Netcoins Review (Sep 2022): Why We Don’t Like It

June 10, 2022
Reviews
Netcoins Crypto Exchange

Netcoins is a Canadian crypto exchange that offers fast, simple one-click trading, and uses BitRank and QLUE to encrypt trade data. Despite its advantages, it has a couple of drawbacks that prevent me from wholeheartedly recommending its use, particularly its limited cryptocurrency support.

CoinSmart is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a $50 signup bonus (available until September 31, 2022), I can't recommend CoinSmart highly enough.

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What Is Netcoins?

Netcoins is one of Canada's oldest cryptocurrency exchange platforms, having been founded back in 2014. It began as a virtual Bitcoin ATM solutions provider, and also provided private brokerage services for large-scale institutional crypto investors.

Over time, Netcoins evolved into a consumer-facing cryptocurrency trading platform and has focused more on meeting the trading needs of everyday users.

Netcoins Features

1. User-Friendly Design

The Netcoins platform has quite a 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 and receive SMS notifications in real-time when these coins reach certain price targets.

2. Netcoins Customer Support

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

  • Email (support@netcoins.ca)
  • Phone (+1-844-515-2646)
  • Support Page (via the “Contact Us” page)
  • Help Icon

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

3. Netcoins Referral Program

You'll earn 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 crypto for the first time. There are also no limits on how many people you can refer.

Cryptocurrencies Supported By Netcoins

Netcoins currently supports 22 cryptocurrencies. This is lower than some other exchanges in Canada, and it's one of the major reasons I suggest trading with another platform aside from Netcoins.

Netcoins Fees

Netcoins charges 0.5% in trading fees, which is relatively high for the industry. When you compare that with CoinSmart and Bitbuy, both of which charge just 0.1% – 0.2%, you're paying up to 5x the price for the exact same trades.

Depositing fiat and crypto is free with Netcoins, and fiat withdrawals are free, too. Crypto withdrawals depend on the coin you're withdrawing, though they can be quite 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 Netcoins' positives, it carries a few major drawbacks that suggest you should trade with a different exchange. It doesn't offer any advanced charting tools or limit orders book for advanced traders, and it supports a very small number of cryptocurrencies when compared to other exchanges.

With this in mind, I recommend using CoinSmart instead. Here are a few reasons why.

Introducing CoinSmart: Canada’s #1 Crypto Platform

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 bonus ends September 31, 2022.

★★★★★

Rated 4.9/5

I recently broke down 10+ of Canada’s most popular crypto platforms, and CoinSmart came out on top. It scored so well because it excels on what I believe are the three most important factors when choosing a crypto platform: fees, security, and customer support.

Here’s how CoinSmart performs in each of those areas, and why I believe it's the best crypto trading platform in Canada. And to get your $50 signup bonus with CoinSmart, use this signup link and the special promo code YOREOYSTER.

#1 Lowest Fees In The Industry

CoinSmart’s trading fees are just 0.20%, the lowest of any crypto platform in Canada. And those savings add up quickly: if you trade $100,000 worth of Bitcoin in a given year (buying and selling $25,000 worth twice), you’ll save $800 in trading fees compared to a platform that charges 1% ($200 vs. $1,000).

Perhaps more important than trading fees, though, are spreads: the difference between the Buy price and the Sell price. CoinSmart has razor-thin spreads, which makes day trading possible and keeps more money in your pocket.

#2 Bank-Level Security

CoinSmart maintains a 95% cold storage policy, which means at least 95% of its users’ crypto is always held offline. This is a security measure that only the most advanced trading platforms employ, and CoinSmart is leading the charge.

CoinSmart is also the only publicly traded crypto platform in Canada, which means it’s subject to far more financial scrutiny than any other platform. It’s regulated by FINTRAC (the Financial Transactions and Report Analysis Centre of Canada) and the OSC (Ontario Securities Commission), it's an official member of the anti-money laundering group TRUST, and its financials are audited by external professionals at least once per year.

#3 Excellent Customer Support

CoinSmart offers 24/7 customer support via phone, live chat, and email, and their customer service reps are actually helpful rather than just following a script. I’ve never had to wait more than about 60 seconds on hold, and they’re very responsive via live chat and email, too. 

The only time I ran into an issue with CoinSmart, I called them and had it sorted out within 5 minutes. Keep in mind that telephone and live chat support is only available for registered users, so if you have a question for CoinSmart, the best way to get it answered is to open an account

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Offer ends September 31, 2022.

In Summary

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. However, despite its benefits, it has a few cons that don't allow me to fully recommend its use, like its limited cryptocurrency support.

CoinSmart is the favourite among knowledgeable Canadian crypto investors, both for its high level of security and for its ease of use. It also has extremely low trading fees, so if you're looking for a secure, cost-effective way to buy and sell crypto in Canada with a $50 signup bonus (available until September 31, 2022), I can't recommend CoinSmart highly enough.

CLAIM MY $50 BONUS
Offer ends September 31, 2022.

Netcoins FAQs

How To Withdraw From Netcoins

To withdraw funds from your Netcoins account, you only have to follow these steps:

1. Fiat Withdrawals

  1. Log in to your Netcoins account.
  2. Click on the “Withdraw” option on the left navigation bar.
  3. Choose the “Withdraw Dollars” option.
  4. Enter the amount of fiat dollars you would like to withdraw from your balance. Your account balance will show up below the field. If you would like to withdraw all of your balance, simply click on the “max” button within the amount field.
  5. Fill up the necessary information and confirm it is accurate.
  6. Click the “2FA & Withdraw” button.
  7. Input your 2 factor authentication info and wait for a confirmation e-mail.

2. Crypto Withdrawals

  1. Log in to your Netcoins account.
  2. Click on the “Withdraw” option on the left navigation bar.
  3. Choose the “Send Crypto” option.
  4. Enter the amount of crypto you would like to withdraw from your balance. Your account balance will show up below the field. If you would like to withdraw all of your balance, simply click on the “max” button within the amount field.
  5. Fill up the necessary information and confirm it is accurate.
  6. Click the “2FA & Withdraw” button.
  7. Input your 2 factor authentication info and wait for a confirmation e-mail.

Is Netcoins Safe?

For starters, you should know that cryptocurrency trading is risky overall, and those risks are even more pronounced for newcomers. Despite that, though, 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.

Is Netcoins Legit?

Yes, Netcoins is a legitimate cryptocurrency exchange, though it's not my favourite. If you're looking for a better trading experience, I suggest signing up with CoinSmart, Bitbuy or Crypto.com instead.

Is Netcoins Legal In Canada?

Yes, Netcoins is 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.

Netcoins Referral Code

To receive your bonus when signing up for Netcoins, use our special signup link here.

Does Netcoins Report To The CRA?

Yes. Considering Netcoins is a regulated Money Service Business in Canada, and considering it's registered in the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), it must report large transactions to the CRA at the end of every fiscal year.

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