Coinberry Review: Is It a Legit Crypto Exchange for Canadians?

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Coinberry was once a popular Canadian cryptocurrency exchange known for its user-friendly platform and accessibility to beginners. However, in 2023, it was acquired by WonderFi Technologies Inc., the parent company of Bitbuy, and all Coinberry client accounts were migrated to Bitbuy. As a result, Coinberry no longer accepts new users or operates independently. This review preserves historical insights into Coinberry’s features, fees, and performance—offering valuable context for Canadians evaluating domestic crypto platforms.

While Coinberry is now part of Bitbuy, understanding its legacy helps identify what to look for in a trustworthy, compliant, and beginner-accessible exchange in Canada.

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Overview of Coinberry

Headquartered in Toronto, Coinberry aimed to simplify cryptocurrency investing for everyday Canadians. The platform supported over 20 major digital assets, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polkadot (DOT), Dogecoin (DOGE), and several DeFi tokens like Aave, Uniswap, and Chainlink.

Designed with simplicity in mind, Coinberry enabled quick purchases via Interac e-Transfer and bank transfers—both with zero deposit or withdrawal fees in Canadian dollars. Despite its ease of use, the platform faced criticism for high trading costs and limited advanced functionality.

Key Features at a Glance

However:

User Experience & Platform Features

Coinberry offered a clean, intuitive design ideal for first-time crypto buyers. Users could fund their accounts and buy crypto within minutes using Interac e-Transfer—a major advantage for Canadians without access to card-based purchasing.

Auto-Invest and Dollar-Cost Averaging

One standout feature was the auto-trading tool, allowing users to schedule recurring purchases. This supported a dollar-cost averaging (DCA) strategy—spreading investments over time to reduce volatility risk. For passive investors focused on long-term growth, this automation added significant value.

Coinberry Pay: Accept Crypto Payments Easily

The platform introduced Coinberry Pay, enabling users to generate unique payment links to receive cryptocurrency from others. Upon receipt, funds were automatically converted to CAD, offering convenience and reducing exposure to price swings.

Despite these innovations, Coinberry lacked advanced services like staking rewards, Visa card integrations, or an over-the-counter (OTC) trading desk—features increasingly expected by active traders.

Account Registration & Verification Process

To open an account, users needed to:

Verification followed standard KYC (Know Your Customer) protocols common across regulated Canadian exchanges. However, Coinberry stood out for asking detailed questions about income sources, net worth allocation to crypto, and investment intentions—more so than competitors like Newton or NDAX.

While these measures ensured regulatory compliance and fraud prevention, some users found them intrusive. Still, the process typically completed within one business day.

Fees and Trading Costs

One of Coinberry’s biggest drawbacks was its high spread-based pricing model, ranging from 0% to 2.5% per trade.

Fee Breakdown

To illustrate: purchasing $120 worth of Bitcoin incurred a $3 fee (2.5%), whereas platforms like Newton charged as low as $1.08 (0.9%) for the same transaction.

Compared to industry standards—where most exchanges charge flat fees around 0.2%—Coinberry’s costs were notably steep, especially for frequent traders.

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Security Measures and Regulatory Compliance

Coinberry prioritized safety through multiple layers of protection:

These measures positioned Coinberry as one of the more secure domestic options pre-acquisition. Additionally, all transactions were traceable on the blockchain, and user identities were linked to wallet activity—a standard practice among regulated exchanges.

This also meant that authorities could request transaction data when necessary, as seen during events like the "Freedom Convoy" fund freezes in early 2022.

Mobile App & Desktop Experience

The iOS app earned strong reviews with a 4.5-star rating across 5,000+ downloads, praised for stability and ease of use. In contrast, the Android version lagged behind at 3.1 stars due to reported login issues, slow loading times, and occasional withdrawal delays.

On desktop, the dashboard provided clear portfolio tracking, basic charting tools, and easy navigation—perfect for beginners but lacking advanced order types or technical indicators desired by experienced traders.

Customer Support & User Feedback

Support was available 24/7 via email and live chat, with responsive service observed in testing. The website also included a comprehensive FAQ section.

User sentiment varied:

On Trustpilot, Coinberry held an average 3.6-star rating, with nearly half of reviewers rating it “excellent.” Negative feedback often centered around sudden account freezes—typically triggered by compliance checks requiring additional documentation.

Frequently Asked Questions (FAQ)

Q: Is Coinberry still operating?
A: No. As of 2023, Coinberry was fully integrated into Bitbuy. Existing users were migrated, and no new sign-ups are accepted.

Q: Was Coinberry safe for Canadians?
A: Yes. It was FINTRAC-registered, insured by Gemini, and stored most assets offline—making it a secure choice during its operation.

Q: Why were Coinberry’s fees so high?
A: Instead of charging flat trading fees, Coinberry used a spread-based model that could reach up to 2.5%, significantly above the Canadian market average.

Q: Can I still withdraw my funds from Coinberry?
A: Yes—if you had an account, your assets were transferred to Bitbuy. You should now access them through your Bitbuy account.

Q: What happened to my personal data after the acquisition?
A: Your information was securely transitioned to Bitbuy under applicable privacy laws (PIPEDA). You retain control over your data per their privacy policy.

Q: Are there better alternatives than Coinberry?
A: Yes. Platforms like Bitbuy, NDAX, and OKX offer lower fees, more features (like staking), and robust security—making them stronger choices for Canadian investors.

Final Verdict: Was Coinberry Legit?

Yes—Coinberry was a legitimate and regulated crypto exchange tailored for beginners in Canada. Its strengths included zero fiat fees, strong security practices, regulatory compliance, and educational tools.

However, its high spreads, lack of advanced features, and limited customer support on Android made it less competitive compared to peers like NDAX or Binance Canada.

Today, while Coinberry no longer operates independently, its integration into Bitbuy ensures former users continue to have access to their assets on a more feature-rich platform.

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