What is Cryptocurrency- Crypto In Canada?
A cryptocurrency is digital money that may be used as a medium of exchange between different parties and is protected by encryption. Cryptocurrencies are decentralized and operate on a blockchain, which means they are not linked to any country’s central bank.- Crypto In Canada
Bitcoin is the most widely used cryptocurrency, followed by Ethereum. Thousands of other cryptocurrencies (alt-coins) have followed in their footsteps, including Ripple (XRP), Tether (USDT), Litecoin (LTC), Cardano (ADA), and Binance Coin. This article will tell you how to crypto buy in Canada with Coinberry.
Coinberry
Coinberry is a cryptocurrency exchange that caters mainly to Canadians. It accepts several famous cryptocurrencies as well as a variety of altcoins. Coinberry has created unique features such as AutoPilot and Coinberry Pay since its inception in 2017, setting it apart from other crypto exchanges for Canadians. Coinberry is one of the top cryptocurrency trading brokerages for beginners.
The company is backed by a financial institution bond and supports 18 cryptocurrencies. Coinberry was established in the year 2017. The Town of Innisfil joined the exchange as an official partner in 2019. This was the first Bitcoin-based property tax payment in Canada. Coinberry also has a working relationship with the City of Richmond Hill.
- Coins offered: Bitcoin, Ethereum, Litecoin, Curve, Synthetix, Polkadot, Yearn Finance, Balancer, etc.
- Funding options: Interac e-Transfer and wire transfer.
- Fees: Trading fees are included in the price spread and can be up to 2.50%; free fiat withdrawals and deposits.
- Promotion: Get a $30 bonus when you open an account and trade at least $50 worth of assets.
- Security and regulation: Coinberry is an MSB with FINTRAC and the OSC. Gemini Trust Company LLC protects digital assets on the platform.
Is it safe?
Coinberry Limited (MSB M18502412), the company that operates the Coinberry exchange, is a Money Service Business (MSB) regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Their website employs fraud monitoring across their platform to guard against financial fraud, account takeovers, etc.
Coinberry is also PIPEDA compliant, meaning they must comply with a set of rules that govern how private sector organizations collect, use and disclose personal information.
Who is Coinberry aimed at- Crypto In Canada?
Canadians built Coinberry for Canadians. However, unlike some competing exchanges, they have expanded their product offering to appeal to merchants who would like to accept crypto as a form of payment.
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Tradable assets
In terms of the tradable assets you have on offer at Coinberry, they include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Stellar (XLM), Cardano (ADA), Dogecoin (DOGE), Polkadot (DOT), Chainlink (LINK), Filecoin (FIL), VeChain (VET), Tron (TRX), Solana (SOL), Eos (EOS), Tezos (TEZ), Aave (AAVE), Cosmos (ATOM), Neo (NEO), Enjin (ENJ), Basic Attention Token (BAT), Compound (COMP), Stacks (STX), OMG Network (OMG), Flow (FLOW), Balancer (BAL), Curve (CRV), Dai (DAI), Kyber Network (KNC), Synthetix (SNX), Uniswap (UNI) and Yearn. Finance (YFI).
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Notable features
Coinberry Autopilot and Coinberry Pay are two of their standout features.
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Coinberry autopilot
Coinberry Autopilot makes it easy to set up cryptocurrency purchases daily, weekly, or monthly. This streamlines the investing experience and allows you to dollar cost average over time.
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Coinberry pay
This is a simple payment processing solution for merchants to accept cryptocurrency as a form of payment. Funds can be immediately converted into CAD and deposited into your bank account.
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Fees
There is a 0% fee for fiat deposits and withdrawals.
Dynamic fees are set for BTC, ETH, and XRP, with calculations based on network activity. There is a fixed fee for LTC of 0.02 LTC. There are no fees to deposit crypto.
Coinberry’s spread ranges from 0% to 2.5%.
Pros and cons
Pros
- The verification process at Coinberry is instantaneous for Canadians.
- Coinberry uses cold storage by Gemini Trust Company, which is insured for up to $200 million.
- Coinberry Autopilot and Coinberry Pay are real points of difference, certainly among Canadian exchanges.
- No fees on deposits or withdrawals for fiat currencies.
Cons
- Spreads up to 2.50%, which is high.
- Supports Canadian dollars by default. Other currencies need to be converted at the rate now.
- Limited choice of altcoins compared to other cryptocurrency exchanges, especially globally available exchanges like Binance.
How do I fund a Coinberry account?
Using e-Transfer to fund your account is simple and only takes a few steps. You must first add Coinberry as a recipient and then input the amount you wish to deposit into your Coinberry account. In the message field of the e-Transfer, make sure to mention your Coinberry Account Number. Last but not least, the balance will be put into your Coinberry account once the e-Transfer has been set up.
How do I withdraw Crypto from Coinberry?
Go to Withdrawals and select either your wallet or EFT/e-Transfer from the drop-down menu. Next, enter the appropriate amount of CAD, click preview, and confirm your withdrawal, after which a pop-up will display before the transaction is completed.
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Withdrawal fees
Coinberry does not charge any fees for withdrawals. The possibilities for withdrawal are comparable to those for deposits. The minimum and maximum amounts for Interac e-transfers are $100 and $10,000, respectively. Withdrawals made via wire transfer must be between $10,000 and $500,000. It can take up to one business day to process either way. In most cases, your bank will conduct the e-transfer within one to three hours. However, it can take up to two business days in some cases.
Conclusion
Coinberry is a user-friendly cryptocurrency exchange designed for Canadians, using the Canadian dollar as the primary currency. It is insured and FINTRAC-registered. Verification is rapid, and the app’s well-designed interface makes trading a pleasurable experience. Overall, Coinberry is a wonderful place for new investors to learn about cryptocurrency trading.
