The crypto market is risky and volatile, but you can’t afford to increase your risk level by investing in the wrong crypto exchange. By investing in the right crypto exchange, you can focus more on your trading strategy and save costs along the way.
Netcoins is one of the best Canadian crypto exchanges that’s worth checking out whether you’re a beginner or a seasoned trader.
In this Netcoins review, we’ll provide a detailed coverage of what exchange offers and how it compares with other Canadian crypto exchanges.
Hopefully, you will be able to decide for yourself whether Netcoins meets your needs at the end of this review.
Overview of Netcoins
Let’s start with a highlight of the profile and key features of Netcoins as of the time of writing this review.
|# of coins||22|
|Funding options||e-Transfer, Wire transfer & Crypto|
|Withdrawal fees||No fee for cash withdrawals. Variable fees apply for crypto withdrawals|
|Trading platform||Web browser, desktop & mobile app|
|Regulated by||FINTRAC, CSA & BCSC|
What is Netcoins?
Netcoins is a Vancouver-based crypto exchange recognized as Canada’s pioneer public-owned crypto exchange that was launched in 2014.
Regulated by FINTRAC, CSA, and BCSC, the exchange has 22 crypto coins and allows you to make free deposits and cash withdrawals.
As a registered Money Service Business (MSB), Netcoins allows you to trade your favourite coins through a web browser, desktop or mobile app.
The crypto exchange distinguishes itself from the competition with its intuitive, easy-to-use and high welcome bonus of $60 which is currently one of the highest in Canada.
To help you save more, the exchange also offers a Visa prepaid card that rewards you with up to 3% in Bitcoin on everyday purchases. More on this later.
With these unique features, Netcoins has positioned itself as one of the current best domestic crypto exchanges in Canada.
How Does Netcoins Work?
Netcoins operates as a crypto exchange where you can exchange CAD or USD with up to 22 crypto coins such as Bitcoin, Ethereum, Shiba Inu, Litecoin, Dogecoin and so on.
To this end, you will need to sign-up on the exchange and deposit a minimum of $10 to start trading on Netcoins. Fiat currencies deposits to your Netcoins account are free regardless of the funding method you used.
With you account funded, you can start trading any of the available currencies. Netcoins currently supports 2 order types: Instant (where the transaction is completed using the current market rate) or Limit order type that allows you to specify the amount you’re willing to pay.
Is Netcoins Legit & Safe?
Yes! Netcoins is legit and safe and it’s registered and regulated as a Money Service Business (MSB) with the number M15560893 by FINTRAC.
Besides the regulation of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Netcoins is also regulated by the following bodies:
- Canadian Securities Administrators (CSA)
- British Columbia Securities Commission (BCSC)
Netcoins is also one of the few crypto platforms that are registered with OSC as a restricted dealer.
That said, the exchange uses BitRank and QLUE to protect your personal information and assets on its platform.
Finally, as a subsidiary of one of the reputable public traded software companies in Canada (BIGG Digital Assets), Netcoins operates according to the industry’s best practices.
Netcoins Supported Coins
As of the time of writing this review, Netcoins has a collection of 22 crypto coins, some of which are shown below:
|Bitcoin (BTC||Polygon (MATIC)|
|Bitcoin Cash (BCH)||Chainlink (LINK)|
|Stellar (XLM)||Avalanche (AVAX)|
|Shiba Inu (SHIB)||Fantom (FTM)|
|ApeCoin (APE)||SushiSwap (SUSHI)|
|Curve (CRV)||Litecoin (LTC)|
|Ether (ETH)||Algorand (ALGO)|
|Eth Classic (ETC)||Enjin Coin (ENJ)|
|USD Coin (USDC)||Dogecoin (DOGE)|
As the exchange continues to update its collections, we can expect more coins in the future.
Netcoins Funding Options
Once your account is verified, you can fund your account through e-Transfer, bank Wire transfer or crypto for free on Netcoins.
