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Netcoins vs. Bitcoin Well: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

Cryptocurrency exchanges have been flourishing in Canada, with Netcoins and Bitcoin Well both establishing significant presences. While Netcoins traces its roots to the advent of the first Bitcoin ATM, Bitcoin Well presents itself as a hub for crypto enthusiasts of all levels.

Description

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.

Bitcoin Well is a Canadian crypto trading platform that gives customers the choice of buying bitcoin with funds from their bank or with cash at one of their 280 Bitcoin ATMs across Canada. Both methods send the crypto directly to the customer’s wallet saving both time and money.

Coins

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

Bitcoin only

Fees

  • Free deposits
  • Free fiat withdrawals
  • 0.5% trading fees

Usually, it's 0.5% for transactions. In your account dashboard, you’ll find a selection of fees and process times. If you don’t mind receiving your bitcoin within 24 hours, then you can select the cheapest option. 

Pros

  • 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
  • Immediate self-custody of assets
  • Option to buy bitcoin privately with cash
  • Buy online with Visa debit, e-Transfer or wire
  • No withdrawal fees or wait times
  • Public Company which offers transparency

Cons

  • Few cryptocurrencies available
  • No credit/debit card purchases
  • CAD only
  • High trading fees
  • Only Bitcoin available 
  • Not the cheapest fees
  • No advanced order types

Account Limits

  • $10 min for Interac e-Transfer
  • $500 min for wire transfer
  • $50 min for online bill payment
  • minimum of $100 payment
  • $50,000 transaction limit.
 
 

Methods to buy

  • Interac e-Transfer
  • Bank wire
  • Online bill payment

Security

  • 2FA available
  • Registered with FINTRAC

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

Mobile and Desktop Trading

Netcoins' app boasts an impressive 4.0-star rating on the Apple App Store and has received 4.0 on Google Play, showcasing its efficient and beginner-friendly nature. On the desktop front, both exchanges offer a user-centric design, providing an intuitive environment for cryptocurrency trading, irrespective of the user's expertise level.

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)

Bitcoin Well

Bitcoin Well has a simple website since most of the transactions happen either in person at a Bitcoin ATM or via your bank. Once your account is verified, you’ll have full access to your online dashboard.

Transaction limits on Bitcoin Well

Setting up the account with Bitcoin Well

Security Compliance

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.

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

Netcoins rides on the trustworthiness of being owned by BIGG Digital Assets, a publicly traded company, implying a degree of transparency and regulation. They further enhance their credibility by being registered with FINTRAC and utilizing services like Bitrank and QLUE for consistent monitoring. However, the exact methods of how they store users' funds are not distinctly provided. Bitcoin Well, meanwhile, emphasizes its advanced security measures, including multi-factor authentication and cold storage solutions. Both platforms advocate for strong security measures, but Netcoins' public ownership adds an extra layer of trustworthiness.

Regulatory Compliance

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.

Bitcoin Well is registered with FINTRAC and fully legal in Canada.

Adherence to regulations is paramount in ensuring user trust. Netcoins is registered as a Money Services Business with FINTRAC, showcasing its commitment to Canadian regulatory compliance. Similarly, Bitcoin Well prides itself on its complete alignment with Canadian legal standards. Both exchanges emphasize transparency and adherence to national regulations, ensuring their users are trading within the legal framework.

Customer support

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.

Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good.  If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus. 

Netcoins stands out with its 24/7 live chat support, complemented by email and phone support - a rare feature in the crypto world. Their swift responses, as seen in real-time user interactions, solidify their dedication to customer service. Bitcoin Well, in contrast, maintains a reputation for top-tier customer support, ensuring that any queries or concerns are addressed promptly and efficiently.

Conclusion

While both exchanges showcase robust features and a strong commitment to user satisfaction, security, and compliance, Netcoins slightly edges out as the winner. Its deep-rooted history, combined with its commitment to transparency, being publicly traded, and its stellar customer support system, provides an experience that feels both secure and user-centric.

We recommend choosing Netcoins over Bitcoin Well for your cryptocurrency trading needs. By opting for Netcoins through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Netcoins nor Bitcoin Well 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.