Coinberry is a Canadian-based cryptocurrency exchange that launched in 2017, aiming to provide users with a simple and secure way to buy, sell, and trade digital assets. Over the years, it has attracted attention for its user-friendly interface, educational resources, and support for popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). However, questions about its regulatory status, security practices, and overall reliability have sparked debate among investors.
This in-depth review explores Coinberry’s core features, fee structure, deposit and withdrawal methods, security protocols, and user experience—offering a balanced perspective to help you determine whether Coinberry aligns with your trading needs.
Key Features of Coinberry
- Headquarters: Canada
- Founded: 2017
- Regulatory Status: Previously registered with FINTRAC (M18502412), but currently listed as de-registered
- Supported Cryptocurrencies: BTC, ETH, LTC, XRP
- Trading Fees: Tiered structure from 0.15% (maker) to 2.00% (taker)
- Deposit & Withdrawal Methods: Interac e-Transfer, Wire Transfer (CAD) – both free of charge
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Is Coinberry Safe and Regulated?
One of the most critical factors when evaluating any crypto exchange is regulatory compliance. Coinberry was once registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) under the name COINBERRY LIMITED. However, public records show that its registration has since lapsed.
While being de-registered doesn’t automatically mean the platform is unsafe, it does raise concerns about oversight and accountability. FINTRAC registration ensures adherence to anti-money laundering (AML) and know-your-customer (KYC) standards—key safeguards for user protection.
Despite this gap in regulation, Coinberry implements several security measures:
- Two-Factor Authentication (2FA) for account access
- Cold storage for the majority of user funds
- Encrypted data transmission to protect sensitive information
User feedback on security has generally been positive, with many expressing confidence in the platform’s ability to safeguard assets. That said, no exchange is immune to risk. Users should still follow best practices: use strong passwords, enable 2FA, and avoid sharing login details.
How to Open an Account on Coinberry
Signing up with Coinberry is straightforward:
- Visit the official website and click “Sign Up.”
- Enter your email address and create a secure password.
- Verify your email via the confirmation link sent to your inbox.
- Provide personal details such as full name, date of birth, and residential address.
- Submit government-issued ID (e.g., passport or driver’s license) for identity verification.
- Wait for approval—most users gain access within hours, though some may experience delays.
Once verified, you can begin funding your account and trading cryptocurrencies immediately.
Supported Cryptocurrencies and Trading Markets
Coinberry supports a limited but widely-used selection of digital assets:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
These major coins are subject to market volatility influenced by supply and demand, macroeconomic trends, and investor sentiment. While the platform lacks support for altcoins and newer tokens available on larger exchanges, it focuses on stability by offering only established cryptocurrencies.
Trading occurs through a clean, intuitive interface accessible via web browser or mobile app—ideal for beginners seeking simplicity without complex charting tools.
Deposit and Withdrawal Options
Coinberry offers two primary methods for moving funds:
Funding Your Account
| Method | Minimum | Maximum | Processing Time |
|---|---|---|---|
| Interac e-Transfer | $50 | $10,000/day | Instant |
| Wire Transfer (CAD) | $10,000 | No limit | 1–5 business days |
Withdrawing Funds
| Method | Minimum | Maximum | Processing Time |
|---|---|---|---|
| Interac e-Transfer | $100 | $5,000/day | Instant |
| Wire Transfer (CAD) | $10,000 | No upper limit | 1–5 business days |
All transactions are free of additional fees—a notable advantage over platforms that charge withdrawal costs. However, first-time depositors face a 24-hour holding period before withdrawals are permitted, a standard security measure designed to prevent fraud.
Processing times depend on bank policies and internal verification processes. While Interac transfers are nearly instant, wire transfers may take several business days.
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Fee Structure: Transparent but Costly for Small Traders
Coinberry uses a tiered fee model based on monthly trading volume:
| Tier | Volume | Maker Fee | Taker Fee |
|---|---|---|---|
| Tier 3 | $1M+ | 0.15% | 0.25% |
| Tier 2 | $250K – $1M | 0.50% | 0.75% |
| Tier 1 | < $250K | 2.00% | 2.00% |
For high-volume traders, fees are competitive. However, retail investors trading under $250,000 per month face relatively high rates at 2% per trade, which can erode profits over time.
Compared to global exchanges offering sub-0.1% fees, Coinberry may not be ideal for active traders focused on cost efficiency.
Educational Resources for Beginners
A standout feature of Coinberry is its commitment to user education. The platform provides:
- Step-by-step trading guides
- Video tutorials
- Regular blog posts covering market trends and crypto basics
These resources are especially helpful for newcomers navigating the complexities of blockchain technology and digital asset investing. While there’s no mention of live webinars or community forums, the existing content helps users build foundational knowledge.
Who Is Coinberry Best For?
✅ Ideal For:
- Beginner traders looking for a simple entry point into crypto
- Canadian residents who prefer local payment methods like Interac
- Long-term investors focused on major cryptocurrencies
❌ Less Suitable For:
- Active traders needing low fees or advanced order types
- Users seeking access to a wide range of altcoins or DeFi tokens
- Those prioritizing strict regulatory oversight
Frequently Asked Questions (FAQ)
Q: Is Coinberry a scam?
A: There is no conclusive evidence that Coinberry is a scam. It operates transparently with clear fee structures and offers real trading services. However, its de-registered status with FINTRAC warrants caution.
Q: What cryptocurrencies can I trade on Coinberry?
A: You can trade Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP).
Q: Are there fees for deposits or withdrawals?
A: No—Coinberry does not charge fees for Interac e-Transfers or CAD wire transfers.
Q: How long does verification take?
A: Most users are verified within hours, though some cases may take up to a few business days depending on document quality.
Q: Does Coinberry offer customer support?
A: Yes—support is available via email at [email protected] and through a contact form on their website.
Q: Can I use Coinberry outside Canada?
A: Currently, Coinberry primarily serves Canadian residents. International availability may be limited.
Final Verdict: A Beginner-Friendly Option With Caveats
Coinberry delivers a solid experience for new investors seeking an easy way to enter the crypto market using familiar Canadian banking tools. Its clean interface, free deposits/withdrawals, and educational content make it accessible and trustworthy for casual users.
However, the lack of active FINTRAC regulation, limited coin selection, and high fees for small traders are notable drawbacks. While not inherently unsafe, users should approach with due diligence—especially those planning large investments.
For those seeking broader functionality, tighter regulation, or lower costs, exploring globally recognized platforms might be worthwhile.
Remember: Always conduct independent research before investing in any cryptocurrency platform. The information provided here is for educational purposes only and does not constitute financial advice.