Coinberry Review (May 2022): Why We Don’t Like It

April 13, 2022
Reviews

Coinberry is a Canadian cryptocurrency exchange that is based in Toronto. It’s an excellent crypto exchange option for Canadians, and anyone looking to buy cryptocurrencies through dollar-cost averaging or beginner crypto investors who are looking for one of the easiest crypto exchanges to use will benefit from using this platform.

However, it’s worth mentioning that its spread rate can be as high as 2.5%, which adds up over time and usually means thousands of dollars lost to fees in larger transactions. Because of this, I also recommend that you try using CoinSmart: it has the lowest trading fees across all crypto exchanges in Canada, and considering its top-notch security and its ease of use, I can’t recommend it enough.

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Offer ends May 19.

What Is Coinberry?

Coinberry is a Canadian cryptocurrency exchange that is based in Toronto. It was founded in 2017, and the exchange has some noticeable features that its users can benefit from, such as the Coinberry AutoPilot feature and the Coinberry Pay feature that we’ll cover below.

Originally, Coinberry’s cryptocurrency support was a lot more limited, but it has grown to support 30 different cryptocurrencies since its inception.

Coinberry Features

1. Instant Account Verification

Usually, in order to verify your identity, cryptocurrency exchanges tend to ask for a lot of information. They are compelled to do this process by law, and it’s a process that can take a fair amount of time to complete, which means that it could take you a while before you’re able to start trading.

However, Coinberry offers instant account verification for its users: in fact, you’re able to set up your account and be fully capable of beginning your crypto trading journey in as little as one minute.

2. Coinberry Autopilot

Another important feature that Coinberry offers is Coinberry Autopilot, which allows you to automatically buy cryptocurrencies through the time-tested investing strategy known as dollar-cost averaging.

Dollar-cost averaging is an excellent investing strategy that has proven its effectiveness time and time again, and Coinberry is one of the few crypto exchanges in Canada to offer this functionality.

3. Coinberry Pay

Coinberry also offers a simple payment processing solution for traders on its platform through Coinberry Pay. This feature allows traders to accept cryptocurrency as a form of payment, and funds can seamlessly be converted into CAD and deposited into a bank account.

This saves a lot of time, especially considering other crypto exchanges out there force you to convert your crypto funds into CAD before you can do anything else with them.

Cryptocurrencies on Coinberry

Here is a full list of all the cryptocurrencies that Coinberry currently supports:

Bitcoin (BTC)Polkadot (DOT)
Ethereum (ETH)Yearn Finance (YFI)
Bitcoin Cash (BCH)Aave (AAVE)
Litecoin (LTC)Balancer (BAL)
Stellar (XLM)Uniswap (UNI)
Cardano (ADA)Basic Attention Token (BAT)
Dogecoin (DOGE)Chainlink (LINK)
Curve Dao (CRV)Compound (COMP)
Kyber Network (KNC)Ripple (XRP)
Axie Infinity (AXS)Enjin Coin (ENJ)
Fantom (FTM)The Graph (GRT)
Terra (LUNA)Decentraland (MANA)
Polygon (MATIC)Maker (MKR)
The Sandbox (SAND)Shiba Inu (SHIB)
Synthetix (SNX)ZCash (ZEC)

Coinberry Fees

Coinberry charges 0 fees for deposits and withdrawals. There are also no fees for crypto deposits, but be aware that there is a bid-ask spread rate that ranges from 0% to 2.5%.

Our Recommendation: CoinSmart

Coinberry is a great crypto exchange choice: in fact, it’s one of our top-rated crypto exchanges in Canada, and for good reason. It supports 30 cryptocurrencies, charges no fees on CAD deposits and withdrawals, and allows you to deposit money via credit card and INTERAC e-transfers instantly. What’s not to like?

However, Coinberry has one small setback that doesn’t allow me to call it the best crypto exchange in Canada, and that would be its bid-ask spread rate. Although you don’t have to pay any fees on CAD deposits and withdrawals, you still have to pay this spread rate for each transaction, and this rate can be as high as 2.5%.

