Coinberry Review

Updated: Aug 28, 2021 | Published: January 24, 2021   

By: Alex Dabek

If you use a NowFuture link, we may earn a commission. Read our ethics statement. All content is for informational purposes only. 

Welcome to my Coinberry review. I reviewed 15 popular Canadian crypto exchanges to find the best place to buy Bitcoin and cryptocurrencies. In this post, you will see if Coinberry is a good platform, what their fees are, and everything you need to know.


The Bottom Line: Coinberry has 19 coins, zero trading fees, and a secure platform built for beginners. The downside is it's a very expensive platform because of their spreads. On March 01, 2021 the total fee to buy Bitcoin on Coinberry was 2.83%. This was 12th most expensive out of 15 Canadian platforms.

I ranked Coinberry 10th overall. My #1 pick for Canadians is Newton because it has more coins (25+), a better U/X and significantly lower fees (0.69% total purchase fee).

Coinberry Logo

Coinberry Overview

Overall:

3.1

Coins Available:

19 (BTC, ETH, XRP, BCH, LTC, XLM, ADA, DOGE, CRV, KNC, DOT, SNX, YFI, AAVE, BAL, UNI, BAT, LINK, COMP)

Fees:

Spread: 3.32% (On Mar 1, 2021)

Trading Fees: 0.00%

CAD Deposit/Withdrawal Fees: $0.00

Crypto Withdrawal Fees: Dynamic (network/mining fees)

Funding Methods

Interac e-Transfer: Almost instant (free)

Wire Transfer: 2-3 business days (free)

Pros:

  • Beginner Friendly - Extremely simple app and web U/X
  • AutoPilot - Buy crypto automatically and dollar cost average into your positions
  • Partnered with Municipal Governments in Canada - Coinberry has partnerships with the city of Richmond Hill and the town of Innisfil which adds legitimacy

Cons:

  • High Spreads - The 3.32% spread makes Coinberry pretty expensive compared to competitors like Newton (1.27%)
  • No Advanced Features
  • Can't Deposit or Withdraw Most Coins - Only 4 out of 19 are available to withdraw  

About Coinberry

Coinberry was founded in 2017. They are a Canadian platform operating out of Toronto, Ontario. They have 15 employees according to LinkedIn and their focus is to help Canadians "buy Bitcoin safely and securely." On their website they market themselves as "the safest and most secure platform in Canada."


Opening An Account

Setting up a Coinberry account is relatively simple. Be ready to provide personal info because on every Canadian crypto exchange, you need to verify your identity. Coinberry uses a third-party agent to verify your account.

Most people can open an account instantly but if you don't pass the automatic verification, manual verification can take up to 3-5 days and requires more documents.

Who Is Eligible?

  • Canadian citizens and permanent residents
  • People above the age of 18

Sign Up Requirements

  • Email address
  • Legal name, address, date of birth and other KYC information
  • Phone number for SMS verification
  • If you don't pass automatic verification, you might need to provide more documents like Government Issued-ID, address verification, and upload a selfie.

Screenshots

Coinberry Desktop Platform
Coinberry Features Review

List of Features

  • Crypto Markets - 19 cryptocurrencies available to buy/sell using market or limit orders
  • iOS, Android and Web App - Access Coinberry on all of your devices 
  • Price Alerts for Buys and Sells - Set up price alerts on your mobile app to alert you on various crypto price movements
  • AutoPilot - Set up automatic purchases so you can dollar cost average into your positions. You can choose the amount to buy, what time of day to buy, and select daily, weekly, biweekly, or monthly purchases for the coin of your choice
  • Coinberry Pay - Easily start accepting crypto payments (for business or personal) through a special link or code you can put on your website. Here is my link if you want to see it in action
  • Referral Program - Coinberry has two referral programs. The regular program comes with every account. You can share your custom link with friends and get $20 when they trade $50. The rewards increase as you refer more people. They also have a second affiliate program where you can earn 50% commission on all revenue instead
  • Resources - Find crypto tax resources, crypto guides, and more so you can educate yourself on various topics

Coinberry AutoPilot

Coinberry AutoPilot Feature

Coinberry Pay

Coinberry Pay Feature

Coinberry Referral Program

Coinberry Features Referral Program

Funding & Withdrawals

Coinberry offers Interac e-transfers and wire transfers for fiat deposits and withdrawals. There are no fees to deposit or withdrawal Canadian dollars. 

Canadian Dollars

Coinberry Fiat Deposit and Withdrawal Fees

Screenshot from Jan 27, 2021

Crypto Withdrawals

Keep in mind, you can only withdraw 4 out of 19 cryptocurrencies on the Coinberry platform: 

Coin

Minimum

Fee

Bitcoin

0.001 BTC

Dynamic (network fees)

Ethereum

0.02 ETH

Dynamic (network fees)

XRP

25 XRP

Dynamic (network fees)

Litecoin

0.05 LTC

0.05 LTC


Coinberry Fees

Overall, Coinberry is a very expensive platform due to their spread. From personal tests, the spread was north of 3.00% which you can see in the charts below.

Total BTC Purchase Fee

2.83%

Trading Fees

0%

CAD Deposits

0%

CAD Withdrawals

0%

Crypto Withdrawals

Dynamic (network/mining fees)

AutoPilot

0%

Spread (Mar 01, 2021)

BTC Spread

3.32%

BTC Buy Price

$63,814

BTC Sell Price

$61,764

Ref. Price Difference

Buy: +2.83%

Sell: -0.47%

Reference Price (Google)

$62,058

On March 01, 2021, I tested prices for 10+ crypto exchanges to see how they compare. Coinberry's total purchase fee when adding all fees and and the reference price difference was 2.83%. This was very high and means every $100 would get you $97.17 of Bitcoin. In the same test, Newton would get you $99.31 and NDAX gets you $99.50.

