Coinberry Review (Jan 2023) + $50 Bonus

December 1, 2022
Reviews

Coinberry is a Canadian cryptocurrency exchange that offers dollar-cost averaging, an easy-to-use crypto investing platform designed for beginners, and a $40 signup bonus when signing up with our referral link. However, Coinberry's spreads sit around the extremely high level of 2.5%, and it's missing several of the features required from a great all-around exchange, not the least of which is reliable platform security.

For a better overall trading experience with significantly lower fees, I recommend opening an account with VirgoCX, my #1-ranked Canadian crypto exchange. VirgoCX has 250,000+ satisfied users, charges very low trading fees, and is offering a $20 signup bonus from now until January 30, 2023.

What Is Coinberry?

Coinberry is a Toronto-based Canadian cryptocurrency exchange. Founded in 2017, Coinberry has some noticeable features that other Canadian exchanges do not, most notably Coinberry AutoPilot (for dollar cost averaging) and Coinberry Pay (for seamlessly converting crypto payments into fiat).

Originally, Coinberry only supported a few cryptocurrencies, but today it supports 30+ cryptocurrencies and continues to add more each month. In mid-2022, Coinberry was purchased for $38.5 million CAD by WonderFi, the Vancouver-based, Kevin O'Leary-backed DeFi company that also owns Bitbuy.

Let's start this Coinberry review by taking a look at what the Coinberry platform has to offer.

Coinberry Features

1. Coinberry Desktop Platform

coinberry review

Coinberry's desktop platform is relatively user-friendly, and a decent starting point for crypto beginners who want to invest in crypto assets for the first time. Coinberry users can open accounts within a matter of minutes, fund their account via INTERAC e-transfer, and see their portfolio's performance in Coinberry's intuitive dashboard.

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However, the ease of use comes at a cost: Coinberry is not a good choice for intermediate or advanced crypto users, and it offers almost zero advanced trading features. Perhaps most notably, Coinberry also lacks advanced order types, which means users are restricted to market orders and limit orders when using the platform. Advanced crypto traders will not be impressed with Coinberry's platform.

2. Coinberry Mobile App

Coinberry's mobile application is just as intuitive and beginner-friendly as the desktop platform is, allowing users to buy and sell crypto easily on the go. As with Coinberry's desktop platform, though, the mobile app also lacks advanced features and order types, and is only rated 3.0/5 on the Google Play Store (4.5/5 on the iOS App Store).

If you want a better mobile app experience that's designed for advanced traders, I strongly suggest looking at VirgoCX or CoinSmart instead.

3. Coinberry Customer Support

Coinberry's Help Centre acts as an in-depth FAQ section, which solves most of the questions run into when using the platform. If you still have a question that the Help Centre doesn't answer, you'll also have access to a reliable customer support team reachable over the phone and email. Coinberry doesn't offer live chat support.

  • Phone: +1 888-997-6544 (24 hours)
  • Email: [email protected] (24 hours)
  • Live chat: Not Available

Coinberry is fairly active on social media, so you can reach them through Facebook, Twitter, Instagram, and LinkedIn as well.

4. Coinberry Autopilot

Coinberry allows users to dollar cost average into the market by using Coinberry Autopilot. Dollar cost averaging is a time-tested investing strategy, and Coinberry is the only crypto exchange in Canada to offer it.

Coinberry Autopilot is free for all Coinberry users, and it's one of two major reasons I'd suggest signing up for Coinberry (the other being the $40 signup bonus), if you're on the fence.

5. Coinberry Pay

Coinberry Pay allows anyone to accept cryptocurrency as a form of payment. It's a customizable payment processing solution that will seamlessly convert crypto payments into CAD, ready to be deposited into a Canadian bank account.

Coinberry Pay can be a great option for business owners who want to accept crypto payments but don't want to hold volatile crypto assets on their balance sheet.

6. Platform Security

Coinberry is a Money Service Business (MSB) registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). It's also registered with the Ontario Securities Commission (OSC), as are more popular Canadian exchanges like VirgoCX, Bitbuy and CoinSmart.

As for the platform's security features, Coinberry offers industry-standard functionalities like 2-factor authentication and biometric login features provided by Gemini. Gemini also provides cold storage for Coinberry users, another security feature that's become standard for Canadian crypto exchanges.

7. $40 Signup Bonus

Coinberry is currently offering a $40 signup bonus for new users who sign up using our referral link. After you click the link and create your account, simply deposit $100 or more into your new account, and the $40 signup bonus will be credited automatically.

