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Coinberry review

Canada’s first regulated crypto-only trading platform, Coinberry, offers simple and straightforward crypto buying and selling.

  • First fully regulated exchange in Canada
  • Lack of earning tools (staking, farming, lending)

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1

Fiat currencies

24

Cryptocurrencies

Details

Product Name Coinberry Cryptocurrency Exchange
Fiat Currencies CAD
Cryptocurrencies BTC, ETH, LTC, XRP, BCH, XLM
Deposit Methods Credit card
Debit card
Interac e-Transfer
Wire transfer
Trading Fee 0.5%
Deposit Fees None
Withdrawal Fees None
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Deal

Get a CAD$20 sign-up bonus

Get a $20 bonus when you buy or sell at least CAD$50 in digital currency. T&Cs apply.

Overview of Coinberry

Coinberry is a Canadian cryptocurrency exchange founded in 2017 and based out of Toronto, ON. It offers a selection of over 25 cryptocurrencies and generous referral reward programs.

It has gained a reputation as being one of the most compliant cryptocurrency exchanges in Canada and is the first cryptocurrency exchange to be fully regulated across Canada. It is an exchange that understands its place in the market.

  • If this is your first exchange: Coinberry is approachable and easy to navigate for both exchanging cryptocurrencies and utilizing its services.
  • If you’re switching exchanges: Coinberry is the first fully regulated exchange in Canada. This level of compliance adds an additional layer of trust to the exchange that other exchanges lack.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Pros and cons of Coinberry

Pros

  • Competitive prices
  • 0% deposit and withdrawal fees
  • Coinberry Pay
  • Quick sign-up
  • First fully regulated exchange in Canada

Cons

  • Only available in Canada
  • Lack of earning tools (staking, farming, lending)
  • Limited customer service options
Go to Coinberry 's website

Verdict: Is Coinberry any good?

Coinberry is a very good exchange, especially for people new to the cryptocurrency industry. It has a good selection of cryptocurrencies to choose from and easy-to-understand features. Coinberry actively seeks engagement with regulatory authorities and implements best practices with security and insurance.

What to know about Coinberry

Coinberry is a compliance-driven exchange. It is fully registered with FINTRAC and the OSC, PIPEDA compliant, and holds $200 million in insurance through its third-party digital asset custodian. This compliance-driven approach enabled it to become the first exchange in Canada to partner with municipal governments for Bitcoin tax payment processing. As a result, it has a stricter KYC protocol for registering new accounts.

Coinberry lacks some earning tools that other exchanges offer but it makes up for these through its fees. It operates on a spread that enables them to offer 0% deposit and withdrawal fees on CAD.

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Coinberry fees and costs

Fiat withdrawal and deposit fees

Operating on a spread allows Coinberry to offer 0% fees on both CAD deposits and withdrawals. It does disclose, after listing its processing fees, that most transactions will be processed within 15 minutes, but certain withdrawals could take up to 1.5 days to process. Additionally, there is a 24-hour hold period for first-time users after funding their account for the first time.

MethodDepositWithdrawalProcessing time
Interac e-Transfer0% (no minimum / $10,000 maximum)0% ($100 minimum / $5,000 maximum)Instantaneous
Wire transfer0% ($10,000 minimum / $500,000 maximum)0% ($10,000 minimum / $500,000 maximum)/td>2–3 business days
Crypto withdrawal and deposit fees

Coinberry charges zero fees on crypto deposits, but there are varying fees for withdrawals. Litecoin (LTC) has a fixed rate of 0.2LTC for withdrawals while Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) have dynamic fees.

DepositWithdrawal
0%Varies

What is it like to use Coinberry?

Coinberry is an easy exchange to navigate. It is user-friendly and offers a good selection of cryptocurrencies and learning options. While it may not have as many features and earning protocols as other exchanges, it makes up for that through its referral programs and additional layers of security it has implemented.

Does Coinberry have good customer support?

Coinberry has limited customer support options that its users can take advantage of. The first place that users should look if they are experiencing issues is the Coinberry help center. This is a page that has an extensive list of FAQs and solutions. If the issue is not listed in this section, there is a contact form at the bottom where you can go into specific detail about the issue. This form will be sent off to the Coinberry customer support staff where it will be reviewed and you will be contacted back with a solution. This form is the best method for users struggling with the registration process who don’t yet have an account.