This is why I also recommend that you consider CoinSmart as a viable alternative. Here are a few of the reasons why I recommend CoinSmart over Coinberry:

Introducing CoinSmart: Canada’s #1 Crypto Platform

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 offer ends May 19.

★★★★★

Rated 4.9/5

I recently broke down 10+ of Canada’s most popular crypto platforms, and CoinSmart came out on top. It scored so well because it excels on what I believe are the three most important factors when choosing a crypto platform: fees, security, and customer support.

Here’s how CoinSmart performs in each of those areas, and why I believe it’s the best crypto trading platform in Canada. And to get your $50 signup bonus with CoinSmart, use this signup link and the special promo code YOREOYSTER.

#1 Lowest Fees In The Industry

CoinSmart’s trading fees are just 0.20%, the lowest of any crypto platform in Canada. And those savings add up quickly: if you trade $100,000 worth of Bitcoin in a given year (buying and selling $25,000 worth twice), you’ll save $800 in trading fees compared to a platform that charges 1% ($200 vs. $1,000).

Perhaps more important than trading fees, though, are spreads: the difference between the Buy price and the Sell price. CoinSmart has razor-thin spreads, which makes day trading possible and keeps more money in your pocket.

#2 Bank-Level Security

CoinSmart maintains a 95% cold storage policy, which means at least 95% of its users’ crypto is always held offline. This is a security measure that only the most advanced trading platforms employ, and CoinSmart is leading the charge.

CoinSmart is also the only publicly traded crypto platform in Canada, which means it’s subject to far more financial scrutiny than any other platform. It’s regulated by FINTRAC (the Financial Transactions and Report Analysis Centre of Canada) and the OSC (Ontario Securities Commission), and its financials are audited by external professionals at least once per year.

#3 Excellent Customer Support

CoinSmart offers 24/7 customer support via phone, live chat, and email, and their customer service reps are actually helpful rather than just following a script. I’ve never had to wait more than about 60 seconds on hold, and they’re very responsive via live chat and email, too. 

The only time I ran into an issue with CoinSmart, I called them and had it sorted out within 5 minutes. Keep in mind that telephone and live chat support is only available for registered users, so if you have a question for CoinSmart, the best way to get it answered is to open an account

CLAIM MY $50 BONUS
Offer ends May 19.

In Summary

Coinberry is an excellent crypto exchange option for Canadians. Anyone looking to buy cryptocurrencies through dollar-cost averaging or beginner crypto investors who are looking for one of the easiest crypto exchanges to use will benefit from using this platform.

However, it’s worth mentioning that its spread rate can be as high as 2.5%, which adds up over time and usually means thousands of dollars lost to fees in larger transactions. Because of this, I also recommend that you try using CoinSmart: it has the lowest trading fees across all crypto exchanges in Canada, and I can’t recommend it enough.

Coinberry FAQs

How To Withdraw From Coinberry

To withdraw funds from Coinberry, you only need to follow these simple steps:

  1. Log in to your Coinberry account.
  2. Go to withdrawals.
  3. Click on either your wallet or on the “EFT/e-Transfer” option.
  4. Enter the amount of CAD that you want to withdraw.
  5. Click on preview and confirm your withdrawal.
  6. A pop-up will appear shortly before the transaction ends.

Is Coinberry Safe?

Yes, Coinberry is a safe exchange to use. It has institutional-grade crypto protection and its crypto tokens are protected by the Gemini Trust Company, which is the most regulated and secure crypto custodian in the world. The Gemini Trust Company also has $200 million in insurance coverage.

Is Coinberry Legal In Canada?

Yes. Coinberry is a registered Money Service Business (MSB) through the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which means that it is a legitimate crypto exchange.

Coinberry Referral Code

Unfortunately, there are no Coinberry referral codes available at this time.

Does Coinberry Report To The CRA?

Yes. This is because Coinberry is registered as a Money Service Business (MSB) through the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), so it also has to report to the CRA at the end of every fiscal year.

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5