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

Oleg Galeev

Last updated May 25, 2024

WonderFi and Bitbuy, its parent company, took over all Bitvo client accounts in 2023. This means Bitvo is now part of Bitbuy and isn't taking new sign-ups. If you're interested, sign up at Bitbuy instead. By using our referral link to sign up and depositing $250 in your account, you can receive a bonus of $50. Please note that the comparison provided below is now outdated and is preserved solely for educational and historical reference.

In this analysis, we’re comparing two Canadian cryptocurrency exchanges, Netcoins and Bitvo. Both exchanges are tailored for Canadians and offer unique features, but they vary in aspects like user interface, fees, and customer support.

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.

Bitvo is a cryptocurrency exchange that offers simple trading for Canadians. It's fully compliant in Canada and also has a crypto cash card that can be used for everyday purchases.

Coins

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

You can purchase Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin and more.

Fees

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

The only fee you will pay is a 1% withdrawal fee

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
  • No deposit fees
  • No trading fees
  • Low withdrawal fee
  • Beginner and advanced trading available
  • Bitvo Cash Card available
  • 24/7 customer support (including phone support)

Cons

  • Few cryptocurrencies available
  • No credit/debit card purchases
  • CAD only
  • High trading fees
  • 1% CAD withdrawal fee
  • Limited number of coins available
  • Only for Canadians
  • High spreads

Account Limits

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

A few withdrawal limits & deposit limit that could be found here

Methods to buy

  • Interac e-Transfer
  • Bank wire
  • Online bill payment
  • Interac® e-Transfer
  • Wire
  • Canada Post Load

Security

  • 2FA available
  • Registered with FINTRAC
  •  It holds 95% of assets in cold storage
  • 5% in hot storage
  • A multi-layered firewall infrastructure to protect the exchange

Mobile and Desktop Trading

Netcoins offers a simple, beginner-friendly platform available on both desktop and mobile devices. Its mobile app has a 4.0-star rating on the Apple App Store and 4.0-star rating on Google Play.

Bitvo, on the other hand, has a clean and intuitive platform but has lower mobile app ratings, with a 3-star rating on the Apple App Store. Some users suggest that the Bitvo mobile app experience is inferior to the desktop version.

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)

Bitvo

Bitvo’s mobile app does not have many ratings. Its iOS app has a three-star rating with 21 reviews and its Android app has a 3.1-star rating with 19 reviews. Some of the reviewers claim the apps are buggy and that the experience on their desktop exchange is better.

Bitvo desktop app main screen

Bitvo desktop app main screen

Bitvo desktop (trading view)

Bitvo desktop (trading view)

Bitvo mobile app

Bitvo mobile app

Bitvo app main screen

Bitvo app (main screen)

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.

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.