Copy of Review 1 - Blank

Netcoins Review

Last Updated: May 7, 2022  |  Published: Mar 30, 2022


This post may contain affiliate links. Learn more.

Our Review 

Netcoins offers 20+ coins, a Bitcoin cash back Visa Card, free Interac E-Transfers and has good security since it's owned by a publicly traded company. For fees, it had a total BTC purchase fee of 1.24% (6th overall) and a BTC spread of 1.67% (11th overall).

Overall, you should consider Netcoins if you want to get their Prepaid Visa Card. If you just want the cheapest place to buy Bitcoin and altcoins in Canada, there are better exchanges available (see alternatives).

Where It Shines:

  • Bitcoin Cash back: The Netcoins Card lets you earn 1% back and 3% for your first 3 months capped at $100
  • Publicly Traded: Owned by BIGG Digital Assets (CSE: BIGG) which adds another layer of transparency and safety
  • Easy to Use: Netcoins is one of the most beginner friendly platforms for Canadians. The other easiest platforms include Shakepay and Quick Trade

Where It Falls Short:

  • Limited Features: Only 20+ coins and no advanced trading or features
  • Cheaper Options in Canada: Netcoins has fair prices but platforms like NDAX, Newton and VirgoCX were the cheapest in Canada with more coins and features

Netcoins

Overview

Updated: Apr 8, 2022 | | Total Fees & Spreads: Mar 02, 2022

Coins Offered

20+

Total BTC Purchase Fee

1.24% (6th place)

Total BTC Selling Fee

1.42% (8th place)

BTC Spread

1.67% (11th place)

Trading Fee

0.50%

Funding Methods

E-Transfer, Wire Transfer, and USD

CAD Deposits

Free

CAD Withdrawals

Free

BTC Withdrawal Fee

0.00025 BTC

Notable Features

Beginner-friendly, Bitcoin cash back Visa, owned by a publicly traded company


Video Review

Don't want to read? Watch the video review published on Mar 14, 2022. Some info in the video could be outdated so refer to the rest of the blog post as well.


User Interface

Updated: May 7, 2022

  • Web app

  • Mobile App


Netcoins

About Netcoins

Updated: Apr 8, 2022

Netcoins is a Vancouver-based cryptocurrency exchange and their mission "is to make it easy for anyone to buy and sell crypto in a trusted environment."

Originally, the company started out by providing a Virtual Bitcoin ATM service to over 170,000 stores across 3 continents. Eventually, they pivoted to what they are today, a cryptocurrency trading platform.

On Netcoins, you'll find 20+ coins and a very easy to use platform regardless of experience.

Some Stats:

  • Headquarters in Vancouver πŸ‡¨πŸ‡¦
  • Founded in 2014
  • Owned by BIGG Digital Assets (publicly traded)
  • 30+ employees according to LinkedIn

Fees & Spread

Updated: Mar 30, 2022

More Information

We tested 18 Canadian cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Mar 2, 2022 at 4:41pm and is subject to change since spreads and prices change daily.

  • Total BTC Purchase Fee = CAD Deposit Fee + Trading Fee + Reference Price Difference
  • Total BTC Selling Fee = CAD Withdrawal Fee + Trading Fee + Reference Price Difference

You can compare all platforms from the price test on this page

Netcoins Fees

Amount

*Total BTC Purchase Fee

1.24% (6th place)

*Total BTC Selling Fee

1.42% (8th place)

Trading Fee

0.50%

CAD Deposits

Free

CAD Withdrawals

Free

BTC Withdrawal Fee

0.00025 BTC

Other Fees

N/A

Price Test & Spread

Price Test (On Mar 2, 2022)

Prices

BTC Spread

1.67% (11th place)

BTC Buy Price

$56,189

BTC Sell Price

$55,263

Ref. Price Difference

Buy: +0.74%

Sell: -0.92%

Reference Price (Google)

$55,774

What We Found

All fees considered, Netcoins had a total BTC purchase fee of 1.24% (6th place out of 18), a total BTC selling fee of 1.42% (8th place) and a BTC spread of 1.67% (11th place). The prices are fair however, it's not the cheapest or best place to buy Bitcoin and crypto in Canada.

NDAX.io had the lowest total BTC purchase fee at 0.49%. VirgoCX was second at 0.66% and Newton was third at 0.69%.


Deposit & Withdrawals

Updated: Mar 30, 2022

CAD Deposit Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

Nearly Instant

Min $10 - Max $10,000

Wire Transfer

Free

0-3 Business Days

Min $500

πŸ‡ΊπŸ‡Έ USD Wire

Free

0-3 Business Days

Min $500

Credit / Debit Card (via Simplex a 3rd-party platform)

3%-20% (min $10 USD)

Instant

Min $62 - Max $24,986

CAD Withdrawal Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

0-3 Hours

Min $10 - Max $10,000

Wire Transfer

Free

0-3 Business Days

Min $1,000

πŸ‡ΊπŸ‡Έ USD Wire

Free

0-3 Business Days

Min $1,000

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

0.00025 BTC

0.0005 BTC

Ethereum

0.005 ETH

0.001 ETH

USDC

40 USDC

80 USDC

XLM

1 XLM

2 XLM

What We Found

Netcoins has fast and free funding methods with Canadian dollars. The withdrawals for E-Transfers are slightly slower to process bu still good. You also have the option to fund and withdraw USD.