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Cryptocurrencies on Coinberry

Here's a full list of the cryptocurrencies Coinberry currently supports:

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

Coinberry Fees

Coinberry's fees are its primary downfall: while they appear low on the surface, they're actually some of the highest in Canada. For example, Coinberry says that the spreads on its trades range from 0% – 2.5%, but in practice, they're almost always close to the top end of that range at 2.5%.

A 2.5% spread means that for every $1,000 of crypto you trade, you pay $25 in fees. This is extremely high among Canadian crypto exchanges, especially when you compare it with someone like VirgoCX, whose trading fees and spreads together total about 0.5%. This means you'll save about 80% on fees just by switching to a better, lower-fee exchange.

Coinberry doesn't charge any fees for fiat deposits and withdrawals – though neither does VirgoCX – and crypto deposits are free, too.

Fee TypeFee Amount
Trading Fees0%
SpreadsAround 2.5%
Fiat Deposits/Withdrawals0%
Crypto Deposits/Withdrawals0%

How To Withdraw From Coinberry

To withdraw funds from your Coinberry account, you'll need to follow these steps:

  1. Log in to your Coinberry account.
  2. Go to Withdrawals.
  3. Click on Wallet or EFT / E-Transfer.
  4. Enter the amount of CAD you want to withdraw.
  5. Click Preview and confirm your withdrawal.
  6. A pop-up will appear confirming the transaction.

In Summary

Coinberry is a Canadian cryptocurrency exchange that offers dollar-cost averaging, an easy-to-use crypto investing platform designed for beginners, and a $40 signup bonus when signing up with our referral link. However, Coinberry's spreads sit around the extremely high level of 2.5%, and it's missing several of the features required from a great all-around exchange, not the least of which is reliable platform security.

For a better overall trading experience with significantly lower fees, I recommend opening an account with VirgoCX, my #1-ranked Canadian crypto exchange. VirgoCX has 250,000+ satisfied users, charges very low trading fees, and is offering a $20 signup bonus from now until January 30, 2023.

Coinberry FAQs

Is Coinberry Safe & Secure?

Yes, Coinberry seems to be a safe exchange to use. It offers institutional-grade cryptocurrency protection, and its crypto tokens are protected by the Gemini Trust Company. Gemini has a $200 million insurance policy, which helps to protect the funds kept under its custody, including those of Coinberry users.

Is Coinberry Legit?

Yes, I believe Coinberry is a legit crypto exchange. Coinberry is a registered Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and it's also registered with the Ontario Securities Commission (OSC), both of which lend Coinberry legitimacy and suggest it's a reliable, trustworthy exchange.

Is Coinberry Legal In Canada?

Yes, Coinberry operates legally in all provinces and territories across Canada. It's a registered Money Service Business (MSB) with FINTRAC, and follows all Canadian laws and regulations.

Is Coinberry Trustworthy?

Yes, I believe Coinberry is a trustworthy exchange. It's received the stamp of approval of both FINTRAC and the Ontario Securities Commission, both of which are sticklers for regulatory compliance and strong books. Every crypto exchange should be viewed skeptically, of course, but I believe Coinberry is one you can trust.

Does Coinberry Verify Accounts Instantly?

Yes, Coinberry does verify some accounts instantly, though if your account needs to go through the manual verification process for some reason, these are the documents you’ll need to provide:

  • valid government-issued photo ID.
  • video selfie.

Coinberry's manual verification process can take a few business days, so keep that in mind if you're signing up with the intention of making a time-sensitive trade.

Is Coinberry Good For Canadians?

Coinberry is a decent exchange for Canadians, though if you’re looking for the best overall trading experience, I recommend VirgoCX, CoinSmart or Bitbuy instead. Each of those exchanges offer quite a bit more than Coinberry, and I’m confident you’ll have a better trading experience with them.

How Well Is Coinberry Reviewed On Reddit?

Reddit’s review of Coinberry is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt.

Is Coinberry Insured?

Yes, Coinberry’s crypto holdings are insured: Coinberry has a financial institution bond that protects its users from unethical business conduct, crimes committed on-premises, losses occurring in transit and against forgeries and alterations. Coinberry's users' funds are also held in custody by Gemini Trust Company, which has a $200 million insurance policy on its holdings.

Coinberry Referral Code

You don’t need a referral code to get a $40 signup bonus with Coinberry – simply sign up using our signup bonus link and then deposit $100 or more into your account.

Does Coinberry Report To The CRA?

Yes, Coinberry does report to the Canada Revenue Agency. This is because Coinberry is registered as a Money Service Business (MSB) with FINTRAC, so it's obligated to report to the CRA at the end of every fiscal year.

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