Coinberry Review for 2022

Website	Coinberry.com
Country	Canada
Mobile app	Yes
Deposit Methods	Wire transfer, Interac e-transfer.
Trading Fees	The fees are part of the spread that goes from 0% to 2.5%
Fiat Currencies	CAD
Cryptocurrencies	Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), Stellar Lumens (XLM), Aave (AAVE), Chainlink (LINK), Dogecoin (DOGE), and nearly 30 additional altcoins.

Pros

• One of the best selections of cryptocurrencies.
• No trading fees, only market spreads.
• Very user-friendly, ideal for users learning how to trade crypto.
• Highly secure trading platform.

Cons

• You can’t withdraw crypto from the platform, except BTC, ETH, and LTC.
• The market spreads can be as high as 2.5% for some cryptos.
• No advanced trading features, market interface, or technical analysis tools.

 Coinberry: One of the Best Crypto Exchanges for Beginners 

Coinberry is a reputable Canadian crypto exchange from Toronto. It was launched in 2017, which makes it relatively young. Although Coinberry isn’t a veteran crypto exchange, the platform became very popular in Canada due to its great selection of nearly 40 available digital currencies and its ease of use.

In its early days, however, Coinberry was a Bitcoin ATM service provider in Canada, but the company soon expanded its services and became a crypto exchange for Canadian traders. 

Unlike many competitors, Coinberry doesn’t connect buyers and sellers on an inter-platform market. Instead, the exchange works as a brokerage service that buys a certain crypto from a third party once you order it and resells it to you at a somewhat higher price. The platform makes money from the spread between the price they pay to fetch your crypto and the price at which they sell the crypto to you. This operational mechanism makes Coinberry more of a crypto broker than an exchange platform.

Trading on Coinberry is super easy, and you can sign up really fast. Once I completed the Know Your Customer (KYC) process, I was able to deposit fiat currency and buy crypto immediately. Another key advantage of Coinberry that captured my attention is the fact that the platform is regulated by Australian financial authorities and licensed to operate and provide service to Canadian customers.

 Who Is Coinberry Aimed At? 

Coinberry is known for its simplicity, but honestly, I wasn’t prepared for this level of ease of use so that even a total crypto beginner who has never done any crypto trading on any other platform in their life can manage to purchase digital currency on Coinberry within minutes. 

The platform is definitely geared towards crypto beginners and average users who aren’t looking for complex operational mechanisms or advanced features. Coinberry is made for people who want to be able to directly purchase crypto with fiat currency and have their digital assets deposited in their platform account.

Another more obvious reason why Coinberry was built with crypto beginners in mind is the fact that there aren’t any advanced features available for more experienced traders. There’s no market trading interface or technical analysis tools, so if that’s something you’re looking for, you’ll be slightly disappointed. 

Personally, I found the trading experience very satisfying since you simply need to specify which crypto you wish to buy and the amount of CAD you want to exchange it for. Once the platform fetches the price of the specified crypto and shows you how much crypto you’ll get for your money, it’s a matter of minutes until the trade is closed and the crypto is deposited into your Coinberry account.

 Supported Cryptocurrencies: Buy Bitcoin and 30+ Cryptos 

Canadian financial laws and crypto regulations require exchange platforms to only list digital currencies they are licensed to trade. Getting a licence to add new crypto can be quite difficult, especially if it’s a less popular altcoin. That’s why most crypto exchanges in Canada have a very limited selection of supported cryptocurrencies.

However, Coinberry stands out with its 38 available coins and tokens. I was quite satisfied with the choice of available cryptos, especially when I compared it to the far more limited choice of digital currencies on most Canadian exchanges.

The supported cryptos include BTC, ETH, BCH, LTC, XRP, XLM, Fantom (FTM), Avalanche (AVAX), ADA, Decentraland (MANA), The Sandbox (SAND), Gala Games (GALA), Algorand (ALGO), Enjin Coin (ENJ), Cosmos (ATOM), and more than 20 other popular cryptocurrencies.

 Coinberry Features 

Let’s move on to the key features of the Coinberry platform.

Coinberry Mobile App

An easy-to-use and well-designed mobile app is a must for me, and Coinberry has a great mobile app for Android and iOS mobile devices. The app makes buying and selling crypto on Coinberry even simpler because the interface is clean, and you have all platform features available in just a few clicks. 

With the Coinberry app, you can easily monitor your portfolio while on the move, deposit money into your platform account, and conduct trading deals without logging into the platform on your desktop computer.

Coinberry Autopilot

Coinberry is a great choice for users who wish to use dollar-cost averaging (DCA) as a method to gradually increase their crypto investment portfolio over time. The platform has a Coinberry Autopilot feature, which allows users to select a specific amount of Canadian dollars they wish to spend on the same cryptos on a daily, weekly, or monthly basis.

Once the recurring orders are set, you don’t need to monitor the platform because your purchase orders will automatically be carried out according to the pre-set pattern. I found the recurring order feature especially useful for beginners who just want to automate their crypto investment operation.

Coinberry Pay

The Coinberry Pay feature is an innovative way to facilitate Bitcoin payments of all sorts directly to your platform account. The feature gives users a simple link to post on their website, blog, or social media channels to receive direct Bitcoin payments or donations. Coinberry Pay is also great for charitable causes that accept crypto donations.

Coinberry Referral Program

Coinberry has one of the best referral programs among Canadian crypto exchanges. I always like it when a crypto exchange has some sort of affiliate program to reward users for their loyalty and dedication. 

The Coinberry referral program lets users earn 50% of the trading fees of their referrals. The percentage is deducted from the market spread of each trade made by the referral. In order to get your referral fees, you need to accumulate at least 50 CAD worth of rewards. There isn’t any limit to the number of rewards you can earn, which means that if you manage to get a bunch of people to use Coinberry, you can probably make yourself a nice passive income stream from referral rewards.

 The Trading Platform 

The Coinberry trading platform is very intuitive and easy to use, thanks to the smooth and simple design. There aren’t any advanced trading options on the platform, which is in-line with Coinberry’s dedication toward beginners and average crypto investors who want to purchase crypto in a simple manner, without unnecessary hassle and complex trading orders.

Trading on the platform is quite a straightforward process. You just need to select a coin or token supported by the platform, specify how much CAD you’re willing to spend, and initiate a purchase. The platform will then fetch the crypto through its network of brokers and sell it to you at a somewhat higher price compared to the sourcing price. If you want to sell crypto for fiat, the procedure remains the same.

I was literally able to finish a purchase in a few minutes, which is much better compared to exchanges with long waiting periods.

 Coinberry Fees 

I was quite surprised to learn that Coinberry doesn’t have any fees whatsoever.

Trading Fees

Coinberry doesn’t charge any trading fees. Instead, the platform makes money from the market spread between the sourcing price and the price users pay to purchase crypto on the platform. This is why Coinberry doesn’t charge any extra fees. In turn, the final price for a given crypto may seem a bit higher compared to the one you see on other platforms, but at least you know there aren’t any hidden costs. The lack of fees is what I liked the most about Coinberry.

Withdrawal and Deposit Fees

Coinberry doesn’t charge any withdrawal or deposit fees. The only fees you’ll incur are blockchain transaction fees if you deposit or withdraw crypto. The blockchain fees depend on the crypto in question and they aren’t tied to Coinberry.

 Coinberry Safety and Security 

Coinberry is considered a highly secure crypto exchange platform that hasn’t been subject to any successful security hacks. The platform has a security fund worth 200 million Canadian dollars secured by a reputable cold storage crypto custodian, Gemini Trust Company, LLC. These funds serve as insurance in case of platform hacks in order to compensate users in the event of a successful platform breach.

Coinberry undergoes annual third-party security audits to make sure its safety measures are sufficient to protect users against all known cyber attack types.

Is It Safe?

Coinberry is absolutely safe. The platform complies with Canadian financial regulations and is regulated by FINTRAC and registered as a money service business. For me, trading on a regulated platform is always a plus and makes me feel a lot safer when carrying out money transfers. 

When creating an account on Coinberry, you need to go through the KYC procedure and provide the platforms with personal details such as your full name, address, mobile phone, and a photo of a government-issued identification document. All of this information is confidential, and you can be sure that Coinberry won’t share it with third parties. 

 Coinberry Customer Support 

Coinberry has a great customer support service, except for the lack of a live chat option to directly talk with a support team member. Coinberry support is only available through email, but unlike many competitor platforms with an unresponsive email support option, Coinberry’s support team is quick to answer user enquiries and help with any platform issues.