The only other method for contacting customer support is through a separate email ticket system for users found on the Coinberry customer support page. Users can use the ticket email system report card or email Coinberry directly.

List of services on Coinberry

Coinberry’s trust rating

Coinberry is the first Canadian cryptocurrency exchange to be fully regulated across all of Canada. It engages in best practices for security and holds over $200 million in insurance through one of the most regulated third-party digital asset custodians, Gemini Trust Company, LLC.

Coinberry has a robust and extensive KYC protocol and is fully compliant with FINTRAC and the OSC’s AML regulations. While centralized exchanges can never guarantee 100% security, Coinberry has taken one of the most rigorous approaches, making it one of the most trusted exchanges in Canada.

Signing up on Coinberry

Coinberry has a quick and easy-to-use registration process. The exchange implements a strict KYC protocol with additional information on you and your spouse’s income status, risk tolerance, and knowledge of the industry being asked for. These are additional steps that other exchanges do not require, but it enables Coinberry to be one of the only fully regulated cryptocurrency exchanges across all of Canada. The whole process from start to finish should take less than 15 minutes as long as you have a government ID at the ready.

Step 1

To start the registration process, click the green button here:

Go to Coinberry 's website

Users can then find the link in the Sign Up tab in the top right of the homepage.

sign up at Coinberry

Clicking the Sign Up tab will bring the user to a page where they can register an email address with the exchange. Once complete, users will be sent a verification link where they can confirm their email address and begin the KYC stage.

KYC stage on Coinberry

Once you have successfully verified your email address with the exchange, it will begin the KYC process by asking for your phone information.

verify phone on Coinberry

Step 2 (KYC)

For this step in the verification process, users will be required to submit a government-issued ID.

Verification process on Coinberryattach document on Coinberry

After you have successfully submitted your government-issued ID, you will then be required to submit a live photo and a short video response.

Get secure link on Coinberry

Step 3

The final step to verifying your account and enabling it to be funded is through a short Investor Suitability Assessment. This questionnaire will ask for information on you and your spouse’s income status, investment allocations, risk tolerance, and knowledge of the cryptocurrency industry.

Investor suitability assessment

Step 4

Once you have completed the Investor Suitability Assessment, you will be able to access your dashboard and account.

Coinberry account dashboard

All Coinberry users are required to implement a 2FA security protocol on their account. This can be accessed through the security tab in your profile settings.

Coinberry 2FA

Step 5

That’s it. Your account is ready to be funded and you can start trading.

Compare Coinberry against other exchanges

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Bitbuy Digital Currency Exchange
Cryptocurrency, Interac e-Transfer, Wire transfer
CAD

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At this Canada-based cryptocurrency exchange, you can fund your account in CAD via Interac eTransfer and bank wire.
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Buy Bitcoin and 5 other cryptocurrencies instantly using this straightforward broker.
NDAX Cryptocurrency Trading Platform
Bank transfer (ACH)
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Get a $10 bonus when you open an account and deposit at least CAD$100. T&Cs apply.
NDAX is a Canada-based digital asset exchange with CAD currency pairs and with options for advanced traders.
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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Frequently asked questions about Coinberry

What countries are supported by Coinberry?

Coinberry does not explicitly restrict users in certain countries, but warns all users that it’s their responsibility to ensure they comply with all appropriate laws and regulations around use of cryptocurrency.

Who owns Coinberry?

Coinberry has 2 founders, Andrei Poliakov and Evan Kuhn. Andrei Poliakov serves as the CEO.

Is there a Coinberry app?

Yes. You can download the Coinberry app for iOS or Android.

What’s the verification process for Coinberry?

Coinberry uses a third party verification service. Personal information you supply will be matched to other information such as your credit report and other third party sources.

Can I trust Coinberry?

Yes, as much as a centralized exchange can be trusted. Coinberry is the first pure-play crypto trading platform in Canada to be fully registered with the OSC. It was registered with FINTRAC before it was an industry requirement, and complies with all KYC and AML reporting obligations. Coinberry implements industry-standard protocols for cold storage assets while all CAD assets are stored with Canadian banking partners.

What customer support does Coinberry offer?

You can contact Coinberry support by phone, email or submitting a ticket through the website.

Is Coinbase better than Coinberry?

It depends on what you are looking for in an exchange. Coinbase is the largest cryptocurrency exchange in North America, compared to Coinberry which is only available in Canada. Coinbase has a larger selection of coins and earning protocols, but higher fees attached to them.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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