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

Oleg Galeev

Last updated December 27, 2023

As the field of cryptocurrency trading expands, it becomes crucial to assess and compare leading platforms. In this comparison, we’re focusing on two major players, Netcoins and Coinbase, highlighting their key differences in areas such as user interfaces, security measures, regulatory compliance, 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.

Founded in 2012, Coinbase is a US-based cryptocurrency exchange with a simple interface making it a popular choice for Canadians looking to start their crypto journey. However, more Canadians are starting using local exchanges e.g. Bitbuy. Coinbase has 56 million users and became the first cryptocurrency exchange to have an Initial Public Offering.

Coins

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

50+ including BTC, ETH, XRP, LTC

Fees

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

Extremely High
3.99% buy fee
0.50% fee per trade

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
  • Simple and easy interface
  • Good for beginners
  • Secure exchange with cold storage
  • The most popular coins offered
  • Users can set up automatic recurring buys
  • Learn to earn crypto program

Cons

  • Few cryptocurrencies available
  • No credit/debit card purchases
  • CAD only
  • High trading fees
  • High fees
  • Fewer coins than Binance
  • Complaints of bad customer support
  • No Interac e-Transfer

Account Limits

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

High limit. Purchase limit depends on account age and other factors

Methods to buy

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

Debit card

Security

  • 2FA available
  • Registered with FINTRAC

2FA, coins held in cold storage with multi-signature wallets, KYC verification process

Mobile and Desktop Trading

Netcoins offers a user-friendly interface across both its mobile and desktop platforms. The Netcoins mobile app has a 4.0-star rating on the Apple App Store and a 4.0-star rating on Google Play, with users praising its straightforward navigation. The desktop platform is also well-received for its clean, intuitive layout.

Coinbase, a globally renowned platform, offers a smooth trading experience with its mobile and desktop versions. The Coinbase mobile app boasts a 4.7-star rating on the Apple App Store and a 4.1-star rating on Google Play. Its desktop platform is equally acclaimed, featuring a range of educational resources 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)

Coinbase

Coinbase app offers a clean white background with simple text. It's user-friendly and easy to navigate.

Coinbases’s app is almost identical to its desktop platform making it easy to trade crypto wherever you are. Safely store your debit card information and you can buy and sell top cryptocurrencies such as Bitcoin and Ether in just a few clicks. On the Apple App Store, Coinbase has a 4.7-star rating with 1.3 million ratings. On Google Play it has a 4.3-star rating with 453,000 ratings.

Reviewing Coinbase desktop version

Coinbase desktop interface

Coinbase main screen with features

Coinbase portfolio

Coinbase mobile app

Coinbase app interface

Made an order with Coinbase app

Coinbase app interface while trading

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.

Coinbase uses its own digital wallet for storing your cryptocurrency.

Coinbase keeps 98% of its cryptocurrency in cold storage. This makes it hard for thieves to steal crypto assets if the exchange is hacked. Cold storage is the most secure way to store cryptocurrency, so the fact that Coinbase does this is a huge plus.

Netcoins ensures robust security by keeping 95-98% of digital assets in offline, cold storage and maintaining stringent KYC processes. It also has comprehensive insurance coverage to safeguard against theft or fraudulent activities.

Coinbase, on the other hand, also maintains robust security measures, keeping about 98% of its assets in cold storage. It uses encryption for wallets and private keys, and all its employees undergo criminal background checks. Despite these measures, it's worth noting that the SMS-based 2FA used by Coinbase is generally considered less secure than other 2FA methods.

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.

Coinbase is a US-based cryptocurrency exchange, however, no restrictions for Canadians. Canadian residents can use Coinbase to their full capacity.

Netcoins is a registered Money Service Business in Canada and adheres to FINTRAC regulations. This shows its commitment to maintain stringent regulatory standards. While Coinbase is primarily regulated in the US, it operates in Canada and complies with the necessary 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.

Coinbase customer support is very slow. It took them 4 days to address our request to a real person. Even though they offer 24/7 support and a live chat option, the quality of the support is bad due to a very high volume.

Netcoins shines with its 24/7 customer support, including live chat and email support, coupled with its promise of same-day processing for registrations, deposits, and withdrawals.

Coinbase, on the other hand, has had a history of customer support issues. Although they've introduced 24/7 phone support to address customer concerns more promptly, numerous users have reported delays in request processing and overall service

Conclusion

While both Netcoins and Coinbase offer robust platforms for cryptocurrency trading, Netcoins stands out as the more favourable option for Canadians. With its user-friendly interface, robust security measures, clear regulatory compliance, and reliable customer support, it offers a more seamless and secure trading experience. Although Coinbase also provides a user-friendly platform and strong security measures, its customer support drawbacks make Netcoins the preferred choice.

We recommend choosing Netcoins over Coinbase 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 Coinbase 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.