Welcome to my Coinberry review. I reviewed 12 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 had a total 2.83% purchase fee when it was tested. This ranked 9th most expensive out of 11 exchanges. This fee is from the spread as there are no trading fees or deposit fees on the platform. I do not recommend Coinberry because of its high fees and low variety of coins.
Coins Available (6):
BTC, ETH, XRP, BCH, LTC, XLM
Spread: 3.32% (On Mar 1, 2021)
Trading Fees: 0.00%
CAD Deposit/Withdrawal Fees: $0.00
Crypto Withdrawal Fees: 0.0003 BTC, 0.011 ETH
Interac e-Transfer: Almost instant
Wire Transfer: 2-3 business days
Coinberry was founded in 2017. They are a Canadian platform operating out of Toronto, Ontario. They have 15 employees according to LinkedIn. 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."
AutoPilot lets you 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.
Every Coinberry account comes with Coinberry Pay. It lets business owners or individuals start accepting crypto payments through a special link or code you can put on your website. Here is my link if you want to see it in action. This is what the code snippet looks like in action:
Coinberry 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.
Coinberry's fees are found in the spread which can be north of 3.00%. There's also fees for withdrawing crypto to an external wallet. Overall, Coinberry is one of the more expensive Canadian platforms.
Fiat Deposit & Withdrawal Fees
Coinberry has zero CAD deposit and withdrawal fees.
Crypto Deposit & Withdrawal Fees
If you want to transfer your crypto to an external wallet you will pay some fees. Coinberry says, "To cover mining fees, we charge the following for crypto withdrawals fees: BTC - 0.0003, ETH - 0.011, LTC - 0.02, XRP - 1, XLM - 1, BCH - 0.00002"
Coinberry charges zero trading fees. They make money from the spread.
Buy BTC Price
Sell BTC Price
Reference Price Difference
Data collected on Mar 01, 2021
To get a reference price, I compared Coinberry's price to Google's price of BTC at the exact same time. I used this as a baseline to compare 11 exchanges. As you can see from the table above, to buy BTC on Coinberry it was 2.83% higher than Google's price and 0.47% lower if you wanted to sell.
Reference price taken on Mar 01, 2021
Deposits & Withdrawals
Coinberry offers Interac e-transfers and wire transfers for fiat deposits and withdrawals. There are no fees to deposit or withdrawal Canadian dollars. You can also deposit crypto on Coinberry with zero fees.
Screenshot from Jan 27, 2021
Is Coinberry Safe?
Coinberry 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 a 2FA feature. They also have partnerships with the Town of Innisfil and city of Richmond Hill 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, no matter how safe they claim to be. The safest way to store your crypto if offline on a hardware wallet or at the very least a different online wallet.
How Does Coinberry Make Money?
Coinberry makes money on the spread which is 3.32% for Bitcoin as of March 01, 2021. Most exchanges make money off the spread however Coinberry is more expensive than some of their competitors like Newton (1.27%) and Shakepay (2.54%).
Coinberry also makes money on crypto withdrawal fees. So in order to withdrawal your crypto to an external wallet there is a fixed fee which is 0.0003 for BTC and 0.011 for ETH. The rest can be seen here.
Coinberry has some unique features that other platforms don't offer such as Coinberry Pay which lets you easily start receiving crypto payments. These features might be convenient to the right people however it comes with high fees in the spread.
For most people, it's the fees that matter most and Coinberry has a high spread of about 3.32%. Compare this to Newton which is only 1.27% and you have a clear winner. If Coinberry can lower their fees for buying Bitcoin it can become a good competitor. At this moment in time though, I don't think it's worth the high fees.
- Trade 6 cryptocurrencies
- Fast funding options
- $20 free when you trade $50
I personally look for the cheapest way to buy Bitcoin and altcoins and I assume most people are the same. That's why I recommend Newton to deposit your fiat and Binance if you need to buy altcoins that aren't on Newton. Then, I use Shakepay to get free bitcoin everyday by shaking your phone.