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COINBERRY GENERAL OVERVIEW

Coinberry is a Canadian-founded Toronto-based cryptocurrency exchange that provides a quick and easy way for Canadians to buy and sell bitcoin along with six other popular cryptocurrencies using convenient Interac e-transfer. The company was founded in 2017 and began as a Bitcoin ATM service. Coinberry functions more like a brokerage than an exchange, as you cannot trade cryptocurrency assets with anyone but Coinberry, meaning you can only buy assets and sell assets for fiat on their platform.

Coinberry places a lot of emphasis on security and regulation, they are FINTRAC-registered and fully compliant with regulations. Their trading platform is also committed to proper fraud monitoring, reporting, and user onboarding. They also refuse to store customer data on a server outside of Canada. As a customer, you can feel safe with Coinberry and start building your cryptocurrency portfolio.

Sign-up for Coinberry using our referral link to automatically receive a $20 bonus after verifying your account and purchasing $50 worth of crypto.

Pros

• Coinberry Integrates with Canada’s most popular crypto exchanges
• Easy sign-up & Instant identity verification
• Multiple funding options in Canadian dollars
• Easy to use website and mobile app available
• Highly rated mobile apps for iOS and Android
• Ability to place limit orders for buying and selling
• Leadership has extensive business experience
• No fees for withdrawing fiat money
• Zero fees for deposits and withdrawals

Cons

• Coinberry only lets customers trade a small set of cryptocurrencies
• Coinberry buys below the market rates and sells above the market rates, unlike peer-to-peer exchanges.
• Coinberry only supports Canadian dollars because it’s made to support Canadian dollars
• Dynamic transaction fees may be low or high, depending on a number of factors.

HOW TO SIGN-UP FOR COINBERRY

Coinberry is only available in Canada. It is extremely easy to sign up for Coinberry and purchase cryptocurrency with multiple funding methods including e-transfer, wire transfer,debit, and credit card options. Coinberry is a good option for making an initial crypto purchase for beginners in Canada allowing them to use Canadian dollars without having to worry about exchange rates.

Coinberry offers only one type of account available, meaning once you are registered and verified you have access to all features.

In order to sign-up, either download the mobile app for iOS or Android or visit their website Coinberry.com. Users that sign-up for Coinberry using a referral link will automatically receive a $20 bonus after verifying their accounts & purchasing $50 worth of crypto. Use SST’s referral link to claim $20 instantly. Once you are at Coinberry’s website:

1. Click “Sign-Up”
2. Enter your email
3. Pick a password
4. Agree to Terms & conditions
5. Verify your email
6. Enter your phone number for SMS code verification
7. Enter code you receive through text to verify the phone number
8. Choose ID verification method (Passport, Driver’s license, or other government ID)
9. Take a selfie and pictures of your ID
10. Done! Start funding and buying

If you’re a Canadian resident and you use Coinberry in a country where cryptocurrency trading is illegal, you may be subject to that country’s cryptocurrency laws. This statement from Coinberry’s Terms of Use document provides additional clarification:

Recognizing the global nature of the Internet, you agree to comply with all local rules regarding online conduct and acceptable content. Specifically, you agree to comply with all applicable laws regarding the transmission of technical data exported from Canada or the country in which you reside.

Account Verification

All users must prove their identities during the account creation process. You can’t even access Coinberry’s interface unless you complete verification.

Coinberry has 2 ways for the account verification of a new customer:

1. Instant Verification: The quickest way to have your account verified on Coinberry! Most customers go through rapid verification and pass automatically. Once you enter your account details, your identity will be verified by their KYC/AML partners.
2. Manual Verification: In the case where a new customer fails Instant Verification, Coinberry will require verification documents to complete the process. Coinberry’s customer support team will just need to review your Government-Issued Photo ID and a Proof of Address document.

WHAT SERVICES DOES COINBERRY OFFER?

Coinberry cryptocurrency exchange

Coinberry’s primary service is the cryptocurrency exchange where users buy and sell any of the seven supported cryptocurrencies using CAD. Their mobile app is created to make this process as easy as possible, they have even included price alerts so you can get notified when your desired price is available. Coinberry charges 0.5% for each trade, this is about average when it comes to Canadian regulated exchanges, to put it in perspective BitBuy charges the same trading fee.

Coinberry Supported Cryptocurrencies

Coinberry currently supports seven cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), Stellar (XLM), and Dogecoin (DOGE).

Coinberry Supported Fiat currencies

The only government-issued currency that Coinberry supports is Canadian dollars.

Coinberry AutoPilot Service

AutoPilot is a service that allows Coinberry users to set pre-defined settings for when to buy or sell cryptocurrencies. Simply choose the amount, the frequency and Coinberry will automatically purchase or sell your cryptocurrencies for you. Some people opt for this approach as it protects you against market fluctuations.

Coinberry Pay

This is a service that allows you to get paid for goods or services directly into your Coinberry account, when the bitcoin arrives in your account, Coinberry will automatically convert it into CAD. This is very easy to set up, Coinberry will give you a custom link that allows people to pay or donate directly to you.

TRADING TOOLS AND FEES

Trading interface

Coinberry Dashboard (Source SST)

Coinberry’s dashboard displays the price of all the tradable cryptocurrencies. The hamburger menu on the top part of the interface lets Coinberry users perform a handful of basic tasks.

There are six different menu options available, including Dashboard, Fund Account, Buy/Sell, Withdrawals, Settings, and Referrals.

