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

Oleg Galeev

Last updated May 25, 2024

As the world of cryptocurrency continues to evolve, so does the need for secure, user-friendly trading platforms. Netcoins and Uphold emerge as two dominant players in the Canadian market, each offering unique features, yet with certain distinctions worth examining.

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.

Uphold is a multi-asset platform that allows you to trade more than 66 cryptocurrencies, 50 US stocks and four precious metals. You can trade crypto for stocks or stocks for crypto, instantly.

Coins

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

70+

Fees

  • Free deposits
  • Free fiat withdrawals
  • 0.5% trading fees
  • 1.8% spread on crypto for Canadians
  • 3% spread for precious metals
  • 1% spread for US equities
  • 3.99% credit card fee
  • $3.99 withdrawal fee to US/EU/UK banks
  • Free deposits from US/EU/UK banks
  • Free debit card purchases

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
  • Wide range of cryptocurrencies
  • Trade stocks and precious metals 
  • Swap crypto for stocks or metal in seconds
  • Recurring buy/sell orders
  • 50 simultaneous Limit orders allowed
  • Free debit card purchases

Cons

  • Few cryptocurrencies available
  • No credit/debit card purchases
  • CAD only
  • High trading fees
  • High spreads
  • Uphold debit card not available to Canadians
  • Bank deposits/withdrawals not available for Canadians 
  • 3.99% credit card processing fee
  • Lack of search filters for equities

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

Debit card

Security

  • 2FA available
  • Registered with FINTRAC

Mobile and Desktop Trading

When it comes to trading on the go, both platforms have risen to the occasion. Netcoins boasts a commendable mobile application with a 4.0-star rating from Apple App Store users and multiple positive reviews on Google Play, highlighting its user-centric approach. Its desktop platform mirrors the mobile app, offering a seamless transition between devices. Uphold, on the other hand, presents a bit of a mixed bag. Its application receives a 4,6-star rating on the Apple App Store and a 4,5-star rating on Google Play. Users frequently mention occasional bugs and a slow verification process. Nevertheless, their desktop interface is lauded for its straightforward design and easy navigation.

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)

Uphold

Uphold’s app has a 3.5-star rating from 5,000 reviews on the Apple App store and a 3.2-star rating from 18,000 reviews on Google Play. Some reviewers have said the app is slow and buggy, with the verification process being particularly slow.

Uphold is easy to use for beginners. There is a quick trade option called “Anything to Anything”. All you need to do is enter the asset you want to trade, the amount, and the asset you wish to swap it for. You can trade crypto to stocks, stocks to metal etc. in just a few clicks. 

Uphold desktop trading app screenshot

Uphold desktop app

Uphold mobile app screenshot

Uphold mobile app while trading

Reviewing Uphold crypto exchange app and asset types for trading

Uphold main screen 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.

To secure your Uphold account, you can enable two-factor authentication.

Uphold trading platform utilizes cold storage for your safety.

Security is paramount in the world of digital assets. Netcoins flaunts its association with BIGG Digital Assets, a publicly traded company, thus implying a higher level of transparency and trustworthiness. They further harness the services of Bitrank and QLUE for robust transaction monitoring. On the flip side, Uphold speaks mainly about compliance, leaving users yearning for more in-depth information on technological security measures. Although both platforms offer two-factor authentication, the depth of Netcoins' proactive security measures seems to provide an edge.

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.

Uphold is fully regulated in the USA. They are compliant with the Office of Foreign Assets Control (OFAC) and record keeping regulations with the Bank Secrecy Act (BSA). It's Canadian-friendly as well.

In terms of compliance within the Canadian framework, Netcoins stands tall, being fully regulated and registered as a Money Services Business with FINTRAC. This highlights its commitment to adhering to national standards. Uphold, while not explicitly mentioning Canadian compliance, showcases its adherence to regulations in the United States and boasts of a transparency page detailing their currency reserves.

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.

Uphold has good reviews about their customer service teams. They offer help centres on their website and within the app. 

You can contact Uphold’s customer support via their online ticketing system on their website. 

Netcoins goes above and beyond in the realm of customer service, providing 24/7 live chat, email, and even rare phone support. User interactions with their support have generally been met with swift and efficient resolutions. Uphold takes a more digital-first approach, directing users to an online ticketing system. Reviews indicate a satisfactory response rate, though they lack the comprehensive touchpoints offered by Netcoins.

Conclusion

Both Netcoins and Uphold provide solid platforms for Canadians to delve into the world of cryptocurrency. However, when taking into account security, customer service, and a tailored experience for Canadians, Netcoins emerges as the winner. Its commitment to transparency, user experience, and robust security measures makes it a more favorable choice for those navigating the Canadian crypto waters.

We recommend choosing Netcoins over Uphold 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 Uphold 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.