Coinberry is a simple-to-use, Canadian-founded cryptocurrency exchange, though it acts more like a cryptocurrency retailer. The Toronto-based company was founded in 2017 and began as a Bitcoin ATM service. It functions more like a brokerage than an exchange, as you cannot trade crypto assets with anyone but Coinberry, meaning you can only buy assets and sell assets for fiat on their platform.
That being said, it is extremely easy to sign up and purchase cryptocurrency with multiple funding methods including wire transfer, e-transfer, debit and credit card options. For those wishing to use Canadian dollars without having to worry about exchange rates, Coinberry is a good option for making an initial crypto purchase for beginners in Canada.
Coinberry General Overview
Pros
1. Easy sign-up
2. Low fees and none for deposits and withdrawals
3. Multiple funding options in Canadian dollars
4. Easy to use website and mobile app available
5. Ability to place limit orders for buying and selling
6. Mobile app
Cons
1. Small selection of cryptos available for purchase
2. Price spread means that you are paying above market value compared to other exchanges
3. Funding in currencies other than Canadian dollars has poor exchange rate
Coinberry Sign-Up Process
Signing up for Coinberry is a simple process with only one type of account available, meaning once you are registered and verified you have access to all features. However there is both instant and manual versions of identity verification.
In order to sign-up, either download the mobile app for iOS or Android, or visit their website Coinberry.com then:
1. Click “Sign-Up”
2. Enter your email
3. Pick a password
4. Agree to Terms
5. Verify email
6. Enter phone number for SMS code verification
7. Enter code you receive through text to verify phone number
8. Choose ID verification method (Passport, Driver’s license, or other government ID)
9. Take selfie with your ID
10. Done! Start funding and buying
In some cases, Coinberry is unable to verify your identity through this instant process, in which case you will need to upload a piece of government issued ID, a document that proves your address such as a utility bill, and a selfie. Manual verification only takes one business day at most once documents are submitted.
What Cryptocurrency Can You Buy?
Coinberry has a limited selection of cryptos available for purchase including the following:
- Bitcoin
- Ethereum
- Litecoin
- Ripple
- Bitcoin Cash
- Stellar
Is It Safe?
Coinberry is safe to use and is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB). This means that they have gone through a range of compliance checks before being allowed to accept client money.
Coinberry also has CDIC insured segregated banking, meaning the company’s funds and customer funds are kept in separate accounts. This ensures that if the company’s bank accounts were ever frozen it would not affect customer funds.
Supported Applications
Coinberry is available as a desktop website or an application for Android or iOS mobile systems. The mobile application has all the same features as the website and is easy to navigate.
Coinberry does not really have their own wallet though they store your funds in an account which acts as your wallet. This essentially means the funds are stored in a custodially fashion, meaning you do not hold the private keys. It’s worth learning about