Have you ever wanted to buy Bitcoin, Ethereum, or other cryptocurrencies easily in Canada without paying any fiat deposit or withdrawal fees from a Canadian crypto exchange that is owned by a publicly traded Canadian company?
If you answered yes, this article is for you. In this Netcoins review, I’ll provide you with a comprehensive review of Netcoins exchange which is one of the most transparent, regulated, and trustworthy cryptocurrency exchanges in the Canadian crypto market.
What is Netcoins & a Brief Netcoins History
Netcoins exchange is a Canadian cryptocurrency exchange which was founded in 2014 by the founder of the first global Bitcoin ATM creator, Mitchell Demeter, in Vancouver, Canada.
Netcoins inherits the title of Canada’s first publicly traded company by having BIGG Digital Assets (BIGG: CSNX) as its parent company. This makes Netcoins one of the most transparent, regulated, secure, and reliable crypto exchanges in Canada.
Netcoins implemented an easy solution to empower Canadians with resources to help them making their crypto journey a breeze. Canadians can use Netcoins to easily and smoothly perform fiat or crypto funds and withdrawals, buy or sell cryptocurrencies, use a crypto credit card, and learn more about cryptocurrencies all in one place.
BIGG Digital Assets Inc. treasury exceeded 575 Bitcoins in April 2022.
How to Join Netcoins Crypto Exchange
- Go to Netcoins Signup
- Enter your email and a new password, get a verification link in your email
- Proceed by providing personal information including name and address
- Complete the KYC verification process
- Deposit fiat directly or cryptocurrencies by sending from another wallet
What is KYC? KYC or Know Your Customer verification is an automatic process which involves uploading a government ID (driver license, passport), taking a selfie, and providing proof of address. This process usually takes only a couple of minutes to be completed.
Netcoins Crypto Exchange In a Nutshell
|Offered Products||Fiat or crypto funding, Cryptocurrency trading, Prepaid credit card|
|Regulation||Owned by a publicly traded Canadian parent company, FINTRAC, MSB (Money Service Business)|
|Supported Cryptos||BTC, ETH, USDC, LTC, BCH, DOGE, APE, MATIC, SHIB, LINK, SUSHI, YFI, MANA, ENJ, FTM, CRV, XRP, XLM, ALGO, AVAX, EOS, ETC, UNI, DAI, SAND, AAVE, MKR, XTZ, GRT, CHZ, BAT, AXS, ADA, SOL, DOT, GALA|
|Minimum Fiat Deposit||Wire Transfer $USD or $CAD $500 – Interac e-Transfer $CAD $10|
|Minimum Crypto Deposit||None|
|Swap Pair||None (Can only buy or sell between cryptos and $CAD or $USD)|
|Deposit Fees||None (Free deposit for both fiat $CAD $USD and cryptocurrencies)|
|Fiat Withdrawal Fees||None (Free wire or Interac e-transfer withdrawal)|
|Crypto Withdrawal Fees||Variable (0.00025 BTC, 0.005 ETH, 40 USDC, 0.02 XRP, 0.1 AVAX)|
|Crypto Minimum Withdrawal||Variable (0.0005 BTC, 0.01 ETH, 80 USDC, 25 XRP, 0.2 AVAX)|
|Cryptos Transaction Fees||0.5-1% spread plus 0.5% crypto transaction fees|
|Security||Regulated with governmental oversight, Mandatory 2FA|
|Platforms||OTC, Browser web app, iPhone and Android apps (user friendly)|
|Customer Support||Email: email@example.com, Phone: +1 (844) 515-2646, Chat|
|Signup Bonus||$60 CAD after trading $100 CAD worth of any cryptocurrency|
What Are Netcoins Pros
- Very user-friendly platform and apps to navigate, fund, and trade through
- Efficient and automatic verification process (KYC)
- Owned by a publicly traded parent company, trustworthy, fully compliance and regulated in Canada
- Very generous referral program to earn $60 for a $100 trade
- Free fiat fund and withdrawal in $CAD or $USD
- Price alerts email or SMS notifications
- Fantastic and efficient customer support via email, chat, and phone
- No minimum fiat deposit or withdraw fees
- Interesting crypto prepaid visa credit card
What Are Netcoins Cons
- Limited cryptocurrency offerings
- High minimum cryptocurrency withdrawal
- High cryptocurrency withdrawal fees
- No direct swap between cryptocurrency and no crypto pairs
- High trade spread plus an additional 0.5% trading fees
What Does Netcoins Offer
Netcoins offers Canadians a simple and free (Interac e-Transfer or Wire) method to fund their account with fiat or cryptocurrencies.
