Bitcoin is a decentralized cryptocurrency that you can acquire online, rather than having to apply with a bank or other administrator. You can then sell and transfer your Bitcoins to other users or trade them for products, services and other currencies. Some platforms even allow you to use Bitcoin to pay your taxes.
All this has made Bitcoin one of the most popular and important digital currencies for Canadian investors. Because of its growing popularity, there are now tons of different peer-to-peer networks that offer Bitcoin management and trading. Thinking about investing in Bitcoin but not sure where to start? Check out Coinberry.
What Is Coinberry?
Coinberry is a digital currency management platform that was created in 2017. They’re headquartered in Toronto and registered as a Money Service Business with FINTRAC. While Bitcoin (BTC) is one of Coinberry’s most popular cryptocurrencies, they offer mining and trading for numerous types of coin, including but not limited to:
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Stellar (XLM)
To see all the crypto-coins that Coinberry deals in, check out their platform, which is available on your computer via a web interface or as a mobile app for iPhone and Android. It only takes a $50 portion of Bitcoin and a few minutes of your time to create an account, acquire cryptocurrency and start mining or trading.
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Coinberry Main Features
When choosing a crypto-coin platform, it’s important to consider every feature it offers. For instance, Coinberry is a great for Bitcoin investors because of:
- Coinberry Pay – In Canada, many charities, municipalities, merchants and individual traders now accept Bitcoin donations, tips and payments. Essentially, one of these entities can use Coinberry Pay to convert Bitcoins into Canadian Dollars (CAN) and deposit them into a designated bank account.
- Offline Security – Coinberry is also known for providing top-level security, both on and offline, so your personal information and payments will be safe. Plus, Coinberry is fully insured, PIPEDA compliant and registered with OSC & FINTRAC as the only digital asset platform that Canadian municipalities trust.
- Competitive Bitcoin Prices – If you look at their website, you’ll see a complete list of Coinberry’s cryptocurrency prices, which are competitive and lower than many other crypto-coin platforms out there. Additionally, you can check out the market rates of each digital coin in the Coinberry repertoire.
- Human Support – Coinberry also offers the best “Live Support for all your Bitcoin questions”, which is a rarity when it comes to online crypto-coin platforms. If live chatting isn’t your thing, you can also contact them by email. This makes Coinberry a good choice for less-experienced traders.
- Buy Bitcoin in Minutes – As mentioned, it only takes a few minutes to join Coinberry. Once your account is registered, you can start purchasing and trading crypto. You’ll also earn a $20 referral bonus credit when you buy BTC or ETH using Canadian Dollars (must be a single trade valued at $50 or more).
How Do You Buy Or Sell Crypto On Coinberry?
Another great aspect of Coinberry is how easy and user-friendly its platform is. To start buying, selling and mining cryptocurrency, just follow these simple steps:
Create Your Account
Go to the top-right of the Coinberry platform, where you’ll find the “Sign Up” button. Click it, then create your Username and Password. You’ll then need to:
- Verify Your Account – You can verify your account by entering your personal information manually or uploading a piece of government photo ID, like your driver’s license. If you don’t pass the “instant” verification process (which most clients do), you’ll have to provide another document from the past 3 months that displays your name, address and the date it was authenticated, such as a T4 statement, Record of Employment, utility bill, or government benefits statement.
- Secure Your Account With Two-Factor Authentication – For added security, download Google Authenticator on your smartphone, create an account and go to “Settings”, where you’ll find the “Enable 2FA” option. Then, open Google Authenticator, choose “Scan Barcode” and scan your QR code with your Coinberry screen. Once you enter your Verify Token and click “update”, you should receive 3 backup codes from Coinberry for safekeeping.
Fund Your Account
The next step is to deposit crypto-coins to your Coinberry account, which you can do by clicking “Fund” and adding one of these payment methods:
- Credit or Debit Card – Coinberry takes Visa credit and debit cards. However, rather than funding your account, you use your card to buy crypto upfront. To do so, go to the main menu, click “Buy/Sell” and select the “Buy” tab. You can then choose your coin type and payment method. The final steps are to input your card details and click “Preview Order”, then “Buy”.
- Bank Transfer – Using a Canadian bank account, you can add Coinberry as a payee and send them an e-transfer. Enter “Coinberry Limited” as the recipient’s first/last name and “email@example.com” as the email. No security question or password is required. Then, simply input your Coinberry account number into the message field, choose your transfer amount and hit “Send”.
- Wire Transfer – You can also send Coinberry a wire transfer in CAD. Make sure the information in both your bank and Coinberry accounts is identical, then enter your account number into the “Notes” or “Reference” section. Additionally, you can link your bank account directly to Coinberry, then log in using your online credentials and one of Coinberry’s trusted third-party apps.
- Crypto Funding – You can even fund your account by sending Ethereum (ETH) or Bitcoin (BTC) to it from an external wallet. Click the “Fund” tab at the top of your account, followed by “Fund Account”. Once you pick a crypto, you’ll get a non-static address that self-destructs after use. Scan the QR code or copy/paste the address with your wallet, then verify the funds in your Activity Feed.
Start Buying and Selling
When the initial steps are complete, you’re free to buy and sell crypto using the “Buy/Sell” icon in your Coinberry account. Here’s how the process goes:
Buy – In the drop-down menu, you’ll find all the cryptocurrencies Coinberry offers. To purchase crypto, choose “Buy”, then follow the instructions:
- Enter the amount of CAD you want to convert into crypto.
