada. They both are registered with FINTRAC, but Bitbuy takes regulatory compliance to the next level.
Bitbuy is registered as a Virtual Asset Service Provider, and its leadership team is a part of the IIROC Crypto-Asset Working Group. This group helps strengthen the Canadian financial market and create new top-notch regulatory standards. OSC and CSA have also approved Bitbuy; you don't have to worry about losing your hard-earned money, as Bitbuy is always on top of its game.
Mobile and Desktop Usability
Regarding user-friendliness, both Bitbuy and Coinberry are doing an excellent job. But, Bitbuy has a wide set of advanced trading tools that can confuse new investors a bit. Coinberry is all focused on the direct buying/selling of cryptocurrencies, which is great for beginners as they can make trades within a few clicks. For advanced traders, Coinberry does not have that many tools to offer.
I like Coinberry's mobile app's interface because it looks modern and sleek. However, it has no advanced functionalities is I'll rate it 5.5/10.
Bitbuy offers an Express Trade mode that allows you to buy and sell digital currencies directly with your credit or debit card. This is suitable for beginners seeking a quick market trade without getting involved in advanced trading tools like live charting. You just have to choose the cryptocurrency that you want to invest in and buy it; that's it. It's very user-friendly; a newbie can easily buy/sell digital currencies with a few clicks.
For experienced traders, Bitbuy offers a Pro Trade mode that involves live charting so you can find volume and order book data to take your trading strategies up a notch. It's straightforward to use, and you can get a quick tour at the start to familiarize yourself with all the functionalities.
If we talk about the user-friendliness of Bitbuy's mobile app, I will rate it 7/10. Its design is a bit old, but it's the best crypto exchange app for anyone who wants to trade on the go. Unlike the Coinberry mobile app, experienced traders can directly access live charting and many other modern features on the Bitbuy mobile app.
Customer Support
Both Bitbuy and Coinberry offer fantastic customer support. If you're facing a minor problem, they both have FAQs and knowledge centers on their platform, but for bigger issues, they also offer live chat and email support to resolve your issues immediately.
Bitbuy Vs. Coinberry: Pricing
When it comes to fees, both of these crypto exchanges use different models to make profits. While Bitbuy is transparent about its fee structure, Coinberry uses a high spread technique to generate revenue which can be difficult to calculate for a new trader. Coinberry is famous for its zero-commission trading but doesn't state anywhere on its platform that it has a high spread value of 2.50%. It might not be a big problem for beginners, but a high spread can make a huge dent in the profits of serious investors.
As you can see in the image below, Bitbuy doesn't charge deposit fees, but it does charge a withdrawal fee of 1.5%.
Let's compare the fee structure of both crypto exchanges, so you'll know why I recommend Bitbuy over Coinberry.
| Fee Structure | Bitbuy | Coinberry |
| Trading Fees | 0.1%-1.5% | No trading fees |
| Interac e-Transfer | 1.5% | Free |
| Wire Transfer | 1.5% | Free |
| Cryptocurrencies | See fee schedule | Free but can only withdraw 4 cryptocurrencies |
| Spread | 0.46% | 2.5% |
For newbies who don't know much about spreads, let me show you how the “zero-fee” exchange uses it to make much more profits than Bitbuy.
| Bitbuy | Coinberry | |
| Deposit value | $1,000 | $1,000 |
| Interac e-Transfer Fee | 1.50% | Free |
| Starting Balance | $985 | $1,000 |
| Spread | 0.46% | 2.50% |
| 1st Trade | $4.53 | $25 |
| Net Balance | $980.47 | $975 |
| 2nd Trade | $4.53 | $25 |
| Net Balance | $975.94 | $950 |
Coinberry has a much higher spread value of 2.20%, so you'll pay a lot more commission than Bitbuy. So, whether you're a beginner or a serious trader, Bitbuy would be your most profitable option.
Similarities Between Coinberry And Bitbuy
Being two of the most well-known crypto exchanges in Canada, they both have some similarities.
- Both offer digital currencies: Bitbuy and Coinberry offer their users a wide range of cryptocurrencies.
- Security: These two exchanges have 2FA and require new customers to go through the KYC process before they start trading.
- Customer Support: You'll get live chat and email support from these crypto exchanges.
- Insurance: Nearly all the digital assets in Coinberry and Bitbuy are fully insured.
