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Netcoins

Netcoins

36

Coins 

0.50%

Trading Fee 

Vancouver

HQ

Last Updated Sep 27, 2022  |  Affiliate Disclosure

  • Review

  • Details

  • Alternatives

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.

Netcoins

Overview

Coins Offered

36

Trading Fee

0.50%

Total BTC Purchase Fee

1.24% (6th place out of 18)

Fiat Wallets

CAD, USD

Funding Methods

Interac e-Transfer (Free)

Wire Transfer (Free)

USD Wire Transfer (Free)

Key Features

Easy user-interface

Publicly traded

Bitcoin rewards card

35+ coins

BTC Withdrawal Fee

0.00025 BTC

Promotion

1. Get $25 free when you deposit $100

2. AND get 3% Bitcoin cash back for first 90 days

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?

  • Web app

  • Mobile App

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 πŸ‡¨πŸ‡¦
  • 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.

Netcoins Web App Buy and Sell

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.

Fee Type

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

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

Price Test & Spread

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

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

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

Withdrawals

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

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

  • 2FA
  • Touch ID / Face ID login
  • Address whitelisting
  • View login history (IP addresses, devices, etc)
  • Setup authorized devices for logging in
  • No info on how they store their crypto, however it's likely in cold storage
  • No known insurance policy like some other exchanges

Company Security Features

  • Owned by BIGG Digital Assets, a publicly traded company (CSE: BIGG). This means regular audits, public financials, and more
  • FINTRAC Registered: MSB #M15560893
  • Founded in 2014. Never had any hacks or incidents
  • KYC required (must prove identity to use the platform)
  • No info on how they store their crypto, however it's likely in cold storage

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.

Netcoins Customer Support

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.

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

The Bottom Line

Netcoins is a secure platform and makes it easy for beginners to start trading. They have about 36 coins, a Bitcoin rewards Card and free Interac e-Transfers. However, Canada has some strong competitors and we did find some better options overall.

On the downside, the trading fees are 0.50% and the spreads were higher than other Canadian platforms. You also won't find advanced features, recurring purchases, or tons of altcoins if that's what you're looking for.  

Canada has many great exchanges and there might be something better for your needs. If you want lower fees, more coins, or advanced trading, you can find all of that on VirgoCX

Pros & Cons

  • Owned by a publicly traded company
  • Simple and clean user-interface
  • Great for beginners, regardless of experience
  • Free Prepaid Card with 3% Bitcoin cash back for 90 days then 1% afterwards
  • Only 36 coins
  • No advanced trading
  • Limited features compared to other platforms
  • 0.50% trading fees (NDAX was the lowest fee exchange in Canada)

Alex Dabek

RankFi.com (Contributor)

Alex is the owner of RankFi.com, where he covers all things Web3 and cryptocurrency. He's been passionate about blockchain technology since 2017 and has reviewed more than 100 crypto exchanges, brokers, and DeFi applications.