Coinberry Exchange Review 2020: Best Simple Cryptocurrency Exchange?

Coinberry is a simple-to-use, Canadian-founded cryptocurrency exchange, though it acts more like a cryptocurrency retailer. The Toronto-based company was founded in 2017 and began as a Bitcoin ATM service. It functions more like a brokerage than an exchange, as you cannot trade crypto assets with anyone but Coinberry, meaning you can only buy assets and sell assets for fiat on their platform. That being said, it is extremely easy to sign up and purchase cryptocurrency with multiple funding methods including wire transfer, e-transfer, debit and credit card options. For those wishing to use Canadian dollars without having to worry about exchange rates, Coinberry is a good option for making an initial crypto purchase for beginners in Canada.

Overview

Coinberry Exchange Logo

Coinberry

  • Fantastic on-boarding platform for new cryptocurrency users
  • Multiple funding methods
  • Fast, simple to use and easy to deposit
  • Great option for Canadians
 

General Overview

The Benefits PRO's
  • Easy sign-up
  • Low fees and none for deposits and withdrawals
  • Multiple funding options in Canadian dollars
  • Easy to use website and mobile app available
  • Ability to place limit orders for buying and selling
The Downside CON's
  • Small selection of cryptos available for purchase
  • Price spread means that you are paying above market value compared to other exchanges
  • Funding in currencies other than Canadian dollars has poor exchange rate

Funding Methods

Method Buy Sell Deposit Withdrawal Speed
e-Transfer Yes No Yes Yes Instant
Credit Card Yes No Yes No Instant
Debit Card Yes No Yes No Instnat
Wire Transfer Yes No Yes Yes Up to 1 business day

Sign-Up Process

Signing up for Coinberry is a simple process with only one type of account available, meaning once you are registered and verified you have access to all features. However there is both instant and manual versions of identity verification.

In order to sign-up, either download the mobile app for iOS or Android, or visit their website Coinberry.com then:

  1. Click “Sign-Up”
  2. Enter your email
  3. Pick a password
  4. Agree to Terms
  5. Verify email
  6. Enter phone number for SMS code verification
  7. Enter code you receive through text to verify phone number
  8. Choose ID verification method (Passport, Driver’s license, or other government ID)
  9. Take selfie with your ID
  10. Done! Start funding and buying

In some cases, Coinberry is unable to verify your identity through this instant process, in which case you will need to upload a piece of government issued ID, a document that proves your address such as a utility bill, and a selfie. Manual verification only takes one business day at most once documents are submitted.

What Cryptocurrency Can You Buy?

Coinberry has a limited selection of cryptos available for purchase including the following:

Is It Safe?

Coinberry is safe to use and is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB). This means that they have gone through a range of compliance checks before being allowed to accept client money.

Coinberry also has CDIC insured segregated banking, meaning the company’s funds and customer funds are kept in separate accounts. This ensures that if the company’s bank accounts were ever frozen it would not affect customer funds.

Supported Applications

Coinberry is available as a desktop website or an application for Android or iOS mobile systems. The mobile application has all the same features as the website and is easy to navigate.

Coinberry does not really have their own wallet though they store your funds in an account which acts as your wallet. This essentially means the funds are stored in a custodially fashion, meaning you do not hold the private keys. It’s worth learning about custodial vs. non-custodial wallets before investing a significant amount in crypto. CryptoVantage recommends moving your funds off the exchange to your own software or hardware wallet to which you hold the private keys.

Fees

Coinberry does not act like a typical exchange so there are very few instances where you can be charged fees. There are no fees for deposits and withdrawals of fiat, other than that there are mining fees for withdrawing cryptos to an external wallet, which are unavoidable. It should be noted that your credit card company may charge cash advance fees for this funding method.

The half percent trading fee they charge is reasonable, though you are unlikely to be using Coinberry for trading cryptos due to their small selection of assets, so you will probably not have to pay any trading fees in most cases.

Frequently Asked Questions

About the Author

Evan Jones CryptoVantage headshot

Evan Jones

Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos. He bought his first hardware wallet shortly thereafter. He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing.