Netcoins.ca Review: We Spent $100 To Fully Test Their Platform

Netcoins.ca is a cryptocurrency exchange tailored specifically for Canadians and is owned by Bigg Digital Assets, a publicly traded company. As someone who has tested over 50 crypto exchanges, I wanted to explore whether Netcoins is worth using in 2024. Is Netcoins legit? Let’s dive into my detailed review to find out.

Netcoins Summary

Mitchell Demeter, a pioneer in the crypto space, launched the world’s first Bitcoin ATM in Vancouver, Canada, in 2013. A year later, he founded Netcoins, initially providing virtual Bitcoin ATMs to businesses worldwide. Since then, Netcoins has transformed into a beginner-friendly trading platform, offering a simple user interface for buying popular cryptocurrencies with ease.

Netcoins supports a variety of assets, including Bitcoin, Ethereum, Stellar Lumens, Litecoin, Bitcoin Cash, and stablecoins. The platform features free deposits and withdrawals, which is a great perk, but its trading fees are on the higher side at 0.5% per trade.

One standout feature is the Netcoins Crypto Credit Card, designed exclusively for Canadians. This card rewards users with 1% cashback in Bitcoin for every transaction, making it a unique way to earn crypto while spending.

Feel free to check our quick video review or scroll down for more details:

Netcoins Features

Netcoins provides a beginner-friendly trading platform and app, making it easy to trade seven popular cryptocurrencies. Users can place market orders or set limit orders to control the price they pay, offering flexibility for new and experienced traders alike. The platform includes helpful educational resources and guides on its website, while its mobile app has earned excellent reviews for its functionality.

Although Netcoins lacks advanced features like staking, lending, and more robust crypto card options, it’s a solid choice for Canadians who want a simple and reliable platform to buy or sell crypto using Canadian dollars. What Netcoins lacks in features, it makes up for in ease of use and responsive customer service, which is especially valuable for beginners.

While Netcoins is designed exclusively for Canadian residents, Canadians can still access the trading platform while abroad. The platform supports deposits in both Canadian and US dollars, offering added convenience for users.

Netcoins Registration & Verification

Signing up to Netcoins is quite a long process due to their compliance process. It’s necessary to submit an ID and proof of address to help prevent fraud and money laundering.

Netcoins asks questions about your investment objectives and financial information. These types of questions are quite common when signing up to Canadian crypto exchanges and their reasoning is that they can protect you by setting suitable trading limits to your account. It could also be that they want to know as much about their customers as possible e.g. how much money they have to spend, how many years they will likely be a customer etc. 

What You Need to Open an Account:

• Must be 18+
• A government-issued ID
• Proof of address (bank statement, utility bill)
• A selfie with a note
• Answer survey questions 

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

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. 

To finish the verification process 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. They do not accept screenshots but do accept electronic versions, for example, a PDF bank statement. You must also verify your phone number. 

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. 

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 Spreads

A spread in trading represents the difference between the highest price a buyer is willing to pay (bid price) and the lowest price a seller is willing to accept (ask price). This difference is the profit earned by the exchange or broker facilitating the trade.

Netcoins operates differently from many other Canadian crypto exchanges because it functions as a broker. When you buy crypto from Netcoins, you’re not trading directly with other users as you would on a traditional exchange. Instead, you’re purchasing from the broker itself, which sets the bid and ask prices.

Brokers typically have higher spreads compared to exchanges, but this can vary depending on the liquidity of the asset being traded. High liquidity means that many people are trading the asset, resulting in lower spreads because frequent trades allow the broker to profit consistently. Conversely, when liquidity is low, spreads are often higher to compensate for the reduced trading volume.

How Much Does it Really Cost To Trade Crypto With Netcoins?

We deposited $100 into our Netcoins account via Interac e-Transfer, and since there’s no deposit fee, the full amount was credited to our account.

We used the entire $100 to purchase Bitcoin. Netcoins charged a trading fee of $0.50 (0.5%), which is on the higher end compared to other exchanges, where fees typically range from 0.1% to 1.5%. Additionally, we incurred a 0.9% spread since Netcoins, as a broker, sets its own spreads. After these fees, we received $98.60 worth of Bitcoin, meaning we effectively lost $1.40 or 1.4% in total fees.

Next, we sold our Bitcoin and paid a $0.49 trading fee, receiving $97.75 in our account. Netcoins offers free fiat withdrawals, so this was the only fee we incurred when cashing out. Overall, the process was straightforward, though the fees are something to keep in mind.

Netcoins Liquidity

Netcoins claims it has “deep liquidity”, however we couldn’t find any information about how deep, nor is this data available on CoinMarketCap or elsewhere. Netcoins does not offer an OTC Desk either, so if you are looking to make a large trade, Netcoins may not be the best crypto exchange to use, since it is not clear how deep their liquidity is.

