Canadian crypto exchange Coinberry review 2023
Coinberry is considered one of the top crypto exchanges in Canada. It launched in 2017 and is among the first to receive authorisation from FINTRAC, the financial watchdog of Canada.
In April 2022, the firm was acquired by WonderFi Technologies, which also owns the Bitbuy crypto trading platform.
The exchange offers a user-friendly and interactive experience for buying and selling digital assets. Coinberry is currently not charging deposit fees and claims to be the best Canadian crypto exchange. In this article, we'll explore why this platform is a viable choice for crypto investors in Canada.
Review of Coinberry crypto exchange features
1. Deposit and withdrawal fees
Coinberry is ideal for deposit fees as it does not charge deposits in Canadian dollars (CAD). You can start with this crypto trading site with a minimal deposit of 50 CAD. The exchange charges 1.5% on withdrawals, which usually depends on network congestion.
Furthermore, trading cryptocurrencies may incur a percentage of the trading amount. The platform introduces a tiered fee structure that defines trade makers’ and takers’ fees according to the amount they traded in the last 90 days. The fee ranges from 0% to 2% for trade makers, whereas for takers, it ranges between 0.10% to 2%.
User interface
The cryptocurrency exchange also delivers convenience and ease of use to its customers. It has an easy-to-navigate platform that you can quickly get familiar with. Furthermore, you can use the browser version or the mobile app, both of which offer an interface where you can buy crypto, monitor their price, and manage your portfolio.
Deposit methods
The exchange mainly has two deposit options: e-transfers or wire transfers. However, the platform only works for Canadians, so it only supports CAD and not other fiat currencies.
If you transfer money through Interac e-transfer, the minimum will be 50 CAD, and you can deposit up to 10K daily. This type of transfer is much faster than wire transfers which can take up to five business days.
Currently, Coinberry does not have an option for wallet integration. Therefore, if you want to sell your crypto, you must transfer the amount to the Coinberry address from your external wallet.
Choice of cryptocurrencies
As of writing, the exchange allows you to buy or sell around 25 cryptocurrencies. Although the supported coins are far fewer than some of the top-rated exchanges, it gives you most of the popular options like BTC, ETH, ADA, MATIC, DOGE, LTC, and others. If you have a small portfolio consisting of these coins, you can manage it through the exchange.
Customer support
To assist its customers in daily trades, the exchange has an FAQ section that answers customers' questions about managing the account, troubleshooting, and pricing guidance. Additionally, it has a blog where investors, especially beginners, can find valuable information for trading.
However, reviews for customer support for the platform are mixed on the internet. Many have complained about the non-availability of 24/7 customer service.
Is Coinberry safe?
Coinberry is a well-authorised cryptocurrency exchange that has secured registration from FINTRAC, OSC, and PIPEDA, ensuring its security to customers. Additionally, the platform follows proper anti-money laundering laws and knows-your-customer KYCs, making it a secure platform.
Coinberry: A reliable crypto trading platform for Canadian investors
Coinberry is a well-established and reliable cryptocurrency exchange in Canada. Its intuitive and easy-to-use platform, and the support of Canadian financial authorities, make it an ideal choice for Canadian investors who are new to crypto or have a portfolio consisting of popular tokens only.
While Coinberry’s limited investment options and higher trading fees may not be ideal for some investors, it remains a trustworthy option for those prioritising security and convenience in their crypto transactions.
To sum up, Coinberry is a platform worth considering for any Canadian looking to invest in digital assets.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.