Netcoins Review for 2024

Netcoins is one of Canada's longest-running online cryptocurrency exchange platforms. The company was founded in 2014 as a Bitcoin ATM solution provider and has since expanded to offer trading in various cryptocurrencies.

How Does Netcoins Work?

Netcoins functions similarly to most cryptocurrency exchanges. To begin, you must register and provide a copy of your government-issued ID, a selfie, and proof of residence. The registration process is rigorous because it must comply with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). 

Due to being automated, the process doesn’t take more than a couple of minutes as long as you have all the documents ready. After completing the registration and verification process, you can add funds to your account using e-Transfer or bank wire. Accepted fiat currencies are CAD and USD. You can also transfer any cryptocurrency from another crypto exchange or your crypto wallet, but bear in mind that Netcoins doesn’t support every cryptocurrency out there. 

Netcoins Fees

Nobody likes unpleasant surprises or hidden fees, so let’s get this out of the way first. The good news is that, unlike some other crypto exchanges, Netcoins is transparent when it comes to fees.

The company charges a 0.5% transaction fee for buying and selling cryptocurrencies. In exchange for this fee, Netcoins provides exceptional customer service, security, and an easy-to-use platform. Other reputable cryptocurrency exchanges in Canada deliver similar services, but their transaction fees are often below 0.5%. 

Unlike most exchanges, Netcoins doesn't charge deposit or withdrawal fees for fiat currencies. You can deposit cryptocurrency for free, but there is a withdrawal fee that varies depending on the currency. Below is a short list of fees for the most popular cryptocurrencies:

• Bitcoin - 0.00025 BTC
• Ether - 0.01 ETH
• Litecoin - 0.02 LTC
• Bitcoin Cash - 0.001 BCH
• Dogecoin - 4.5 DOGE
• Cardano - 1.5 ADA

There is also a minimum withdrawal amount. The minimum requirements for the same cryptocurrencies we already used are as follows:

• Bitcoin - 0.0005 BTC
• Ether - 0.02 ETH
• Litecoin - 0.04 LTC
• Bitcoin Cash - 0.002 BCH
• Doge - 9 DOGE
• Cardano - 3 ADA

You don’t have to know this off the top of your head. The Withdraw page on the mobile app and webpage can provide you with the full list of prices and the minimum amounts required.

Even though there are no funding fees, Netcoins specifies the minimum deposit and sets down additional limitations. The minimum deposit amount for fiat money to your account through Interac e-Transfer is $10 (CAD only), while the minimum deposit for bank wire transfers is $500 in the appropriate currency (CAD/USD).

Withdrawals of cash amounts below $10,000 are sent via e-Transfer, while sums that exceed it are sent via bank wire. All USD withdrawals can be processed by wire transfer only, the minimum being USD $1,000.

The exchange doesn’t support cryptocurrency transfers from TRC-20, BNB, BSC, and OMNI networks. We suggest using a crypto wallet to transfer your currency from those networks to Netcoins. The minimum deposit for the Ripple cryptocurrency is 20 XRP. You should also be aware that Netcoins doesn’t support the Ethereum Token Multisender option.

Supported Cryptocurrencies

Netcoins' doesn’t support as many cryptocurrencies as other exchanges, such as Bybit. Still, it covers the most important ones, which is fine for people making their initial steps on the crypto market, but experienced traders might prefer to have a wider range of options. At the moment, Netcoins supports 36 cryptocurrencies, including Bitcoin, Etherium, Dodge, Algorand, Cardano, and Shiba.

Netcoins Customer Support

We were delighted by the number of positive customer reviews, the majority praising its customer service. Netcoins realized that most companies are still struggling with customer support even though it’s a key aspect of the overall service a company provides.

This is one of the primary reasons that Netcoins has been so popular. Namely, the company has made it a priority to maintain exceptional levels of customer support. Its satisfied customers speak to the success it has achieved in this area.

The customer support team can be contacted via phone, live chat, and email. Phone and live chat support is available Monday through Friday between 7 a.m. and 5 p.m. PT and Saturday through Sunday between 9 a.m. and 5 p.m. PT, while emails are answered Monday through Friday between 6 a.m. and 8 p.m. PT and Saturday through Sunday from 9 a.m. to 8 p.m. PT.

Netcoins Mobile App

The website has a superb user interface and is remarkably well-optimized. Even if you are a first-time trader, you will have no trouble finding your way around. The same goes for the mobile app, which is available for Android and iOS devices, allowing you to trade on the go. 

Netcoins Pay

Netcoins offers its users a Visa prepaid card, which rewards them with 3% in Bitcoin cashback for every purchase. The card is available to all Canadian residents except in Quebec.

There are no costs associated with obtaining or activating the card and no fees for purchases or ATM withdrawals. You’ll only have to pay a $1 inactivity fee and a 1.5% foreign exchange transaction fee.

Please note that the 3% incentive is limited to $100. Once you reach that amount, you will earn 1%. The reward money is converted into BTC on the 11th of each month.

Is Netcoins Legit?

BIGG Digital Assets, a publicly traded company, owns Netcoins. Because publicly traded corporations must report to their shareholders, they are subject to stringent transparency laws and undergo thorough due diligence procedures.

If Netcoins were to engage in unethical behaviour, the stock price of BIGG Digital Assets would suffer. That is something the firm and its shareholders would never accept, and it speaks volumes.

Further proof of Netcoins’ uprightness is that it is registered with the FINTRAC and fully registered and regulated by the Canadian Securities Administrators (CSA) and British Columbia Securities Commission (BCSC).

Is Netcoins Safe?

Netcoins has been operating since 2014 and has had only one security breach that was quickly spotted and fixed. One of the users discovered a security exploit that allowed them to have more fiat currency than they actually had. The whole ordeal was over in 15 minutes, and the vulnerability was patched immediately, without any harm caused to the users or their wallets.

For user protection, two-factor authentication (2FA) is mandatory for all users. It may look like an additional login step, but it’s one of the best ways you can protect your account from unauthorized access.

Unfortunately, we couldn’t find any information about how they store cryptocurrency, and the company didn’t want to disclose such information.

Cryptocurrency Trading

Cryptocurrency trading can be a great way to make money, as statistics show the average crypto daily trading volume is $120 billion. It’s definitely alluring, but it's also risky. If you're not careful, you could lose a lot of money quickly. Here are some tips to help you stay safe while trading cryptocurrencies on the Netcoins exchange.

First, only trade with money that you can afford to lose. Second, never invest more than you're comfortable risking. Third, research the coins you're planning to trade and understand the risks involved. Finally, always use the stop-loss feature to protect your investment. 

Following these tips can minimize your risk and maximize your profits when trading cryptocurrencies and regular stocks.

Bottom Line

Netcoins is a reliable, safe, and easy-to-use platform for buying and selling cryptocurrencies. It also has a mobile app that allows you to trade on the go. The only things we didn’t like were the lack of information about how it stores users’ cryptocurrency and the high trading fee.

As such, if you're looking for a stable and secure Canadian platform to buy and sell cryptocurrencies, Netcoins is a great option.