The minimum amount you can fund via Interac e-Transfer is $10, while $500 is the minimum amount for CAD/USD bank wire transfer.
According to Netcoins, Interac e-Transfers will reflect in your account immediately after they receive the notification. On the other hand, it may take between 1 to 3 business days for you to receive bank wires.
Netcoins Pay is a no-fee prepaid Visa card offered by Netcoins. With this card, you can make your everyday purchases anywhere they accept Visa cards.
The card supports only Canadian dollars but allows you to convert your existing coins to cash and make purchases.
You will earn 1% in Bitcoin for every $1 purchase with the card. In your first three months of using the card, you will earn a 3% promotional cashback in Bitcoin.
With no annual fees, deposit fees, and withdrawal fees, Netcoins Pay could help you maximize the full potential of your crypto holdings.
Learn more: Netcoins Visa Prepaid Card
What are Netcoins Fees?
The following are the current fee schedule of Netcoins as of the time of writing this review:
- Fiat Deposit fee: $0
- Fiat Withdrawal fee: $0 for cash withdrawals. Variable fees for crypto withdrawals
- Trading fee: 0.5%
Crypto deposits are free for all the supported currencies, however crypto withdrawals have varying fees and minimum withdrawal thresholds. For example, the minimum Bitcoin you can withdraw is 0.0005 BTC with a withdrawal fee of 0.00025 BTC.
Compared to the fee schedule of other domestic and foreign crypto exchanges in Canada, Netcoins has a competitive fee schedule.
Netcoins has one of the most competitive welcome bonus and referral programs in Canada at the moment.
For a limited time, it offers new users that sign-up with this link a $60 welcome bonus upon depositing a minimum of $100. This is 6x higher than the Netcoins standard $10 welcome bonus.
In addition, the crypto exchange also offers its users a referral bonus of $50 for each person that sign-up to the platform using their referral link.
On the other hand, your referral will earn a $10 sign-up bonus upon trading a minimum of $100.
Learn more: Netcoins Referral Code
Netcoins Pros and Cons
From the above review, here are the Netcoins pros and cons:
- Competitive welcome bonus ($60)
- Accepts both CAD and USD
- Cashback prepaid card
- Free deposits and cash withdrawals
- Low fee schedule
- 24/7 instant trades
- Multiple educational resources
- 7days/week customer support through multiple channels (phone, email, live chat)
- Limited collection of coins
How to Open a Netcoins Account
Netcoins has an automated account opening solution that allows you to open an account and get verified in minutes. Follow the steps below to open your Netcoins account:
- Visit the sign-up page here
- Enter your email and create a password
- Verify your email and follow the prompts
Subsequently, you will be required to provide KYC information ranging from your full name, date of birth and identification. You will be automatically verified in a few minutes once you meet the eligibility.
However, you may be required to provide additional documents to verify your account in case you didn’t pass the automated KYC process.
If Netcoins doesn’t suit your needs or you want to compare different exchanges before making a final decision, check out how Netcoins compare to some of the other top crypto platforms in Canada below:
|# of coins||22||71||2||49|
|Funding options||e-Transfer, Wire transfer & Crypto||e-Transfer, Wire transfer, Bank account & Crypto||e-Transfer, Wire transfer & Crypto||Bank account & Crypto|
|Withdrawal fees||No fee for cash withdrawals. Variable fees for crypto withdrawals||None (variable fees for crypto withdrawals)||None||None|
|Sign-up bonus||$60 for depositing at least $100||$25 for trading a minimum of $100||$30 for trading a minimum of $100||$50 for depositing your initial $150|
|Regulated by||FINTRAC, CSA, BCSC, OSC||FINTRAC||FINTRAC, AMF & OSC||FINTRA & OSC|
Netcoins vs Newton
Newton is another Canada-based crypto exchange that’s regulated by FINTRAC. Like Netcoins, Newton doesn’t also charge deposit or cash withdrawal fees.
