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- Great option for people from Canada since they accept CAD
- Easy to use, which makes it perfect for first-time users
- Only available to users located in Canada
You’ve probably heard of Coinberry.com if you’re a Canada-based crypto enthusiast. The company has managed to become a well-known name in the Canadian industry in a short amount of time, featuring a full service desktop and mobile app to buy and sell coins on.
Overview of Coinberry
While most crypto exchanges are only around 5 years old at this point, Coinberry is still relatively new on the market, even for those standards. The company was founded by Evan Kuhn and Andrei Poliakov less than three years ago. Poliakov has served as the company’s president since its inception.
The company got its start as a provider of Bitcoin ATMs in Canada. From the get-go, as Khun said to Todd Shapiro on his podcast in 2018, their main mission was to make cryptocurrencies more available to Canadian citizens. They started with their local area first.
Originally, the company only set up ATMs around Ontario, but they expanded in a matter of months. In December of 2017, just a short few months after they got their start, the company partnered with Ghost Technologies Inc and started installing ATMs outside of Ontario.
From there, their mission grew
At Coinberry we believe in an inclusive blockchain-based economy. So we set out to build a global digital financial institution of the future. And we started with the most important step: building a trusted digital asset trading platform.
Seeing how the company is still pretty new, it shouldn’t come as a huge surprise that they don’t have great crypto-asset coverage At the momen. As of writing, they only support buying and selling of:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Stellar (XLM)
- Bitcoin Cash (BCH)
This may be a bit underwhelming for long-time crypto users that are accustomed to more than a 5-coin offering. The team is planning to introduce more currencies down the line, but for now, these are all they have.
One of the best aspects of Coinberry is possibly fantastic fees, to say the least. The company markets itself as a zero-fee service and wouldn’t you know it, they actually stay true to their promises. These are the Coinberry.com deposit fees:
Initial deposit fee 0%
Withdrawal fee 0%
Trading fee 0.5%
You’d be glad to hear that unlike most crypto exchanges online, Coinberry does have an active hotline. They do a bulk of their customer service over the phone, and if you have an emergency on your hand, this is the best and the quickest way to reach out to them.
Of course, they also have email support, so you can shoot them a question any time and they’ll answer within 24 hours. Tier site has a Frequently Asked Questions section, as well as a company blog, so if you have some basic questions about their services, you can possibly find them there.
Overall, we can safely say that Coinberry.com is a well-secured website. Some crypto users would argue that’s it a bit too secure since it requires all of their users to identify themselves before they register an account.
Here are a few security measures the company officials have in place to protect their users:
1. ID Verification
Let’s start with the most talked-about security feature Coinberry has.
Every user is required to verify their identity before creating an account. This can be accomplished by scanning and uploading one of your several personal documents. This can be a huge turn off for some, so keep it in mind.
The company is registered as an MSB or a Money Service Business. That means, the company complies with the FINTRAC security standards.
There are only two Bitcoin exchanges that comply with these rules, and Coinberry is one of them. They’ve also completed an accounting audit successfully last year.
3. Security Standards
Since Coinberry is trying to function as a proper money service, they have higher security standards than most Bitcoin exchanges not only in Canada but in the whole of North America.
They have both a customer and a company fund for fiat currencies, plus they provide cold storage and 2-factor authentication as well.
Coinberry.com Pros and Cons
Since many people like to cut the chase and only see the positive and negative aspects of a crypto exchange, here we are. We’ve compiled a shortlist of Coinberry pros and cons you can use it when comparing it to other crypto exchanges.
- The exchange is a great option for people from Canada since they accept CAD
- Delivery of bitcoins is instant once initial verification is complete
- The security is always at a high level, due to identification requirements
- Verification can be done instantly through Trans Union or Equifax
- every user also get access to instant withdrawals for fiat currencies, which have no fees
- At the moment, it's only available to users located in Canada
- Although it will become broader over time, the coin offering is still limited
- The platform is pretty basic and experienced crypto investors might find it limited
Final Thoughts on Coinberry.com
Seeing how crypto exchanges are often seen as illegal market places filled with online criminals, it’s quite refreshing to see a company that’s trying to be 100% legit and transparent about their business. Coinberry is a serious company that runs a good, beginner-friendly operation.
You should definitely try their platform out if you’re from Canada. On the other hand, you should possibly look for something else if you’re living outside of the Great White North.
Review By: Jordan Tuwiner
Rating: 4.5Buy Bitcoin at Coinberry