It is registered with FINTRAC and complies with all strict KYC/AML and reporting obligations. 3) Coinberry has a mobile app available for iOS and Android so you can trade whenever and wherever you are. The app is very user-friendly and intuitive, so it is perfectly suited for beginners. 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.
Wallets
The move came one year after it was acquired by WonderFI, Bitbuy’s parent company. Not only was Coinberry a prominent cryptocurrency exchange in Canada, but it was also among the first to be regulated. Featuring a modest selection of the top coins, quick deposits, and a streamlined sign-up process, Coinberry was ideal for beginners. If you’re bummed about the loss of yet another Canadian crypto exchange, here are the best Coinberry alternatives to consider.
The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. However, not all crypto investors require desktops for their trading. If you are one of those traders, you’ll be happy to learn that Coinberry’s trading platform is also available as an app for iPhone and Android users. Unfortunately, Coinberry is winding down its operations and migrating users to Bitbuy. While Coinberry and Bitbuy are both safe platforms, they are very expensive. I tested 20+ platforms and the best crypto exchange for Canadians is NDAX for its low fees and good security.
Coinberry Fees
Coinberry is a service that facilitates the conversion of Canadian investors’ fiat currency holdings for various cryptocurrencies. Coinberry is an impressive cryptocurrency exchange built for Canadians, making it easy to buy crypto directly with CAD. These are the top 3 reasons why I recommend Coinberry to Canadian crypto investors. Coinberry simplifies the process of buying and selling cryptocurrencies for Canadian users. Coinberry provides robust security measures to protect users’ assets.
Our team сonstantly checks news & changes in the crypto world for Canadians. This ensures we understand your priorities and can recommend the best crypto exchange for your needs. Customer feedback is mixed—while some users praise the support team’s responsiveness, others report unresolved issues. In our experience, we submitted a support ticket and received a helpful response within minutes, demonstrating the potential for reliable assistance.
However, this may not be the optimal solution as there are pretty low limits on card funding. You also have to consider that card payments are much more expensive than other forms as third-party processors as well as your bank may charge you unreasonable fees. If you already have BTC or ETH on hand and would like to fund your account then you can initiate a cryptocurrency transfer.
- You’ll need to send your cryptocurrency from an external wallet to your Coinberry wallet to fund your account.
- Its main advantages are charging no fees on deposits or withdrawals and offering valuable tools for automating the purchase of cryptocurrencies.
- No canadian dollar deposit and withdrawal fees so you get to keep more Bitcoin at the end of the day.
- Kraken Pro is fully regulated in Canada and offers 250+ cryptos, professional trading, and high liquidity.
- You may also get in touch with them by e-mail if live chatting isn’t really your thing.
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Coinberry does not require users to have their own crypto wallet in order to use the service. Coinberry provides a secure online platform through which users can buy, sell, and store various cryptocurrencies. The platform also allows users to exchange their cryptocurrencies for Canadian dollars. As opposed to other popular crypto exchanges like Uphold and Coinbase, Coinberry has reliable customer service that can be reached by email. Our findings show that, Coinberry charges customers zero fees for deposit, 1.5% fees on withdrawals and a tiers structure for buying or selling cryptocurrencies.
The handling of tax payments makes advantage of this cooperative effort. Coinberry may be accessed via a variety of mediums, including mobile devices and the web. As of the beginning of 2019, Coinberry is the first and leading cryptocurrency platform that has cooperated with municipal governments throughout Canada. Coinberry and the user’s wallet do not share a common “taxable event,” hence the exchange of tokens or currencies between the two does not trigger taxation. It may take as little as one minute to sign up for a Coinberry account and make a purchase of Bitcoins using that account. Users will first be required to supply identification information in order to proceed.
While there were a few things that we thought warranted improvement, most are relatively easy to address. The team at Coinberry seems to be really open to suggestions and if enough traders telegraph interest, they may consider incorporating it. This comes down to the speed with which they arrive at the recipient bank as well as the fees involved. Withdrawals will work in a similar fashion where you will select “withdrawals” in your account. Here, they will ask you for your offline BTC or ETH address where to send the transaction.
Something else that you may have to consider with Coinberry is that they are the “Market Maker” for the coins. This means that they are the counter party to your trade and will hence make the price for you. This means that the buy / sell price may be higher / lower as it is on other exchange. Taking a closer look at these trading fees, they are about in line with the execution fees charged at other Canadian exchanges. For example, they are slightly more than the 0.4% quick buy fees at Coinsquare but are slightly less than the trading fees at BitBuy.
- Users have a range of deposit alternatives available to them in order to fund their Coinberry account which provides prospective investors with a choice of buying possibilities.
- Once you successfully add funds to your account, you will be able to buy or sell digital assets on the platform.
- As we are not from Canada, we have not been able to obtain a picture of the purchase interface here.
- Coinberry is a Canadian-based cryptocurrency exchange, which is similar to trading platforms like Newton and Shakepay.
- The safest way to store your cryptocurrency is in your own personal wallet (either a soft wallet or a hardware wallet).
Surprisingly, though, Coinberry does not include a live chat facility, which is unusual given the sheer number of cryptocurrency exchanges that have it. It’s fantastic that Gemini offers industry-standard functionality like two-factor authentication. You also have the option of transferring Canadian dollars to Coinberry via wire transfer.
Deposit & Withdrawal
Coinberry is one of the few Canadian crypto platforms that are registered with OSC and FINTRAC, insured and PIPEDA compliant. Coinberry is a relatively safe investment option, as it is registered with the Ontario Securities Commission and is subject to regular audits. In addition, Coinberry has implemented multiple layers of security, including two-factor authentication and a host of other measures. Coinberry has also partnered with Trezor, a leading hardware wallet manufacturer, to provide an even more secure experience for its users.
The material contained on this website is for informational purposes only and RankFi.com, and its affiliates, is not soliciting any action based upon such material. The material is not to be construed as an offer or a recommendation to buy or sell investments nor is it to be construed as investment advice. RankFi.com is not a registered investment, legal or tax advisor or a broker/dealer. All content should be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment. With over a decade experience in financial services, he’s passionate about personal finance, investing and helping people take control of their financial life.
Next is to add funds to your new Coinberry account using e-transfers or wire transfers. Once you successfully add funds to your account, you will be able to buy or sell digital assets on the platform. Coinberry, a money service business is registered with FINTRAC and focused on blockchain and digital currency solutions.
After trying out this payment method, we can say that it’s a quick and easy way to send money using your online or mobile banking! Check out the Interac page for a complete list of supported institutions. Coinberry’s website has never been penetrated by hackers, and the company puts a lot of work into preventing future intrusions. Despite the fact that this is true, in the event that they are ever hacked, it will most certainly create issues for the user base.
Company Security Features
Coinberry still has a referral program that rewards users for inviting friends, but the referral links only redirect traffic to the Bitbuy website. Coinberry offers e-transfers (under 30 minutes) and wire transfers (0-3 business days). Both Coinberry and Newton are Canadian exchanges coinberry review based in Toronto, Ontario. They offer users a wide range of digital currencies with low fees and fast transactions. Coinberry is a great crypto exchange but it’s not the only option out there.
Also, both exchanges are registered by FINTRAC as a Money Services Business. This means that they both must adhere to anti-money laundering regulations. Coinberry is also one of a handful of crypto platforms that are registered as Restricted Dealers or Marketplace with the Ontario Securities Commission. You will need to provide your personal details as part of the registration process.
