Coinberry Review 2021: Buy and Sell Crypto in Canada

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by Enoch Omololu

Updated

Advertiser Disclosure

Coinberry is a cryptocurrency platform in Canada. It supports popular coins like Bitcoin, Ethereum, Stellar, Ripple, Cardano, and a few others.

If you are one of those folks looking to jump aboard meme coins like Dogecoin, Coinberry now offers it as well.

In addition to Coinberry, you can also buy and sell crypto using platforms like Coinsmart, Netcoins, and Wealthsimple Crypto.

This Coinberry review covers its pros, cons, fees, insurance, referral program, and more.

What is Coinberry?

Coinberry was founded in 2017 and has its headquarters in Toronto.

It is registered with FINTRAC as a Money Service Business with license #M18502412.

In 2019, Coinberry partnered with the Town of Innisfil in Ontario to allow the payment of property taxes using Bitcoin.

It also has a similar arrangement with The City of Richmond Hill.

The platform is available on desktops via a web interface and has dedicated mobile apps for iPhones and Android devices.

VISIT COINBERRY

How Coinberry Works

New users can easily open an account and start trading within minutes.

To get started, sign up here (link automatically applies a $40 bonus after you verify your account and trade at least $50).

The verification process includes a standard KYC with instant verification for most customers.

If manual verification is required, you may need to upload a government-issued ID (e.g., drivers’ license or passport.

Proof of address and selfie verification may also be required.

After your account is set up, you can fund it using Interac e-Transfer, bank wire, credit card, and crypto.

Crypto Coins on Coinberry

The cryptocurrencies available on Coinberry are:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Stellar (XLM)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Curve (CRV)
  • Polkadot (DOT)
  • Synthetix (SNX)
  • Yearn.Finance (YFI)
  • Aave (AAVE)
  • Balancer (BAL)
  • Uniswap (UNI)
  • Basic Attention Token (BAT)
  • Chainlink (LINK)
  • Compound (COMP)
  • Kyber Network (KNC)

It recently delisted Ripple XRP.

Coinberry Fees

The trading fees on Coinberry are based on the price spread at the time you place a trade and vary between 0% and 2.5%.

Fiat deposits and withdrawals are free.

Crypto deposits are also free; however, you pay a fee when you withdraw crypto as follows:

  • Bitcoin: 0.0005 BTC
  • Ethereum: 0.0063 ETH
  • Litecoin: 0.02 LTC
  • XRP: 0.01 XRP
Funding MethodDepositWithdrawalFeesProcessing Time
Interac e-Transfer$10,000 maximum$100 minimum, $5,000 maximum$0Instantaneous
Wire Transfer$10,000 minimum, $500,000 maximum$10,000 minimum, $500,000 maximum$02-3 business days

Pros and Cons of Coinberry

Some of the benefits and downsides for this platform include:

Pros

  • Instant verification for most customers
  • Insured by Lloyd’s
  • Digital assets are held in cold storage by Gemini Trust Company LLC
  • One-click trades for newbie traders
  • Offers automatic bitcoin purchases (dollar-cost averaging)
  • No fees to deposit or withdraw fiat

Cons

  • Price spread can mean a fee of up to 2.50%
  • Basic trading platform with no limit order book or advanced charting tools for experienced traders
  • Supports only CAD fiat
  • $50 minimum trading deposit
  • Can only withdraw four coins
VISIT COINBERRY

Is Coinberry Legit?

Coinberry appears to be a legitimate company that is registered with the Financial Transactions and Reports and Analysis Centre of Canada (FINTRAC) as a Money Service Business.

In 2021, it was granted relief by the Ontario Securities Commission to offer crypto-based products and services across Canada.

In 2020, Coinberry acquired a Financial Institution Bond that was underwritten by Llyod’s of London. The information available indicates that this coverage has a limit of $1 million CAD per claim.

Also, it has partnered with Gemini Trust Company (a regulated custodian) to keep most coins on the platform in cold storage. Gemini has $200 million in custody insurance.

Related: Best Crypto Wallets in Canada.

Coinberry Referral Program

Coinberry has a referral that pays you $40 when you sign up here and trade at least $50.

You can also share your own referral link or referral code (3b28a1568bc) with others on social media and you both get $40 after they complete verification and trade $50 or more.

Related: Bitbuy Review.

Coinberry vs. Bitbuy vs. NDAX

See how Coinberry compares to Bitbuy, NDAX, and Coinberry below.

Crypto PlatformsCoinberryBitbuyNDAXNetcoins
Coins OfferedBTC, ETH, XRP, XLM, LTC, BCH, and moreBTC, ETH, LTC, BCH, XRP, XLM, EOS, and moreBTC, ETH, XLM, LTC, EOS, LINK, USDT, DOGE, ADA, XRP, UNI, AAVE, and moreBTC, BCH, ETH, QCAD, LTC, USDT, XRP
Funding OptionsInterac e-Transfer, bank wire, credit card, cryptoInterac e-Transfer; bank wire
Interac e-Transfer, bank draft, and bank wireInterac e-Transfer, bank wire, bill payment, credit card
FeesSpread (up to 2.50%); free fiat deposits and withdrawals0.10% – 0.20% trading fees; up to 1.50% fees for deposits and withdrawals0.20% trading fee; free deposits; flat-rate fee for withdrawals0.5% trading fee; free fiat deposits and withdrawals
CIPF/CDIC InsuranceNo NoNo No 
Security policyCold Storage via Gemini95% cold storage; 2FA 95% cold storage, 2FA2FA; cold storage
Referral BonusGet a $40 bonus after trading $50+$20 when you make an initial deposit of at least $250 $10 when you deposit $100
$10 after trading $100 worth of crypto
Learn moreVisit Coinberry Visit Bitbuy  Visit NDAX Visit Netcoins

Related: Coinberry Referral Code.

Have you used any of the featured crypto platforms featured? Let us know about your experiences in the comments.

Cryptocurrency trading involves speculation that a digital currency will increase in value. This is a risky bet, and you can lose your entire capital.

Coinberry review
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Summary

Coinberry is a cryptocurrency trading platform in Canada. This Coinberry review covers its fees, insurance, pros, cons, and how it compares to Bitbuy, NDAX, and Coinsmart.

Pros

  • Instant verification 
  • Insured by Lloyd’s
  • Cold storage by Gemini Trust Company LLC
  • One-click trades
  • Automatic bitcoin purchases
  • No fees to deposit or withdraw fiat

Cons

  • Price spread can be up to 2.50%
  • No advanced trading tools
  • Supports only 6 coins 
  • Supports only CAD fiat
  • $50 minimum trading deposit
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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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