• Trading Fee: 0.5% per trade
  • Accepted Currencies: BTC, ETH, BCH, LTC, USDC, XRP, USDC, AVAX, ALGO, ETC, DOGE (+25 more)
  • Device Compatibility: Android, iOS
  • Withdrawal Time: 1-3 business days
  • License: a licensed MSB, owned by BIGG Digital Assets

Netcoins Review: Pros and Cons [Reviewed in 2022]

Are you looking for a way to buy Bitcoin with cash?

If so, you may have heard of Netcoins. It is a platform based in Canada that allows you to buy Bitcoin with money. In this Netcoins review, we will take a closer look at Netcoins and discuss the pros and cons of using this platform.

  • Trading Fee: 0.5% per trade
  • Accepted Currencies: BTC, ETH, BCH, LTC, USDC, XRP, USDC, AVAX, ALGO, ETC, DOGE (+25 more)
  • Device Compatibility: Android, iOS
  • Withdrawal Time: 1-3 business days
  • License: a licensed MSB, owned by BIGG Digital Assets

Best For

High-security measures, fully compliant with Canadian regulation

Strengths

  • Fast account verification
  • 0.5% trading fee
  • Free cash deposits and withdrawals
  • Accepts both CAD and USD
  • Supports price alerts
  • Supports credit card purchases

Weaknesses

  • A limited selection of crypto coins
  • No advanced charting tools are available
  • Lack of additional features (staking/farming/lending)

Overview

The Canadian cryptocurrency exchange, Netcoins, marked its beginning in 2014 as an ATM provider for Bitcoins. So, it provides private brokerage services to large-scale institutional investors. They invest primarily in cryptocurrencies like Bitcoin, Ethereum or Litecoin.

Netcoins is owned by BIGG Digital Assets Inc, which operates and invests in crypto businesses that support and enhance a compliant and regulated ecosystem.

So far, the platform is growing exponentially with:

  • 1976% quarterly revenues YoY growth Q1 2021 vs Q1 2020
  • 3.7x trading volumes QoQ growth Q1 2021 vs Q4 2020
  • 853% new subscribers YoY growth Q1 2021 vs Q1 2020

The mobile app also earned an impressive score, allowing users to access their account anywhere, even offline. Netcoins offers $10 for installing the app and proceeding with Netcoins login.

Features

It should be no surprise that the Netocoins platform is packed with helpful tools to make trading easier. Here are all the features and benefits you need to know to make the most of it.

One-Click Trading for Beginners

Netcoins is a great trading program for beginners. It is simple to use and only requires a few clicks to start. With Netcoins, you can trade almost any cryptocurrency pairs you like without worrying about commissions or fees. Additionally, the program provides helpful charts and analysis tools to help you make the best possible trades.

Referral Program

The more people you refer to Netcoins, the higher your rewards will be. Not only do they give out 60 CAD every time someone refers a friend, but it’s also an instant 10 CAD reward for those who buy or sell crypto with them.

In addition, there are no limits on how many friends can enjoy this offer, so why not share? For comparison, the competition usually offers a lower referral bonus. So, Newton offers 25 CAD, while Shakepay offers 30 CAD.

Price Alerts

Netcoins have made it easier than ever to invest in cryptocurrency. The exchange is designed with simplicity at its core. It allows a straightforward way of long and short trades for new users.

On the other hand, it provides experienced traders with the tools they need for serious profitability.

Plus, there’s no wait time when placing orders, thanks to the integrated price alerts. So, you will get notifications by text message whenever your desired coins move significantly up or down on Netcoins stock.

Limit Orders

Netcoins is a great way to get started in cryptocurrency if you’re looking for something simple but still have all of your bases covered. It doesn’t come with more advanced trading options like automatic buy and sell orders or dollar-cost averaging (DCA).

However, there’s an option on their app where users can set limits to know precisely how much money goes into buying coins at any given time without missing out during price fluctuations. Coinberry is a competitor that offers the same option.

Variety of Cryptos

Netcoins currently supports 36 different currencies and tokens, making them one of the more comprehensive platforms. The following are all the currencies accepted by Netcoins:

  • BTC Bitcoin
  • XRP XRP
  • XLM Stellar
  • SHIB Shiba Inu
  • APE ApeCoin
  • CRV Curve
  • CHZ Chiliz
  • SAND The Sandbox
  • ADA Cardano
  • ETH Ethereum
  • USDC USD Coin
  • EOS EOS
  • MATIC Polygon
  • LINK Chainlink
  • YFI Yearn.Finance
  • DAI Dai
  • UNI Uniswap
  • SOL Solana
  • BCH Bitcoin Cash
  • AVAX Avalanche
  • ETC Eth Classic
  • FTM Fantom
  • SUSHI SushiSwap
  • AAVE Aave
  • GRT The Graph
  • XTZ Tezos
  • DOT Polkadot
  • LTC Litecoin
  • ALGO Algorand
  • DOGE Dogecoin
  • MANA Decentraland
  • ENJ Enjin Coin
  • BAT BAT
  • MKR Maker
  • AXS Axie Infinity
  • GALA GALA

Deposit and Withdrawal Methods & Fees

Now that you are familiar with the platform’s features let’s look at the variety of deposit and withdrawal methods and fees.

So, funding is always free at Netcoins. You can fund your account via an Interac e-Transfer, a bank wire, or by depositing cryptocurrencies to your Netcoins wallet directly.

Moreover, with Netcoins, cashing out is free. You can withdraw your amount into your bank account via Interac e-Transfer or a bank wire once you’ve sold your cryptocurrency back into CAD or USD.

