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ByBit vs Netcoins: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

This comparison is between two significant players in the cryptocurrency exchange market: ByBit and Netcoins. As two different platforms serving varied audiences, ByBit offers a global reach with advanced trading features, while Netcoins specifically caters to Canadians, providing a simpler, beginner-friendly experience.

Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Bybit over Netcoins.

Description

ByBit is a global cryptocurrency exchange with headquarters in Dubai with over 100 cryptocurrencies to trade. Unfortunately, ByBit has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget.

Netcoins is a Canadian crypto exchange owned by a publicly-traded company called Bigg Digital Assets. Netcoins was founded by Mitchell Demeter who created the world’s first Bitcoin ATM in 2013.

Coins

1000+ crypto coins

Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, EOS, USDC, Algorand, XRP, Avalanche, Ethereum Classic, SHIB, DOGE, MATIC, AXS, Cardano, Solana, Polkadot

Fees

  • Low trading fees 
  • Approx 5% third party fees for e-Transfer
  • Approx 3% card payment fees
  • No P2P fees
  • Free deposits
  • Free fiat withdrawals
  • 0.5% trading fees

Pros

  • 100+ cryptocurrencies
  • Staking and lending
  • Yield farming
  • OTC Desk
  • NFT Marketplace
  • Copy trading
  • Low trading fees
  • Verification not necessary
  • Free fiat and crypto deposits
  • Free fiat withdrawals
  • Interac e-Transfer available
  • Phone support
  • Instant verification
  • Licenced and regulated in Canada
  • Educational resources available
  • Great customer service

Cons

  • Won't be available in Canada in October 2023
  • Advanced trading platform can be confusing for beginners
  • Only card payments or third-party transfers
  • No CAD deposits
  • Few cryptocurrencies available
  • No credit/debit card purchases
  • CAD only
  • High trading fees

Account Limits

A peer-to-peer trading limit of $1000 per day and a withdrawal limit of 2 BTC per day

  • $10 min for Interac e-Transfer
  • $500 min for wire transfer
  • $50 min for online bill payment

Methods to buy

  • CAD deposits are not available
  • You can deposit  by card payment, a third-party such as Banxa (3% commission)
  • Peer-to-peer marketplace
  • Interac e-Transfer
  • Bank wire
  • Online bill payment

Security

  • ByBit uses cold storage for assets
  • 2FA
  • 2FA available
  • Registered with FINTRAC

Mobile and Desktop Trading

Known for its advanced trading platform, ByBit offers all essential tools for advanced trades and technical analysis. The desktop platform provides a detailed view of trading pairs, order history, and trading volume. The ByBit mobile app for iOS holds a 4.2-star rating from 689 reviews, and on Google Play, it has a 4.7-star rating from 76,000 reviews. The mobile app offers a condensed version of the desktop platform with an intuitive UI.

Tailored for beginners, Netcoins offers a simple and user-friendly trading platform and app for seven popular cryptocurrencies. With great reviews on the Apple App Store (4.0-star rating from 194 reviews) and 4.1-star reviews on Google Play, the Netcoins mobile app enables users to view their portfolio, make limit orders, and handle deposits and withdrawals.

ByBiy

ByBit has a mobile app for both iPhone and Android users. On iOS, the ByBit app has a 3.9-star rating from 689 reviews. On Google Play it has a 4.3-star rating from 76,000 reviews.

Desktop view for ByBit app

Desktop view for ByBit app

ByBit's Desktop app main screen

One-click buy on ByBit

One-click buy on ByBit App

ByBit's mobile app screenshot from my account

ByBiy app main screen

Netcoins

Netcoins’ trading platform is simple to use with a sidecar offering all you need including options to buy, sell and trade. Your dashboard has two big options to either deposit funds or deposit crypto.

Buying crypto with Netcoins is easy thanks to its simple trade feature.

The Netcoins app has a 4.1-star rating from 171 reviews on the Apple App Store. It has a 3.6-star rating on Google from 127 reviews. 

The app is easy to use and beginner-friendly. It is almost an exact copy of the desktop platform but optimized for mobile.

Netcoins trading screen

Netcoins Desktop App (trading screen)

Funding money to our account with Netcoins

Netcoins Desktop App (funding account)

Netcoins vs Coinsmart trading mobile app

Netcoins Mobile App (balances)

Netcoins vs Coinsmart bitcoin transaction in mobile app

Netcoins Mobile App (trading)

Security Compliance

ByBit is lacking in information about its security. ByBit uses cold storage for assets but it’s not clear what percentage of funds are held in cold storage. 

For users that want to secure their account, they can set up two-factor authentication using Google Authenticator. Users will need to open this app and enter the code whenever they wish to withdraw from their ByBit account. 

This year the Ontario Securities commission (OSC) accused ByBit of selling unlicensed securities to residents of Ontario. ByBit paid a $2.5M fine and has since restricted new account sign-ups from residents of Ontario. 

Netcoins utilizes the services of Bitrank and QLUE to stay compliant by monitoring wallet addresses and transactions for fraud and connections to criminal enterprises.

Two-factor authentication is available to help keep your account secure.

While ByBit does employ cold storage for assets, details about the proportion of funds in cold storage remain undisclosed. It offers two-factor authentication via Google Authenticator. However, it has faced legal action by the Ontario Securities commission over unlicensed securities.

As a publicly traded company, Netcoins provides a regulated platform, registered as a Money Services Business with FINTRAC. Despite the positive implications, it's unclear how customer funds are stored. Two-factor authentication is also available.

Regulatory Compliance

In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.

Netcoins is fully regulated in Canada. It is registered as a Money Services Business (MSB) with FINTRAC. Since Netcoins is also owned by Bigg Digital Assets, a publicly traded company, you can be sure that Netcoins is a safe exchange.

Following a conflict with the Ontario Securities Commission, ByBit is not compliant in Ontario and has restricted new account sign-ups from residents of this province.

Fully regulated and compliant in Canada, Netcoins is registered with FINTRAC. It uses the services of Bitrank and QLUE to monitor wallet addresses and transactions for fraud and potential links to criminal enterprises.

Customer support

ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange. You can also create a ticket on the website if you need to contact support. The chat support helped me within an hour and I had an issue with the withdrawal of TONCOIN.

Netcoins has excellent customer support with an impressive 85% excellent customer service reviews on Trustpilot with a 4.5-star rating. Netcoins offers email support, live chat and phone support, which is rare for crypto exchanges.

ByBit has an extensive support center on its website, and users can contact support by creating a ticket. However, some users reported issues with withdrawals.

Known for its excellent customer service, Netcoins offers 24/7 live chat support, along with email and phone support, a rarity in the crypto exchange industry. Its prompt and efficient support team is highly rated by users.

Conclusion

Both ByBit and Netcoins provide solid platforms for cryptocurrency trading, each with its strengths. However, due to its advanced trading features, global reach, and lower trading fees, ByBit stands out as the winner, especially for experienced traders. But remember, its non-compliance in Ontario and lack of clarity on security measures warrant caution for Canadian users.

Initially, we recommended choosing ByBit over Netcoins for your cryptocurrency trading needs. However, Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Bybit over Netcoins.

If you find that neither ByBit nor Netcoins meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.