Netcoiners can then purchase and invest in any of the available cryptocurrencies directly through Netcoins platform or apps. Netcoins makes withdrawing fiat an easy and efficient process.
Both Canadians and Non-Canadians have the option to purchase cryptocurrencies using Netcoins’ third party provider Simplex. I don’t recommend this method due to its cost.
You can simply join by signing up with Netcoins, completing the KYC (Know Your Customer) verification, and depositing fiat or crypto.
One of the best features of Netcoins is being owned by a publicly traded company in Canada. This adds an extra layer of trust, security, and transparency to Netcoins’ accounts.
Another great feature is Netcoins Crypto Academy which is available to everyone. Netcoins Pay which is a Bitcoin prepaid visa credit card is an interesting payment feature by Netcoins.
And, last but not least, Netcoins customer support is one of the best support team in the cryptocurrency space.
Netcoins Fiat Deposit and Withdrawal
Netcoins offers deposits and withdrawals in both Canadian and US dollars via below methods:
- Interac e-Transfer: Minimum $10, almost instant, only available in $CAD
- Wire Transfer: Min $500, 0-3 business days, available to both $CAD and $USD
Netcoins Cryptocurrency Deposit and Withdrawal
Cryptocurrency deposit is free and there is no minimum deposit. Users can easily get their Netcoins wallet address from the app’s dashboard and transfer cryptocurrencies from an external wallet.
However, cryptocurrency withdrawals aren’t the best feature of Netcoins. There is no free withdrawal and the withdrawal fees are high. In addition, there is a minimum withdrawal limit which makes withdrawing cryptocurrencies from Netcoins an expensive process.
Netcoins Buy and Sell Cryptocurrencies
There is no swap or paired cryptos in Netcoins which means buying or selling cryptocurrencies can only be done between cryptos and fiat $CAD or $USD currencies.
The process is very easy through Netcoins apps. However, Netcoins charges a 0.50% transaction fee. This transaction fee is charged on top of the undisclosed spread fee.
There are two types of buy and sell orders in Netcoins, Instant order and Limit order.
- Instant Order: These orders get executed instantly with the best market prices
- Limit Order: These orders allow users to buy or sell cryptocurrency at a specific price
Note: A limit order is not guaranteed to execute, and will only execute when it hits the specific price that the investor has set.
What Is Netcoins Prepaid Crypto Visa Credit Card (Netcoins Pay)
Netcoins Pay is a prepaid cryptocurrency visa credit card available to all verified Canadian residents except Quebec. Individuals can earn 3% cashback in Bitcoin during the first 3 months which is capped at $100.
After the first 3 months or $100 cap, the reward will be 1% on all eligible transactions which is initially earned in Canadian dollar then converted to Bitcoin by Netcoins on the 10th day of each month. Full details can be found here.
Netcoins Pay comes in Digital and Physical cards. A digital card can be added to Google, Apple, or Samsung pay. It can also be used for online shopping.
The card works everywhere except where blocked by Visa in these countries.
Netcoins Crypto Credit Card Fees and Limits
The only fees are the 1.5% foreign transaction fees and a $1 3-month inactivity fee. There is no ATM fees charged by Netcoins. However, the ATM machine might charge a fee.
Here are the current Netcoins Pay limitations which is more than adequate for most average users.
What Are Netcoins Fees
- Deposits: All fiat and cryptocurrency deposits are free of charge
- Withdrawals: Adjusted according to the blockchain with no free monthly withdrawal
- Trading: There is an unknown spread plus 0.5% transaction fees
Here is the current Netcoins minimum withdrawals for each supported cryptocurrency including the stablecoin USDC.
Is Netcoins Safe, Secure, and Regulated
Netcoins is owned by BIGG Digital Assets which is a publicly traded company in Canada, which means it is subject to a far more financial scrutiny than other platforms. It’s also regulated by FINTRAC (the Financial Transactions and Report Analysis Centre of Canada) and MSB (Money Service Business).
In addition, it uses BitRank and QLUE to safeguard its trading platform. It also has a mandatory 2FA in order to enable withdrawals for its users.
A unique feature offered by Netcoins is the ability to review all session activities. Users can review when and where (IP address) their account was accessed.
Does Netcoins Offer Insurance or Coverage
Unfortunately, similar to most crypto exchanges, Netcoins doesn’t offer any insurance regardless of its regularity requirements.
