Crypto exchange platforms are vital to crypto transactions. They are the platform that ensures that crypto enthusiasts successfully trade in the crypto coin of their choice. The terms of use of each exchange platform vary depending on the type of exchange, the company’s policies, and sometimes the region in which they operate; this is in terms of regulations.
But overall, crypto exchange platforms are the means by which crypto investors own and trade their crypto assets. In Canada, Coinberry is a major platform with many impressive features and good user reviews. We shall discuss in this article why Coinberry is the best crypto exchange platform in Canada.
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Crypto exchange platforms in Canada
There are several crypto exchange platforms in Canada, and you can purchase the cryptocurrency of your choice from a platform that aligns with your goals. Some platforms accept only CAD on their platforms, while others may accept other fiat currencies for trading on their platform. It is essential to research this before proceeding to trade on the platform.
How do cryptocurrency exchange platforms work?
As the name implies, cryptocurrency exchange platforms are a platform where crypto investors can trade in cryptocurrencies subject to the terms of use of the platform of their choice. These platforms act as middlemen between the crypto trader and the crypto market. Crypto trading cannot take place in isolation, you need another crypto trader to transact with, and the exchange platform acts as a bridge between both parties.
They make money off the charges and commissions placed on providing this service. They operate more like brokers in the traditional investment sector, but the difference is that crypto exchanges allow you to fund your account with digital assets for trading.
Things to consider before deciding to trade on a crypto exchange platform
1. Registered and regulated
It is essential to go for a crypto platform that is registered and regulated with municipal and Federal regulatory bodies. This gives it the credibility it needs because the government will not approve a sub-standard platform. Trading with a registered and regulated platform gives some level of assurance that you are trading with a safe platform and your digital assets will be kept safe from hackers and scammers.
Coinberry is a registered and regulated crypto exchange platform. It is regulated by the Ontario Securities Commission (OSC). It also received approval from the Canadian Securities Administrators (CSA) to operate in every territory and province in Canada. It has also registered with the Financial Transactions and Reports Analysis Center (FINTRAC).
The regulation and registration with relevant regulatory bodies in Canada are some of the reasons why Coinberry is the best crypto exchange platform in Canada.
2. Supported coins on the platform
There are thousands of cryptocurrencies in the crypto space, and crypto exchanges list several of these coins on their platform depending on their business policies. It is crucial to determine if the exchange you want to trade on has the coin you wish to trade listed on its platform.
This is an important thing to consider, especially if you’re diversifying your portfolio. Coinberry has over 20 tradable assets on its platform. Some of them include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Stellar (XLM), Cardano (ADA), Dogecoin (DOGE), Ripple (XRP), Bitcoin Cash (BCH), Polkadot (DOT). The selection of coins offered on Coinberry allows you to diversify your portfolio.
3. Trading fees
Trading fees are the ways by which crypto exchange platforms make money. There are standard fees that are charged on every activity you perform on the platform. The funding fees are charged on every deposit you make into your crypto wallet on the platform you will use to trade. A transaction fee is also charged on every trade you make.
A certain percentage is charged on the transaction, whether you buy or you sell. Some crypto exchange platforms also charge withdrawal fees on every cash withdrawal you make from the platform. It is essential to know the fees charged by a platform before trading on it. On Coinberry, their trading fees are one of the best in Canada.
They are known to be the first platform to offer 0% funding fees and 0% withdrawal fees. Dynamic transaction fees are set for BTC, ETH, and XRP, with calculations based on network activity. The exchange platform has a fixed fee for LTC of 0.02 LTC. Nothing is charged on a crypto deposit. Coinberry’s spread ranges from 0% to 2.5%.
4. Tools & Features
The features and functionalities of a crypto exchange platform is also an important thing to consider because it is all part of the user experience. A standard crypto exchange platform should have tools and features such as charting functions, technical indicators, and many more tools and features.
Coinberry has these features alongside additional tools and features like the autopilot feature, which allows you to purchase a crypto coin at preset prices. This works even when you are not on the app. Another feature is Coinberry pay, a crypto payment solution created for crypto entities to collect payments, tips, or crypto gifts on the platform. These are some of the features that make Coinberry the go-to crypto exchange platform in Canada.
5. Payment methods
The payment options offered on a crypto exchange platform are crucial because that is what will ensure you are able to trade cryptocurrency with ease. Before choosing a crypto platform, ensure that it offers a payment method that you can use without any hassle. Most crypto exchange platforms accept crypto and fiat deposits.
For fiat deposits, there might be restrictions on the type of fiat you can use. Some domestic exchange platforms available in a specific region only accept the fiat currency of that region. Coinberry allows you to fund your account with CAD via Interac e-transfer, wire transfer, and credit card. You can also fund your account with a crypto coin.
