How to Use Coinberry to Buy Bitcoin in Canada - EXPLAINOPEDIA
Use Coinberry to Buy Bitcoin in Canada

How to Use Coinberry to Buy Bitcoin in Canada

by Raja Mehar

If you’re looking to use Coinberry and buy coin Bitcoin in Canada, here’s how:

  1. Sign up to Coinberry (use email and password)
  2. Verify your account and identity (prepare your government-issued ID and video verification selfie)
  3. Fund your account (use wire transfer or Interac e-Transfer)
  4. Buy some Bitcoin

More than 220,000 Canadians have already signed up to Coinberry. It has become one of the major crypto trading platforms in Canada because it’s:

  • Trusted and secure
  • PIPEDA-compliant
  • Easy to use
  • Registered in Ontario Securities Commission (OSC) and Financial Transactions and Reports Analysis Centre of Canada

Coinberry already surpassed $1 billion of crypto trading. With this growth and capability, more and more people now choose Coinberry when it comes to crypto investing.

Which Crypto Platform Is Best For Trading?

Before choosing a crypto platform, beginners and experienced investors often note the following:

  • Dozens of supported assets
  • Low fees
  • Excellent customer support

Number of Supported Assets

Your chosen crypto platform should support dozens of cryptocurrencies and tokens because:

  • You’ll have several options aside from Bitcoin
  • You can quickly switch to other cryptos after you sell your first crypto and take your profits

Aside from Bitcoin, you should also see the following in your crypto platform:

  • Ethereum (ETH)
  • Tether (USDT)
  • US Dollar Coin (USDC)
  • Binance Coin (BNB)
  • Binance USD (BUSD)
  • XRP (XRP)
  • Cardano (ADA)
  • Solana (SOL)
  • Dogecoin (DOGE)

Each of those has a market capitalization of billions of dollars. That huge market cap tells us that these cryptocurrencies have earned financial support from several users. Also, this tells us that they’re likely to stay for the coming years (although a worst case scenario is still possible).

Fees

Aside from the number of supported assets, you should also note the fees your platform will charge you. Usually, crypto platforms place a small transaction fee especially when you do deposits and withdrawals.

In contrast, Coinberry has zero CAD deposit and withdrawal fees. Instead, they earn money by sourcing crypto at lower prices from their network of liquidity providers. Then, they resell those crypto at the listed prices. They get the profit from that small difference in prices.

As a result, they pass on their savings to their customers. You can then save money and use the savings to buy more crypto and further grow your investment. The total savings will be significant in the long term especially if your crypto investing journey will be several months or years.

Excellent Customer Support

Sometimes things can go wrong but the problem should still be solved right away. The platform’s team should always be responsive because the customers’ money and peace of mind are on the line.

When choosing a crypto platform, make sure that you can reach them by chat, email, or phone (this is common in popular crypto platforms). Also browse their websites’ articles and Help section. Most likely you’ll find the FAQs and most common problems with their corresponding solutions.

Should You Invest In Bitcoin Today?

After you choose a crypto platform, the next step is to decide whether you should buy Bitcoin today, wait, or explore other cryptocurrencies.

Many beginners start right away with a small amount. Crypto trading platforms have made the starting amount small so that more users will sign up and begin their crypto investing journey. For instance, at Coinberry you can start for as little as 50 CAD.

For many beginners, Bitcoin feels the safest because it’s the most popular. After all, it pioneered the crypto industry as we know it today. And because of its huge market cap (hundreds of billions dollars), you know that many huge institutions and investors still support Bitcoin. This can also mean that Bitcoin won’t go away anytime soon.

However, nothing’s certain about crypto. Even cryptocurrencies and corporations with billions of dollars of market cap can still fail or disappear. Huge losses are always possible, which is why it always helps to have a solid strategy.

Crypto Investing Strategies

Investment strategies are often about:

  • Minimizing losses
  • Maximizing gains
  • Preserving your capital

You want your investment returns to be higher than the inflation rate so you’ll know your money is actually growing. Or, you may want to keep up with the inflation and make sure your money is still maintaining its value.

Also, you want to minimize your losses. Investing always has a risk and if you do it regularly, you will still lose some of your money even with a brilliant strategy (hopefully though you receive a net gain in the long term). Remember, investing is both a risk and an opportunity.

In crypto investing, cryptos’ prices are always wildly fluctuating. They’re easily influenced by the following:

  • New regulation or policy about crypto
  • A big investment firm pours millions or billions of dollars into crypto
  • A billionaire or celebrity suddenly announces support for crypto
  • Performance of the economy
  • Disasters and crisis
  • Public and investor sentiment
  • Competition (thousands of cryptocurrencies and tokens are available now)

Because of those variables and price fluctuations, it becomes impossible to “time the market” to maximize your gains.

As a result, it helps to follow these crypto investing strategies:

  • Ignore the market
  • Diversify
  • Use dollar cost averaging

Ignore The Market

The market is always fickle and it’s impossible or extremely hard to predict its next movement. It’s also impossible to keep up with everything that’s happening in the crypto market. For example, right now more than 18,000 different cryptocurrencies are available. Keeping track of those emerging cryptos is an impossible task. Just tracking the top 10 cryptos is extremely difficult and overwhelming by itself.

Diversify

Because of the risks in Bitcoin and the entire crypto market, it helps to diversify if you want to protect yourself from huge financial losses.

Here, diversifying means:

  • Buying other cryptocurrencies aside from Bitcoin
  • Investing in stocks and real estate
  • Starting a business or a side job (that can be  turned into a business later on)

This way, your time and resources are placed in different opportunities.

Use Dollar Cost Averaging

To help you save time, reduce risk, and remove the emotion from the equation, you can use dollar cost averaging. This is where you automatically buy some crypto daily, weekly, or monthly. For example, you can set it up in Coinberry to buy Bitcoin each month for 100 CAD. After several months, you’ve automatically accumulated some Bitcoin without worrying about the market and watching the news.

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