Coinberry Review Buy & Sell Bitcoin and Cryptocurrency in Canada

For example, Wealthsimple’s coins are held by Gemini Trust Conmpany LLC™ with $200M in insurance coverage. The safest exchanges for Canadians will require you to go through a Know Your Customer verification process when signing up. If the exchange requires you to submit identity documents then you know they are fully compliant and take money laundering and fraud seriously. I did some trading myself and didn’t see a single fee while using the website, the only thing that I noticed was the spread when comparing crypto exchanges fees. Paying for a spread is nothing compared to some of the percentage-based fees you would be paying on other platforms, but the lack of assets sort of balances that out.

This could be a driver’s license, passport, or other valid government ID. Once you click ‘next’, you are directed to a page where you have to select what you will use to purchase your BTC with; CAD, Credit card or Debit Card. To purchase Bitcoin, simply click on the Bitcoin icon, and then enter in the amount of CAD you want to spend to buy BTC.

  • As previously stated, the platform collaborates with the city of Richmond Hill and Innisfil.
  • Since Coinberry is trying to function as a proper money service, they have higher security standards than most Bitcoin exchanges not only in Canada but in the whole of North America.
  • Use the HARDBACON promo code to get $20 when you open a free KOHO account and make a purchase.
  • According to the complaints, if they do answer eventually, the reply may very well be a hollow one.

This means that the buy / sell price may be higher / lower as it is on other exchange. 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. Safety is a particularly important point for Canadian cryptocurrency users. This is especially true given the recent events around the QuadrigaCX exchange. Until December of 2018, this was the largest exchange in Canada that recently collapsed.

But even so, it’s not really a Mecca for traders from this part of the world to convene and do crypto trading. And that could be in part because this exchange doesn’t have a whole coinberry review lot of unique features or attractive qualities. The platform utilizes a unique brokerage-style approach to digital asset purchases, which facilitates high-volume, low-cost trades.

Coinberry exchange review: Advantages and Disadvantages

This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Buying crypto on a platform that uses a spread means you might pay more. Even if you aren’t great with computers, Coinberry makes it easy to sign up for their services.

coinberry exchange

In fact, you pay high spreads on your crypto trading activities. After careful research, our team found out that Coinsmart is the lowest trading fee cryptocurrency app in Canada with only %0.2 trading fees and free deposits over $2000. Perhaps you’re only interested in trading Bitcoin and Etheruem. Consider the trading pairs that crypto exchanges offer for Canadians. For example, you might want to trade your XRP to Cardano, but that pair might not be available meaning you would need to first convert your XRP to Bitcoin, then buy Cardano with that Bitcoin. For simplicity and cost-effectiveness, find a cryptocurrency exchange platform that offers the trading pairs you think you’ll need.

How to Buy Litecoin in Canada

That means, the company complies with the FINTRAC security standards. Every user is required to verify their identity before creating an account. This can be accomplished by scanning and uploading one of your several personal documents.

Users submit their account information, and Coinberry’s KYC/AML partners confirm their identity. These are often credit reporting organizations with information about the user’s financial history. They must provide a government-issued picture ID with their full name and birth date for verification. A government-issued photo ID, a document providing proof of address, and a selfie may be required. There are a few different ways to buy crypto in Canada, and the best method for you will depend on your needs and preferences.

Following last year’s QuadrigaCX collapse and loss of client funds, Canada’s crypto exchanges are going the extra mile to rebuild the trust of consumers. For Canadian person, trading in cryptocurrency isn’t much different from the average American or British trading experience. However, there are certain exchanges that focus on providing as much comfort as possible specifically to Canadians. This includes many services and offers that genuinely sound very nice. No canadian dollar deposit and withdrawal fees so you get to keep more Bitcoin at the end of the day. Coinberry is the only Insured, FINTRAC registered & PIPEDA compliant crypto trading platform trusted by Canadian Municipalities.

