Security Compliance
Netcoins keeps the majority of client crypto in cold storage with custodian BitGo, whose private keys live in air-gapped offline systems, while hot wallet operations run through Fireblocks. Two-factor authentication is mandatory for withdrawals, and multi-signature wallets add another layer. Its parent company's blockchain surveillance technology monitors wallet addresses and transactions for fraud and links to criminal enterprises. Netcoins has operated since 2014 without a hack.
Bitvo's exit was orderly and its record clean. It was a CSA-registered restricted dealer that operated on a full reserve basis, meaning it never lent customer funds, and held client assets with third-party custodians BitGo, with over 80% in cold storage. No customer funds were lost in the wind-down, and its refusal to close the FTX deal after the collapse protected its clients from being dragged into the largest fraud in crypto history.
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 one of the most regulated exchanges in Canada. Beyond its FINTRAC MSB registration, it has been registered as a Restricted Dealer with the Canadian securities regulators in every province since 2021, among the very first platforms to achieve this, and is working toward full investment dealer registration and CIRO membership. Its parent, BIGG Digital Assets, is publicly traded and must publish audited financial statements, adding a transparency layer most private exchanges can't match.
Bitvo was registered with FINTRAC and as a restricted dealer with Canadian securities regulators, and that registration shaped its ending: rather than collapsing, its client accounts were transferred to another registered platform under regulatory oversight. Its successor chain: Bitvo clients to Bitbuy (November 2023), Bitbuy's parent WonderFi to Robinhood (2025). Former Bitvo customers with account questions should contact Bitbuy support.
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 offers email, live chat and phone support seven days a week, and phone support remains rare among crypto exchanges. Its reputation for customer service is strong, with reviewers consistently praising the fast, human support and quick verification, though some negative reviews cite blocked withdrawals during compliance checks. Check the live Trustpilot page for the current rating before quoting a number.
There is no Bitvo support team anymore. Former customers should reach out to Bitbuy, which assumed servicing of migrated accounts. If anyone contacts you offering to recover Bitvo funds for a fee, treat it as a recovery scam.
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.
