Netcoins Review (Jan 2023) + $50 Bonus

December 1, 2022
Reviews
Netcoins Crypto Exchange

Netcoins is a Canadian crypto exchange that offers one-click trading for crypto beginners. Netcoins was hacked by a user in early 2022, though, so I encourage you to avoid the extreme risks involved with using an unsecured exchange like Netcoins.

For a better overall trading experience with significantly lower fees, I recommend opening an account with VirgoCX, my #1-ranked Canadian crypto exchange. VirgoCX has 250,000+ satisfied users, charges very low trading fees, and is offering a $20 signup bonus from now until January 30, 2023.

What Is Netcoins?

Netcoins is one of Canada's oldest cryptocurrency exchanges. Founded in 2014, as a virtual Bitcoin ATM solutions provider, Netcoins also provided private brokerage services for large-scale institutional crypto investors before evolving into the consumer-facing cryptocurrency trading platform it is today.

The Netcoins Hack

In April, 2022, the Netcoins platform was hacked by a user, who was able to steal $1.58 million from Netcoins before having their account shut down. The identity of the user is unknown, and none of the funds have been recovered to date.

With that out of the way, let's continue this Netcoins review with a look at Netcoins' top features.

Netcoins Features

1. User-Friendly Design

The Netcoins platform has a fairly user-friendly design. It's a beginner-focused exchange that caters to newcomers to cryptocurrency investing, which is why it has such a simplified, minimal trading front end.

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Netcoins' platform allows users to set price alerts for their desired coins and receive real-time SMS notifications when the coins hit those price targets.

2. Netcoins Customer Support

Netcoins has an extensive FAQ section to answer customer queries, and offers customer support through these channels:

  • Email: [email protected]
  • Phone: +1-844-515-2646
  • Support Page on Netcoins' website
  • Help icon in the mobile app

You can also reach out to Netcoins via social media on Facebook, Google Plus, Instagram, LinkedIn, and Twitter.

3. Netcoins Referral Program

Netcoins users can earn $50 every time they refer a friend to Netcoins, and your referred friends will receive an additional $10 reward when they make their first crypto purchase or sale. There are no limits on how many users you can refer.

Netcoins' $10 signup bonus is one of the lowest in Canada, with our top-rated exchanges in the $30 – $50 range:

Cryptocurrency Signup Bonuses In Canada

  • VirgoCX: $20 bonus after depositing $100 or more
  • CoinSmart: $50 bonus after depositing $200 or more
  • Bitbuy: $30 bonus after depositing $250 or more
  • Newton: $25 bonus after depositing $100 or more

Cryptocurrencies Supported By Netcoins

Netcoins currently supports 22 cryptocurrencies. This is lower than many of the more popular crypto exchanges in Canada, but it's enough amount for the casual crypto investor.

Netcoins Fees

Netcoins charges 0.5% in trading fees, which is reasonable for the industry, but when you add on its spreads, Netcoins becomes a very expensive trading platform. Netcoins' spreads tend to be around 1.5% – 2.5%, which means you're paying a total of 2% – 3% in fees on every trade.

When you compare that with our top-rated exchange, VirgoCX, you quickly realize that you're vastly overpaying by using Netcoins.

Depositing fiat and crypto is free with Netcoins, and fiat withdrawals are free, too. Crypto withdrawals depend on the coin you're withdrawing, and they can get expensive. For example, withdrawing Bitcoin costs about $15 CAD per withdrawal at today's prices, while withdrawing USDC costs about $50 CAD per withdrawal.

My Recommendation

Despite a couple of nice features, I can't recommend Netcoins to any Canadian crypto investors, beginners or otherwise. Netcoins doesn't offer any advanced charting tools or limit orders, its fees are far too high, and it's not a secure exchange.

With that in mind, I recommend using VirgoCX instead. Here are a few reasons why.

Introducing VirgoCX: Our #1-Rated Crypto Exchange In Canada

#2 In Canada

Trading Fees: 0% up to $200
Security: Best in class
Customer Support: Excellent

Top-notch security + low fees.

★★★★★

Rated 4.5/5

ZenGo is free to use, which means you get the industry's best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less.

ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.

As a new ZenGo user, you won't pay any trading fees on trades up to $200. ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account.

Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, ZenGo offers the best of both worlds.

Features

  • Supports 75+ crypto assets
  • 24/7 customer support
  • Extremely well-rated mobile app (4.7/5 on the App Store) 
  • Face scanning technology for even greater security
  • Up to 8% APY in crypto savings 
  • Cancel or speed up your sent transactions with one tap
  • Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)

Cost

  • Account Opening: Free
  • Trading Fees: 0% on trades up to $200

Best For

Crypto investors looking for the most secure trading experience + low fees.

SECURE MY CRYPTO FOR FREE
Sign up by January 30, 2023.

In Summary

Netcoins is a Canadian crypto exchange that offers one-click trading for crypto beginners. Netcoins was hacked by a user in early 2022, though, so I encourage you to avoid the extreme risks involved with using an unsecured exchange like Netcoins.

For a better overall trading experience with significantly lower fees, I recommend opening an account with VirgoCX, my #1-ranked Canadian crypto exchange. VirgoCX has 250,000+ satisfied users, charges very low trading fees, and is offering a $20 signup bonus from now until January 30, 2023.

Netcoins FAQs

How To Withdraw From Netcoins

To withdraw funds from your Netcoins account, follow these steps:

Fiat Withdrawals From Netcoins

  1. Log in to your Netcoins account.
  2. Click on Withdraw in the left nav bar, and then click Withdraw Dollars.
  3. Enter the amount you'd like to withdraw, or click Max to withdraw everything.
  4. Confirm that your withdrawal and banking information is accurate.
  5. Click 2FA & Withdraw.
  6. Enter your 2-factor authentication info and wait for the confirmation email.

Crypto Withdrawals From Netcoins

  1. Log in to your Netcoins account.
  2. Click on Withdraw in the left nav bar, and then click Send Crypto.
  3. Enter the amount you'd like to withdraw, or click Max to withdraw everything.
  4. Confirm that your withdrawal and external wallet information is accurate.
  5. Click 2FA & Withdraw.
  6. Enter your 2-factor authentication info and wait for the confirmation email.

Is Netcoins Safe?

I believe that Netcoins is not a secure exchange to invest with, both because it was hacked for more than $1 million in early 2022, and because it's missing some of the security features that Canada's major exchanges treat as standard. I strongly suggest looking elsewhere if you want to buy and sell crypto in a safe, secure manner.

Is Netcoins Legit?

I don't believe Netcoins is a legitimate Canadian crypto exchange. Its poor platform security makes using it a high risk, and I encourage all Canadians interested in investing in crypto to look to our recommended crypto exchanges instead.

Is Netcoins Legal In Canada?

Yes, Netcoins is a registered Money Service Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and its parent company (BIGG Digital Assets) is a publicly traded firm.

Netcoins Referral Code

Netcoins has stopped offering its former $50 signup bonus, so to get a bonus upon signing up, I suggest opening an account with VirgoCX.

Does Netcoins Report To The CRA?

Yes, as a Money Service Business with FINTRAC, Netcoins must report transactions above $10,000 to the Canada Revenue Agency at the end of every fiscal year. If you're a Netcoins user, you're also legally obligated to report any capital gains or losses you incur to the CRA so you can be taxed appropriately.

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