|Product Name||Netcoins Exchange|
|Fiat Currencies||CAD, USD|
|Cryptocurrencies||BTC, ETH, XRP, LTC, BCH, USDC, XLM, ALGO, EOS, AVAX, ETC|
What is Netcoins?
Netcoins is a Canadian cryptocurrency exchange based in Vancouver, BC which was founded in 2014. Originally Netcoins was a company offering a virtual Bitcoin ATM solution and operating as a private brokerage service for institutional crypto investors. It transitioned to a cryptocurrency trading platform in September, 2021.
Netcoins operates as a subsidiary to the larger publicly traded company BIGG Digital Assets. It is a registered MSB with FINTRAC, and is fully regulated and registered with the Canadian Securities Administrators (CSA) and BCSC.
Netcoins offers 12 different cryptocurrencies on the exchange. It offers an approachable and reliable option for traders with an added level of transparency through being a subsidiary of a publicly traded company.
- If this is your first exchange: Netcoins is a good option for a first exchange. The limited offerings of cryptocurrencies make it approachable for new users. New users can also take comfort in the added security and transparency that comes from being a subsidiary of a publicly traded company.
- If you’re switching exchanges: Netcoins does not have the advanced trading options that some of the larger exchanges offer. However, the additional security it offers is a major benefit to experienced traders who may have been burned from previous exchanges.
Netcoins pros and cons
- Low fees
- Additional security and transparency from being a subsidiary of a publicly traded company
- Quick sign-up and verification process
- Limited coins available for trading
- The platform is only available for use in Canada
- Lack of additional features (staking/farming/lending)
Verdict: Is Netcoins any good?
Netcoins fills a niche in the market. It offers an approachable exchange with strong security measures in place with an easy-to-use onboarding process and quick, efficient funding options. It is fully compliant with Canadian securities regulators but requires a stronger Know Your Customer (KYC) protocol as a result. It is a good option for people new to cryptocurrencies who may be reluctant to invest due to issues surrounding other exchanges. Despite being a new exchange it already offers 12 different cryptocurrencies.
What to know about Netcoins
As a subsidiary of a publicly traded company, Netcoins is under stricter regulations than other cryptocurrency exchanges. BIGG Digital Assets’ expressed belief is that the future of crypto is a safe, compliant and well-regulated environment. Whether or not you agree with this approach, it will certainly have a direct impact on how Netcoins operates and which coins end up getting listed on the exchange.
Netcoins Finder ratings
|Transferring money or assets|
|Fees and costs|
|Ease of use|
Netcoins supported cryptocurrencies
While Netcoins does have some of the largest cryptocurrencies available on the exchange, it should be noted that it is missing some of the other layer one and layer zero blockchains: Cardano (ADA), Solana (SOL), Polkadot (DOT) and Cosmos (COSMOS). Also keep in mind that there is a lack of meme coins available on the exchange (DOGE, SHIB).
Transferring fiat and cryptocurrency with Netcoins
Netcoins makes the funding and withdrawal of fiat and cryptocurrencies easy to use and navigate. Before a user is able to fund or withdraw funds, they will need to complete the KYC procedure during the sign-up stage.
From there they can add a bank account where they can transfer fiat currency easily through Interac e-Transfer or wire. They can additionally add a credit card payment option through the options drop in the top right settings tab of the dashboard screen. Keep in mind that funding through a credit card option will carry an additional fee due to the processing by the third-party intermediary Simplex.
There are no deposit fees for cryptocurrency from Netcoins but depending on which wallet you are sending it from, you might encounter network fees on the other end. There are some withdrawal fees for cryptocurrencies as well as minimum withdrawal amounts that vary between cryptocurrencies. The process to set up a cryptocurrency address to send or withdraw funds from is the same as going through the set-up for a fiat account.
Netcoins Fees and costs
Netcoins does not charge for deposits and withdrawals for fiat currency (CAD). There are no deposit fees for crypto assets, but there are varying withdrawal fees. There are also minimum withdrawal amounts.
Fiat withdrawal and deposit fees
Crypto withdraw and deposit fees
|$0||Varies (see images)|
Each Cryptocurrency carries a minimum withdrawal on it:
What is it like to use Netcoins?
One of the biggest attractions of Netcoins is how approachable it is. It achieves this by having a simple design on its home page with limited information. This makes it undaunting for new users. The addition of a live ticker on the top of the screen that covers spread on their cryptocurrencies helps with transparency that experienced traders will be looking for in a new exchange.
