The cryptocurrency market is an exciting but volatile industry that has been attracting investors from all around the globe — and one of the most intriguing aspects of this emerging sector is how easily accessible it is to newcomers.
There are several exchanges available for Canadians, but Netcoins, a Canadian crypto exchange founded in 2014 and one of the first financial technology companies to offer a Bitcoin ATM, is quickly becoming one of the most popular ways to buy and sell cryptocurrencies.
It supports 7 different digital currencies including Bitcoin (BTC), Ethereum (ETH), USDT, Ripple, Bitcoin Cash (BCH), and many more.
In this Netcoins review post, I'll go through everything you need to know about the platform, starting from how it works, whether or not it's a legitimate cryptocurrency exchange service, what its fees are, to how it compares to other cryptocurrency exchanges out there.
Netcoins Signup Process, Design & Usability
To get started, you need to sign up and submit personal information and a valid ID for account verification (a driver's license or passport, for instance).
Users are then encouraged to enable 2-factor authentication after completing account verification, and both your password and a verification code are required to access the account.
After that, you can then add funds to your Netcoins account in either Canadian dollars, U.S. dollars, or deposit crypto from another exchange or crypto wallet.
You can also fund your account with a variety of fiat currencies, such as Interac e-Transfer, online bill payment, or wire transfer.
Purchases made using credit cards are available for some coins but have minimum purchase requirements and come with a premium price tag as well.
Also, you can use Netcoins Simplex Integration to buy crypto even if you're not Canadian or can't verify your identity. Be aware that Simplex often applies its own verification process, though.
The Netcoins platform adopts a highly user-friendly design. It focuses more on the needs of newcomers to the cryptocurrency market and provides them with a simplified and accessible trading frontend.
The platform also allows users to set price alerts for their desired coins. They receive notifications via SMS whenever these coins move in accordance with their preference.
What Cryptocurrencies Does Netcoins Support?
The cryptocurrencies that Netcoins allows you to trade are as follows:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Tether (USDT)
- Litecoin (LTC)
All deposits are free (whether it's fiat currency deposits or crypto deposits). The company does charge a flat-rate trading fee of 0.50%, though, so keep that in mind.
You can also withdraw your funds for free to another platform if you're not using crypto — otherwise, there are small withdrawal fees associated with withdrawing from other cryptocurrency wallets.
The cryptocurrency withdrawal fees look something like this:
- Bitcoin (BTC): 0.0005 BTC
- Ethereum (ETH): 0.005 ETH
- Ripple (XRP): 0.02 XRP
- Bitcoin Cash (BCH): 0.001 BCH
- QCAD: 0 QCAD
- Tether (USDT): 20 USDT
- Litecoin (LTC): 0.02 LTC
Is Netcoins A Legitimate Crypto Exchange Service?
For starters, you should know that cryptocurrency trading is risky overall, and those risks are even more pronounced for newcomers.
Despite that, though, Netcoins is a legitimate cryptocurrency exchange service — it's a regulated Money Service Business in Canada, it's registered in the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and its parent company (BIGG Digital Assets) is publicly traded on the Canadian Securities Exchange, OTC Markets, and other major exchanges.
Cryptocurrencies are not protected in the same way as traditional investments, which is why it's so important to find out how they're actually being secured before you take a chance with your money.
Netcoins' use of BitRank and QLUE should be reassuring for those who want an encrypted trading platform that isn't run by some shady company.
Netcoins Referral Program
You can make 50 CAD every time you refer a friend to Netcoins, and your friends will receive an instant 10 CAD reward when they buy or sell cryptos for the first time.
There are also no limits on how many people you can refer, so you can easily share your referral link with all of your contacts.
Netcoins Customer Support
Netcoins has an extensive FAQ section to answer customer queries and offers customer support through a wide variety of channels, such as:
- Email ([email protected]).
- Phone (+1-844-515-2646).
- Support Page (via the “Contact Us” page).
- Help Icon
It's also worth mentioning that Netcoins has a social media presence, so you can reach out to the company through a variety of social media channels such as Facebook, Google Plus, Instagram, LinkedIn, and Twitter.
The Pros And Cons Of Netcoins
- Netcoins is a legitimate cryptocurrency exchange service, registered with FINTRAC and publicly traded in the Canadian Securities Exchange, OTC Markets, and more.
- You can withdraw your funds for free to another platform if you're not using crypto (and withdrawal fees from other cryptocurrency wallets are quite small).
- There are no limits on how many people you can refer to Netcoins.
- Netcoins' use of BitRank and QLUE is reassuring for those who want an encrypted trading platform.
- You can use Netcoins' Simplex Integration to buy crypto even if you're not Canadian or can't verify your identity.
- No dedicated mobile app.
- Does not offer advanced charting tools or limit orders book for advanced traders
- Has a limited amount of cryptocurrencies supported (when compared to other cryptocurrency exchanges)
Netcoins is a Canadian crypto trading service that is user-friendly and provides quick, easy one-click trading.
It's also a secure crypto exchange platform and Money Service Business that uses BitRank and QLUE to encrypt trading data.
Netcoins also has no limits on the number of referrals you can give out and you'll receive 50 CAD for each person you refer.