This means that Coinberry is helping you protect your transaction history by not re-using addresses. Perhaps the cheapest and fastest way to fund your account will be through the use of cryptocurrency. This should not dissuade you from still using Coinberry though.

coinberry exchange

The only downside to its security is it’s not exactly clear how customer funds are kept. There is no mention of using secure cold storage on the Netcoins website. Even though Newton claims to be a no-fee crypto exchange, it has higher spreads than exchanges that charge trading fees .

The higher the liquidity and volume of a cryptocurrency, the smaller the spread. Put 29+ crypto coins in your portfolio with lots of options whether you’re new to crypto or you’ve been around the blockchain. Our digital tokens cover the whole gamut, from NFT marketplaces and the metaverse to the usual suspects – Bitcoin and Ethereum. This August, WonderFi, which had traded on the Toronto Stock Exhange, applied to list its shared on the U.S. “Binance acknowledged that it had identified a quantity of the misappropriated BTC and undertook to restrict any access to the accounts,” the lawsuit read. Seeing how most people like to have all of the necessary information in one place, we’ve made a list of both positive and negative aspects of Bitbuy.

Instead, the wallet self-destructs after seven days as a security precaution. Through this model, Coinberry can emulate OTC services that focus on minimizing slippage during high-volume trades. Coinberry is a user-friendly platform that operates without an over-the-counter desk. « This is a bold capital budget that addresses the challenges Islanders are facing, » said Finance Minister Mark McLane in a media briefing before his budget was released. Included in the budget was a five-year plan with a commitment to spend $1.16 billion on infrastructure projects.

Secondly, there is an address where you might come knocking if you live in Toronto – 320 Davenport Rd, Toronto, ON M5R 1K6, Canada. So, if they can’t withdraw your money properly, you can come and see them in person. The client support they provide is the subject for later, but there are several points that hint at this company being more than just a sham and a cover for dirty dealings. While the legitimacy of this company is a subject of many disputes, as you’ll see later, Coinberry still seems transparent .

In this comprehensive review, we deeply analyze the Coinberry exchange, going over their fee structure security features, deposits and withdrawal methods and customer support. We also offer our thoughts on the best aspects of the exchange and ways we think it can improve. Coinberry simplifies the process of buying and selling cryptocurrencies for Canadian users. This implies that Coinberry collaborates with Canadian Schedule banks to assist them in complying with Canadian regulations.

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So, if you want to accommodate the buyers who pay in Bitcoin and don’t really want to bother with converting crypto into CAD, you can install Coinberry Pay. At the same time, they tend to verify and register Canadian users faster, even if they don’t tell about it outright. So, if you want ultimate comfort, you may consider joining Coinberry.

It stated that its independent financial audit had been completed effectively in January 2019. Security is one of the most important things to consider when choosing a cryptocurrency exchange. You’ll want to find a cryptocurrency exchange that utilizes a cold storage system, which means to store coins offline and therefore less likely to be stolen by hackers. Some of the best Canadian exchanges will be insured for losses.

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.

Coinberry review attempts to explain everything there is to know about it. It’s important to find a cryptocurrency exchange that makes the process of trading crypto as easy and intuitive as possible. Some reputable exchanges have advanced interfaces with charts and order books that might be suitable for seasoned investors, but anybody new to crypto might find those tools overwhelming. A simple cryptocurrency exchange platform that is beginner-friendly will give you confidence that you’re making the right moves. When picking a cryptocurrency exchange in Canada to buy digital assets, you want to make sure that they offer a few deposit methods and accept CAD.

Canada-oriented transfers

When making the trade we received $99.10 worth meaning we lost $0.90 or 0.90% to the spread and that’s your only expense. Most crypto traders feel that desktops give the best conditions for their trading. 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. Some prefer to do their crypto trading via their mobile phone. 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.

Trading in Canadian dollars

The main downside to Coinberry is that their spread is steep, at up to 2.5% per trade. However, they make up for this by not charging fees when you fund your account. If you’re new to crypto trading, I recommend that you check out Coinberry when exploring your options. No fees give them an advantage on price over several other large crypto trading platforms. As a trader, you have peace of mind not having to worry about fees for moving fiat currency in and out of your account. Binance offers some of the lowest fees of any crypto exchange and if your hold BNB, you can get even lower fees.

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