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Netcoins vs. Wealthsimple Crypto: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

In the fast-paced world of cryptocurrency exchanges, Canadian investors often find themselves comparing Netcoins and Wealthsimple Crypto. These platforms, while serving a similar core purpose, showcase distinct features and offerings, making them unique in their own rights.

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.

Wealthsimple is a Canadian trading platform that offers several popular cryptocurrencies. You can connect your bank account, move funds from different investment accounts, and buy crypto in CAD.

Coins

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

Over 30 coins, e.g. Bitcoin, Ethereum, Litecoin, EOS, Stellar, LINK, AAVE, Solana (SOL)Cardano (ADA)Polkadot (DOT), Dogecoin (DOGE), Polygon (MATIC), and a few stable coins.

 

Fees

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

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
  • Offers 30 popular cryptocurrencies
  • Easy to use
  • Can transfer funds between investment accounts
  • Secure and trustworthy
  • You can set limit orders
  • $200M insurance
  • Free CAD bank transfers and withdrawals

Cons

  • Few cryptocurrencies available
  • No credit/debit card purchases
  • CAD only
  • High trading fees
  • High trading fees
  • Cannot move crypto to a private wallet yet

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

CAD Bank transfer

Security

  • 2FA available
  • Registered with FINTRAC
  • Coins are insured for $200 million by Gemini Trust Company LLC™
  • Fully regulated in all Canadian provinces
  • Touch/Face ID

Mobile and Desktop Trading

Both Netcoins and Wealthsimple Crypto have made significant strides in ensuring their platforms are user-friendly and accessible. Netcoins boasts an impressive 4.8-star rating from 116 reviews on the Apple App Store, reflecting its robust performance and user experience and a 4.0 rating on Google Play. Wealthsimple Crypto isn't far behind, with a notable 4.7-star rating from 121,000 reviews on the Apple App Store and a 4.6-star rating from 41,000 reviews on Google Play. On the desktop front, both exchanges offer sleek interfaces that promote ease of use, making trading seamless for both beginners and seasoned traders.

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)

Wealthsimple Crypto

Wealthsimple’s Trade app has a 4.7-star rating from 121,000 reviews on the Apple App Store, and a 4.6-star rating from 41,000 reviews on Google Play.

The app makes it easy to switch between all of your investment accounts, and see exactly how much you have in each one. The desktop trading platform is essentially the same and allows you to deposit and withdraw, buy and sell, and view charting for different cryptocurrencies. It has a simple interface making it easy for beginners. 

Wealthsimple desktop app screenshot

Wealthsimple desktop app

Wealthsimple crypto trading main screen

Wealthsimple crypto trading main screen

Wealthsimple mobile app screenshot

Wealthsimple Crypto Mobile app

Buying crypto with Wealthsimple Crypto

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.

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.

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.