Netcoins Review 2022: Pros, Cons and Features
Netcoins Review: Our Opinion
We believe that if you’re looking for a cost-efficient and secure way to buy and sell crypto assets in Canada, then Netcoins is the way to go. As one of the most transparent and reliable cryptocurrency exchanges worldwide, Netcoins focuses on providing the best trading experience for all its users.
An Overview of Netcoins
As more and more people seek to strike it big by jumping into cryptocurrency, investing in crypto assets has never seemed like a better option before. While many crypto trading platforms in Canada offer numerous products and services, only a few allow investors to make deposits using fiat currencies along with cryptocurrencies. Amongst these handful of Canadian crypto exchanges is Netcoins.
Founded back in 2014, Netcoins is one of Canada’s oldest and most secure crypto exchange platforms today. Dedicated to simplifying the process of investing in the most popular cryptocurrencies for traders, Netcoins makes buying and selling the top crypto assets feel like a breeze.
Based in Vancouver, Netcoins is a user-friendly Canadian crypto exchange that allows traders to trade US or Canadian dollars for several different cryptocurrencies such as Bitcoin and Ethereum.
Registered with the Financial Transaction and Report Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB), Netcoins is a publicly traded company operating under the company BIGG Digital Assets. This means that Netcoins’ financial transactions are much more transparent than any of the other cryptocurrency exchanges that we have seen so far.
Starting out as a private brokerage service for big-scale crypto investors and a Bitcoin ATM solutions provider to around 200,000 stores across the globe, Netcoins has now evolved into one of the most consumer-centric and trusted Canadian cryptocurrency exchange platforms today.
Led by Mitchell Dement, the founder of the world’s first Bitcoin ATM, Netcoins states that they are on a mission to make it easy for anyone looking to buy and sell cryptocurrency in a safe and trusted environment. The company has also launched its own web-based app and over-the-counter trading desk.
We did our research and reviewed several different crypto trading platforms to create this comprehensive Netcoins review. We will give you some valuable insights on what your Netcoins and what your experience will look like in trading or investing in this Netcoins platform.
In this Netcoins review, we break down how this Canadian cryptocurrency exchange works, its features, and what makes this a truly unique crypto trading platform.
Key Features of Netcoins
Netcoins is a simple, user-friendly, and highly regulated cryptocurrency exchange perfect for cheap and secure cryptocurrency trading. Here are some of the key features of this top Canadian crypto exchange:
The Netcoins platform prides itself on its user-friendly design that makes cryptocurrency trading for its consumers effortless and stress-free. With a simple cryptocurrency trading frontend and accessible user interface, Netcoins’ website is designed to make it extremely user-friendly. Even people who are new to the world of cryptocurrency trading do not feel overwhelmed by the number of options displayed on the platform.
As great as it is for newbies, experienced cryptocurrency traders also find Netcoins to be very simple and accessible. Users can also set price alerts for their favourite coins whenever the price of the token reaches a particular price target.
Responsive Customer Support
One of the most essential features we look for in a crypto exchange is a responsive and helpful customer support team. Not only does Netcoins’ platform have an extensive FAQ section to answer all your cryptocurrency trading-related queries, but you can also reach out to them in case you encounter an issue via the following channels:
Live chat on their website
Netcoin’s customer support team is also very responsive and helpful on their social media pages.
Netcoins Referral Program
One of the key features is Netcoins referral program.
Every time you refer a friend to Netcoins exchange using your referral link, you’ll receive 50 CAD instantly and your friend will also receive 10 CAD when they buy or sell crypto assets for the first time on the platform. With no limits to the number of friends you can refer to, this is truly a generous offer you would not want to miss out on.
Quick and Simple Onboarding Process
Since Netcoins is a FINTRAC-regulated platform, users must go through their registration and verification process and verify their identity before they can use the platform for their cryptocurrency trading needs. Despite this slight delay, the registration process on this platform is seemingly simple and takes only a few minutes, which is much quicker than most cryptocurrency exchanges.
If you are a non-Canadian trader who is unable to verify their identity on the platform, you can also buy cryptocurrencies on Netcoins using a bank card via its integration with Simplex. However, please note that Simplex will apply its own verification process to verify the trader’s identity.
With Netcoins, users can buy and sell crypto coins quickly and easily. Financial transactions are processed almost instantly on the platform, without users having to wait for weeks before receiving their cryptocurrency in their wallets.
Trusted and Secure Crypto Exchange Platform
Apart from being a publicly-traded company operating under its parent firm BIGG Digital Assets, a Canadian Securities Exchange registered firm, Netcoins is also a highly regulated money service business, registered under FINTRAC which adds another layer of security to the platform.