Funding fees

0 %

Cash withdrawal fees

0%

Crypto withdraw fees

0.00025 BTC

3 XRP

0.001 ETH

0.001 BCH

0.02 LTC

4.5 DOGE

Trading fees

0.5%

When it comes to the crypto withdrawal fees, they remain the same whether you send out $100 or $100,000 worth of crypto.

Lastly, the trade fee at Netcoins is 0.5%. Thus, the platform speed, ease of use, emphasis on security, and excellent customer support help justify it.

Eligibility and Application Process

Netcoins has streamlined the signup process to make it accessible and approachable for new users. They have added some Know-Your-Client (KYC) procedures. It means there are stricter regulations about who can use their service.

So, let’s see the step-by-step process of registering on Netcoins.

Step 1: Register

The first step to signing up for Netcoins is visiting their website and finding the “Sign Up” tab in the top right corner.
Once you have created an account, you will need verification email correspondence with them.

Step 2: Risk statement

Netcoins Canada provides a document outlining some risks related to investing in cryptocurrency. You will need to review and sign it before being able to submit your KYC documents for approval.

Step 3: KYC

The KYC process is a necessary step in signup. You will need to submit:

  • an ID
  • proof of residence
  • recent photos of you

Step 4: Start Trading

You can now log in to your account and quickly access the options for funding, buying/selling or withdrawing cryptocurrencies.

Is Netcoins Legit?

Yes, Netcoins is a legit company. They are registered as a Money Service Business (MSB) with FINTRAC, the Canadian financial regulatory agency, under registration number M15560893. It means they must comply with all the laws and regulations governing MSBs in Canada. Most of the competition holds a similar license registered with FINTRAC. However, Wealthsimple is registered with SCA.

Support

Netcoins is a well-known company that has been around since 2014. They have an excellent reputation for providing high-quality services. Their customer service team works to keep it this way by being very responsive. So, during business hours between Monday through Friday from 06:00 AM – 08:00 PM Pacific Time, and during the weekend from 09:00 AM – O8:00 PM, PT.

Customers can contact the customer support team via multiple channels like:

  • Live Chat
  • Email
  • filling out a Contact Us form

It’s great that the Netcoins team is active on social media! You can reach the support line via Instagram, Twitter or even its website for those who prefer not to use mobile apps.

Shakepay has similar customer support to Netcoins, offering a detailed help page, support chat and presence on many social media platforms.

Want to Consider Other Options?

Here are several alternatives to Netcoins, so you can compare them if you decide it’s not the right cryptocurrency exchange service you can use.

So, let’s see what BitBuy, CoinSmart and VirgoCX offer and what makes them unique.

Bitbuy Coinsmart VirgoCX Netcoins
Trading fee: 0.1% 0.2% 0% trading fee, but it does impose a 0.4%-0.95% spread 0.5%
Security: 99% cold storage 95% cold storage + 2FA 95% cold storage Good storage options + 2FA
Referral Bonus: $40 $50 $30 $60
Variety of Cryptos: Good Limited Limited Good

As shown in the table below, BitBuy charges a slightly lower trading fee than Coinsmart. But if you’re looking for an even lower trading fee, you should probably opt for VirgoCx.

If you want a $40 referral bonus, you could choose Bitbuy. But, it would help if you also consider the other platforms’ characteristics before deciding. Finally, it is up to you!

Final Verdict

So, the Canada-based cryptocurrency exchange offers low trading fees and high-security measures. If you want an exchange fully compliant with Canadian regulations, then Netcoins should be at the top of your list.

It keeps things simple by providing consumers with a plain interface and a limited number of buyable assets. Feel free and secure to choose Netcoins if you are new to trading.

And when not to choose it?

Compared to other exchanges, it provides a relatively modest selection of cryptocurrencies and does not provide advanced charting tools or limit order books for experienced traders.

FAQ

Who owns Netcoins Canada?

Netcoins is owned by BIGG Digital Assets, a public company traded on the Canadian Securities Exchange (CSE).

Does Netcoins report to CRA?

Yes, Netcoins reports to the CRA. They are a registered Canadian company and must file yearly tax returns. In addition, they also collect and report information about their customers (including name, address, and social insurance number) to the CRA.

So if you’re using Netcoins to buy goods or services in Canada, your purchase will be tracked and reported to the CRA.

Is Netcoins regulated?

Netcoins is fully regulated and a licensed money services business (MSB). It is registered with FINTRAC, the Canadian financial intelligence unit, and is compliant with all applicable laws and regulations. In addition, its platform undergoes rigorous security testing regularly.

Where is Netcoins located?

Netcoins is located in Vancouver, British Columbia, Canada. They are a cryptocurrency company that allows you to buy and sell bitcoin and other cryptocurrencies through their app.

Is Netcoins safe?

Yes, Netcoins is safe. The company uses multiple layers of security, including a 2-factor authentication and a host of other measures. Overall, Netcoins provides a secure platform for buying and selling cryptocurrencies.

Netcoins also offers a great user experience. According to this Netcoins review, the platform is easy to use and navigate, and customers can buy and sell cryptocurrencies quickly and easily.

ABOUT AUTHOR

Despite her formal background in linguistics, Maja has always been fascinated by the world of finance. She has spent years and years analyzing the market, including trades, investments, pitfalls to avoid as well as the stock exchange. As of recent, she has been studying some non-mainstream stocks in Canada. When I’m not immersed in numbers, I like to spend time with my dog and plan my next trip.