WonderFi Announces Closing of Coinberry Acquisition

We are committed to security and will do everything we can to protect your crypto and information. We offer industry-leading security so your crypto and personal data are protected. We are committed to the safety and security our crypto trading platform. This is why we have established processes that support cold storage and pen-testing, multi-sig wallets, audits, business continuity plans, disaster recovery plans, and business continuity plans.

Coinberry review attempts to explain everything there is to know about it. Security is our priority, so Coinberry is Canada’s Bitcoin and crypto app that works every day to always keep your information and crypto safe. Your digital assets are protected by Gemini Trust Company LLC, the most regulated, secure, and compliant digital asset custodian in the world, offering $200M in insurance coverage. Bitbuy Review + $50 Signup Bonus Bitbuy is one of the top crypto exchanges in Canada thanks to its low fees, great customer support, and impressive platform security. Coinberry has a convenient Help Centre that acts as an in-depth FAQ section which will solve most of the questions you could have when using the platform. Surprisingly, however, Coinberry doesn’t have a live chat feature, which is strange considering just how many crypto exchanges have it.

Transferring 10 Bitcoin to or from Coinberry with the user’s own wallet, for example, is not the same as selling a coin or token. Coinberry complies completely with FINTRAC’s Anti-Money Laundering and Know-Your-Customer standards. This implies that users must first verify their accounts before they can begin depositing cash. One of the benefits members will receive at Coinberry is 0% withdrawal fees. The Best Aeroplan Credit Cards In Canada If you need a credit card that will help you earn rewards and fly for free, check out our list of the best Aeroplan credit cards in Canada. Get the latest news and best offers from the crypto community by joining our newsletter.

The WonderFi team, including a cardboard cutout of Kevin O’Leary, at the firm’s recent uplisting to the Toronto Stock Exchange.

Coinberry Review 2022

He added, “As we continue our consolidation of leading licensed crypto platforms, our user count, revenue and talent pool continue to grow.” Yes, Coinberry is officially registered and has various security measures. Coinberry is entirely compliant with rules because it is FINTRAC-registered. In addition, the platform is dedicated to effective fraud monitoring, reporting, and user onboarding. Coinberry’s asset storage is handled via industry-standard cold storage.

The job cuts were made to streamline costs and deliver shared services across compliance, customer service, product engineering and executive functions. Turkey’s first global crypto currency trading platform Thodex, cryptocurrency stock, was founded on the experience of many team members and managers. It offers the possibility to invest globally thanks to the ability to quickly adapt to changing market dynamics. Most crypto traders feel that desktops give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. However, not all crypto investors require desktops for their trading.

For his part, Samaroo expects other non-regulated crypto trading platforms—including those that have expanded into crypto lending—to face similar issues. With over $1 billion in crypto traded, Coinberry makes it easy and secure for Canadians to buy, trade and sell a wide range of cryptocurrencies. As a CSA and Financial Transactions and Reports Analysis Centre of Canada registered crypto trading platform, Coinberry is powered by the belief that the digital economy should be inclusive and accessible to everyone. Coinberry is one of the best Canadian crypto exchanges where users may purchase and sell cryptocurrencies in Canadian currency. This implies the company would have had to pass a series of compliance tests before being permitted to accept client money.

Data Linked to You

This saves a lot of time, especially considering other crypto exchanges out there force you to convert your crypto funds into CAD before you can do anything else with them. Coinberry also offers a simple payment processing solution for traders on its platform through Coinberry Pay. This feature allows traders to accept cryptocurrency as a form of payment, and funds can seamlessly be converted into CAD and deposited into a bank account. Another important feature that Coinberry offers is Coinberry Autopilot, which allows you to automatically buy cryptocurrencies through the time-tested investing strategy known as dollar-cost averaging.

Users submit their account information, and Coinberry’s KYC/AML partners confirm their identity. These are often credit reporting organizations with information about the user’s financial history. They must provide a government-issued picture ID with their full name and birth date for verification. A government-issued photo ID, a document providing proof of address, and a selfie may be required. Anyone looking to buy cryptocurrencies through dollar-cost averaging or beginner crypto investors who are looking for one of the easiest crypto exchanges to use will benefit from using this platform.


Samaroo attributed some of these cuts to broader market conditions, while others were planned as part of the acquisition to deliver shared services across WonderFi and Bitbuy. Samaroo has forecasted more consolidation in the crypto space given increasing regulatory pressure and rising customer acquisition costs. Over the past couple of weeks, this prediction has played out as embattled crypto lenders like BlockFi and Vauld have become acquisition targets for other well-capitalized crypto players FTX and Nexo. Samaroo noted that WonderFi is “open to exploring lending in a regulated way,” but added that he doesn’t think regulators are “quite there yet.” How Canadian securities regulators plan to police crypto lenders remains unclear. The company’s earnings missed analysts’ consensus estimate and GM said it was unable to ship 90,000 vehicles because of supply shortages.

Uberpay’s goal to make it easier and faster for people to use cryptocurrencies in their daily transactions with… This particular platform is more a cryptocurrency store than a cryptocurrency exchange. They sell cryptocurrency from their own inventory, and do not facilitate transfers from one Efficient day trading rules for beginners-user to another. Accordingly, it is difficult to compare the fees charged by Coinberry with the industry average trading fee at a regular centralized exchange (being 0.221% for takers and 0.177% for makers, according to this report).

