Oleg Galeev

1 month ago

Netcoins.ca Review: Should Canadians Use It?

Netcoins Review featured image

Netcoins.ca is a cryptocurrency exchange for Canadians owned by Bigg Digital Assets, a publicly-traded company. Netcoins is specifically designed for Canadians so we wanted to see if it is worth using. Is Netcoins legit? Find out in our Netcoins review. 

Netcoins Summary

Mitchell Demeter founded the world’s first bitcoin ATM in Vancouver, Canada in 2013. In 2014, he founded Netcoins, which provided virtual bitcoin ATMs to other businesses all around the world. Since then, Netcoins has evolved into a trading platform. Designed for beginners, Netcoins offers a simple user interface allowing its users to buy popular cryptocurrencies easily. You can buy Bitcoin as well as altcoins like Ethereum, Stellar lumens, Litecoin, Bitcoin Cash and USDC. There are free deposits and withdrawals but high trading fees at 0.5% for every trade. 

  • Netcoins.ca logo

    7.0/10

  • Pros & Cons

    • Free fiat and crypto deposits
    • Free fiat withdrawals
    • Interac e-Transfer available
    • Phone support
    • Licenced and regulated in Canada
    • Educational resources available
    • Great customer service
    • Few cryptocurrencies available
    • Terrible verification process
    • No credit/debit card purchases
    • CAD only
    • High trading fees
    • Unclear security measures
  • Fees

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

    Bitcoin as well as altcoins like Ethereum, XRP, Stellar lumens, Litecoin, Bitcoin Cash and USDC

Netcoins Features

Netcoins.ca features mentioned on the official website

Netcoins offers a beginner-friendly trading platform and app that you can use to trade seven popular cryptocurrencies. You can make market orders or set limit orders and control the price you pay. There are helpful educational resources and guides on the website, and the mobile app has great reviews. Although Netcoins is lacking in features such as staking and lending and crypto cards, it’s a good crypto exchange for when you’re just looking to buy or sell crypto easily with Canadian dollars. What it lacks in features it certainly makes up for in ease of use and customer service. 

Netcoins Registration & Verification

To sign up with Netcoins, first, enter your email and password… seems easy at first.

Reviewing Netcoins.ca registration process

Before you can do anything else, you’ll be asked to acknowledge the risk statement and then answer some survey questions about your income and risk tolerance. 

Reviewing Netcoins.ca app registration

Once you’ve submitted that, you can browse the app or desktop platforms. To deposit funds and therefore trade you will need to go through the verification process… which is a pain. You must upload a copy of a government-issued ID, a selfie and a proof of address which can be a utility bill, bank statement, credit statement or government-issued certificate

Proof of residence with Netcoins.ca

The format to upload the documents is unclear. They do not accept screenshots and they do not specify what sort of file you need. Not only it’s weird and unclear, but also the automatic system checks your files after everything is uploaded. As a result, it took us 5 attempts to get verified. Hint: upload the file in PDF format. It was probably the most annoying verification process we ever experienced at OCryptoCanada. You must also verify your phone number. 

The verification process is rigorous due to FINTRAC regulations however we did not face such issues on these Canadian crypto exchanges.

Netcoins Fees

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

Netcoins fees are quite high, there are cheaper options available. Netcoins offers fast and free crypto and fiat deposits. Fiat withdrawals are also free but there is a small network fee for crypto withdrawals. Trading fees are high at 0.5%, so even though there are free deposits, it doesn’t make Netcoins cheap to use. You might be better off using an exchange such as Bitbuy that charges for deposits but has lower trading fees. 

Netcoins Currencies & Deposit Methods

Netcoins lists some of the most popular cryptocurrencies including bitcoin, Ethereum, Stellar, USDC, Bitcoin Cash and Litecoin. You can make free deposits of Canadian dollars or US dollars via Interac e-Transfer, wire transfer or online bill payment. Credit and debit cards are not accepted.

Netcoins Security and Safety

Is Netcoins.ca safe for Canadians to use? Yes, we think so. You can trade with peace of mind with Netcoins since it is owned by BIGG Digital Assets, a publicly traded company. A public company is regulated and has a duty to its shareholders to be transparent. It would not be good business for BIGG Digital Assets to buy a scam crypto exchange.

Registered as a Money Services Business with FINTRAC, Netcoins is fully regulated and compliant in Canada. Netcoins also utilizes the services of Bitrank and QLUE to stay compliant by monitoring wallet addresses and transactions for fraud and connections to criminal enterprises. 

While all of this looks good for Netcoins, we could not find any information about how they store customers’ funds. We highly recommend moving all the crypto assets from Netcoins to a proper crypto wallet for Canadians.

Two-factor authentication is available to keep your account secure. 

Netcoins Mobile and Desktop app

The app has a 4.8-star rating from 116 reviews on the Apple App Store. It does not have a rating on Google Play but has many 5-star reviews. 

Using netcoins.ca app

The app is easy to use and very beginner-friendly. You can view your portfolio, open orders and transaction history, a buy and sell page and the deposit and withdraw page. You do not need to use the desktop platform to make limit orders; it can be done within the app. 

Netcoins Design and Usability

We already covered the registration process. It was extremely terrible in terms of usability. However, if you are able to get verified, Netcoins.ca has a fun and modern user interface with a clean blue and white colour scheme. The desktop platform is essentially the same as the mobile app. Netcoins has few features, which you may or may not like, but it is extremely easy to use and you won’t feel overwhelmed using the platform. The dashboard will show the latest market prices and you can use the sidebar to navigate to the deposit page and the buy and sell page. Both of these pages offer clear instructions on how to deposit funds or buy and sell. 

Checking netcoins.ca usability

Netcoins Customer support

If you need any support, Netcoins makes it easy for you to get in touch. They offer 24/7 live chat support as well as email and phone support. It’s rare that a crypto exchange has phone support so Netcoins gets a big plus for this. Their customer support has an impressive 4.6-star rating on TrustPilot – the highest we’ve ever seen. Reviewers say that Netcoins is one of the best exchanges and their support team responds quickly. It shows that Netcoins values its customers and does everything it can to help. 

Conclusion

Is Netcoins.ca legit? Absolutely. When it comes to Canadian crypto exchanges, Netcoins is okay but not near the top. Although trading fees are high and security measures are unclear, the customer service is one of the best-rated we’ve seen. Equally, the mobile app is one of the highest-rated we’ve come across and the trading platform itself is easy and enjoyable to use. What’s more, Netcoins is fully compliant with Canadian regulations and if you choose to use Netcoins, you’ll be using the exchange that kickstarted bitcoin ATMs and crypto adoption all around the world. 

We would still recommend doing a $100 trade CAD worth of crypto on Netcoins and getting a free $10 by using our sign-up link. If you do not like the exchange, it will be easy to transfer to a different exchange or crypto wallet.

Netcoins rated as a #14 in the list of the best crypto exchanges for Canadians

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