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Coinberry Review – Is it Legit? (May 2023)
A Leading Canadian Cryptocurrency Broker
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Account Minimum: $50
Fees: From 0-2.5%
Best For: Easy to Use Trading Platform
Warning: Trading in cryptocurrency is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.
Coinberry is an increasingly popular Canadian cryptocurrency exchange. 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. Key to this is the fact that Coinberry is FINTRAC registered as a Money Service Business.
Here we will take a closer look at this, and the variety of other features and capabilities that you can find when trading with Coinberry.
- FINTRAC Registered
- Trading fees are low from 0%
- Very intuitive trading platform
- No deposit or withdrawal fees
- Only available in Canada
- Limited range of assets available
As mentioned, Coinberry was founded in 2017. 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. They are registered with FINTRAC as a money service business under the license number M18502412 which you can check. FINTRAC has stringent regulations in place for your protection and Coinberry to date has had a very compliant record.
When it comes to the security of your assets, the same is true. Coinberry appears to take this very seriously. They provide cold storage for all of your crypto assets so they are completely secure. Any cash funds are stored in segregated accounts at top-tier banks, and the platform engages high-level encryption technology to protect your transactions and data while you trade through them.
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 also has a financial institution bond underwritten by Lloyds of London that covers as much as CAD$1 million per claim.
At Coinberry, you will find that a total of 8 cryptocurrencies are supported for trading. These are Bitcoin, Bitcoin Cash, Cardano, Dogecoin, Ethereum, Litecoin, Ripple, and Stellar. This is a rather limited selection and with the Canadian Dollar as the only supported fiat currency, it does restrict the potential for Coinberry which is currently only available to Canadian traders.
This selection of investment products though has increased over time, and as mentioned, Coinberry is relatively new. If you are looking for a secure platform that offers low fees at the same time and you only need to trade major cryptos for now, then they are still an excellent choice.
They also provide several unique features that may be appealing. One of these is the Autopilot feature that allows you to set up regular automated crypto purchases through the platform, and Coinberry Pay which can facilitate you in receiving payments directly to your Coinberry account on the condition that they support the payment currency which is CAD.
Among the main selling points of Coinberry are the low fees they offer for crypto trading. The fees range from 0% to 2.5% maximum and will vary depending on the asset and the market at the time you are trading. This fee is built into the price you get from Coinberry so you can view this trading fee as a kind of spread that can change depending on the time. The company promotes that this is often under 1% though.
There will also be a small mining fee depending on the crypto you trade as these network fees are not covered by the exchange. When it comes to deposits, there are no fees from the exchange side and a minimum deposit of just $50. Interac transfer, credit card, and bank wire are all available, though the bank wire carries a much higher minimum deposit.
Again there are no fees from the exchange side for a withdrawal and the methods you have available are the same as you used to fund. You should just keep in mind that the minimum withdrawal here is $100.
Trading is possible with Coinberry through both their desktop trading platform and their mobile app for trading on the move. Both mediums offer a trading platform that is easy to navigate and user-friendly, particularly suitable to those who are new in the sector.
You will have a good range of charting tools and indicators available through the desktop platform all of which are clearly labeled and can help you gain some trading insight into the available markets.
None of these capabilities are lost with the mobile trading platform that is also very intuitive throughout and can provide good depth for experienced traders as well as a visually appealing and very functional environment for all.
Overall, the Coinberry trading platform is a good representation of the exchange in that it is user-friendly and efficient in its operation. For more experienced traders though or some more accustomed to trading with other exchanges, they may feel that the platform is short on what it offers particularly in terms of research tools and more detailed charting capabilities.
There are a number of ways you can get in touch with the Coionberry support team if you need to. The first, and likely most convenient of these is through their dedicated live chat service hosted on the website.
If you do not need an instant reply, they are also available to provide help through email or their contact us page where you can fill out and submit a contact ticket for a response that can be the same day in many cases.
Prior to any of that, you can also check out the help center pages on their site. Here you will find good answers to some of the most common questions asked by other traders without needing to contact anyone.
Overall, Coinberry is an excellent exchange choice if you are a Canadian cryptocurrency trader looking for a user-friendly, secure trading environment that can offer you the most common cryptos to trade quickly and conveniently through an easy-to-use platform.
The standout for Coinberry is the FINTRAC regulation that puts them a step ahead in terms of security and makes them a pillar of trust in the industry for Canadian traders. They are making fast progress with the correct priorities in security, cost, and ease of use for you as a trader.