Additionally, Netcoins also uses Blockchain analytics and trading tools such as QLUE and BitRank to encrypt trading data, which means that users can rest assured knowing that their money is in safe hands.
Cryptocurrencies Available on Netcoins
While Bitcoin (BTC) and Ethereum (ETH) are two of their most popular cryptocurrencies that people invest in, Netcoins’ reach expands much further by allowing users to buy and sell the leading cryptocurrencies in the market, with a total of 31 assets available. These include XRP (Ripple), USD Coin (USDC), Algorand (ALGO), EOS, Stellar (XLM), QCAD coins, Bitcoin Cash (BCH), Tether (USDT), and Litecoin (LTC).
The cryptocurrency exchange also allows users the convenience of holding both US and Canadian dollars in their account, which makes it much easier to conduct fiat-to-crypto currency transactions with low deposit and withdrawal fees.
When it comes to trading fees, Netcoin charges a rate of 0.5% per trade, which is relatively moderate when compared to some of the other cryptocurrency exchanges in the market. There are certainly other trading platforms that offer lower trading fees, but they may not provide the same ease of use and customer-centric service that we have come to expect from Netcoins.
Similarly, with Netcoins, there are no deposit fees and fiat withdrawals are completely free of cost. However, cryptocurrency withdrawals may incur substantial withdrawal fees, depending upon the coin that you are withdrawing. The crypto withdrawal fees at Netcoin are:
- Bitcoin: 0.000025 BTC
- Ethereum: 0.005 ETH
- USD Coin: 40 USDC
- Algorand: 1 ALGO
- EOS: 1 EOS
- Litecoin: 0.02 LTC
- Bitcoin Cash: 0.001 BCH
- Stellar: 1 XLM
- QCAD: Free
- XRP: 0.02 XRP
- DOGE: 4.5
- MATIC: 15 MANIC
- SHIB: 1,000,000 SHIB
- MATIC: 15 MATIC
- FTM: 22 FTM
- MANA: 13 MANA
- APE: 4 APE
- CRV: 4 CRV
- ENJ: 9 ENJ
- LINK: 0.5 LINK
- SUSHI: 2 SUSHI
- YFI: 0.0009 YFI
So unless you’re withdrawing QCAD or Ripple, we recommend making fiat withdrawals to avoid the crypto withdrawal fees altogether.
Additionally, if you’re buying cryptocurrencies through Netcoins directly into your external wallet via their integration with Simplex, you will have to pay a 7% transaction fee per trade. It is, therefore, much cheaper to buy cryptocurrencies directly through Netcoins.
If you want to make a deposit to fund your Netcoins account, you have the choice between two options. You can either fund your account using cryptocurrencies by sending any of the Netcoins supported-crypto to your Netcoins wallet, or you can fund your account using US or CAD.
For funding their wallet using fiat currencies, users have the choice between the following deposit methods:
Bank Wire Transfer (minimum deposit amount USD 500)
Interac E-Transfer (minimum deposit amount USD 10)
Online bill payments (available for Scotia Bank, BMO, or credit union users, minimum deposit amount USD 50)
The processing time for each deposit depends upon the type of deposit method you have opted for. While e-Transfers are instant, the general processing time for bank account wires is 1-3 business days and 1-2 business days for online payments.
On the other hand, fiat withdrawals can only be made via Interac e-Transfer. For cryptocurrency withdrawals, you can purchase or withdraw one of Netcoins’ available cryptocurrencies to your personal wallet outside of Netcoins’ custody.
While Netcoins itself does not charge any withdrawal fees, blockchain fees may apply.
As a custodial platform providing a cryptocurrency exchange and e-wallet service, Netcoins is committed to protecting the data and assets of its users by using Blockchain analysis tools like QLUE and BitRank to encrypt financial data.
To this date, Netcoins has not experienced any major data leaks or hacks, which is a testament to Netcoins’ commitment to protecting their user’s data. Let’s not forget that Netcoins is also a subsidiary of publicly-traded company, BIGG Digital Assets, that trades on the WKN, Canadian Securities Exchange (CSE), and OTC Markets. This makes them the first ever regulated crypto trading platform in Canada, further solidifying its reputation as a trusted and secure crypto exchange.
As a user, you can ensure your account’s security by using Netcoins’ two-factor authentication feature and protecting your account with a strong password. You can also always review your account’s login activity to see whether someone other than you has gained access to your account.
Opening a Netcoins Account
Creating your Netcoins account is an extremely easy process. Even a newbie to the world of cryptocurrency trading can make a Netcoins account effortlessly.
