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.
Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication.
In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available.
Safety is paramount in the world of digital assets. Netcoins, backed by BIGG Digital Assets, a publicly traded company, has put significant emphasis on transparency and security. They utilize services such as Bitrank and QLUE to monitor potential fraud and connections to illicit activities. On the other hand, Wealthsimple Crypto assures its users of their assets' safety by providing insurance for coins up to $200 million through the Gemini Trust Company LLC™.
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.
Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform in Canada.
Both exchanges adhere to Canadian federal regulations, ensuring their legitimacy and reliability for Canadian users. Netcoins is registered as a Money Services Business with FINTRAC, positioning itself as fully compliant within the nation. Wealthsimple Crypto also stands tall in terms of regulation, with its operations fully regulated across all Canadian provinces, underpinning its commitment to providing a lawful and safe trading environment.
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.
Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly.
Client support can be a pivotal factor in determining an exchange's credibility and user satisfaction. Netcoins, with its 24/7 live chat support complemented by email and phone avenues, emphasizes its dedication to serving its user base efficiently. Feedback and response time have been commendable. Wealthsimple Crypto mirrors this commitment, offering a robust help center packed with insightful articles, live chat, email, and 24/7 phone support, ensuring users always have a channel to seek assistance.
Conclusion
While both Netcoins and Wealthsimple Crypto offer impressive platforms tailored for the Canadian market, Netcoins edges out as the winner. Its alignment with BIGG Digital Assets, comprehensive security measures, and unparalleled customer support make it an attractive option for Canadians delving into cryptocurrency in 2024.
Netcoins stands out with its 24/7 uninterrupted trading availability, ensuring users can access the market anytime without delays. This is particularly useful compared to Wealthsimple Crypto that may experience downtime or maintenance. Additionally, Netcoins offers limit orders, which give traders more control over their buy/sell strategies—something not all platforms provide. Personalized price alerts are another feature that keeps users ahead of market shifts, offering a competitive edge when compared to exchanges with fewer notification options.
Wealthsimple Crypto has recently enhanced its platform to better compete with other exchanges. The introduction of crypto swaps allows users to exchange one cryptocurrency for another directly, reducing trading fees and streamlining the process. With support now extended to over 60 different coins, investors have a broader selection to choose from. Additionally, Wealthsimple offers staking options with potential annual yields of up to 11%, providing an opportunity for passive income that may surpass offerings from other exchanges. The platform has also addressed past limitations by enabling users to send and receive cryptocurrencies to and from external wallets, significantly improving flexibility and aligning with features commonly found on other leading platforms.
We recommend choosing Netcoins over Wealthsimple Crypto 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 Wealthsimple Crypto 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.
