Coinberry Review 2024: Safe Exchange? This You NEED To Know

Coinberry Review 2024: Safe Exchange? This You NEED To Know

Coinberry is a beginner-focused cryptocurrency exchange founded in 2017. WonderFi has made the decision to shut down Coinberry and migrate all new and existing users to the Bitbuy platform. Coinberry was acquired by WonderFi Technologies, the same company who also bought Bitbuy, another Canadian cryptocurrency exchange. Coinberry is a great exchange to use for first time cryptocurrency investors who reside in Canada.

Minimum Withdrawal

However, Coinberry is here to simplify the process for Canadian users, offering a secure and regulatory-compliant platform that aims to stand out in the crowded marketplace. If you are new to the crypto world, we’d recommend checking these best crypto exchanges in Canada. Coinberry rated as a #16 in the list of the best crypto exchanges for Canadians There are many Canadian crypto exchanges to choose from. Before trading on a crypto exchange you must provide identity documents so Coinberry, canlink a wallet on the blockchain with someone’s identity.

While this makes them a relatively new name in the space, they have quickly taken major steps to establishing their trust and security with traders. Since being founded in Toronto in 2017 they have developed into a top choice for Canadian traders looking for a secure, low-cost trading environment that is well-regulated. Coinberry is an increasingly popular Canadian cryptocurrency exchange. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies involves a high level of risk. For crypto withdrawals, the fees are fixed. The main drawback when it comes to security is the inability to withdraw most cryptocurrencies.

• Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you.
• We have not seen this functionality on any other Canadian exchange.
• Free deposits and withdrawals is great and you can easily transfer Canadian dollars without worrying about exchange fees.
• You’ll receive a unique payment link, and any crypto deposited is automatically converted into Canadian dollars for convenience.
• If you are one of those traders, you’ll be happy to learn that Coinberry’s trading platform is also available as an app for iPhone and Android users.
• This means that the buy / sell price may be higher / lower as it is on other exchange.

Services Offered on Exchange

Cryptocurrency trading involves substantial risk of loss and may not be suitable for all investors. The information provided does not constitute financial, investment, tax, or legal advice and should not be relied upon as such. We are not a registered investment advisor, broker-dealer, or financial institution.

In 2021, it was granted relief by the Ontario Securities Commission to offer crypto-based products and services across Canada. The platform is available on desktops via a web interface and has dedicated Coinberry mobile apps for iPhones and Android devices. This fee is quite in line with, or even slightly below, the global industry average. We have used the high end of this range as the value in our fee database.

British Columbia Implements Permanent Ban on Cryptocurrency Mining

Coinberry is a cryptocurrency trading platform in Canada. New users can easily open an account and start trading within minutes. So if the price of the relevant crypto is USD 100, and the spread is 1%, the buyer can buy the crypto on the trading platform for USD 101. Accordingly, it is difficult to compare the fees charged by Coinberry with the industry average trading fee at a regular centralized exchange (being 0.221% for takers and 0.177% for makers, according to this report). They sell cryptocurrency from their own inventory, and do not facilitate transfers from one Coinberry-user to another. This particular platform is more a cryptocurrency store than a cryptocurrency exchange.

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The spread can also fluctuate depending on the liquidity of an asset—higher liquidity and trading volume generally result in smaller spreads. Coinberry sets the buy and ask prices themselves, and this is how they generate revenue. This means that when you use Coinberry, you’re buying and selling directly with the platform rather than other individuals. The spread serves as a source of profit for the exchange. Coinberry asks what percentage of your net liquid assets you intend to invest in crypto among other things. These questions can feel quite intrusive.

This means that the platform never holds the users’ crypto assets. Additionally, the exchange offers 0% CAD deposit and withdrawal fees for wire transfers and Interac e-Transfers, which is a significant benefit. Coinberry does many things right when it comes to providing a user-friendly platform for individuals in Canada to buy Bitcoin and other cryptocurrencies.

However, Coinberry has some of the highest fees we’ve seen of any crypto exchange in Canada. Free deposits and withdrawals is great and you can easily transfer Canadian dollars without worrying about exchange fees. Coinberry provides Canadians with a simple and user-friendly platform for purchasing cryptocurrency. As someone who has tested over 50 crypto exchanges since 2016, I created a Coinberry account to determine if it’s worth using. Overall, the Coinberry trading platform is a good representation of the exchange in that it is user-friendly and efficient in its operation.

Coinberry Trading View

This is particularly crucial in light of the historical occurrences involving the scam QuadrigaCX platform, which was the country’s largest exchange until its downfall in December 2018. Safety is always an important consideration for anyone engaging with cryptocurrencies. Coinberry recently became the first Canadian exchange to be join the list of exchanges on Ledger, a prominent hardware wallet company. Compare and evaluate their features, advantages, disadvantages, and other aspects to find the best option for your business.

They also provide several unique features that may be appealing. Coinberry also has a financial institution bond underwritten by Lloyds of London that covers as much as CAD$1 million per claim. They are also completed covered by as much as $200 million in insurance on your held crypto-assets for which they partnered with the regulated custodian, Gemini Trust Company.

Coinberry Mobile App

The spread is the mark-up or mark-down charged by the platform when you purchase a certain crypto here. So if you’re not from Canada, and would like to engage in crypto trading, you will have to look elsewhere. Some prefer to do their crypto trading via their mobile phone.

• Short selling involves agreeing to sell an asset in the future at a predetermined price, with the aim of profiting from a potential decrease in its value.
• When it comes to the security of your assets, the same is true.
• Coinberry is a crypto platform registered in Canada for Canadians.
• A summary of Canada’s major cryptocurrency exchanges and brokers.

AutoPilot, the feature that puts you in control of your crypto purchases on Coinberry. Coinberry, a reputable exchange, understands the importance of offering a diverse selection of assets. Joining forces with Ledger, a prominent hardware wallet company, marks a significant milestone for Coinberry as the first Canadian exchange to achieve this distinction. In addition to its user-friendly approach, Coinberry has made notable strides in building partnerships and expanding its reach. One of the standout features of Coinberry is the wide range of payment options it offers.

At OCryptoCanada, we like to give people knowledge to become aware and catch up in the cryptocurrency industry. This ensures we understand your priorities and can recommend the best crypto exchange for your needs. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. Oleg is a Canadian citizen & crypto expert who has been trading since 2016.

Withdrawals will work in a similar fashion where you will select “withdrawals” in your account. You can do this in your account section under the “Fund Account” section. When your account is all set up and fully verified, you will coinberry review need to fund your account. Once confirmed, you must add a secure phone number to enable 2-factor authentication and protect your account.

With AutoPilot, you can effortlessly make regular purchases of crypto, reducing the impact of price volatility. Furthermore, Coinberry empowers users to delve deeper into the projects they’re investing in. Co-founders Andrei Poliakov and Evan Kuhn set out with a mission to simplify cryptocurrency investing for Canadians, and they’ve done just that. Cryptocurrency will be one of the main medium exchanges in the future.

Evaluate their features, pricing, and user feedback to find the perfect fit for your needs. Top registered and regulated crypto trading platform for Canadians. Coinberry is a cryptocurrency platform in Canada. The difference between the sell price and the purchase price (USD 1 in this case), goes to the trading platform. For each user you refer under this program, you will receive 50% of the fees the referred user generates.