Coinberry users can deposit cryptocurrencies (Etherium and bitcoin only) or fiat funds. Available deposit options include eTransfer and Wire Transfer.

Mobile app support

Coinberry has intuitive, easy-to-use apps for Apple iOS and Android. Though the apps currently only have a handful of reviews, both have above-average ratings.

The few negative reviews that do exist are complaints about various bugs. These bugs seem to have been addressed, though, because the most recent reviews of the apps are almost entirely positive.

The iOS version of Coinberry has higher marks overall compared to the Android app. One reason for this discrepancy could be that the iOS app is being updated more frequently than the Android app.

Deposits and Withdrawals

Fiat currencies

Coinberry offers free fiat withdrawals and deposits. Deposit options include Interac eTransfer, Wire Transfer, and Interac Online. The minimum fiat withdrawal amount is $100 CAD. There is no minimum amount for the fiat deposit amount via Interac eTransfer. Withdrawal requests are processed within two business days.

Additional information about withdrawals is contained on the official Coinberry website:

Digital currencies

As noted above, Coinberry does not charge withdrawal or deposit fees for cryptos.

Transaction fees

Coinberry markets itself as a “zero-fee” exchange. Its tagline is “goodbye fees, hello free trading.” Coinberry President Andrei Poliakov even went into detail about his exchange’s commitment to not charging fees in a press release:

We are leading the pack with 0% fee trading, it’s a Canadian first. Coinberry wants to enable Canadians of all ages to invest even as little as $50 to understand the technology and opportunity of Cryptocurrency. Based on our research, Coinberry’s 0% fees will remove a major barrier for Canadians to invest.

However, Coinberry does in fact make money each time its users place a trade. Coinberry collects a fee on the spread between the cryptocurrency prices it offers its customers and the actual prices of the cryptocurrencies on the open market.

Information pulled from the official Coinberry website sheds light on how Coinberry calculates its “dynamic” fee:

Our trading fee is a combination of a number of factors, including: order size, exchange fee, mining fee for the crypto currency (i.e. gas) and a small spread for our services. Our algorithm crunches all the numbers for you to get the absolute best price.

ABOUT COINBERRY

History

In an episode of The Todd Shapiro Show, Coinberry co-founder Evan Kuhn revealed that his motivation for starting Coinberry in 2017 was to reduce the learning curve required to get involved in cryptocurrency.

So basically the whole idea we had when we started the company was to solve that problem of it being so difficult and convoluted for people to get into the space and to just make a really easy way for people to dabble in cryptocurrencies.

Since Coinberry was founded, it has been growing in popularity as it adds new coins and features on a regular basis.

Leadership & Team

Coinberry’s leaders are young, but they have a wide range of business experience.

• Andrei Poliakov – Co-founder / CEO. Prior to co-founding Coinberry, Polikov was in charge of Strategic Sourcing at Volvo. Before that, he was head of operations at L’Oreal.
• Evan Kuhn – Co-founder. Kuhn is a self-described “lifelong entrepreneur.” He earned his first fortune in real estate. By the time he was 30, Kuhn was already a multi-millionaire.

Protecting Customers’ Coins

Legal and regulatory compliance

Coinberry bills itself as “Canada’s first federally registered commission-free crypto trading platform.

According to Coinberry’s AML policy document:

Coinberry is a reporting entity under current Canadian anti-money laundering (AML) and counter terrorist financing (CTF) legislation and is registered as a Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

As part of Coinberry’s regulatory compliance scheme, the exchange maintains written documents that describe its responsibilities under the law. It also hired a compliance officer to make sure that those responsibilities are met. Moreover, Coinberry periodically reviews its AML (Anti-Money Laundering) policies to find out whether or not they are effective.

Coin listing policies

Coinberry currently lists seven cryptocoins: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), Stellar (XLM), and Dogecoin (DOGE).

The exchange has not published any official information about how it decides which coins to list. However, a blog post published after Coinberry added support for ether seems to suggest that the exchange takes user requests into account:

We’ve begun adding additional cryptocurrencies to our online platform, starting with Ethereum. After Bitcoin, it’s been the #1 requested currency by our most active users.

Institutional Grade Protection

Coinberry, since it was founded, has managed to avoid a publicized hack and provide institutional-grade protection. Customers’ digital assets at Coinberry are protected by Gemini Trust Company LLC™, the most regulated, secure, and compliant digital asset custodian in the world,  offering 200M in insurance coverage. Coinberry’s privacy policy mentions their security protocols:

We utilize best-in-class encryption protocols for both data-at-rest and data-in-transit. We employ routine penetration tests and dynamic threat models to get ahead of and defend against new vulnerabilities and cyber attacks.

Customer Support

Coinberry’s support team addresses technical issues and answers questions via email and live support. The official Coinberry site contains a blog, FAQs, and a learning portal that offers a knowledge base on cryptocurrencies.

Coinberry is also active on Twitter, LinkedIn, Facebook, and Instagram.

FINAL WORD

If you’ve never bought cryptocurrency before, Coinberry might be worth a look. Its intuitive interface and automated ID verification system make it easy to get started.

For new traders

Few cryptocurrency platforms are easier to use than Coinberry. Coinberry’s apps look nice and have great reviews. The Interac integration feature lets Coinberry users buy and sell crypto with a click of few buttons.

For advanced traders

If you intend to buy and sell cryptocurrency on a regular basis, Coinberry’s unpredictable fees may motivate you to take your business elsewhere.