Overview
Coinberry, a Toronto-based cryptocurrency exchange, is winding down operations and migrating users to Bitbuy—a platform owned by their parent company, WonderFi. This review explores the reasons behind the shutdown, evaluates Coinberry's features, and suggests alternatives for Canadian crypto traders.
Key Takeaways
- Shutdown Status: Coinberry is no longer accepting new sign-ups and redirects users to Bitbuy.
- Beginner-Friendly: Offered 25 cryptocurrencies, Interac e-Transfers, and robust security but had high hidden fees.
- Top Alternative: NDAX emerges as the best low-fee option for Canadians.
Reasons for Coinberry’s Shutdown
Acquisition by WonderFi
Coinberry was acquired by WonderFi Technologies in 2022, which also owns Bitbuy. WonderFi consolidated operations to streamline services under the Bitbuy brand.
Key Factors:
- Cost Efficiency: Maintaining two similar platforms was financially unsustainable.
- User Experience: Migrating users to Bitbuy aimed to simplify support and feature integration.
👉 Looking for alternatives? Explore Bitbuy here.
Coinberry’s Features (Pre-Shutdown)
Supported Assets
- 25 Cryptocurrencies: Included Bitcoin, Ethereum, Litecoin, and stablecoins.
- Recent Delistings: Removed 5 coins in March 2023 due to declining demand.
Trading and Fees
- Deposits: Free via Interac e-Transfer; wire transfers took 3–5 business days.
- Withdrawals: 1.50% fee on CAD withdrawals; crypto withdrawals had fixed fees (e.g., 0.0005 BTC for Bitcoin).
- Hidden Spread Costs: Total BTC purchase fee reached 2.44%—among Canada’s highest.
Security Measures
- Regulation: FINTRAC-registered and OSC-regulated.
- Storage: Funds held in multisig cold storage via Bitgo ($250M insurance).
- User Protections: 2FA, login history tracking, and Proof of Reserves reports.
Why Users Complained About Coinberry
Common Issues
- Slow Withdrawals: Reddit and Trustpilot reviews cited delays (e.g., 2+ weeks for BTC withdrawals).
- Poor Support: Lack of responsiveness to ticket submissions.
- High Spreads: 4.19% BTC spread made trades expensive.
Best Alternatives to Coinberry
1. NDAX
- Pros: Lowest fees (0.49% BTC purchase fee), free CAD deposits, Canadian-based.
- Cons: Limited to 39 coins.
2. Kraken Pro
- Pros: 250+ cryptos, high liquidity, strong security.
- Cons: 0.25%–0.40% trading fees.
3. BYDFi (For Altcoins)
- Pros: 500+ coins, no KYC, leverage up to 200x.
- Cons: No CAD support.
👉 Compare all alternatives in detail here.
FAQs
Q: Is Coinberry safe despite the shutdown?
A: Yes—funds remain secure during migration to Bitbuy, backed by WonderFi’s regulatory compliance.
Q: Can I still withdraw my crypto from Coinberry?
A: Yes, but only 5 coins (BTC, ETH, LTC, XRP, USDC). Contact support for assistance.
Q: Why is NDAX better than Bitbuy?
A: NDAX charges 80% lower fees and offers instant CAD deposits.
Final Verdict
Coinberry’s shutdown reflects industry consolidation. While it was beginner-friendly, high fees and operational issues diminished its appeal. For Canadians, NDAX offers a superior balance of low costs, security, and ease of use.