So if you’re not from Canada, and would like to engage in crypto trading, you will have to look elsewhere. When one uses Coinberry to purchase or sell Bitcoin, the exchange fulfills the order using Coinberry’s network of liquidity providers. Coinberry determines the rate for cryptocurrency transactions on the platform by adding a margin or spread of 0% to 2.50% to the rate given by their liquidity providers. It profits from the “spread,” which is the difference between the prices it can source crypto for as a large volume client and the published pricing. It is happy to provide a totally transparent price with NO hidden costs or extra fees; the prices displayed on their platform are the final transaction rates.

Some of these firms have suspended account withdrawals during this liquidity crisis, while other companies have become acquisition targets at a fraction of their previous valuation. Others have filed for bankruptcy, like Voyager Digital, which was heavily exposed to failed crypto hedge fund Three Arrows Capital. In addition, the platform is dedicated to effective user onboarding, fraud monitoring, and reporting. Users can acquire cryptocurrencies using a variety of financing ways, such as wire transfer, e-transfer, and debit and credit card choices. Coinberry is a fantastic choice for making initial crypto buys in Canada for individuals who want to utilize Canadian dollars without worrying about conversion rates. Coinberry is one of the simple-to-use and safest crypto exchange created in Canada; however, it functions more like a Bitcoin store.

What Is Coinberry?

This is protected by multi-signature technology as well as a host other controls. The spread is the mark-up or mark-down charged by the platform when you purchase a certain crypto here. So if the price of the relevant crypto is USD 100, and the spread is 1%, the buyer can buy the crypto on the trading platform for USD 101. The difference between the sell price and the purchase price , goes to the trading platform.

To use a credit card to fund a Coinberry account, users must authenticate their account by linking it with a Canadian bank account. Coinberry offers segregated banking that the CDIC guarantees. This implies that Coinberry collaborates with Canadian Schedule I banks to assist them in complying with Canadian regulations. They can accomplish this by storing business and client funds in separate accounts.This guarantees that if the company’s bank accounts are ever blocked, the money of its consumers is unaffected.


They wanted to offer a better, more transparent, and more cost-effective way to trade… Virtuse allows both novice and experienced investors to securely accumulate Bitcoin. 99% of users’ funds are stored in cold storage with the largest licensed custodian in the world.

Prepare your tax forms for Coinberry

You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. Coinberry is a platform to buy and sell digital assets like Bitcoin, Ethereum, and Litecoin. The company was founded in 2017 and is based in Toronto, Canada.On April 18th, 2022, Coinberry was acquired by WonderFi.51M. Samaroo believes some of this recent activity in the unregulated crypto space could benefit his Vancouver-based crypto company in the long-run.

Healthy end-market demand and higher year-over-year selling prices are likely to have supported U.S. After account verification, users may invite people by using their unique referral link. Users receive $20 if the people they have referred join and exchange $50 or more.

The Gemini Trust Company also has $200 million in insurance coverage. amana capital withdrawal charges 0 fees for deposits and withdrawals. There are also no fees for crypto deposits, but be aware that there is a bid-ask spread rate that ranges from 0% to 2.5%, which is pretty expensive. Coinberry is a Money Service Business registered with the Financial Transactions and Reports Analysis Centre of Canada . It’s also registered with the Ontario Securities Commission , just like other crypto platforms Bitbuy and CoinSmart. Coinberry is a decent Canadian crypto exchange, though it’s certainly not the best.

Coinberry Executive Team

It stated that its independent financial audit had been completed effectively in January 2019. So, we created a trusted digital trading platform that allows Canadians to buy and sell cryptocurrencies easily. We’re on both web and mobile with our simple and secure interface.

Do you have to report crypto on taxes if you don’t sell?

Yes, your Bitcoin, Ethereum, and other cryptocurrencies are taxable. The IRS considers cryptocurrency holdings to be “property” for tax purposes, which means your virtual currency is taxed in the same way as any other assets you own, like stocks or gold.

This means that you don’t have to worry about your crypto wallet being compromised. In addition, WonderFi said it might purchase other crypto companies as the shakeout in the sector continues. CEO Ben Samaroo told CoinDesk he thinks other nonregulated crypto trading platforms might have similar issues as Voyager Digital, which had exposure to troubled hedge fund Three Arrows Capital and has had to limit withdrawals. As a result, WonderFi has begun looking at potential deals for nonregulated exchanges both in Canada and globally.

PitchBook’s non-financial metrics help you gauge a company’s traction and growth using web presence and social reach. Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The transfer of a currency or token between prime xtb and the user’s wallet is not a taxable event.

Other Crypto Shops

Users have the option to withdraw cryptocurrency from their Coinberry account. All that is needed is a wallet address to withdraw funds. Bitcoin is one of the digital currencies that is accepted. Coinberry is accessible as a desktop website or as a mobile app for Android and IOS. The mobile application has the same functionality as the website and is simple to use.

Crypto marketplace WonderFi closed its $30 million acquisition of Canadian crypto trading platform Coinberry on Monday after being admitted to trading on the Toronto Stock Exchange last week. It works more like a brokerage than an exchange because one cannot trade crypto assets with anybody other than Coinberry, which means they can only buy and sell assets for Canadian dollars on the platform. Coinberry is the only digital asset platform trusted by Canadian government municipalities and is insured, FINTRAC registered, and PIPEDA compliant. Coinberry signup and purchase of Bitcoins might take as little as 60 seconds. Choose the top crypto wallets for storing your cryptocurrencies.