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 20+ Canadian crypto exchanges and brokers to see if it's a good place to buy Bitcoin and cryptocurrencies. Read on to see the spreads, fees, coins offered, funding methods and more.
The Bottom Line
Coinberry has 35 coins good security. However, its spreads are too high, making it very expensive for Canadians. The total fee to buy BTC was 2.44% (11th overall) and the BTC spread was 4.19% (18th overall).
The best fiat on/off ramps for Canadians are Newton and NDAX. The best altcoin exchanges are Binance, or if you live in Ontario, KuCoin. Skip to the alternatives section to see more.
Pros & Cons
Overview
Total Fees & Spreads: Mar 02, 2022
Coins Offered | 35 |
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 Some info in the video could be outdated so refer to the rest of the blog post as well.
About Coinberry
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
Fees & Spread
Updated: Apr 1, 2022
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 |
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.
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
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
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. 35 Coins Offered
- 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
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
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.
Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.
