The Bottom Line: Netcoins is a beginner-first platform that lets investors buy crypto quickly, easily and safely. They have 7 coins, 0.50% trading fees, a 1.71% spread (on Mar 01, 2021) and free Canadian deposits and withdrawals. The downsides are no advanced features and no mobile app on the app store or google play.
Coins Available (7):
BTC, ETH, XRP, LTC, BCH, USDT, QCAD
Spread: 1.71% (Mar 01, 2021)
Trading Fees: 0.50% buy/sell
BTC Withdrawal Fee: 0.0005 BTC
E-Transfer: Free, <5 mins, $10 min.
Wire Transfer: Free, 0-3 days, $500 min.
Online Bill Payment: Free, 1-2 days, $50 min.
Credit Card: 3%-20%, Instant, $62 min.
Pros & Cons
This is what Netcoins looks like:
Netcoins is Canada's first and only publicly traded cryptocurrency exchange. It's owned by BIGG Digital Assets which trades under ticker symbol BIGG. Founded in 2014, the company wants to make it easy and safe for Canadians to buy, sell, and understand cryptocurrency.
The president of Netcoins, Mitchell Demeter, launched the first Bitcoin ATM in the world and today, Netcoin has 15+ employees according to LinkedIn.
Opening An Account
Setting up a Netcoins account is very quick and simple. You can login to your account with just an email address but will need to verify your identity to use any of the features. The whole process can take just 5-10 minutes to get fully verified.
If you want to buy crypto with credit card, no account verification is required. However, keep in mind the the credit card fees are very expensive.
Who Is Eligible
- Canadian residents
- People above the age of 18
- Email address
- Name, address, date of birth
- Canadian phone number
- Proof of I.D. (drivers license, passport, etc)
- Proof of Residency (utility bill, bank satements, etc)
- Selfie check
Funding & Withdrawals
Min. $10 USD
< 5 mins
0-3 business days
Online Bill Payment
1-2 business days
0-3 business days
Crypto Withdrawal Fees
Netcoins has relatively expensive crypto withdrawal fees compared to other platforms like Newton, Shakepay and more. They charge a flat fee:
Netcoins has fair fees but it's not the cheapest crypto exchange I found.
On March 01, 2021 the total Bitcoin purchase fee was 1.41%. Based on this test, every $100 would get you $98.59 of Bitcoin. In the same test, $100 on Newton would get you $99.31 of Bitcoin and NDAX gets you $99.50.
Total BTC Purchase Fee
Spread (Mar 01, 2021)
BTC Buy Price
BTC Sell Price
Ref. Price Difference
Reference Price (Google)
Netcoins List of Features
Netcoins doesn't have tons of features or coins but they focus on letting you buy crypto quickly, easily and safely. Let's look a the features they do have:
Netcoins is owned by a publicly traded company called BIGG Digital Assets Inc, which increases their level of trustworthiness. They were also founded in 2014 and have never been hacked or lost users funds. We were not able to find how Netcoins stores their crypto and if it's in cold storage. However, you can withdraw your crypto off the platform.
On the user side, there are a couple security features such as 2 factor authentication to login and change your password. You can also view your "account activity" which shows you what IP addresses and locations have logged into your account.
Is Netcoins Safe?
Yes, Netcoins is as safe as any other Canadian crypto exchange. They are owned by a publicly traded company which adds legitimacy. They are also a registered Money Service Business by FINTRAC so they are fully compliant in Canada. However, no crypto exchange is 100% safe. The safest way to store large amounts of crypto is on a hardware wallet.
Netcoin has a super responsive support team. You can contact them via live chat, phone, and email. You can also reach out using the contact form. They usually operate Monday-Sundays during business hours, anytime from 8:00am-5:00pm. They also have a detailed help desk with FAQs and walkthroughs.
Netcoins vs. the Competition
*Total BTC Purchase Fee
Best CAD Deposit Fee
BTC Withdrawal Fee
0.1% / 0.2%
0.1% / 0.2%
Network fees minus $5
0.80% + $1.25
0.16% / 0.26%
*Total BTC Purchase Fee was calculated on Mar 01, 2021 and changes daily. It adds all fees to make a purchase (CAD deposit fees, trading fees, etc) plus the % difference to Google's price of Bitcoin which was the reference price.
This table is up to date as of Aug 13, 2021
Where Netcoins Shines:
Where Netcoins Falls Short:
Netcoins has a good reputation and makes it easy to open an account and buy crypto within minutes. However, you can find cheaper crypto exchanges with more coins and features which is why I ranked them 8th overall. Canadians looking to buy crypto should use Newton or NDAX instead. They will get slightly better prices with more coins and the same or more features.
Who Should Use Netcoins?
- If you want a trustworthy platform owned by a publicly traded company
- If you want a beginner-friendly platform with 7 cryptocurrencies
Who Should Not Use Netcoins?
- Trade 7 cryptocurrencies
- Fast funding and reasonable fees
- Get $10 free when you trade $100