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Coinberry Review

Last Updated: Sep 20, 2022  |  Published: Apr 1, 2022


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Based in Toronto and founded in 2017, Coinberry is building a beginner-friendly platform for Canadians to trade digital assets. 

For this review, we compared Coinberry versus 15 Canadian crypto exchanges to see if it's a good place to buy Bitcoin and more. Read on to see the spreads, fees, coins offered, funding methods and much more.

Our Review 

Coinberry is beginner-friendly, offers 29 coins and good security, but it comes with high fees. The total fee to buy BTC was 2.44% (11th overall) and the BTC spread was 4.19% (18th overall). Overall, this is an expensive platform for Canadians.

Canadians can find secure, low-cost platforms, with more coins and features like Newton, NDAX and more. Skip to the alternatives section to see our top recommendations.

Where It Shines:

  • Beginner Friendly
  • Good Security: Holds crypto in cold storage through Gemini, backed by $200M in insurance
  • Coinberry Pay: Get paid in crypto for your business, website, charity etc

Where It Falls Short:

  • High Fees: All fees considered, the total BTC purchase fee was 2.44% (11th overall) and the BTC spread was last place at 4.19% (18th overall)
  • No Advanced Features
  • $5/month Inactivity Fee: If you don't use your account for 365 days you get charged every month
  • Can't Withdraw Most Coins: As of Apr 1, 2022 you can only withdraw BTC, ETH, LTC and XRP

Coinberry

Overview

Updated: Apr 1, 2022 | Total Fees & Spreads: Mar 02, 2022

Coins Offered

29

Total BTC Purchase Fee

2.44% (11th place)

Total BTC Selling Fee

1.71% (10th place)

BTC Spread

4.19% (18th place)

Trading Fee

Free

Funding Methods

E-Transfer, Wire Transfer

CAD Deposits

Free

CAD Withdrawals

Free

BTC Withdrawal Fee

Dynamic (Mining Fees)

Notable Features

Beginner-friendly, Coinberry Pay


Video Review

Don't want to read? Watch the video review published on Mar 10, 2022. Some info in the video could be outdated so refer to the rest of the blog post as well.


Coinberry

About Coinberry

Updated: Apr 1, 2022

Coinberry is a beginner focused cryptocurrency exchange founded in 2017. They are based out of Toronto and offer 29 digital assets. The company goal is to make it easy and secure to trade cryptocurrencies in Canada.

Some Stats:

  • Founded in 2017
  • Headquarters in Toronto 🇨🇦
  • 40+ employees according to LinkedIn

User Interface

Updated: May 10, 2022

  • Web app

  • Mobile App


Fees & Spread

Updated: Apr 1, 2022

More Information

We tested 18 Canadian cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Mar 2, 2022 at 4:41pm and is subject to change since spreads and prices change daily.

  • Total BTC Purchase Fee = CAD Deposit Fee + Trading Fee + Reference Price Difference
  • Total BTC Selling Fee = CAD Withdrawal Fee + Trading Fee + Reference Price Difference

You can compare all platforms from the price test on this page

Coinberry Fees

Amount

*Total BTC Purchase Fee

2.44% (11th place)

*Total BTC Selling Fee

1.71% (10th place)

Trading Fee

Free

Autopilot (Recurring Buys)

Free

CAD Deposits

Free

CAD Withdrawals

Free

BTC Withdrawals

Dynamic (Mining Fees)

Other Fees

$5/month inactivity fee after 365 days. After 3 years, a $20 annual fee is added in addition to the $5/month

Price Test & Spread

Price Test (On Mar 2, 2022)

Prices

BTC Spread

4.19% (18th place)

BTC Buy Price

$57,137

BTC Sell Price

$54,838

Ref. Price Difference

Buy: +2.44%

Sell: -1.71%

Reference Price (Google)

$55,774

What We Found

All fees considered, Coinberry is an expensive platform to buy Bitcoin in Canada compared to the competition. The total BTC purchase fee was 2.44% (11th overall). The total BTC selling fee was 1.71% (10th overall) and the BTC spread was last place at 4.19% (18th overall).

Coinberry has free CAD deposit and withdrawals and commission-free trading. The high fees are hidden in the spread which is why we tested 18 platforms in Canada to find the true fees. Click here to compare the crypto exchanges we tested in Canada.

In comparison, NDAX had a total BTC purchase fee 0.49% (1st overall). Coinbase was 4.54% (17th overall) and Crypto.com was 1.68% (9th place). 


Deposit & Withdrawals

Updated: Apr 1, 2022

CAD Deposit Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

Nearly Instant

$0 Min - $10k Max

Wire Transfer

Free

2-3 Business Days

$10k Min - $500k Max

CAD Withdrawal Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

Nearly Instant

$100 Min - $5k Max

Wire Transfer

Free

2-3 Business Days

$10k Min - $100k Max

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

Dynamic (Network Fees)

0.00101 BTC

Ethereum

Dynamic (Network Fees)

0.0201 ETH

XLM

Withdrawals Not Supported!

N/A

What We Found

Overall, Coinberry is a good fiat on-ramp and off-ramp for Canadian dollars. They have fast and free options via E-Transfer and Wire Transfer. For crypto withdrawals, the fees are dynamic. However, you're only allowed to withdraw 4 coins out of 29 which are BTC, ETH, XRP and LTC. 