- Cold Storage: They both have publicly stated that they keep most of the cryptocurrencies in cold wallets.
- Quick Buy/Sell: Coinberry and Bitbuy allow you to make trades just within a few clicks.
- Regulatory Compliance: They are both registered with FINTRAC as Money Service Businesses.
- Beginner-Friendly: Bitbuy and Coinberry have a user-friendly interface to make new investors comfortable.
Getting live chat support is a big deal for most serious traders, since timing is everything when investing in crypto, and having to wait weeks or even months for a reply to a query (like with Wealthsimple Crypto) can make you lose valuable investment opportunities.
Differences Between Bitbuy and Coinberry
Apart from all the similarities, these crypto exchanges have a few differences that will help you choose the right one.
- Fee Structure: Bitbuy is transparent about its fee structure, while Coinberry uses a high spread to generate revenue.
- Trading Tools: Coinberry only lets you buy/sell cryptocurrencies, while Bitbuy offers a wide range of advanced trading tools like live charting.
- Spread: Unlike the high spread of Coinberry (2.22%), Bitbuy only has a spread of 0.46%.
- Number of Offered Cryptocurrencies: Bitbuy offers 25 cryptocurrencies, while Coinberry offers 35 digital currencies.
- Codebase: Bitbuy is a codebase platform (for increased security), while Coinberry is not.
- Cold Storage: Bitbuy stores 95% of its digital assets in offline wallets, while Coinberry keeps 97% in cold wallets.
- Crypto Withdrawal: In Bitbuy, you can withdraw all cryptocurrencies to a private wallet, but in Coinberry, you can only withdraw four major currencies.
- Mobile app: Coinberry's mobile app is pretty simple, but Bitbuy's mobile app offers all the advanced trading tools on the go.
Who Wins: Coinberry Or Bitbuy?
| Feature | Bitbuy | Coinberry |
| Top Feature | Live charting and Bitbuy API | Coinberry pay |
| Pro | High security and transparency | Zero trading fees |
| Con | Trading Fees | High spread |
| Signup Bonus | $20 | $30 |
| Security | High | Low |
| Best For | All Categories | Beginners |
| Regulatory Compliance | Approved by OSC and CSA, and registered with FINTRAC | Approved by OSC and registered with FINTRAC |
| Customer Support | FAQs, Live chat, and email support | Live chat and email support |
| Fees | 0.1%-1.50% | Zero trading commission but a high spread of 2.20% |
| User-Friendly | Yes | Yes |
| Year Established | 2016 | 2017 |
| Secure Servers | Yes | Not stated |
| Insurance | 1:1 by Knox | Funds insured for $200m by Gemini Trust Company LLC |
| Mobile App | Yes | Yes |
| Interac e-Transfer | Yes | Yes |
| Wire Transfer | Yes | Yes |
| Withdrawal Fees | 1.50% | Free |
Why Bitbuy Is Better Than Coinberry
Whether we compare transparency, security, or almost any other aspect, Bitbuy is the clear winner. It has all tools you need to take your trading to the next level.
For beginners, it offers the Express Trade mode, and for serious traders, it has modern trading tools like live charting, where users can see order book data and volume. After testing both crypto exchanges for months, I feel Bitbuy is better than Coinberry for both beginners and advanced traders. Bitbuy is trusted by over 400,000 Canadian investors and continues to grow.
Its fee structure is actually cheaper than Coinberry's because of the latter's high spread of 2.20%, making Bitbuy more profitable. Additionally, Bitbuy also offers a referral program for both current and future users to profit from.
Why You May Still Want To Choose Coinberry Over Bitbuy
For newbies who want to add cryptocurrencies to their investment portfolio and don't want to make regular trades, Coinberry might be an option to consider as it doesn't offer any advanced trading tool or automated trading system. Most people only use Coinberry to buy/sell digital currencies quickly.
It has a high spread but zero trading fees, which can greatly benefit beginners investing only a few hundred dollars.
In Summary
I recommend Bitbuy not only because it has an enormous user base but also because it takes great care of its customers. They are transparent about their fee structure and offer 24/7 live chat support so their users can resolve their issues as soon as possible. Bitbuy is great for advanced traders due to the modern trading tools but it's also an amazing exchange for beginners as they have an Express Trade mode for quick buying/selling of cryptocurrencies.