Netcoins Currencies & Deposit Methods

Netcoins offers a selection of popular cryptocurrencies, including Bitcoin, Ethereum, Stellar, USDC, Bitcoin Cash, and Litecoin. For funding your account, you can make free deposits in Canadian or US dollars via Interac e-Transfer, wire transfer, or online bill payment, which provides flexibility for Canadian users.

It’s worth noting that Netcoins does not accept credit or debit cards, which might be a drawback for some users.

To deposit funds, simply click the “Fund” button and choose whether you want to deposit fiat currency or cryptocurrency. The process is user-friendly, making it easy to get started on the platform.

If you choose to fund your account with dollars, you’ll first be presented with several warnings that you need to acknowledge. Once that’s done, select your preferred funding method—Interac e-Transfer or wire transfer. The platform will display the reference number you need to include in your Interac message, as well as the email address where you should send the funds.

To complete the deposit, open your online banking app and initiate an Interac e-Transfer using the provided details. The process is straightforward and designed to make funding your account as seamless as possible.

How Long Do Deposits Take with Netcoins?

Our deposit took just a few minutes to arrive into our Netcoins account. It was incredibly fast.

How Long Does it Take to Withdraw Coins?

Withdrawals depend on the network and to withdraw bitcoin to a private wallet takes only a few minutes. Fiat withdrawals take only a few minutes as well. Our withdrawal was received in our bank account almost instantly.

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.  

 

Is Netcoins.ca safe for Canadians to use? In my opinion, yes. Netcoins is owned by BIGG Digital Assets, a publicly traded company, which adds a significant layer of trust. Public companies are regulated and obligated to maintain transparency with their shareholders. It wouldn’t make sense for BIGG Digital Assets to jeopardize its reputation by owning a shady crypto exchange.

Netcoins is fully compliant in Canada, registered as a Money Services Business with FINTRAC. They also go a step further by using tools like Bitrank and QLUE to monitor wallet addresses and transactions, ensuring they stay on top of fraud prevention and regulatory compliance.

That said, one thing that stood out to me is the lack of clarity on how customer funds are stored. Personally, I always recommend moving your crypto to a private wallet immediately after purchasing—this is the best way to secure your assets.

On the bright side, Netcoins offers two-factor authentication, which adds an essential layer of security to protect your account. Overall, it feels like a safe platform for Canadians, but exercising caution with asset storage is always a smart move.

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. 

The Netcoins app is user-friendly and perfect for beginners. It allows you to easily view your portfolio, check open orders and transaction history, and navigate between the buy/sell page and the deposit/withdraw page. What I appreciate is that you don’t need to rely on the desktop platform to make limit orders—everything can be done directly within the app, making it convenient for trading on the go.

Netcoins Design and Usability

While we’ve already covered the registration process—and I must say, it left a lot to be desired in terms of usability—once you’re verified, Netcoins.ca redeems itself with a fun and modern user interface. The clean blue-and-white color scheme adds to the platform’s simplicity, and the desktop experience mirrors the mobile app for seamless navigation across devices.

Netcoins doesn’t overwhelm you with features, which can be a pro or con depending on your preferences, but its simplicity makes it incredibly easy to use. The dashboard displays the latest market prices at a glance, and the sidebar offers quick access to essential sections like the deposit page and the buy/sell page. Both pages include straightforward, step-by-step instructions, ensuring a smooth process whether you’re funding your account or trading crypto.

Netcoins Customer support

If you ever need assistance, Netcoins makes it easy to get in touch with their support team. They offer 24/7 live chat, email, and even phone support—a rarity in the world of crypto exchanges, earning Netcoins major points for accessibility.

When I tested their email support with an issue, I was pleasantly surprised by their responsiveness. They replied within minutes and resolved my request immediately. This level of efficiency is something I truly appreciate, especially when dealing with financial platforms.

Netcoins Consumer Ratings, Reports & Reviews on Other Platforms

Netcoins boasts an impressive 85% “excellent” reviews on Trustpilot, with a remarkable 4.6-star rating—the highest I’ve come across for a crypto exchange. This indicates that the majority of customers are satisfied with both the platform and its customer service. Many reviewers praise Netcoins as one of the best exchanges, highlighting the quick response times of their support team. It’s clear that Netcoins prioritizes its users and goes above and beyond to provide a positive experience, which is always reassuring when dealing with financial platforms.

Those who are unhappy have received responses from the Netcoins team assuring them that they will look into their issues. 

Does Netcoins Offer Staking or Other Services?

Netcoins is one of the few Canadian crypto exchanges that offers crypto Visa cards. You can get 3% cashback paid in Bitcoin on purchases in the first three months and 1% thereafter. 

There are no annual fees, no credit checks required and the card is available in all provinces except Quebec. Your card can be topped up via crypto, Interac e-transfer or bank wire. Your spending rewards are earned in Canadian dollars but are converted to bitcoin on a set date each month. 

