Cryptocurrency trading in Canada has grown significantly over the past few years, with platforms like Coinberry emerging as accessible gateways for both beginners and experienced investors. This comprehensive review explores Coinberry’s services, security measures, fee structure, and user experience—giving you a clear picture of what to expect when using this Canadian-based crypto exchange.
What Is Coinberry?
Founded in 2017 and headquartered in Toronto, Coinberry is a registered Money Service Business with FINTRAC (license #M18502412). This regulatory compliance reinforces its legitimacy within Canada’s financial ecosystem. In 2022, Coinberry was acquired by WonderFi Technologies Inc., a move that strengthened its infrastructure and long-term stability.
The platform made headlines in 2019 by partnering with municipalities like Innisfil and Richmond Hill, enabling residents to pay property taxes using Bitcoin—a pioneering step in real-world crypto adoption.
Coinberry offers a user-friendly web interface and dedicated mobile apps for iOS and Android, making it easy to buy, sell, and manage digital assets on the go.
How Does Coinberry Work?
Getting started on Coinberry is straightforward:
- Sign up with your email and create a secure password.
- Complete identity verification (KYC)—most users experience instant approval, while some may need to submit a government-issued ID, proof of address, or a selfie.
- Fund your account via Interac e-Transfer, bank wire, credit card, or cryptocurrency deposit.
- Begin trading popular coins like Bitcoin, Ethereum, and Dogecoin within minutes.
👉 Discover how easy it is to start trading crypto today.
Available Cryptocurrencies
Coinberry supports a diverse range of digital assets, catering to both mainstream and decentralized finance (DeFi) enthusiasts. Key cryptocurrencies include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Stellar (XLM)
- Cardano (ADA)
- Dogecoin (DOGE)
- Uniswap (UNI), Aave (AAVE), Chainlink (LINK), and more
Notably, Ripple (XRP) was delisted from the platform, which may affect users interested in that specific asset.
This variety positions Coinberry as a solid option for those seeking exposure beyond just Bitcoin and Ethereum—ideal for exploring emerging trends in the blockchain space.
Understanding Coinberry’s Fee Structure
Transparency in fees is crucial when choosing a crypto exchange. Here's how Coinberry breaks down its costs:
Trading Fees
Coinberry uses a price spread model instead of traditional percentage-based commissions. The spread ranges from 0% to 2.5%, depending on market conditions at the time of trade. While convenient for beginners, this can result in higher effective fees during volatile periods.
Deposit & Withdrawal Fees
| Funding Method | Deposit Fee | Withdrawal Fee | Processing Time |
|---|---|---|---|
| Interac e-Transfer | $0 | $0 | Instant |
| Bank Wire | $0 | $0 | 2–3 business days |
| Credit Card | Varies | N/A | Instant |
| Crypto Withdrawals | $0 | Network fee | Varies by blockchain |
Crypto withdrawal fees are fixed:
- Bitcoin: 0.0005 BTC
- Ethereum: 0.0063 ETH
- Litecoin: 0.02 LTC
Fiat deposits and withdrawals remain completely free—an advantage over many competitors.
Pros and Cons of Using Coinberry
✅ Advantages
- Instant KYC verification for most users
- Insured assets through a $1 million policy underwritten by Lloyd’s of London
- Cold storage protection via Gemini Trust Company LLC (a regulated custodian with $200 million in custody insurance)
- One-click buying simplifies entry for new investors
- Supports dollar-cost averaging with automated Bitcoin purchases
- No fees on CAD deposits or withdrawals
❌ Limitations
- Trading spreads can reach up to 2.5%, potentially increasing costs
- Lacks advanced trading tools such as limit orders or charting features
- Only supports CAD as fiat currency
- Minimum $50 trade requirement to activate referral bonuses
- Limited to withdrawing only four cryptocurrencies
While suitable for casual traders, advanced users may find the platform too basic compared to feature-rich alternatives.
Is Coinberry Safe and Legitimate?
Yes—Coinberry operates legally under Canadian regulations. Its registration with FINTRAC ensures adherence to anti-money laundering (AML) standards. Additionally:
- Received regulatory relief from the Ontario Securities Commission (OSC) in 2021 to offer crypto products nationwide
- Partners with Gemini, a trusted custodian known for robust security protocols
- Holds digital assets primarily in offline cold storage, reducing hacking risks
- Protected by an institutional-grade insurance policy from Lloyd’s
These factors contribute to a secure environment for Canadian investors entering the crypto market.
👉 Learn how top platforms protect your digital assets.
Frequently Asked Questions
Is Coinberry available outside Canada?
No, Coinberry currently serves only Canadian residents due to regulatory requirements and banking integrations limited to Canadian institutions.
Can I use Coinberry without verification?
Basic account functions require identity verification (KYC), which is standard across regulated exchanges in Canada.
Does Coinberry support recurring buys?
Yes! You can set up automatic Bitcoin purchases at intervals (daily, weekly, monthly), supporting a dollar-cost averaging strategy.
How long do withdrawals take?
Fiat withdrawals via Interac e-Transfer are instant. Bank wires take 2–3 business days. Crypto withdrawals depend on network congestion but typically process within an hour.
Are there any hidden fees?
There are no hidden charges. All fees—including trading spreads and crypto withdrawal costs—are disclosed during the transaction process.
What happens if Coinberry shuts down?
Your funds are protected: crypto assets are held in cold storage by Gemini, and fiat balances remain in Canadian bank accounts. The Lloyd’s insurance also covers certain types of losses.
Final Thoughts: Who Should Use Coinberry?
Coinberry is best suited for beginner to intermediate Canadian investors who value simplicity, regulatory compliance, and fast onboarding. Its integration with Gemini adds a strong layer of trust, while free fiat transfers enhance cost efficiency.
However, traders seeking advanced order types, lower fees, or multi-currency support may want to explore other platforms.
Whether you're buying your first Bitcoin or setting up recurring investments, Coinberry offers a reliable entry point into Canada’s growing crypto landscape.
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