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What is Coinberry?
Coinberry is a cryptocurrency trading platform or cryptocurrency exchange. Users can buy and sell supported digital assets after funding their account with CAD, BTC, or ETH.
Like traditional banks, Coinberry assumes custody of user funds once held on the platform.
As a result, Coinberry is more aptly known as a centralized cryptocurrency exchange.
Decentralized cryptocurrency exchanges facilitate trading, but investors maintain custody via direct swaps between each party’s crypto wallet.
For the retail investors Coinberry caters to, the platform offers an Auto-Pilot mode that automates crypto purchases with the click of a button.
This functionality allows investors to price-average their assets over time, effectively removing the emotional dilemma of trying to time the market.
Coinberry Pay also enables businesses to accept crypto donations, payments, and tips by generating an embeddable code.
As of March 2021, Coinberry supports trading of the following cryptocurrencies:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Stellar (XLM)
Although investors can hold funds in their wallets on the Coinberry exchange, many other cryptocurrency wallets are available.
Some traders may opt to move their funds to a non-custodial wallet when they aren’t trading to better secure their funds.
To do this, users would withdraw funds from their Coinberry wallet and deposit them into a third-party wallet such as MetaMask, moving their crypto back to Coinberry only when executing a trade.
However, this isn’t a necessary practice; each investor is different. Coinberry does integrate several security features to keep exchange-held funds safe.
The Coinberry Brokerage Model
Coinberry is a user-friendly platform that operates without an over-the-counter (OTC) desk.
As a result, some might assume the platform is more suitable for everyday investors and crypto enthusiasts than institutional investors and crypto whales.
However, Coinberry can offer clients competitive fees and fast transaction times through its network of liquidity providers.
The platform purchases large amounts of crypto at a discount and re-sells it at listed prices, which results in a “spread” that generates profit on individual transactions.
Through this model, Coinberry can emulate OTC services that focus on minimizing slippage during high-volume trades.
Coinberry Transaction Fees
Like conventional trading platforms, cryptocurrency exchanges charge fees on deposits, withdrawals, and transactions (on the buyer and seller side).
Deposit Fees: Whether deposits are made in crypto or CAD, there are no applicable fees.
Withdrawal Fees: When users withdraw CAD from their Coinberry account, there are no fees. However, when withdrawing cryptocurrency, Coinberry charges clients to cover mining fees (the cost of validating a cryptocurrency transaction). This fixed fee is charged every time a user withdraws cryptocurrency from their account:
- BTC – 0.00015
- ETH – 0.011
- LTC – 0.02
- XRP – 1
Transaction Fees: Transaction fees encompass what buyers (takers) and sellers (makers) pay when executing trades. When users buy or sell cryptocurrency on Coinberry, the platform fills the order through its network of liquidity providers.
- Coinberry predetermines transaction fees by adding a margin of 0% to 2.5% on top of the cost charged by platform liquidity sources.
- Transaction fees are displayed before trade confirmation and include the Coinberry spread and the fees charged by liquidity sources.
- As a result of crypto price fluctuations, actual transaction fees might be higher or lower than what was quoted by the time an order executes.
- Coinberry asserts that it will always disclose the estimated fee they charge before order confirmation.
When users fund their Coinberry account with ETH or BTC, the provided wallet address is not static.
Instead, the wallet self-destructs after seven days as a security precaution.
Further, Coinberry restricts withdrawals for 24 hours after the first deposit.
This practice is in place to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) policies established by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Coinberry Safety and Security
Coinberry is designated as a Money Services Business (MSB) with FINTRAC and is compliant with the Personal Information Protection and Electronic Documents Act (PIPEDA).
The platform is also the only digital asset platform to partner with Canadian Government municipalities such as Innisfil and Richmond. Gemini Trust Company LLC™ also protects digital assets held on the platform and operates as the most regulated, secure, and compliant digital asset custodian globally, offering $200 million in insurance coverage.
Coinberry vs Bitbuy
|No CAD withdrawal or deposit fees||CAD withdrawal and deposits are subject to a 1.50% fee|
|Buy and sell orders aren't transparent - no API offered||Orders books are fully transparent - API supports third-party integrations|
|Doesn't support cryptocurrency withdrawals and deposits for all supported tokens||Supports cryptocurrency withdrawals and deposits for all supported tokens|
|Generates profit using a brokerage model that results in a "spread" of value||Generates profit by administering fees on each individual transaction|
|Does not offer a dedicated OTC service||Offers a dedicated OTC service for high-volume investors|
Coinberry Exchange Pros
- Coinberry is the first Canadian crypto exchange to offer 0% fees on CAD account withdrawals and deposits.
- The platform utilizes a unique brokerage-style approach to digital asset purchases, which facilitates high-volume, low-cost trades.
- Coinberry is a highly regulated, compliant, and insured digital asset platform. Users have peace of mind knowing that their funds are well protected. However, if users wish to access third-party wallets, they can do so by withdrawing their crypto.
Coinberry Exchange Cons
- In comparison to some Canadian exchanges, the platform has fewer trading pairs. As a result, some investors will choose a different exchange, especially if they already hold a digital asset that isn’t supported.
- Coinberry doesn’t support cryptocurrency withdrawals for all of their coins. As of March 2021, users can only withdraw funds in BTC, ETH, XRP, and LTC, which means XLM and BCH must first be exchanged for CAD or a supported cryptocurrency.
- Coinberry also doesn’t support cryptocurrency deposits in all of their supported coins. Users can only fund their accounts using BTC or ETH, although the platform also supports the trading of BCH, LTC, XRP, and XLM.
Who owns Coinberry?
Although there isn’t a complete public listing of Coinberry ownership, Andre Poliakov is known as the CEO and Co-Founder.
How long does Coinberry take to verify?
Most Coinberry users are successful in completing the instant verification process. Once account details are submitted, user identities are verified by platform KYC and AML partners instantly. In total, the instant verification process takes only a few minutes. However, if a new customer doesn’t pass the instant verification process, Coinberry must review the Government-Issued Photo ID and the provided Proof of Address document.
How do I withdraw from Coinberry?
Users can withdraw funds from Coinberry in CAD, BTC, ETH, LTC, and XRP denominations. Users must log in to their account, go to the withdraw tab, and select one of these assets for withdrawal. Clients can send CAD to a bank account via e-transfer or wire transfer and crypto holdings to an external crypto wallet address.