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Netcoins vs. BitMEX: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

Netcoins and BitMEX are both reputable cryptocurrency exchanges serving a global clientele. While Netcoins primarily targets Canadians with its beginner-friendly platform, BitMEX caters to experienced traders with its advanced derivative trading options.

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.

BitMEX is a crypto derivatives exchange that offers futures trading, and perpetual contracts. BitMEX aims to become the world’s largest regulated derivatives exchange. You cannot deposit fiat on BitMEX, only BTC and USDT. The exchange is aimed at experienced traders.

Coins

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

Bitcoin, Ethereum, Terra, Solana, XRP, EOS, Stellar, Tron, Litecoin, Chainlink, Polkadot, Dogecoin, Binance Coin, Bitcoin Cash, Axie Infinity, Avalanche, Cardano

Fees

  • Free deposits
  • Free fiat withdrawals
  • 0.5% trading fees
  • Free USDT or BTC deposits
  • Free BTC withdrawals
  • Variable USDT withdrawal fees
  • 0.01%/0.05% maker/taker fees

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
  • Low trading fees
  • Advanced order types
  • No BTC deposit/withdrawal fees
  • Futures/perpetual trading

Cons

  • Few cryptocurrencies available
  • No credit/debit card purchases
  • CAD only
  • High trading fees
  • Not suitable for buying crypto
  • USDT withdrawal fees
  • Only suitable for traders who understand contracts trading
  • No fiat deposits

Account Limits

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

Low

Methods to buy

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

Security

  • 2FA available
  • Registered with FINTRAC
  • All BTC held in cold storage
  • Two employees audit all BTC withdrawals
  • BTC deposit addresses externally verified
  • Multisignature wallets

Mobile and Desktop Trading

Netcoins has a highly rated mobile app with a score of 4.0 stars from 200 reviews on the Apple App Store. Their app is lauded for its user-friendly interface, allowing beginners to navigate easily. BitMEX also has a comprehensive mobile application, matching their desktop platform's advanced features, suitable for seasoned traders. However, its complexity might not be ideal for beginners.

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)

BitMEX

BitMEX’s exchange is confusing, but that’s because it is aimed at experienced traders who understand perpetual and futures contracts trading. BitMEX has a more outdated interface than Kucoin, making it seem clunky and old. However, the lighter colour scheme makes it easier to see the different menus and tabs.

There is a tab for each cryptocurrency market available, which makes it somewhat easy to navigate, view charts and order books.

To start trading contracts, you will need to sign up but you only need to provide an email address to do so. Once you have deposited your Bitcoin or USDT, you can use that to trade for the other cryptocurrencies available.

Leverage is one of the main features of BitMEX and the platform offers a handy leverage slider that can be adjusted to your risk when you trade.

BitMEX is only available as a desktop platform.

Bitmex desktop app

Bitmex desktop app

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.

BitMEX is stating that it utilizes cold storage for all of the bitcoin funds. BitMEX also uses multi-signatures wallets and every bitcoin withdrawal is audited by hand by at least two BitMEX employees. All bitcoin deposit addresses sent by BitMEX are externally verified to ensure the keys match those of the founders. If they do not match, BitMEX will shut down and halt trading. 

Netcoins is owned by BIGG Digital Assets, a publicly traded company, ensuring transparency and regulatory compliance. It's registered with FINTRAC and employs transaction monitoring to mitigate fraud. However, details about fund storage are unclear. BitMEX also maintains high-security measures with multi-signature deposits and withdrawal schemes, and offline storage of funds.

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.

BitMEX withdrew operations in Ontario, but was not officially named by the OSC. BitMEX is still operational in other Canadian provinces but it is facing legal trouble with the USA due to allegedly offering securities trading illegally. 

While you can use BitMEX safely, trade at your own risk and be aware that they could cease trading in Canada due to regulations. 

Netcoins is fully compliant with Canadian regulations as a registered Money Services Business with FINTRAC. BitMEX, on the other hand, has faced regulatory issues in Ontario and may not be available in certain parts of Canada due to local regulations.

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.

BitMEX offers support via a contact form on their website and has a detailed FAQ section as well. 

Netcoins provides 24/7 customer support via live chat, email, and even phone - a rarity among crypto exchanges. Their quick response times have earned them a high trust rating. BitMEX provides customer support through email with a ticketing system, but response times can vary.

Conclusion

Both Netcoins and BitMEX serve their target audiences well. BitMEX is more suited to experienced traders seeking advanced features and derivatives trading, while Netcoins is more catered to beginners and those preferring a straightforward trading experience. Due to its beginner-friendly interface, excellent customer service, and compliance with Canadian regulations, Netcoins edges out as the winner for Canadians looking to enter the crypto market.

We recommend choosing Netcoins over BitMEX 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 BitMEX 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.