But unlike Netcoins, Newton also waives trading fees and allows you to start trading with as little as $1 because it doesn’t have a minimum investment requirement.
In addition, Newton currently has the highest collection of supported cryptocurrencies among the Canada-based crypto exchanges and brokers.
However, Netcoins outshines Newton in terms of its special welcome bonus. Also, you can fund your account with both CAD and USD on Netcoins while Newton only supports CAD.
Nevertheless, Newton’s multiple collections of coins and low fees make it a top option in the Canadian crypto market.
Learn more: Newton Review
Netcoins vs Shakepay
Shakepay is a popular Canadian crypto app that is known for its beginner-friendly app and lots of opportunities to earn extra cash and crypto.
While it supports only two crypto coins (Bitcoin and Ethereum), Shakepay outshines Netcoins in terms of fees as it doesn’t charge trading, deposit and withdrawal fees. However, Shakepay includes a spread on its quoted prices that is about 1-1.25%.
So overall, Netcoins is a cheaper way to buy Bitcoin and other cryptocurrencies in Canada compared to Shakepay.
However, Netcoins’ current welcome bonus ($60) is 2x higher than Shakepay’s welcome offer of $30. This may not be a problem since Shakepay also helps you save costs through its crypto prepaid card.
Overall, Shakepay is a great choice for beginner crypto investors that want to trade only bitcoin and Ether. With its intuitive interface, getting started is simple and straightforward. But if you want more choice in the available coins to trade, then Netcoins clearly outshines Shakepay.
Learn more: Shakepay Review
Netcoins vs Wealthsimple Crypto
Founded in 2020, Wealthsimple Crypto is another top Netcoins alternative due to its large collections of coins.
Unlike Netcoins, Wealthsimple Crypto doesn’t charge trading fees and it also provides free deposits and withdrawals. However, Wealthsimple Crypto has a 1.50% operations cost charged per trade, making Netcoins much cheaper.
Currently, Wealthsimple Crypto gives you access to 49 crypto coins which is more than the supported coins at Netcoins.
With no minimum investment requirement, Wealthsimple Crypto allows you to start trading with as little as $1, unlike Netcoins which require a minimum investment of $10. Also, the app is housed within the Wealthsimple Trade app that allows commission-free trading of stocks and ETFs.
So if you like to keep things organized and carry out all your investing within a single app, Wealthsimple Crypto is a great choice.
However, Netcoins has a slightly higher welcome bonus than Wealthsimple Crypto. You can also fund your account through e-Transfer on Netcoins while you can’t do the same on Wealthsimple Crypto for all currencies.
Nevertheless, you can’t make the wrong choice with Wealthsimple Crypto so far it suits your needs.
Learn more: Wealthsimple Crypto Referral Code
Some FAQs on Netcoins Review
BIGG Digital Assets owns Netcoins. BIGG is a publicly-traded software company that’s traded on CSE, OTCQX and WKN.
Sure! Like other regulated Money Service Businesses in Canada, Netcoins is obligated to report certain transactions to the CRA annually.
You can buy 49 cryptocurrencies on Netcoins including Bitcoin and altcoins such as Ether, Dogecoin, Litecoin, Shiba Inu, and so on.
Yes. Netcoins have a mobile app available on Google Playstore and App Store. You can use the app to execute trades, track your investment and make withdrawals.
Verdict on Netcoins Review
Netcoins is indeed worth checking out due to its unique features, freebies, generous promos and low fees discussed above.
This Netcoins review is positive. The crypto exchange is registered and regulated by relevant authorities in Canada and it provides a safe and convenient platform for Canadians looking to trade crypto irrespective of their experience level.
Hopefully, you now have all the information you need to make an informed choice including its pros and cons. Is Netcoins for you? Please let me know in the comment section if you have any questions.
Netcoins is a Vancouver-based crypto exchange that provides a simple and easy way for Canadians to buy and sell cryptocurrencies