To sign up for Netcoins, you must be 18 years old or above and a resident of Canada. Here are the steps to creating your new Netcoins account:
Step 1: Visit netcoins.ca and click on the Sign Up option
Step 2: Type in your email and create a strong password that only you would know
Step 3: Check your email for a link to verify your email
Step 4: Verify your identity via the automated verification process. You will need to provide your full name, date of birth, phone number, a picture of your bank statement or utility bill, a picture of your driver’s license or passport, and a selfie holding one of these IDS. The verification process should take around two to five minutes.
Step 5: Check your phone for a code and verify your phone number on the website
Step 6: Go to the “Fund” section from the main menu to fund your account and start trading
Trading Experience on Netcoins
Netcoins offers its users a seamless experience for investing and trading the top cryptocurrencies in the market. Investors can buy and sell cryptocurrencies from the “Buy/Sell” page on their website or use a credit/debit card through Netcoins integration with Simplex to buy their desired cryptocurrencies, although the credit card fees will be a bit on the higher side.
Through their “Buy/Sell” page, Netcoin allows you to place both instant and limit orders. An instant or market order is an order placed by a trader to buy or sell a crypto asset immediately at its current market price. To make an instant order, go to the “Buy/Sell” page and choose the asset you wish to buy or sell from the dropdown menu.
Next, select “Instant” from the dropdown menu, asking for your “Order Type” and then enter the amount of cryptocurrency you wish to buy or sell. Click preview to review the details of your sale or purchase and then click on “Buy Now” or “Sell Now”.
A limit order is a type of digital currency exchange order that lets traders sell or buy crypto assets at a specified price determined by the trader. To make a limit order, go to the “Buy/Sell” page and choose the asset you wish to buy or sell from the dropdown menu. Then select “Limit” from the dropdown menu and then enter the price at which you would like to buy or sell that particular crypto asset.
Click preview to review the details of your sale or purchase and then click on “Buy Now” or “Sell Now”. Once the price of the cryptocurrency you have chosen reaches your specified price or lower, your crypto or fiat accounts will be credited or debited accordingly.
Available are also advanced charting tools, which are especially beneficial to advanced traders and a reports analysis centre.
Netcoins Customer Support
According to the feedback and reviews from users, we found that Netcoins customer service is absolutely top-notch. Several patrons have praised Netcoins’ responsive and extremely friendly customer support team.
Users can reach out to Netcoins’ customer support team during business hours from Monday to Friday, 09:00 to 17:00 PT. They can choose from several options, including the chat option on their website or by directly emailing or calling them.
Alternatively, customers can also fill out a ‘Contact Us’ form on the Netcoins website with their name, email address, and their query. Users can expect their queries to be answered within 24 hours.
Lastly, while evaluating Netcoins’ customer support service, we found that the support team is also very active on their social media pages. You can expect your queries to be answered almost instantly on both Twitter and Instagram.
Netcoins Crypto Academy
Netcoins have created an entire section, dedicated to the learning process of newbies and more advance crypto enthusiasts, called the Crypto Academy.
Is Netcoins Right For You?
If this is the first time you are looking to buy cryptocurrencies, Netcoins may be the perfect choice for you. It offers limited trading options which keep newbies from getting confused and overwhelmed.
New users wouldn’t want to end up losing their money due to a security breach on their first time trading with cryptocurrencies. They can also take comfort in knowing that their money is safe. Netcoins is a secure and extremely transparent crypto exchange operating under its parent company, BIGG Digital Assets.
If you’re in between crypto exchanges and are looking for a new platform to trade cryptocurrencies, then Netcoins might not be the perfect fit for you. While it offers numerous features, it does not support a large variety of cryptocurrencies or have the advanced trading tools that other cryptocurrency trading platforms typically offer.
Netcoins is truly a unique cryptocurrency exchange. As a highly accessible and simplified crypto exchange with a user-friendly design, quick registration process, and strong security measures to protect its users’ data, Netcoins stands out from the pack.
Getting started in crypto trading can be difficult, especially when there’s no one around to help you. But with a clean and minimalistic user interface and all the cryptocurrencies a novice investor would ever need, there’s no better place to start your crypto trading journey than with Netcoins.
Our extensive analysis of the Canadian Crypto Platforms doesn’t stop here. You can also read our list of the best crypto platforms in Canada to find an alternative to Netcoins.
Most frequent questions and answers
Yes, Netcoins is as legitimate as any cryptocurrency exchange we know. Not only are they registered with FINTRAC as a money service business but their parent company is also BIGG Digital Assets, which is a publicly-traded company.
Netcoins’ automated verification process is extremely quick and takes around two to five minutes on average.
Yes, Netcoins reports to the CRA. Since it is a Money Service Business (MSB) in Canada, Netcoins is required to report all major financial transactions to the Canada Revenue Agency (CRA) at the end of every year.
While we wouldn’t exactly call Netcoins a wallet, it does offer a digital wallet service that allows you to store your fiat or cryptocurrency.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.