With a career as a Financial Analyst and over a decade writing about personal finance, Tom has the knowledge to help you get control of your money and make it work for you. Coinberry has several advantages for crypto lovers and a couple of drawbacks. No, only people living in Canada are allowed to use the platform. In this section of our Coinberry review we highlight 6 special features that deserves extra attention.
I want to get into my Coinberry app
For these reasons, we think you should give Coinberry a miss and perhaps check out other Canadian exchanges such as Bitbuy or Binance instead. Both of them offer lower fees, great security, and simple trading platforms with a host of features. Coinberry is a Canadian-based cryptocurrency exchange, which is similar to trading platforms like Newton and Shakepay. They’ve been around since 2017 and feature 0% funding fees, a claim, not all crypto exchanges can make. In this Coinberry review, I’ll fill you in on all of their features, and let you know how they compare to the top cryptocurrency trading platforms.
Digital Real Estate vs Australian Real Estate
Yes, Coinberry is a very safe exchange for Canadian users, with institutional grade crypto protection. Their digital assets are protected by Gemini Trust Company LLC™, the most regulated, secure and compliant digital asset custodian in the world, with $200 million in insurance coverage. Coinberry is a beginner-focused cryptocurrency exchange founded in 2017. Their goal, according to their website, is to “make it easy and secure to trade cryptocurrencies in Canada.” Recently I made a withdrawal and their Bot blocked sending it on to my friend.
Trading Platform
Any problems I have encountered have been timing issues, delays in transferring eth, etc It was easy to set up my account. The Customer Service is excellent and will get back to you quickly if you have an issue. Transactions are fairly quick depending on which bank you use. Normally they take a few hours…sometimes longer depending on the volume going through. Our goal at MapleMoney is to present readers with reliable financial advice and product choices that will help you achieve your financial goals. The Coinberry Autopilot is a great tool for anyone looking to simplify their cryptocurrency investments.
Coinberry Mobile App
It was developed specifically for use by businesses, charities, municipalities, and individuals who want to accept Bitcoin payments or contributions. Coinberry does not make any transaction size limitations transparently visible. The maximum amounts that may be funded by a credit card, or a wire transfer are $500 and up to $500,000 CAD.
As a direct consequence of the fluctuating prices of the cryptocurrency market, the actual spreads and fees may be larger or lower than expected. Their spread as well as any fees that may be levied, by the payment processors are shown on the website before the purchase is confirmed. It provides a mobile application that is simple to use and is accessible on the web, iOS, and Android devices for the purpose of changing regular cash into crypto and vice versa.
Also, minor problems that might occur will be solved much faster. A summary of Canada’s major cryptocurrency exchanges and brokers. Over the last 3 years, we put every Canadian platform to the test across 60+ features each. Visit our free comparison tool here or see this year’s Best Canadian Exchanges. Coinberry provides a custodial wallet where traders can store and transfer cryptocurrencies. However, they are in full control of the private keys, which can pose a risk if Coinberry experiences a hack or wants to lock your account for whatever reason.
As was previously indicated, signing up with Coinberry simply takes a few moments of your time. After you have created your account, you will be able to immediately begin buying and selling cryptocurrency. In addition, Coinberry is the only digital asset platform in Canada that is fully insured, complies with PIPEDA, and is registered with FINTRAC. In 2021, the Ontario Securities Commission provided it with relief, allowing it to market crypto-based goods and services across the whole of Canada.
Also, Coinberry uses 2FA authentication to protect your account. You need to confirm your identity with a secret code sent to your coinberry review phone every time you log in on the platform. You can then choose from any of their supported currencies and place an order for it.
Since it was founded in 2017, Coinberry have developed interesting features such as AutoPilot and Coinberry Pay, differentiating them from other crypto exchanges for Canadians. When an individual uses Coinberry to buy or sell Bitcoin, the transaction is completed by the exchange via the use of Coinberry’s network of liquidity providers. Coinberry charges reasonable prices https://forexbroker-listing.com/ for the services it offers. When it comes to the security of your assets, the same is true. They provide cold storage for all of your crypto assets so they are completely secure. Any cash funds are stored in segregated accounts at top-tier banks, and the platform engages high-level encryption technology to protect your transactions and data while you trade through them.
Yes, the cryptocurrency holdings that Coinberry maintains are protected by insurance. E-Transfer makes it easy to add funds to your account, and the process only requires a few simple steps to finish. After the e-Transfer has been successfully configured, the remaining amount will thereafter be transferred into the account you have established with Coinberry. Coinberry has been formally registered, and it also features a number of other safety precautions.
But even with these fees at NDAX, you ‘ll likely end up paying less to buy crypto on its platform compared to the up to 2.50% spread charged by Coinberry. Check this Newton Review to learn more about the features and benefits of Canada’s best crypto exchange for altcoins. This makes it easier for people who want to use cryptocurrencies as payment methods because they don’t have to worry about converting them into local currencies first before they can make purchases. Also, Coinberry has a wallet service available on the site, which allows you to store your cryptocurrencies in cold storage.
Wealthsimple Trade is an ideal Coinberry substitute for crypto beginners who prefer to buy and hold instead of actively trading. It features a user-friendly interface for trading over 50 cryptocurrencies, with a simple fee structure that uses a spread between the bid and ask price. This trading fee is tiered based on account type and ranges anywhere from 0.5%-2%. Customers can message the Coinberry support team online or via email. It offers 24/7 support and a helpful FAQ section on the website.
It is therefore quite refreshing to see the how prominently Coinberry displays their team members. Similarly, unlike the margin trading platforms this is short selling with no leverage. You will have to put up the full cost of the position upfront in order to fund the position.
- No doubt one of the most important considerations for any cryptocurrency trader is customer support.
- I am over 70 years old and this was my first time on a cryptocurrency platform.
- Simply click the buy button and you can use the funds in your fiat wallet to purchase crypto.
- Last but not least, once the e-Transfer has been set, the balance will be deposited into your Coinberry account.
This means that your coins are stored in an offline environment where they cannot be hacked or stolen. I use Conberry since the initial release, and for me, it is – hands down – the easiest way to buy and sell crypto. I use a lot of crypto apps, and I wish the other apps can learn with the customer experience these guys deliver.
It’s unfathomable why they demand such massive amount of money each time. I finally met all of their financial requirements but they still won’t release my money. They now tell me because of previous potential suspicious activity they lowered my credit score to 60 and they won’t release my money until I bring my score up to 100. To do this, I have to deposit $5000 for every point needed to reach 100 which means I need to deposit another $200,000.