With this enabled, you will need to confirm the account login through your mobile device. They also claim to conduct regular penetration tests with the help of the top Cyber security firms in Canada. The use of segregated bank accounts also helps reduce the time it takes to process withdrawals to just 1 day. This ensures that if the company’s bank accounts were to ever be frozen, it would not affect the customers’ money. One of the ways they do this is by keeping company funds and customer funds in completely different accounts. 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.
- The Company also emphasizes that they focus on security.
- Coinberry offers e-transfers (under 30 minutes) and wire transfers (0-3 business days).
- With AutoPilot, you can effortlessly make regular purchases of crypto, reducing the impact of price volatility.
- Coinberry lets you deposit assets to the exchange through e-Transfer (a type of wire transfer).
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I tested 20+ platforms and the best crypto exchange for Canadians is NDAX for its low fees and good security. The trading fees on Coinberry are based on the price spread at the time you place a trade and vary between 0% and 2.5%. Most crypto traders feel that desktops give the best conditions for their trading. However, it’s important to note that Coinberry’s trading fees, which can reach up to 2.5% per transaction, are comparatively higher than similar Canadian exchanges. There are cheaper alternatives like Bitbuy or Binance, both of which offer lower fees, excellent security, and beginner-friendly platforms with a wider range of features. NDAX also has low trading fees, staking, and a wide range of cryptocurrencies.
This is quite an important point when you consider that most deposits / withdrawals at other exchanges are on average 3% one way. This is perhaps one of the only Canadian exchanges that offers free withdrawals and deposits on CAD funding. Despite this though, Coinberry makes up for it in their funding / withdrawal fees. This means that the buy / sell price may be higher / lower as it is on other exchange.
There are quite a few suggestions that users have given about how to improve the apps functionality which are all well received. These appear to be generally quite positive and users have similar comments about the simplistic interface. We decided to jump into the Google Play store in order to see what users were saying about the app in the reviews.
BitMart Restricted and Supported Countries
All of the recent reviews are complaints about hidden fees, slow withdrawals, and poor customer service. If your trading volume is under $250K, they have a 2.00% maker/taker fee which is the highest in Canada. With that being said, Coinberry is still a centralized crypto exchange and does not replace the need for a hardware wallet. Coinberry has put in place various security measures for user safety. Coinberry recently delisted 5 coins so there are only 25 cryptocurrencies available now. The team at Coinberry seems to be really open to suggestions and if enough traders telegraph interest, they may consider incorporating it.
Verifications and KYC
- Joining forces with Ledger, a prominent hardware wallet company, marks a significant milestone for Coinberry as the first Canadian exchange to achieve this distinction.
- This fee is built into the price you get from Coinberry so you can view this trading fee as a kind of spread that can change depending on the time.
- In other words, you are paying almost 6% in fees merely by getting your dollars onto other exchanges and then again off them.
- Coinberry and any crypto exchange can track where you have received and sent crypto since crypto trades are recorded on the blockchain and are public.
- Unfortunately for those users who have LTC on hand, Coinberry has not built this into their funding functionality yet.
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. After some time, centralized exchanges started charging crazy fees to their users. Coinberry’s trading fees are among the highest, and it lacks advanced features, limiting users to basic trading. After reviewing over 20 crypto exchanges, these are my top picks which have a combination of low fees, security, altcoins, and more.
To compare, NDAX had a total BTC purchase fee 0.49% (1st place), Coinbase was 4.54% (17th place), and Crypto.com was 1.68% (9th place). The total BTC selling fee was 1.71% (10th overall) and the BTC spread was last place at 4.19% (18th overall). According to our test, Coinberry had a total BTC purchase fee of 2.44% (11th overall). They also hit you with a 1.50% withdrawal fee on Canadian Dollars. Coinberry has recently changed their fee structure which you can find here.
Something that we found quite unique about the Coinberry platform was the ability to short sell an asset. If you select Credit Card or Debit Card (in the previous menu) you have to first connect your bank account to your Coinberry account for fraud prevention. This is the instantaneous purchase of crypto directly from Coinberry. This means that the interface is a lot simpler coinberry review (so there is no margin trading or ability to view trading charts). To withdraw using E-transfer, simply select the ‘E-transfer’ button then enter the desired amount of funds you want to withdraw.
Canadians can purchase crypto using Interac e-Transfer or bank transfers, but credit and debit cards are not accepted. Toronto-based Coinberry offers a wide selection of cryptocurrencies, aiming to make crypto more accessible to Canadians. Between 74-89% of retail investor accounts lose money when trading CFDs. They are making fast progress with the correct priorities in security, cost, and ease of use for you as a trader. Here you will find good answers to some of the most common questions asked by other traders without needing to contact anyone. You will have a good range of charting tools and indicators available through the desktop platform all of which are clearly labeled and can help you gain some trading insight into the available markets.
To purchase crypto, you simply click the buy button and use the funds in your fiat wallet. Coinberry’s iOS app has a solid 4.5-star rating with 5,000 reviews, reflecting general user satisfaction. These features make Coinberry a reliable choice for Canadians.
Canadian Dollar Deposits and Withdrawals
Shoot them a message on their website or email It’s comforting to know that you can speak to a real person and resolve any account issues. They’ve got your back with insurance that guards against financial losses arising from dishonest acts or unethical behavior from Coinberry employees. With $200 million in insurance coverage, your crypto holdings are shielded from external threats, giving you peace of mind. Coinberry has partnered with Gemini Trust Company LLC™, a renowned digital asset custodian known for its unrivaled levels of regulation, security, and compliance.
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This is because of their regulatory licenses they have to complete a number of KYC checks on their trading accounts. The exchange does offer a referral rewards program where you can earn $20 for inviting friends to sign up, but only once they trade $50. The last port of call to get hold of the exchange is through their numerous social media accounts. This is slightly underwhelming as most of the competition has at least 5 coins for their traders to choose from.
Beginner Friendly Platform
We’ll uncover the strengths of this Canadian exchange and also suggest areas where improvements can be made. But can Coinberry truly compete and meet the growing demands of crypto enthusiasts and institutional investors alike? When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only. OCryptoCanada is made for crypto fans in Canada.
CoinSmart’s trading fees are just 0.2% and they offer the ability to trade crypto to crypto pairs without having to sell to Bitcoin or Ethereum first. There will also be a small mining fee depending on the crypto you trade as these network fees are not covered by the exchange. If you are looking for a secure platform that offers low fees at the same time and you only need to trade major cryptos for now, then they are still an excellent choice.
App Walkthrough
If you are going to be funding with a wire transfer then you will need to take down the wiring instructions for the Coinberry bank account. Once the payment has been confirmed it should be credited to your trading account within 3 hours. This comes down to the speed with which they arrive at the recipient bank as well as the fees involved.
Withdrawal fees (Crypto)
For access to a crypto exchange with all the bells and whistles, check out CoinSmart. After your account is set up, you can fund it using Interac e-Transfer, bank wire, credit card, and crypto. To get started, sign up here (the link automatically applies a $30 bonus after you verify your account and trade at least $50). This Coinberry review covers its pros, cons, fees, insurance, referral program, and more. In addition to Coinberry, you can buy and sell crypto using platforms like Coinsmart, Netcoins, and Wealthsimple Crypto. Coinberry lets you deposit assets to the exchange through e-Transfer (a type of wire transfer).
They offer two-factor authentication and hold crypto in multisig cold storage with their custodian Bitgo, who is insured up to $250 million. Unfortunately, both of these features have been removed in the March 2023 update. It also has many security measures (covered below).