- Robust security
- Mobile app
- Price alerts
- Great customer support
- Free withdrawals and cash deposit
- User-friendly interface
- Limited trading options
- Limited offer of coins
If you’re looking to buy Bitcoin in Canada, look no further than Netcoins! Based in Vancouver, Netcoins is a leading Bitcoin exchange that allows you to buy and sell Bitcoins quickly and effortlessly. Trading with cryptocurrencies can be quite profitable, primarily if you can make a deposit in fiat currencies. This, however, is not possible with all cryptocurrency exchanges. Luckily, Netcoins will enable you to do just that. In this Netcoins review, we will take an in-depth look at what makes Netcoins so great and why you should consider using it to buy your Bitcoin.
What Is Netcoins?
Founded in 2014 as a Bitcoin ATM solution, at one point Netcoins switched its focus entirely and became a trusted trading platform for cryptocurrencies. Today, you can trade more than 20 cryptocurrencies with Netcoins. Importantly, it’s the first-ever fully regulated trading platform in Canada.
This company aims to be as transparent as possible, which is why it introduced the over-the-counter Netcoins crypto trading web-based app and trading desk.
How Does Netcoins Work?
Registering for a Netcoins account is simple and easy, and it won’t take more than five minutes of your time. Users are typically able to start trading on the same day they apply. Importantly, this crypto exchange uses a verification process that complies with Anti-Money Laundering policies and Canadian KYC requirements.
When it comes to purchasing cryptocurrencies, you’ll need to open an account and verify your phone number and address. After completing that procedure, you can begin buying coins. This is done via Simplex integration with your bank. The documents you need to provide are your address and a copy of your ID. To verify your identity and use Netcoins, you have to be a Canadian citizen.
Accepted currencies are US and Canadian dollars. Remember that you should be careful with how frequently you trade because you’ll be charged 0.5% each time.
Is Netcoins Safe?
Netcoins is registered with Canada’s Financial Transactions and Report Analysis Centre as a Money Service Business. Its parent company, BIGG Digital Assets, is a reputable entity traded on the Canadian Securities Exchange, OTCQX, and WKN.
Even though Netcoins is not accredited by the Better Business Bureau, its Trustpilot rating is 4.5, which is pretty solid. Regarding the Canadian Investor Protection Fund, Netcoins is not protected by it, and right now there are no indications that it will happen in the foreseeable future. BitRank and QLUE systems are used for securing the platform.
Netcoins fees are pretty straightforward. The good news is that there are no funding or cash withdrawal fees, just a 0.5% trade fee. Moreover, there is no charge for cryptocurrency deposits and fiat currencies. However, blockchain fees apply for withdrawal, and they look like this:
- Bitcoin Cash – 0.001 BCH
- Bitcoin – 0.00025 BTC
- Ether – 0.01 ETH
- Doge – 4.5 DOGE
- Litecoin – 0.02 LTC
Crypto withdrawal minimums are as follows:
- Bitcoin – 0.0005 BTC
- Ether – 0.02 ETH
- Litecoin – 0.04 LTC
- Bitcoin Cash – 0.002 BCH
- Doge – 9 DOGE
The minimum deposit with Interac e-Transfer for fiat currencies is $10, while the minimum for a bank wire transfer is $500. If you want to withdraw up to $10,000, you can do it with e-Transfer, whereas for higher amounts you will have to use a Wire Transfer.
Netcoins is Canada’s user-friendly exchange platform that’s convenient for beginners and experienced traders alike. Both groups of traders will appreciate the fact that the website is well-designed, slick, and easy to navigate.
When it comes to transaction times, users can purchase coins on the platform in no time. What’s more, both withdrawals and deposits are made quickly. The wait times are also not long for the verification process. The platform also offers non-custodial purchases using the Simplex Integration Process, which lets customers outside of Canada buy cryptocurrencies.
As for the cryptocurrency offer, Netcoins offers many popular cryptocurrencies. The leading ones that Netcoins offers to its users are QCAD coins, Tether, Ripple, Litecoin, Bitcoin Cash, Ethereum, and Bitcoin. It’s also possible to have CAD and USD in one account.
On another note, those users who just started trading will be pleased to know that Netcoins is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Moreover, Netcoins’ parent company is BIGG Digital Assets, which contributes to the overall positive reputation of Netcoins.
Netcoins Customer Support and Security
Regarding the customer support provided by Netcoins, we must underscore that it didn’t disappoint. The representatives are knowledgeable, polite, and prompt in delivering information and assisting the customers. For assistance by phone or live chat, the working hours are Monday through Friday, 7 a.m.-5 p.m. PT, and on weekends, they are 9 a.m.-5 p.m. PT. Email support hours are even longer, 6 a.m.-8 p.m. PT on workdays and 9 a.m.-8 p.m. PT on weekends.
As for security, your account is protected with two-factor authentication, and you’re advised to choose a strong password. Since Netcoins is a custodial broker, it provides a digital wallet service and guarantees the protection of your private keys. However, keep in mind that custodial platforms are not as secure as decentralized exchanges.
The interface is user-friendly and convenient for beginners, as Netcoins decided to keep the simplistic design instead of confusing the users with too many complex features. That’s why it omitted various order types or trade charts that might be confusing for many. If you opt for Netcoins, you can place instant and limit orders. What’s also convenient is that you can receive SMS notifications whenever there’s a change in the price of the crypto coin you’re interested in.
Netcoins Mobile App
Netcoins users can trade whenever they want, as long as they have internet access. The app is well-optimized and available for both Android and iOS. It’s fast and seamless irrespective of the operating system you’re using. The design is intuitive and simple, so if you’re a first-time trader, you will have no problems navigating the app.
On a Final Note
All in all, Netcoins is a great way to buy and sell Bitcoin and other available cryptocurrencies. If you’re looking for an easy way to get started with cryptocurrency, Netcoins is definitely worth considering. The fees are reasonable, the buying process is simple, and the customer service is excellent.
However, there are a few downsides to using Netcoins. For one thing, the exchange doesn’t offer a large selection of coins. Overall, though, Netcoins is a solid choice for anyone who wants to get involved in the world of cryptocurrency. Apart from relying on affirmative Netcoins reviews shared by its customers, you can simply go to its website and determine for yourself if trading with this platform is a good fit.
If Netcoins doesn’t meet your expectations, for instance, due to the limited number of cryptocurrencies, you can look for different trading platforms in Canada. There is also a wide offer of crypto exchange options in Canada, so you can check out the market before making any decisions.
Can you buy XRP on Netcoins?
Yes, Netcoins offers XRP, among many other popular cryptocurrencies.
Where is Netcoins located?
As mentioned in this Netcoins review, the company is located in Vancouver, British Columbia, Canada. It caters solely to Canadian citizens.
Does Netcoins report to CRA?
Yes, Netcoins reports to the CRA. Cryptocurrencies are taxed in Canada, and trading on Netcoins is no exception.
How do I add money to Netcoins?
You can buy cryptocurrencies on Netcoins with dollars via online bill payment, Interac e-Transfer, or bank wire.