Funds inside Netcoins aren’t covered by CDIC (Canada Deposit Insurance Corporation).
Is Netcoins Customer Support Reliable
Yes, but it might not be an instant live support as they don’t work 24/7 which is acceptable. Netcoins’ main customer support channel is via email. However, Netcoins team members can also be reached via chat, Twitter and phone at +1 (844) 515-2646.
Netcoins customer support has been great while trying to solve most requests within 2 business days. I personally had a fantastic quick response when I faced an issue when I chose a wrong option (my own fault) during my Netcoins sign-up process.
Is There a Netcoins Referral Program
Yes. Netcoins currently offers one of the most generous referral programs in the industry. Users can invite new users to Netcoins by sharing their unique referral link.
Both the (parent referrer) and new users (child referee) will be rewarded with $60 CAD each when the child referee successfully registers, completes the KYC, and trades a minimum $100 CAD in one or more transactions inside Netcoins platform or app.
Current criteria to be eligible for Netcoins referral program:
- Be a resident of Canada
- Complete registration and account verification (KYC)
- Purchase and/or sale of $100 worth of crypto (in a single or multiple transactions)
The $60 CAD was deposited in my account instantly as soon as I clicked the purchase of a $100 worth of cryptocurrency (including all fees).
Frequently Asked Questions (FAQs) About Netcoins Cryptocurrency Exchange
Does Netcoins Support Fiat Deposits or Withdrawals
Yes. Netcoins supports fiat deposits and withdrawals in Canadian and US Dollar. $CAD can be done by Interac e-Transfer and Wire transfers while $USD is only supported by Wire transfer.
Does Netcoins Have a Mobile App
Yes. In addition to the web browser app, Netcoins offers both iOS and Android apps.
Can I Enable 2FA or Withdrawal Whitelist in Netcoins
2FA is mandatory for withdrawals and users will be required to activate it before performing any withdrawal. 2FA setup can be done via web or mobile app.
Netcoins doesn’t offer withdrawal whitelist which would be a great security addition to be considered.
Does Netcoins Offer a Learning Portal
Netcoins academy offers every crypto enthusiastic the opportunity to learn more about the crypto ecosystem by offering industry insights and educational articles freely.
How Does Netcoins Compare with Crypto.com
Netcoins doesn’t offer savings account to earn on cryptocurrency which is available in Crypto.com.
Does Netcoins Offer a Referral Program
Yes. Netcoins referral program is a generous program which currently pays $60 for a $100 CAD crypto trading.
How to Take Advantage of Netcoins Referral Program
- Signup by using my referral link and complete the KYC verification process
- Transfer $100 CAD via e-Transfer which is free by almost all banks including EQ Bank
- Purchase any supported cryptocurrency (I purchased $BTC)
- Receive your $60 CAD bonus which gets deposited in your Netcoins account instantly
- Congratulations! You have multiple options now including:
- Sell your purchased crypto and withdraw $CAD freely via e-Transfer
- Purchase more crypto and keep all inside Netcoins
- Purchase more crypto and transfer to a crypto savings account
Get $75 USDC bonus for joining and depositing $2000 in AQRU by using my AQRU Referral.
How to Boost Netcoins Rewards By Utilizing Crypto Savings Accounts
As Netcoins doesn’t offer earning by holding cryptocurrencies, I recommend utilizing another platform which offers crypto savings accounts.
If you are looking for a reliable Canadian savings account, check out my Coinchange review.
Conclusions and My Netcoins Review Verdict
As demonstrated, Netcoins is one of the most regulated and reliable crypto exchanges in Canada. It offers a very sleek and user friendly interface in both its web and mobile apps which makes it a great choice for all crypto investors.
Netcoins customer support is also one of the best in the industry which you can rely on whenever help is needed.
If you are looking for the most regulated exchange in Canada with some of the best customer support, then Netcoins is your friend. However, one should keep the high withdrawal fees in mind. In addition, Netcoins spread and transaction fees for purchasing cryptos are one of the highest in the market. I also don’t think the free fiat deposit and withdrawal can offset the total 1-1.5% transaction fees.
Nevertheless, I took advantage of Netcoins generous referral program and joined Netcoins. I encourage you to do so before it reverts back to the previous bonus which was $10 per referral.
At the conclusion, I’d like to congratulate Netcoins for achieving its mission to empower Canadians by simplifying the complex cryptocurrency purchase process.
I hope you found this review helpful and are planning to join our Netcoins family. If so, I appreciate signing up using my Netcoins referral link.