Strong, transparent security
Cryptocurrency exchanges have a muddied history. There have been widely reported cases of hacks and scams leaving some users left with nothing. Netcoins has arguably one of the tightest regulated exchanges on the market due to it being a subsidiary of a publicly traded company. While there is a trade-off in privacy and anonymity that are at the core of some cryptocurrencies, this trade-off will help bring about wider acceptance and adoption of the industry.
Netcoins does not have some of the more advanced trading options or an option for a DCA (dollar cost average) that will automatically place buy orders on a regular basis. It does have the option to set limit orders for buying or selling cryptocurrency. This is a nice feature to ensure you do not miss out on price fluctuations when you are not using the app.
Does Netcoins have good customer support?
Netcoins offers an automated help bot response. It is located in the bottom right of the corner. It is preloaded with frequently asked questions and the most common issues users encounter. If your response does not fit the options, you can submit a help ticket and customer support will respond to you via email.
|Support offered||Wait times|
|Contact us form||<24 hours|
Trading on Netcoins
The experience of trading on Netcoins is pretty straightforward. You can access it through the buy/sell option on the left-hand side of the dashboard. You will need to have first completed the KYC and funded your account with either fiat or cryptocurrency. From there you can tailor the process to how you are trying to trade. You can create a limit order to automatically trigger when a cryptocurrency hits a certain price threshold or you can do an instant buy/sell.
Netcoins operates with a buy/sell spread that it shows under the cryptocurrency when you are looking to buy or sell. This makes true costs transparent.
Netcoins charges a 0.5% fee for every trade. This is cheaper than other Canadian competitors like Newton.
Promotions on Netcoins
Netcoins has a referral rewards program for signing up new users. When you successfully refer someone to Netcoins and they buy or sell CAD$100 you will receive CAD$50. The person you refer to the exchange will also receive CAD$10 to their fiat account. You can refer someone with a link that’s located under the referral tab in the center of the dashboard homepage.
Netcoins is more regulated than other cryptocurrency exchanges due to it being a subsidiary of a publicly traded company. This can be seen as both a positive and a negative. The exchange is more transparent and has stronger security measures in place, but the trade-off is a more invasive KYC protocol as a result. Users need to submit more sensitive information to create an account than other exchanges.
Netcoins as a cryptocurrency exchange is still in its infancy, but to date, it has not experienced any hacks.
Netcoins is a registered MSB with FINTRAC, and is also fully regulated and registered with the Canadian Securities Administrators and BCSC.
Netcoins leverages blockchain analytic and forensic tools BitRank and QLUE as additional safeguards.
There is no insurance for users on Netcoins. Users’ accounts do not qualify for Canadian Investor Protection Fund (CIPF) insurance.
Signing up on Netcoins
Netcoins has streamlined the sign-up process to make it accessible and approachable for new users. There are a few additional KYC procedures in place due to tighter regulations for being a subsidiary of a publicly traded company.
Step 1: Register
To sign up, first you will need to click the Green Button here:
Next, fine the “Log In / Sign Up” tab in the top right of the homepage. Once a new account has been created it will need to be verified through the email connected to it.
Step 2: Risk statement
Before you submit any documents, Netcoins provides a risk statement document outlining some of the risks of investing in cryptocurrency. You will need to review and sign it before you are able to proceed with the KYC document upload.
Step 3: KYC
The next step in the sign-up process is the KYC. Here you will need to submit a government-issued ID, a recent photo of yourself and proof of residence.
Step 4: Start trading
That’s it. When you log in to your account you will be brought to the dashboard where you can easily access the options to fund, buy/sell or withdraw your crypto and fiat currencies.
Compare Netcoins vs. other crypto exchanges
Frequently asked questions
How do I withdraw cash from Netcoins?
Is Netcoins available outside of Canada?
Unfortunately, Netcoins is only available for Canadians living in Canada. You will be unable to open an account even if you are a Canadian living outside of Canada, and you will need to return to Canada to use the platform.
Does Netcoins have Ripple?
Yes, Netcoins has Ripple (XRP) available for buying and selling.
Is Netcoins a publicly traded company?
Netcoins itself is not a publicly traded company, but it is a subsidiary of BIGG Digital Assets Inc. which is publicly traded under the ticker BIGG on the CNSX. By association, Netcoins has become the first Canadian crypto brokerage to be publicly owned.