Netcoins does not offer crypto staking or lending but it does have a helpful educational section where you can learn all about crypto and blockchain. 

There is also a referral program. When someone signs up and trades $100 with your referral link, you’ll both receive $25. 

Does Netcoins Have an OTC Desk?

Netcoins does not currently have an OTC Crypto Desk for larger trades for Canadians.

Does Netcoins Restrict or Freeze Accounts?

Netcoins is not an exchange where people often complain of accounts being frozen. However, Netcoins has the power to do so if they suspect suspicious activity on your account. 

If you trade larger amounts than usual or more frequently than usual or deposit or withdraw larger amounts than usual, then Netcoins may see this as suspicious and temporarily freeze your account. 

Furthermore, if you are linked to criminal activity, then an authority such as the RCMP could request Netcoins to freeze your account. 

Can Netcoins Track where you Receive and Send Crypto?

If necessary, yes, Netcoins and any exchange can track where you have received and sent crypto. When making any crypto transfer, that information is recorded on the blockchain for anyone to see. Information available includes time and date, amount sent and both “to” and “from” wallets.

Since users must submit identity documents when signing up to crypto exchanges, it is easy for an exchange to link transfers on the blockchain with someone’s account. They simply have to follow the trail. This is how the Canadian government was able to freeze accounts of the protestors during the “Freedom Convoy” earlier this year. 

While crypto itself is decentralized, crypto exchanges are centralized and have the power to freeze anybody’s account if they suspect suspicious behaviour. 

Latest Updates on Netcoins For Canadians

Netcoins now emphasizes its 24/7 uptime for uninterrupted trading, ensuring users can access the market anytime they need. The platform has also rolled out new features designed to enhance the trading experience. Limit orders, for example, provide traders with greater control over their transactions, while personalized price alerts keep users informed about market movements in real time. These updates make Netcoins even more convenient and user-friendly for Canadian crypto enthusiasts.

Netcoins Alternatives

There are several other Canadian crypto exchanges to choose from if Netcoins doesn’t appeal to you. We recommend Bitbuy as a good alternative to Netcoins. 

Bitbuy is a reputable exchange with low fees and free deposits. CoinSmart’s fees are very low and they offer the ability to trade crypto to crypto pairs without having to sell to Bitcoin or Ethereum first. 

NDAX is also a good option for Canadians. 

	Netcoins	Bitbuy	NDAX
Trading fees	0.5%	0%-0.5%	0.2%
Cryptocurrencies	30+	40+	36+
Additional features	Bitcoin cashback card	OTC Desk for Canadians, Staking	Staking, OTC Desk
Customer Support	Excellent	Good	Poor
Security	Good	Good	Good

Common Crypto Exchange Scams Related to Netcoins

Crypto exchanges, while incredibly useful, are not without risks. I’ve seen countless stories of vulnerabilities and scams over the years, which is why I always emphasize caution when leaving digital assets on an exchange. Even major platforms like Binance and Crypto.com have experienced hacks, proving that no exchange is entirely immune.

Earlier this year, Netcoins faced a significant issue when a user discovered a software vulnerability. The exploit allowed them to inflate their account holdings and withdraw $1.8 million in crypto before the problem was fixed. Thankfully, this loss came from Netcoins’ own float, and no customer funds were affected. While it’s good to know that users were protected, this incident highlights why I always recommend transferring your crypto to a private wallet for added security.

Scams like phishing emails are another common threat. These emails often look identical to legitimate ones, using the same logos and branding to trick users. Scammers typically claim there’s an issue with your account and include a link that leads to a fake website or installs malware designed to steal your private keys.

To protect yourself, always verify the official website URL and email addresses of the exchange you’re using. Avoid clicking on links from unknown sources, and double-check every detail before taking action. Staying vigilant can save you a lot of trouble when dealing with crypto.

Conclusion

Is Netcoins.ca legit? Absolutely. Among Canadian crypto exchanges, Netcoins is a decent option but doesn’t quite make it to the top. While its trading fees are on the higher side and security measures lack transparency, it stands out for its excellent customer service—one of the best-rated I’ve encountered. The mobile app also boasts some of the highest ratings I’ve seen, and the trading platform itself is straightforward and enjoyable to use.

Netcoins is fully compliant with Canadian regulations, which adds a layer of trust. Plus, by using Netcoins, you’re supporting a platform that played a key role in kickstarting Bitcoin ATMs and global crypto adoption—a pretty cool piece of history for a Canadian exchange.

If you’re curious, I’d recommend doing a $100 CAD trade on Netcoins to get a free $25 using our sign-up link. It’s a low-risk way to try out the platform, and if it doesn’t work for you, transferring your funds to another exchange or private wallet is simple.

On top of Netcoins, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!