Social Media Accounts

You can also contact Coinberry through their social media accounts. The platform has a Twitter and Instagram account where they regularly post updates and news regarding the platform, so it’s a good idea to follow these channels to remain in the know.

 How to Open a Coinberry Account 

Let me show you how you can create a Coinberry account and start trading.

Signing Up

• Go to Coinberry.com and click on the Sign-Up button. 
• Provide an email address and verify it with Coinberry. The platform will send you a verification email to confirm the validity of your email address.
• Finish the sign-up process by going through the KYC procedure to verify your identity.

The Verification Process

• First, you’ll need to provide your personal mobile phone number and verify it.
• The platform will send you an SMS message with a verification code. Enter that code to verify your phone number.
• Next, provide your full name and address by submitting a photo of a government-issued identification document.
• You can submit a photo of your passport, driver’s licence, or ID card.
• Once you submit the photo, you’ll finish the KYC procedure.
• You should receive an email confirmation that your account has been verified shortly.

Funding Methods

When you finish the KYC verification process, you can immediately start trading on Coinberry after you’ve made your first CAD deposit. 

Coinberry supports two deposit methods, and they are both free of charge. You can either deposit fiat currency through an Interac e-transfer from your bank account or through a classic wire transfer. Interac transfers are settled almost instantly, while wire transfers can take up to 2-3 business days.

 Alternatives 

Let’s see how Coinberry compares against some popular competitor platforms.

Which Is Better BitBuy or Coinberry?

For beginners, Coinberry is definitely a better choice than BitBuy, but if you’re a more experienced trader, then BitBuy wins in all categories, except when it comes to the selection of cryptos. While Coinberry supports nearly 40 coins and tokens, BitBuy has a rather limited selection of fewer than 20 coins. However, the advanced trading interface is something that makes BitBuy a much more serious platform than Coinberry.

Which Is Better Coinbase or Coinberry?

Coinbase is one of the top five crypto exchange platforms in the world, and it’s very hard to compete with it. Coinbase supports more than 100 trending coins and tokens, it has a very smooth user interface, a great mobile app, its own Coinbase Wallet app, and even an NFT marketplace. Overall, Coinbase is a better choice than Coinberry because of its numerous platform features, but its fees are quite high, especially when compared to Coinberry’s no-fee policy.

Which Is Better NDAX or Coinberry?

NDAX is one of the most advanced Canadian crypto exchanges. The platform supports more than 30 digital currencies and a wide range of advanced trading order types. It has a highly advanced trading interface with lots of pro-level technical analysis tools. For advanced and pro traders, NDAX is surely a better choice, however, Coinberry is definitely a better option for beginners.

Which Is Better CoinSmart or Coinberry?

CoinSmart is another exchange that’s rather simple to use, but it can’t compete with Coinberry’s operational simplicity. The platform supports less crypto than Coinberry, however, it has a better customer support service with a live chat support option. Unlike Coinberry, CoinSmart charges withdrawal fees.

 Frequently Asked Questions 

Time for some FAQs.

Is Coinberry a good exchange?

Coinberry is a great exchange for crypto beginners who need quick access to crypto without much hassle. 

Can you make money with Coinberry?

Yes, you can make money from Coinberry by buying or selling crypto for fiat currency at the right time when the market volatility increases the value of your crypto. Buying low and selling high is how you can earn money with Coinberry.

Is Coinberry a crypto wallet?

No, Coinberry isn’t a crypto wallet, although the platform does provide free crypto wallets for every user account. These wallets are integrated with the platform and support all the cryptos available on Coinberry.

Can you withdraw crypto from Coinberry?

You can’t withdraw crypto from Coinberry, with the exception of BTC, LTC, and ETH.

Can I transfer from Coinberry to Binance?

You can only transfer BTC, LTC, and ETH from Coinberry to any third-party public address, including Binance accounts.

Who owns Coinberry?

Coinberry is owned by Andrei Poliakov, the platform’s CEO and founder.

 Conclusion 

Coinberry is a great exchange platform for beginners who are looking for easy exposure to crypto assets. You just need to create a platform account, deposit some Canadian dollars, and you’re all set to start buying crypto. I was so pleased with Coinberry’s simplicity because the platform is so intuitive and straightforward that it’s perfect for onboarding beginners into the crypto market.