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.
It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.
Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.
Both Netcoins and Bitvo take security seriously. Netcoins is owned by BIGG Digital Assets, a publicly traded company, and utilizes services like Bitrank and QLUE to monitor wallet addresses and transactions for fraud. However, there's no detailed information about how customer funds are stored.
Bitvo claims to store 95% to 100% of digital assets in third-party cold storage and holds customers' fiat funds in segregated bank accounts. They also have a multi-layered firewall infrastructure for additional protection.
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.
Bitvo is registered with FINTRAC and is compliant with Canadian regulations.
Both exchanges are compliant with Canadian laws. Netcoins is registered as a Money Services Business with FINTRAC and Bitvo is a registered Money Service Business in Canada, making them both regulated entities under Canadian federal law. Compliance with FINTRAC regulations ensures these exchanges adhere to required standards for customer identification, record keeping, and reporting.
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.
Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.
Netcoins has a robust customer support system, offering 24/7 live chat, email, and phone support. It has an excellent Trustpilot rating with 85% "excellent" reviews, highlighting its efficient customer service.
Bitvo too provides round-the-clock customer support, encompassing live chat, email, and phone assistance. This positions them among a limited number of crypto exchanges that extend phone support to their users.
Conclusion
Both Netcoins and Bitvo are competent platforms for Canadians looking to trade cryptocurrencies. However, Netcoins comes out on top, offering a simpler, beginner-friendly platform that has received glowing reviews from its users. Despite higher trading fees and some ambiguity in its security measures, Netcoins shines in its exceptional customer service, ease of use, and overall customer satisfaction.
We recommend choosing Netcoins over Bitvo 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 Bitvo 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.