Platform & Features

Updated: Apr 1, 2022

List of Features:

  • iOS, Android and Web app
  • 29 cryptocurrencies
  • Markets Orders and Limit Orders
  • Autopilot (recurring orders)
  • Coinberry Pay
  • Referral Program

1. iOS, Android and Web App

  • Very beginner-friendly and simple

2. Coins Offered (29)

  • Bitcoin
  • Ethereum
  • AAVE
  • Cardano
  • Axie Infinity
  • Balancer
  • Basic Attention Token
  • Bitcoin Cash
  • Compound
  • Curve
  • Dogecoin
  • Polkadot
  • Enjin Coin
  • Fantom
  • The Graph
  • Kyber Network
  • Chainlink
  • Litecoin
  • Terra
  • Dencentraland
  • Polygon
  • Maker
  • Sandbox
  • Shiba Inu
  • Syntehtix
  • Uniswap
  • Stellar
  • Yearn.Finance
  • Zcash

3. Trading Interface

  • Simple Charts (no advanced charts)
  • Markets Orders and Limit Orders
  • Price Alerts

4. Autopilot (recurring purchases)

5. Coinberry Pay

6. Referral Program

  • Invite a friend and you both get $50 free when they make a trade of $50 or more
  • Earn extra bonuses when you hit milestones (eg. refer 5 friends for extra $25, 30 friends for extra $300, etc)

Security

Updated: Apr 1, 2022

Hacks & Incidents

It was never officially confirmed by Coinberry, but in 2020 there was allegedly a hack that occurred. Cipherblade, a blockchain forensics firm, said 8.33 BTC was stolen from Coinberry's hot wallet. Here is a link to more info on reddit.

Company Security Features

  • Holds crypto in cold storage via Gemini Trust
  • Gemini has $200 million in insurance coverage
  • OSC and FINTRAC Registered: MSB #M18502412
  • KYC required (must prove identity to sign up)
  • They undergo annual 3rd party financial statement audits
  • They use "Schedule 1 Canadian banking partners for CAD assets"
  • Partnerships with the town of Innisfil and the City of Richmond Hill which adds some legitimacy

User Security Features

  • 2 Factor Authentication (via SMS or an authenticator app)
  • Touch ID / Face ID / Pin for app login
  • View account login history for suspicious activity (IP addresses, device info, date, etc)
  • View website status in real-time

Can You Trust Them?

Yes, Coinberry is considered a safe cryptocurrency exchange in Canada. They offer 2FA and keep crypto in cold storage that is backed by $200 million in insurance coverage. They are also OSC and FINTRAC compliant in Canada.

⚠️ Although Coinberry is safe, 44% of platforms we tested have had a hack or incident in the past. We strongly recommend storing and protecting your crypto on a hardware wallet or any wallet where you own the private keys.


Customer Support

Updated: Apr 1, 2022

Coinberry offers a help center with articles and FAQs. If you need to get in touch with their team, you can submit a request via email on their contact page. There is no live chat or phone support and we're not sure what their support hours are or how long it takes to get a response.

Coinberry Customer Support

Coinberry Compared

Here at RankFi, we're tracking Canada's top cryptocurrency exchanges. You can compare all of them below to find the best one for you:

Name

Overall Rank

Coins

CAD Wallet?

Total BTC Purchase Fee

Spread (BTC)

Trading Fee

Website

1/18

70+

Yes

0.69%

1.34%

0%

NDAX

NDAX(#1 overall)

2/18

30+

Yes

0.49%

0.35%

0.20%

3/18

60+

Yes

0.66%

1.11%

0%

4/18

600+

No

1.60%

0.00%

0.10%

5/18

700+

No

2.82%

0.00%

0.10%

6/18

2

Yes

1.03%

2.26%

0%

7/18

200+

Yes

1.68%

3.11%

0%

8/18

150+

Yes

1.60%

0.05%

0.16% / 0.26%

9/18

40

Yes

2.94%

3.17%

1.50%

10/18

35+

Yes

1.24%

1.67%

0.50%

11/18

25+

Yes

1.99%

0.41%

1.50%

12/18

40

Yes

1.23

2.63%

0%

13/18

300+

No

3.42%

0.41%

0.41%

14/18

140+

No

4.54%

3.07%

0%

15/18

65+

No

N/A

0.05%

0.40% / 0.60%

16/18

16

Yes

2.51%

2.82%

0.20%

17/18

29

Yes

2.44%

4.19%

0%

Gate.io

Gate.io [banned]

N/A

1000+

No

2.92%

0.00%

0.20%

Best Alternatives

Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.  

Newton.co
  • 2022 Winner: Best Overall
  • Low fees, 70+ coins, great user interface
  • No advanced features, limited features overall
VirgoCX
  • Low all-around fees
  • Free crypto withdrawals for many coins
  • Beginner + Advanced Features
  • User interface can be better
NDAX.io
  • Lowest overall fees for Canadians (0.49% total BTC purchase fee)
  • Beginner + Advanced features + Staking
  • Only 30+ coins
  • Slightly higher withdrawal fees
Binance
  • Lowest spreads and fees if you fund your account with crypto
  • 600+ cryptocurrencies
  • Most features in the industry
  • Restricted in Ontario
  • Not beginner friendly
  • Low spreads and fees if you fund your account with crypto
  • 500+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Best Crypto Exchanges Canada

Find the best crypto exchanges in Canada with our free comparison tool


Coinberry

Coinberry

Get $50 Free When You Trade $50

Best Canadian Exchanges

Newton.co

Top Overall

1. Newton

NDAX

Lowest Fees

2. NDAX

VirgoCX

Top Runner Up

3. VirgoCX

Alex Dabek

RankFi.com (Contributor)

Alex is the owner of RankFi.com, where he covers all things Web3 and cryptocurrency. He's been passionate about blockchain technology since 2017 and has reviewed more than 100 crypto exchanges, brokers, and DeFi applications.