Coinberry is a Canadian cryptocurrency trading platform designed for both beginners and casual investors. Founded in 2017 and headquartered in Toronto, it offers a user-friendly interface, insured custodial services, and support for popular digital assets like Bitcoin, Ethereum, and Litecoin.
In this review, we’ll explore how Coinberry works, its fees, security features, and how it compares to other platforms. Whether you're new to crypto or looking for a straightforward way to trade, this guide provides the essential details you need.
How Does Coinberry Work?
Coinberry simplifies the process of buying and selling cryptocurrencies. The platform is accessible via desktop and mobile apps for iOS and Android devices.
Getting Started
Opening an account is quick and straightforward. Most users complete identity verification instantly, though some may need to provide additional documents such as a government-issued ID, proof of address, or a selfie.
Once verified, you can fund your account using:
- Interac e-Transfer
- Bank wire transfer
- Credit card
- Cryptocurrency transfers
Deposits made via Interac e-Transfer are processed instantly, while bank wires may take 2–3 business days.
Trading Experience
Coinberry focuses on simplicity, offering one-click trades and automatic recurring purchases—ideal for dollar-cost averaging. However, it lacks advanced trading features like limit orders or detailed charting tools, which may disappoint experienced traders.
Supported Cryptocurrencies
Coinberry supports a range of major cryptocurrencies, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Chainlink (LINK)
- Uniswap (UNI)
- And several others
Note that Ripple (XRP) was recently delisted from the platform.
Fee Structure
Understanding Coinberry’s fees is crucial for potential users:
- Trading Fees: The platform uses a spread-based model, which can range from 0% to 2.5% depending on market conditions.
- Deposit Fees: Fiat currency deposits are free.
- Withdrawal Fees: Crypto withdrawals incur network fees—for example, 0.0005 BTC for Bitcoin or 0.0063 ETH for Ethereum.
Here’s a quick overview of funding methods:
| Funding Method | Deposit Limit | Withdrawal Limit | Fee | Processing Time |
|---|---|---|---|---|
| Interac e-Transfer | Up to $10,000 | $100 – $5,000 | $0 | Instant |
| Bank Wire | $10,000 – $500,000 | $10,000 – $500,000 | $0 | 2–3 business days |
Pros and Cons
Pros
- Fast account verification for most users
- Insurance coverage through Lloyd’s
- Assets held in cold storage via Gemini Trust
- One-click trading and automated purchases
- No fees for fiat deposits or withdrawals
Cons
- Trading spread can be as high as 2.5%
- No advanced trading tools
- Only Canadian dollars (CAD) supported
- Minimum trade deposit of $50
- Limited cryptocurrency withdrawal options
Security and Legitimacy
Coinberry is a registered Money Service Business with FINTRAC (license #M18502412). It has also received regulatory relief from the Ontario Securities Commission to operate across Canada.
The platform partners with Gemini Trust Company to store 95% of digital assets in cold storage. Additionally, it holds a $1 million CAD insurance policy through Lloyd’s of London, adding an extra layer of security for users.
👉 Explore secure trading platforms
How Coinberry Compares to Other Platforms
Here’s how Coinberry stacks up against other popular Canadian crypto exchanges:
| Feature | Coinberry | Bitbuy | NDAX | Netcoins |
|---|---|---|---|---|
| Supported Coins | 20+ | 10+ | 15+ | 7 |
| Trading Fee | 0% – 2.5% spread | Up to 1.5% | 0.2% | 0.5% |
| Fiat Funding | Interac, wire, card | Interac, wire | Interac, wire | Interac, wire, bill payment |
| Referral Bonus | $30 | None | None | $25 |
| Security | Cold storage, insurance | Cold storage, 2FA | Cold storage, 2FA | Cold storage, 2FA |
Frequently Asked Questions
Is Coinberry safe to use?
Yes. Coinberry uses cold storage for digital assets, holds insurance through Lloyd’s, and is registered with FINTRAC. These measures provide a secure environment for trading.
What is the minimum deposit on Coinberry?
The minimum trade deposit is $50. However, Interac e-Transfer withdrawals have a minimum of $100.
Does Coinberry charge withdrawal fees?
Fiat withdrawals are free, but cryptocurrency withdrawals incur network fees (e.g., 0.0005 BTC for Bitcoin).
Can I set up automatic purchases?
Yes. Coinberry allows users to schedule recurring buys, making it easy to dollar-cost average into cryptocurrencies.
Is there a mobile app available?
Yes. Coinberry offers mobile apps for both iOS and Android devices.
How do I contact customer support?
Support is available through email and the help center on their website. Response times are generally within one business day.
Final Thoughts
Coinberry offers a simple and secure way for Canadians to buy and sell cryptocurrencies. Its user-friendly design, insured custodianship, and lack of fiat deposit fees make it appealing for beginners. However, the relatively high spreads and absence of advanced tools may limit its appeal for experienced traders.
If you’re new to crypto or prefer a straightforward platform, Coinberry is worth considering. For those seeking lower fees or more advanced features, other exchanges might be more suitable.