Netcoins

Netcoins is a Canadian cryptocurrency exchange which is owned by a publicly traded company. This review will go over a wide range of topics like fees, spreads, funding methods, and more.

At RankFi, we've reviewed 20+ Canadian exchanges since 2017. We've tried and tested the most popular apps so I'll tell you the pros and cons of Netcoins and how it compares to the competition. Let's jump in.

Don't want to read? Watch my video review published on Mar 14, 2022. However, refer to the blog post for the most up-to-date information.

What Is Netcoins?

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."

The first impressions of Netcoins are a simple and clean user-interface. The platform is geared towards beginners and the key features include 35+ cryptocurrencies, a Bitcoin rewards card, and Interac e-Transfers. It's also owned by a publicly traded company which adds a layer of safety.

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.

More Info:

• Headquartered in Vancouver 🇨🇦
• Founded in 2014
• Owned by BIGG Digital Assets (publicly traded)
• 30+ employees according to LinkedIn

Who Owns Netcoins?

Netcoins is owned by BIGG Digital Assets, a publicly traded company on the Canadian Securities Exchange (CSE). BIGG Digital Assets owns, operates, and invests in a variety of cryptocurrency-related companies.

Key Features

Netcoins main features are it's 35+ coins. easy user-interface, Bitcoin rewards card, and Interac e-Transfers. It's also securely owned by a publicly traded company. 

Depending on your needs, Netcoins might have everything you want or be very limited. 35+ coins is below the Canadian average of 50+ coins. So you might also need an altcoin exchange like Binance or if you're in Ontario, KuCoin. There is also 0.50% trading fees and no advanced trading, recurring purchases, or additional features on Netcoins.

Let's see everything Netcoins has to offer:

Trading Dashboard

Regardless of your experience level, Netcoins makes it easy to trade Bitcoin and cryptocurrencies. As you can see in the screenshot below, they have a simple user interface that's also accessible on their mobile app. You can place Instant (market) orders or limit orders. On the downside, advanced traders will have to go somewhere else (like NDAX) because there are no charting tools, advanced order types, or pro trading features.

36 Coins Offered

Netcoins currently has 36 cryptocurrencies. You'll find the large market cap coins like BTC, ETH, DOGE, DOT, USDC, SOL, SHIB, GALA, SAND, ADA, and more. You can view all coins offered on their home page.

The average Canadian platform has over 50 coins and on CoinMarketCap, there are 20,000+ cryptocurrencies worldwide. If you're looking for a variety of altcoins, you should expect to use multiple exchanges or wallets. You can check out my guide on how to buy any altcoin in Canada. That being said, Netcoins can be a good fiat on/off ramp as your starting point. 

Netcoins Prepaid Visa

If you want to earn Bitcoin cash back instead of points or airmiles, then Netcoins Pay might be for you. It's a prepaid Visa card so it works like a debit card but rewards you like a credit card. You'll get 3% Bitcoin cash back on your first 90 days, then 1% afterwards. Since it's a prepaid card there is no credit check involved or minimum income requirements. The card is completely free and comes in physical and virtual form.

Publicly Traded

Netcoins is on a small list of crypto exchanges that are publicly traded on the stock market. It's owned by a company called BIGG Digital Assets. Although most Canadian exchanges are safe, this might help you sleep better at night since it adds a layer of safety that other exchanges can't. Being publicly traded means all financials are public and regular audits are conducted.

Other publicly traded crypto exchanges include Coinbase, Bitbuy, Coinberry (soon), Coinsmart, and Wealthsimple. 

Other Netcoins Features

• Free CAD deposit and withdrawals
• Referral program: You both get $25 free when they trade $100 or more
• Deposit USD and set USD or CAD as the base currency for your account
• Price Alerts
• Credit card purchases (although it has high fees)

Opening An Account

How Long Does Netcoins Take To Verify?

Netcoins is one of the fastest places to open an account. I completed the entire process in under two minutes. Netcoins has an automated KYC process that allows users to get verified instantly. Once you fill out your name, address, and some other info, you should be instantly verified and ready to deposit and trade.

Fees & Spread

Fees are one of the most important things to consider when choosing an investment platform. However, looking at trading fees alone can be misleading. You must also look at the spreads which are often a hidden fee. So I tested 18 platforms on the same day and time. Here is how Netcoins performed. 

All fees considered, Netcoins's Total BTC Purchase Fee was 1.24% (6th place out of 18). The Total BTC Selling Fee was 1.42% (8th place) and the BTC spread was 1.67% (11th place). 

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%. You can compare all platforms tested here.

Deposit & Withdrawals

Netcoins is a good fiat on/off ramp for Canadians. All CAD deposits and withdrawals are free of charge. They also have the convenient options of Interac e-Transfer and wire transfer. You also have the option to fund and withdraw USD.

Deposits

Withdrawals

Security

Netcoins' parent company is a publicly traded company. They are also FINTRAC licensed and regulated as a Money Service Business in Canada. So if you use Netcoins, you'll be sure you're dealing with a legitimate company. They also have additional features like 2FA and have been operating since 2014 with no hacks. 

Although Netcoins is considered safe, it's not ideal to hold coins with a third party. There are recent examples like Celsius halting withdrawals and many more throughout the years. For maximum security, it's always recommended to store crypto on a hardware wallet like the Ledger Nano S. Especially, for crypto you're HODLing long term.

In addition, Netcoins offers the following security features we found:

User Security Features

Company Security Features

Customer Support

Netcoins offers live support 7 days a week via chat, phone and email. You can also access articles and FAQs in their knowledge desk. We have not tested their customer service so we cannot vouch for the quality or speed of their responses.

• Phone: (1-844-515-2646)
• Live Chat or Open a Ticket: (https://netcoins.ca/contact-us/)
• Email: (support@netcoins.ca)
• FAQs: (https://netcoins.zendesk.com/hc/en-us)

Netcoins Compared

Netcoins vs. Newton

Both platforms are easy to use but Newton has more to offer with lower fees. Netcoins has 35+ coins, 0.50% trading fees, and a 1.24% total BTC/CAD purchase fee when tested. Newton has 70+ coins, zero trading fees, and a 0.69% total fee.

Netcoins vs. Wealthsimple

Wealthsimple is better for stocks but Netcoins is the better choice for crypto. Wealthsimple has 40+ cryptocurrencies (versus 35+ for Netcoins) and more features to offer. However, the total BTC purchase fee was 2.94% (versus 1.67%) making it one of the most expensive crypto platforms in Canada.

The Bottom Line