Platform & Features

Updated: Apr 8, 2022

List of Features:

  • iOS, Android and Web app
  • 20+ cryptocurrencies
  • Market & Limit Orders
  • Netcoins Pay Visa Card
  • Referral Program

1. iOS, Android and Web App

2. Trading Interface

  • Instant buy and sell
  • Limit orders
  • Simple charts

3. Coins Offered

Netcoins currently offers 20+ cryptocurrencies:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Bitcoin Cash
  • Dogecoin
  • Polygon
  • Shiba Inu
  • Decentraland
  • Fantom
  • USDC
  • XRP
  • Stellar
  • Alogrand
  • Avalanche
  • EOS
  • Ethereum Classic
  • And more

4. Netcoins Pay (Visa Card)

  • A free, prepaid visa card with no annual fees
  • Get 1% Bitcoin cash back on all purchases (Promo: 3% back for your first 90 days capped at $100)

See our full Netcoins Visa review or compare the best crypto credit cards in Canada

5. Referral Program

Refer a friend and get $60 once they trade $100 or more. They get $60 too. 

6. Other Netcoins Features

  • Set USD or CAD as the base currency for your account
  • Price Alerts

Netcoins Card

  • 1% cash back on all purchases (Promo: 3% back in your first 3 months capped at $100)
  • Physical and virtual card (use online and in-store)
  • Card arrives in 5-7 business days
  • Payments are made using the CAD balance in your Netcoins account
  • Rewards distributed once per month (Shakepay Card is every 24-48 hours)
  • No annual fees
  • The card is a PrePaid Visa so there is no interest, loans, or credit check

See our full Netcoins Visa review or compare the best crypto credit cards in Canada


Security

Updated: Mar 30, 2022

Company Security Features

  • Doesn't say how they store their crypto
  • Owned by BIGG Digital Assets a publicly traded company (CSE: BIGG). This comes with regular audits, public financials and an added layer of safety
  • Never had any hacks or incidents (founded in 2014)
  • FINTRAC Registered: MSB #M15560893
  • KYC required (must prove identity to use the platform)

User Security Features

  • 2FA
  • Address Whitelisting
  • View login history for suspicious activity (IP address, device, date, etc)
  • Set up authorized devices for logging in

Can You Trust Them?

Yes, Netcoins is considered a safe crypto exchange. They offer 2FA, are owned by a publicly traded company, and have never had any hacks or incidents (founded in 2014). 

⚠️ Although this platform is safe, 44% of platforms we tested have had a hack or incident in the past. We strongly recommend storing and protecting your crypto on a hardware wallet or any wallet where you own the private keys.


Customer Support

Updated: Mar 30, 2022

Netcoins offers live support 7 days a week via chat, phone and email. You can also access articles and FAQs in their help center.

Netcoins Customer Support

Netcoins Compared

RankFi is tracking 18 Canadian cryptocurrency exchanges. Compare the best crypto exchanges in Canada below:

Name

Overall Rank

Coins

CAD Wallet?

Total BTC Purchase Fee

Spread (BTC)

Trading Fee

Website

1/18

70+

Yes

0.69%

1.34%

0%

NDAX

NDAX(#1 overall)

2/18

30+

Yes

0.49%

0.35%

0.20%

3/18

60+

Yes

0.66%

1.11%

0%

4/18

600+

No

1.60%

0.00%

0.10%

5/18

700+

No

2.82%

0.00%

0.10%

6/18

2

Yes

1.03%

2.26%

0%

7/18

200+

Yes

1.68%

3.11%

0%

8/18

60+

Yes

1.60%

0.05%

0.16% / 0.26%

9/18

40

Yes

2.94%

3.17%

1.50%

10/18

20+

Yes

1.24%

1.67%

0.50%

11/18

15

Yes

1.99%

0.41%

0.10% / 0.20%

12/18

40

Yes

1.23

2.63%

0%

13/18

300+

No

3.42%

0.41%

0.41%

14/18

140+

No

4.54%

3.07%

0%

15/18

65+

No

N/A

0.05%

0.40% / 0.60%

16/18

16

Yes

2.51%

2.82%

0.20%

17/18

29

Yes

2.44%

4.19%

0%

Gate.io

Gate.io [banned]

N/A

1000+

No

2.92%

0.00%

0.20%

Best Alternatives

Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.  

Newton.co
  • 2022 Winner: Best Overall
  • Low fees, 70+ coins, great user interface
  • No advanced features, limited features overall
VirgoCX
  • Low all-around fees
  • Free crypto withdrawals for many coins
  • Beginner + Advanced Features
  • User interface can be better
NDAX.io
  • Lowest overall fees for Canadians (0.49% total BTC purchase fee)
  • Beginner + Advanced features + Staking
  • Only 30+ coins
  • Slightly higher withdrawal fees
Binance
  • Lowest spreads and fees if you fund your account with crypto
  • 600+ cryptocurrencies
  • Most features in the industry
  • Restricted in Ontario
  • Not beginner friendly
  • Low spreads and fees if you fund your account with crypto
  • 500+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Best Crypto Exchanges Canada

Find the best crypto exchanges in Canada with our free comparison tool


Netcoins

Netcoins

Get $60 Free When You Trade $100 or More

Netcoins Pay Visa Card

Netcoins Pay

Get 3% Bitcoin cash back for 90 days

Best Crypto Exchanges Canada 2022

Newton.co

1. Newton

NDAX

2. NDAX

VirgoCX

3. VirgoCX