Keep in mind, these spreads change daily so shouldn't be taken exactly.

How Does Coinberry Make Money?

How Does Coinberry Make Money

Coinberry makes money on the spread which is the difference you can buy and sell crypto for. On their website, they claim the spread ranges from 0%-2.5% which is a wide range. However, the spread for Bitcoin was 3.32% when I tested it on March 01, 2021 which is very high. In the same test, Newton was 1.27% and Shakepay was 2.54%.


Security

Coinberry markets themselves as a safe and secure platform so let's take a look at their security systems and features.

Company Security Features

  • Holds users funds in offline cold storage via Gemini
  • Gemini has $200m in custody insurance
  • Coinberry is FINTRAC regulated and a registered Money Service Business in Canada
  • First Canadian platform registered and regulated with the OSC
  • Partnered with the town of Innisfil which adds some legitimacy 

User Security Features

  • 2 Factor Authentication (SMS, Google Authenticator or Authy)
  • Biometrics login for app (touch ID, etc)
  • View login history (IP addresses, device info, date)
  • View live website status for incidents

Is Coinberry Safe?

Coinberry is safe and seems to take every precaution that you should expect from an exchange. They are fully regulated in Canada, they claim to use cold storage, and they have 2FA for users. They also have a partnership with Innisfil, a town in Canada, which adds some legitimacy.

However, if you want to be as safe as possible you should never use an exchange to hold large amounts of crypto for long periods of time. Exchanges can get hacked and your funds are not CDIC insured. The safest way to store your crypto is offline on a hardware wallet.


Support

Coinberry Support

You can reach out to the Coinberry team via email on their help page or use their FAQs and articles if you don't need to talk with someone. Additionally, you can check the website status to see if everything is operational. Currently, support is offered just through email and there is no live chat support or phone support.


Coinberry vs. The Competition

Check out current data of Coinberry versus other popular Canadian crypto exchanges. You can also check out our crypto exchange rankings.

Name

Coins

*Total BTC Purchase Fee

Best CAD Deposit Fee

Trading Fee

BTC Withdrawal Fee

2

1.43%

Free

0%

Free

7

1.41%

Free

0.50%

0.0005 BTC

9

2.60%

Free

0.20%

0.00025 BTC

9

2.29%

1.50%

0.1% / 0.2%

0.00025 BTC

10

0.72%

Free

0.1% / 0.2%

0.0005 BTC

16

0.50%

Free

0.20%

0.000399 BTC

19

2.83%

Free

0%

0.0003 BTC

20+

3.48%

Free

1.48%

N/A

20+

1.48%

Free

0%

0.00025 BTC

25+

0.66%

Free

0%

0.0005 BTC

40+

0.69%

Free

0%

Network fees minus $5

50+

0.80% + $1.25

Free

0.16% / 0.26%

0.00015 BTC

75+

4.55%

3.99%

0.50%

Network fees

100+

1.52%

Free

0%

0.0004 BTC

350+

2.24%

2.00%

0.10%

0.0005 BTC

*Total BTC Purchase Fee was calculated on Mar 01, 2021 and changes daily. It adds all fees to make a purchase (CAD deposit fees, trading fees, etc) plus the % difference to Google's price of Bitcoin which was the reference price.

This table is up to date as of Aug 13, 2021


Best Coinberry Alternatives

Compared to Coinberry, Newton has more coins (25+), lower fees via spread (0.69% total purchase fee), and cheaper crypto withdrawal fees (Newton covers first $5). The app and platform is also more user-friendly and functional in my opinion. The downsides are Newton doesn't have advanced features or reliable customer support from my experiences, but overall it's my top platform for Canadians.

NDAX also has lower purchase fees (0.50% total purchase fee) than Coinberry and a wider variety of beginner and advanced features. The downside is less coins (15+) and expensive fiat and crypto withdrawal fees. 

If you want the most advanced features as a Canadian, Binance offers 350+ altcoins, margin, futures, interest account, and much more. It's the largest exchange in the world and very cheap! The downside is it's not available in Ontario (in that case check out Kraken) and you can't connect a CAD bank account (so you'll need a domestic exchange as well). 


Summary

Coinberry is beginner friendly, focused on security and offer 19 coins. However, they have very high fees which are hidden in the spread. For that reason, I do not recommend Coinberry when there are so many better options in Canada such as Newton, NDAX and more. Those platforms offer significantly lower fees and more features.

Coinberry
  • Trade 19 cryptocurrencies
  • Fast funding options
  • $20 free when you trade $50
Newton Exchange
  • Trade 40+ cryptocurrencies
  • Fast funding and super low fees
  • $25 free when you trade $100

FAQ

Is Coinberry CDIC Insured?

On Coinberry, and any Canadian crypto exchange, your funds are not CDIC insured like a traditional bank account. If Coinberry loses your crypto, it's gone so it's important to keep your account secure. The safest way to store your crypto is on a hardware wallet.

Can I Store My Crypto On Coinberry?

Yes, you can leave your crypto on the Coinberry platform but keep in mind if they lose it, it's gone. Exchanges can get hacked and you don't own your private keys so it's not the most secure option. For large amounts of crypto, it's recommended to get a hardware wallet.

Has Coinberry Ever Been Hacked?

Although it was never confirmed publicly, some Reddit speculations say that Coinberry was hacked in 2020. Allegedly, the hackers made away with 8.33 BTC from Coinberry's hot wallet.

Join Our Newsletter

Sign up with 100's of other investors to get the best crypto resources in Canada!

You May Also Like...