Coinberry Review: Why Are They Shutting Down?: Why Are They Shutting Down? January 2024
The total BTC selling fee was 1.71% (10th overall) and the BTC spread was last place at 4.19% (18th overall). 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). While Coinberry has limited cryptocurrencies listed for trading, Coinberry shines in many areas to give peace of mind to investors. If you want to be more mobile or quickly access your funds, then Coinberry has their app for both IOS and Android. On the user side of things, Coinberry allows you to set up your own 2 factor authentication (2FA) where you’ll need your phone number or Google Authenticator to sign in to your Coinberry account. With the payment methods of debit cards, wire transfers and Interac-Transfer, buying Crypto is streamlined for Canadians.
- The team at Coinberry seems to be really open to suggestions and if enough traders telegraph interest, they may consider incorporating it.
- This is slightly underwhelming as most of the competition has at least 5 coins for their traders to choose from.
- But if you sign in with my referral (7bf27f69faa) you will get free $30 bonus after first crypto purchase.
- This means that the exchange will have had to have undergone a range of compliance checks before they were allowed to accept client money.
- Once your account is open, you can deposit and withdraw funds from your Canadian bank account.
On top of which, the company Coinberry itself is formally registered with the Financial Transactions and Reports Analysis center or known as FINTRAC. This means Coinberry must follow all the anti-money laundering laws and perform Know Your Customer (KYC). Despite Coinberry being very new, I can see it being one of the best exchanges in the country. I like the the fact that they offer a referral bonus when you introduce others to their network. Get a $25 welcome bonus on Newton when you trade at least $100 in cryptocurrencies using this referral link or by clicking the button below – No Newton promo code required.
The Verdict on Coinberry
If you have any question or doubt, just reach out to them, they respond in time and get an appropriate response. It is highly recommended for someone who want to engage on digital trade. I use Conberry since the initial release, and for me, it is – hands down – the easiest way to buy and sell crypto. I use a lot of crypto apps, and I wish the other apps can learn with the customer experience these guys deliver.
The credit provider’s final decision is made at their discretion, subject to decisioning criteria. For more information, please read our editorial policy and find out how we make money. Coinberry is also PIPEDA compliant, meaning they must comply with a set of rules that govern how private sector organizations collect, use and disclose personal information. ID Verification – Once your account has been initiated, Coinberry will attempt to verify your ID. You’ll be asked to take a selfie while holding a piece of government-issued ID.
Security features:
Coinberry stores all the information on their users in Canadian based servers and never off-shore. Coinberry also uses third-party audits regularly to keep their security systems and protocols up to date with the latest practices. Not being able to withdraw my own keys made me feel worse then the banking system. Will not recommend to anyone, there is better exchange in Canada who are cheaper and let you do whatever you want with your keys.
Hit the “sign-up” button on the top right of the screen and you will be prompted for an email address as well as a password. Currently, there are only three cryptocurrencies on offer at Coinberry and these include Litecoin (LTC), Bitcoin (BTC) and Ethereum (ETH). Lastly, when it comes to your personal information, this is OpenPGP protocol encrypted. PGP (Pretty Good Privacy) is an encryption program that provides cryptographic privacy and authentication for data communication. The first and most important of these has to be mobile two-factor authentication. With this enabled, you will need to confirm the account login through your mobile device.
Coinberry has limited customer support options that its users can take advantage of. The first place that users should look if they are experiencing issues is the Coinberry help center. This is a page that has an extensive list of FAQs and solutions. If the issue is not listed in this section, there is a contact form at the bottom where you can go into specific detail about the issue. This form will be sent off to the Coinberry customer support staff where it will be reviewed and you will be contacted back with a solution. Users can use the ticket email system report card or email Coinberry directly.
It’s also regulated by FINTRAC, Canada’s anti-money laundering organization. As a crypto investor, you need to know all the fees involved when you use a cryptocurrency exchange. This includes major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), which are the most popular digital assets on the market today. The exchange also offers a mobile app for iOS and Android devices so that users can trade on the go without having to worry about using a separate application on their mobile device. One downside that I hear from some people is that Coinberry only offers a limited range of coins. While that is true, they are continually growing their selection, and if you are new to cryptocurrency, most of the main coins you have heard of will be available.
Security and verifications upon every sign in and transaction is excellent. I just got the app and was little confused and emailed support. Expecting to hear back in a few days it was literally not even half hour reply.
I highly recommend Coinberry
Only two, however, can be used to fund your Coinberry account (BTC, ETH), and only four currencies can be directly withdrawn (BTC, ETH, XRP, LTC). You must convert all other currencies, including alternative coins to one of the four main currencies or to fiat currency (Canadian dollars) prior to withdrawal. If you are a Canadian, you are very lucky to have found Coinberry. This is a major advantage compared to other cryptocurrency exchanges in Canada and we highly recommend that you use this exchange when depositing with CAD. I would love to see more coins on the platform to reach a wider audience and also a live chat to deal with customer issues. A live chat saves a lot of headaches for traders with deposit and withdrawal questions.
Faith Restored in Coinberry!
This means that account verification is required in order for users to begin depositing funds. Of course, it is important to point out that there may be fees that your own financial institution will charge on the transaction. This is especially true if you choose to use your credit card to fund your account.
I am contacting the RCMP authorities to alert them on this scam and I urge everyone to do the same to stop those criminals and bring them to justice. But if you sign in with my referral (7bf27f69faa) you will get free $30 bonus after first crypto purchase. My affiliate wrote the last review in haste.I am completely happy with my experience with coinberry.
These include through Interac e-Transfer, Credit Card and Wire Transfer. Below are the limits as well as processing times for these respective methods. This will be followed by a final step that will ask you to confirm the withdrawal. Withdrawal times can vary depending on whether Coinberry has the required funds stored in their “hot wallet”.
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All of this can be access on the Crypto Taxes Canada page on Coinberry. Again there are no fees from the exchange side for a withdrawal and the methods you have available are the same as you used to fund. You should just keep in mind that the minimum withdrawal here is $100. All information coinberry review contained herein should be independently verified and confirmed. We do not accept any liability for any loss or damage whatsoever caused in reliance upon such information or services. Please be aware of the risks involved with any trading done in any financial market.
I have had no negative experiences…
This could be a driver’s license, passport, or other valid government ID. No, only people living in Canada are allowed to use the platform. In this section of our Coinberry review we highlight 6 special features that deserves extra attention. Prior to any of that, you can also check out the help center pages on their site. Here you will find good answers to some of the most common questions asked by other traders without needing to contact anyone.