- Check “Market” to see Coinberry’s current crypto values and prices (which are automatically calculated according to your CAD amount).
- Pick your crypto and payment method.
- Confirm your Preview Order (this includes the Bitcoin amount, market rate, estimated fees and total purchase price).
- Click “Buy Now”
Sell – Alternatively, you can select “Sell” and follow these steps:
- Enter an amount of Bitcoin (BTC) or Ethereum (ETH) you want to be converted to CAD (the value and price will be automatically tallied).
- Click “Preview Order”. On it, you’ll see the amount of Bitcoin you’re selling, the balance in CAD you’ll receive and the market rate.
- If your order is correct, hit “Sell Now”. You’ll then get a confirmation notice and the transaction will appear in your Activity Feed.
What Are The Drawbacks Of Using Coinberry?
Here are some of the key drawbacks to watch out for when using Coinberry:
- Potentially High Fees – Coinberry’s crypto prices and values differ greatly between currencies. Depending on which crypto-coin you choose and how much money you convert, you may be charged fees up to 2.50%.
- Not the Best For High-Stakes Traders – Coinberry is a simple crypto platform with a finite amount of features. No limit order book or advanced charting tools are available, which makes Coinberry more suitable for new traders.
- $50 Minimum Deposit For Trades – While Coinberry doesn’t charge you to create an account or make deposits and withdrawals, you’ll have to pay at least $50 before you can actually start trading cryptocurrency.
Costs Of Using Coinberry
One of the best things about Coinberry is that it’s free to deposit and withdraw CAD. However, while there aren’t any hidden charges or extra fees either, you may have to deal with fees for transactions related to the crypto in your account:
- Crypto Deposits – Depositing cryptocurrency into your Coinberry account is free.
- Crypto Withdrawals – Coinberry charges for crypto withdrawals to cover mining costs. Dynamic fees (based on the network activity of the Coinberry blockchain) are applied to BTC, ETH and XRP, while LTC has a fixed fee of 0.02 LTC.
- Trades – Coinberry charges trading fees of around 0.5%, which is relatively low compared to many other Canadian crypto platforms.
When you withdraw crypto coins, the Coinberry spread, as well as any fees charged by their liquidity sources will appear on your Preview Order before confirmation. This information is always disclosed and Coinberry provides the present cryptocurrency rate using a margin or “spread” of 0% – 2.5% to the rates offered by their liquidity sources.
The spreads and fees that Coinberry charges can fluctuate according to the current prices on the digital currency market. That means a price can change between the time you get a quote and when the order actually goes through.
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How Do I Withdraw Crypto-Coins From My Coinberry Account?
Remember, you need an external wallet address to withdraw crypto from your Coinberry account (XRP also requires a destination tag). There are 2 ways to withdraw:
- Crypto Wallet – An external wallet is a mobile app or computer program that you can download and use as a personal bank account to access your crypto coins. Once the currency is in your wallet, you are the official owner.
- Electronic Funds Transfer (ETF) or e-Transfer – If you have a Canadian bank account with e-Transfer capability, an ETF or e-Transfer is one of the easiest ways to send, deposit or withdraw crypto to and from your Coinberry account.
To withdraw Bitcoin or other cryptocurrencies from your account, click “Withdraw”, choose your withdrawal method, then follow these steps:
- Enter your currency, crypto amount and wallet address
- Check your Preview Order, then hit “Send”
- Confirm the recipient, read the acknowledgements and click “I Understand”
- Enter your Two Factor Authentication code and click “Submit”
You’ll then receive notice that your order is complete and see the information in your Activity Feed. Coinberry allows you to withdraw these cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
Is Coinberry safe to use?
Many cryptocurrencies, including Bitcoin, have been the subject of debate due to illegal activities, like theft and overcharging. Thankfully, Coinberry is registered with the Financial Transactions and Reports and Analysis Centre of Canada (FINTRAC). In 2020, Coinberry even received a Financial Institution Bond from an underwriting company called Llyod’s of London. They’re also partnered with the Gemini Trust Company, where their coins are kept in cold storage. These companies provide Coinberry with over $200 million in combined insurance coverage. Despite these security procedures, it’s best to keep a minimal amount of crypto funds in your Coinberry account in case of hacking or fraud.
What type of cryptocurrencies can I buy with Coinberry?
Coinberry offers 19 different cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BTH), Ethereum (ETH), Litecoin (LTC), and Stellar (XLM). The full list of coins is available on the homepage of their website.
How long does it take to withdraw crypto from Coinberry?
Most Coinberry withdrawals are processed within 15 minutes. However, some withdrawals take up to 1.5 business days to go through if they are particularly large or if there are security concerns during verification.
What is Coinberry Pay?
Coinberry Pay is an easy solution for anyone who’s comfortable accepting payments, donations or tips in cryptocurrency, including individuals, municipalities, charities and merchants. To get started, all you have to do is click on “Coinberry Pay”, share your “Coinberry Pay” Link with the payer, and accept the payment.
Thinking About Joining Coinberry?
Because of the financial risks involved when buying, selling and trading crypto-coins, you always want to go with a reputable platform that’s been operating for at least a few years. Luckily, Coinberry is about as legitimate as they come.