Forex Trading
Coinberry Review 2023: Is It Safe and Regulated? Fees Explained
It supported popular the most popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin, and was the first regulated crypto-only platform in Canada. 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. If you need a simple yet efficient trading platform, you definitely should. Coinberry is a well-respected Canadian digital asset trading platform with years of experience and a wide selection of tradeable cryptocurrencies.
- We’re here to help make your crypto journey simple, safe, and secure.
- If you are into app trading, Coinberry offers a great crypto trading app for all investors who wants to trade on the go.
- In other words, you are paying almost 6% in fees merely by getting your dollars onto other exchanges and then again off them.
Depending on the network traffic, the transaction might take anywhere between 15 and 30 minutes to complete. Interac e-Transfer® Autodeposit is a simple method to deposit money using online or mobile banking. You only need a Canadian bank account that accepts e-Transfers to get started. The platform also has a high level of security, which can be beneficial for users that are trading in lots of cryptocurrencies with different levels of market value. However, NDAX slightly edges it out with its support for more cryptocurrencies and lower fees to buy crypto. While both exchanges only charge spread fees, Coinberry charges a higher spread.
You may be wondering what platform you should use for your cryptocurrency trading in Canada. 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. There is a very high degree of risk involved in trading securities.
Is Coinberry good for Canadians?
The cryptocurrency market is quickly expanding, and so Coinberry may have to figure out ways to differentiate itself from the many exchanges that are dominating the market today. Coinberry’s edge seems to be its emphasis on high security and regulatory compliance. For those who are not too familiar with the term, short selling is the act of agreeing to sell the asset at some time in the future at some predetermined price.
You can fund your crypto purchases by making a Coinberry e-transfer through Interac or wire transfer, which will determine the minimum and maximum deposit and withdrawal limits. As we’ve already mentioned, the only accepted currency is Canadian dollars. I am over 70 years old and this was my first time on a cryptocurrency platform.
Do I need my own crypto wallet to use Coinberry?
I am contacting the RCMP authorities to alert them on this scam and I urge everyone to do the same to stop those criminals and bring them to justice. 2.5% is a hefty price to pay, much higher than the commission fee charged by other platforms. Although Coinberry is very secure and has never been hacked since its establishment in 2017, there is always a small chance of it occurring. The safest way to store your cryptocurrency is in your own personal wallet (either a soft wallet or a hardware wallet). Yes, Coinberry is a legitimate cryptocurrency exchange founded in Toronto in 2017.
Why use Coinberry
Coinberry is a safe and convenient trading platform for beginners who want to invest CAD in high-yielding cryptocurrencies such as Bitcoin, Ethereum, or Litecoin. Although there isn’t a large number of supported cryptocurrencies on the exchange, if you want to buy and sell top cryptocurrencies, it still has you covered. You can buy or sell cryptos with Coinberry quickly and without any deposit or withdrawal fees, apart from the crypto mining costs imposed by the respective coin’s blockchain network.
Coinberry Review
The credit provider’s final decision is made at their discretion, subject to decisioning criteria. According to their website, they employ fraud monitoring across their platform to guard against financial fraud, account takeovers, etc. Get a $25 welcome bonus on Newton when you trade at least $100 in cryptocurrencies using this referral link coinberry review or by clicking the button below – No Newton promo code required. You need to confirm your identity with a secret code sent to your phone every time you log in on the platform. You can then choose from any of their supported currencies and place an order for it. After your order has been processed, you will receive a confirmation email.
It could expand its coin coverage to include more altcoins and consider adding more advanced features to its trading platform. Additionally, Coinberry could explore expanding its services globally or cross-continentally to cater to a wider market. Canadians who are 18 or older can open a Coinberry account and start trading popular crypto assets. You will first need to go through the KYC process and prove your identity. Once your account is open, you can deposit and withdraw funds from your Canadian bank account.
How Does Coinberry Work?
Alternatively, you can fund your account through an external crypto wallet, but this only works for Ether and Bitcoin. You can either do a QR scan of your Coinberry wallet’s address or click on the Copy Address button and then paste it into the recipient field on your other wallet to send the necessary funds. Coinberry Pay also lets you set up donations and tips, and the funds can easily be converted into Canadian dollars and deposited into your bank account. Adding funds to my account through etransfer has been fast and worked every-time. I would like to see some more coins added in the near future though. If you have any question or doubt, just reach out to them, they respond in time and get an appropriate response.
You can execute a dollar-cost-average investing strategy to earn stable profits. Automated Bitcoin purchases save you time by automating the crypto investments on a daily, weekly, or monthly basis. The first difference between the two platforms is the number of cryptocurrencies supported by each platform. Best of all, Hardbacon users receive a $20 account credit when they choose Square One. 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.
This tool will help you create recurring cryptocurrency investments and it automates your investing completely. The rest is taken care of by the Autopilot system and you can spend all this leftover time searching for new cryptocurrency projects to invest in. Privacy-wise, Coinberry requires all users to have a 2FA system set up and uses the latest in SSL/TSL encryption technology to protect all transactions on the site. Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. The Customer Service is excellent and will get back to you quickly if you have an issue. Normally they take a few hours…sometimes longer depending on the volume going through.
Withdrawal times can vary depending on whether Coinberry has the required funds stored in their “hot wallet”. Something that we were quite surprised by is the fact that Coinberry uses unique one time addresses for those users who fund with crypto. This means that Coinberry is helping you protect your transaction history by not re-using addresses. Coinberry is fully compliant with Anti-Money-Laundering and Know-Your Customer requirements set by FINTRAC. This means that account verification is required in order for users to begin depositing funds. You would also be surprised to know that Coinberry is one of only 2 crypto exchanges in Canada to successfully complete a financial statements audit from an independent third party.
Moreover, a MSB licence means that Coinberry will have to conduct regular KYC and make sure that all of the client accounts are above board. It also means that Coinberry will find it easier to get stable banking and payment processing solutions. Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity. According to our test, Coinberry had a total BTC purchase fee of 2.44% (11th overall). The total BTC selling fee was 1.71% (10th overall) and the BTC spread was last place at 4.19% (18th overall). To compare, NDAX had a total BTC purchase fee 0.49% (1st place), Coinbase was 4.54% (17th place), and Crypto.com was 1.68% (9th place).
