Netcoins Review

Updated: Aug 6, 2021 | Published: February 22, 2021   

By: Alex Dabek

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3.6

NowFuture Rating:

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. 

I ranked Netcoins 8th overall out of 12 Canadian crypto exchanges because there are better Canadian exchanges with lower fees and more coins such as Newton.

Netcoins Exchange

Netcoins Overview

Overall:

3.6

Coins Available (7):

BTC, ETH, XRP, LTC, BCH, USDT, QCAD

Fees:

Spread: 1.71% (Mar 01, 2021)

Trading Fees:  0.50% buy/sell

BTC Withdrawal Fee: 0.0005 BTC

Funding Methods:

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

  • Open an account and buy crypto within 5 minutes
  • Trustworthy and owned by a publicly traded company
  • Good user experience and website app for beginners
  • Live chat support and phone support during business hours 
  • No mobile app
  • Total purchase fee to buy BTC was 1.41%. This is not bad but it was still 5th place out of 11 exchanges
  • Credit card fees are 3%-20% via a third party called Simplex

This is what Netcoins looks like:

Netcoins Exchange Dashboard
Netcoins Trading View

About

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

Requirements

  • 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

$CAD Deposits

Method

Fee

Time

Minimum

Credit/Debit Card

3%-20%

Min. $10 USD

Instant

$62.83

Interac E-transfer

Free

< 5 mins

Min. $10

Max. $10,000

Wire Transfer

Free

0-3 business days

$500

Online Bill Payment

Free

1-2 business days

$50

$CAD Withdrawals

Method

Fee

Time

Minimum

Interac E-transfer

Free

0-3 hours

 Min. $1

Max. $10,000

Wire Transfer

Free

0-3 business days

$1000

Crypto Withdrawal Fees

Netcoins has relatively expensive crypto withdrawal fees compared to other platforms like Newton, Shakepay and more. They charge a flat fee:

Coin

Fee

BTC

0.0005 BTC

ETH

0.005 ETH

XRP

0.02 XRP

LTC

0.02 LTC

BCH

0.001 BCH

USDT

20 USDT

QCAD

Free


Fees

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

1.41%

Trading Fees

0.50%

CAD Deposits

Free

CAD Withdrawals

Free

BTC Withdrawals

0.0005 BTC

Other Fees

N/A

Spread (Mar 01, 2021)

BTC Spread

1.71%

BTC Buy Price

$62,621

BTC Sell Price

$61,568

Ref. Price Difference

Buy: +0.91%
Sell: -0.80%

Reference Price (Google)

$62,058


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:

  • Web App - Netcoins does not have a mobile app. Only a web application. You can sign up and trade from the comfort of your computer or mobile phone browser
  • Limit Orders and Instant Orders
  • Multiple Funding Options - Fund your account with e-transfer, credit card, and more
  • Price Alerts - Set up price alerts which you can receive via SMS or email
  • Save Wallet Addresses - In your settings you can add your crypto wallets that you use frequently
  • Support - Contact the Netcoins team via live chat during business owners, phone support, email and a help desk with articles
  • Referral Program - Every Netcoins account gets their own custom referral link. When you invite friends and they trade $100, you will get $50 free and they will get $10
  • Crypto Academy - Find free educational guides for Bitcoin, blockchain, crypto and more. It's insightful and no account is required to access it

Security

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.


Support

Netcoins Support

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

Compare Netcoins with other popular Canadian crypto exchanges below. You can see all of the data here or skip to the best exchanges of the year here.

Name

Coins

*Total BTC Purchase Fee

Best CAD Deposit Fee

Trading Fee

BTC Withdrawal Fee

2

1.43%

Free

0%

Free

7

1.41%

Free

0.50%

0.0005 BTC

9

2.60%

Free

0.20%

0.00025 BTC

9

2.29%

1.50%

0.1% / 0.2%

0.00025 BTC

10

0.72%

Free

0.1% / 0.2%

0.0005 BTC

16

0.50%

Free

0.20%

0.000399 BTC

19

2.83%

Free

0%

0.0003 BTC

20+

3.48%

Free

1.48%

N/A

20+

1.48%

Free

0%

0.00025 BTC

25+

0.66%

Free

0%

0.0005 BTC

40+

0.69%

Free

0%

Network fees minus $5

50+

0.80% + $1.25

Free

0.16% / 0.26%

0.00015 BTC

75+

4.55%

3.99%

0.50%

Network fees

100+

1.52%

Free

0%

0.0004 BTC

350+

2.24%

2.00%

0.10%

0.0005 BTC

*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:

  • Simple and Fast - Signing up for Netcoins is extremely easy. You can start buying Bitcoin within minutes if you're a new user because they have a very simple sign up process. The platform is also very beginner friendly
  • It's Trustworthy - Netcoins has been around since 2014 which is a long track record in the crypto industry. They've never been hacked or lost users funds and they are also owned by a publicly traded company which adds legitimacy

Where Netcoins Falls Short:

  • No Mobile App - Netcoins does not have an iOS or Android at this time. Everything must be done through their website. The website is user-friendly and works fantastic
  • Fees - Netcoins fees are not bad overall, however they are not the best in Canada. For buying Bitcoin, Netcoins was 5th place out of 11 exchanges with a 1.41% total purchase fee. Their crypto withdrawal fees were also 8th highest out of 11
  • No Professional Tools - Netcoins definitely caters to beginners and making Bitcoin purchases easy. The most advanced features are limit orders and price alerts 

In Summary

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?

  • If you want to find lower fees for buying crypto check out Newton or NDAX
  • If you want access to more than just 7 cryptocurrencies
  • If you want a platform that offers a mobile app
  • If you need advanced charts and features
Netcoins Exchange
  • Trade 7 cryptocurrencies
  • Fast funding and reasonable fees
  • Get $10 free when you trade $100
Newton Exchange
  • Trade 40+ cryptocurrencies
  • Fast funding and super low fees
  • $25 free when you trade $100

FAQ

Is Netcoins CDIC Insured?

On Netcoins, your funds are not CDIC insured like a traditional Canadian bank account. The platform is regulated, compliant and has security protocols however, if they lose your crypto it's gone.

Has Netcoins Ever Been Hacked?

Netcoins was founded in 2014 and has never been hacked or lost users funds. They have a good and legitimate reputation in the Canadian market.

How Does Netcoins Make Money?

Netcoins makes money by charging a 0.50% trading fee on every transaction when you buy and sell crypto. They also make money off the spread which is the difference in price you can buy and sell crypto for at any one time.

Can I Store My Crypto On Netcoins?

Yes, you can store crypto in your Netcoins account however it's not recommended to hold large amounts on any crypto exchange. This is because exchanges are big targets by hackers and you never know what can happen. The safest option is to get your own wallet, ideally hardware wallet.

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