Cryptocurrencies have been growing in level of popularity in Canada, new online trading platforms are entering the market all the time, making it easier than ever for Canadians to buy and sell crypto. One such platform in Canada is Netcoins. Check out if Netcoins is the best crypto trading platform for you.
Who Is Netcoins?
Netcoin is a Vancouver-based cryptocurrency exchange that was launched in 2014 by BIGG Digital Assets, and is traded under the ticker symbol ‘BIGG’. They started as a private brokerage service for large institutional crypto investors and were one of the first fintech companies in Canada to offer virtual Bitcoin ATM solutions.
Here are some of the features that make Netcoins stand out amongst competing cryptocurrency exchanges in Canada:
- Price Alerts – Once you’ve registered for a Netcoins account, you’ll have the option of receiving notifications when the prices of your cryptocurrencies change.
- Limit Orders – This feature lets you purchase and sell cryptocurrencies at set prices, so you don’t have to constantly check the market prior to making a trade.
- Fast Transactions – As long as all the required information is correct, most Netcoins clients will receive almost instant verification on their crypto trades.
- 0% Funding Fees – Netcoins doesn’t charge any funding fees to deposit crypto or fiat currency (CAD or USD) into your account. Fiat withdrawals are free too.
- Coins Supported – According to their website, Netcoins currently supports a small variety of crypto coins and tokens (22 in total, with more on the way). Here are some of the most popular cryptocurrencies you can trade:
- Algorand (ALGO)
- Avalanche (AVAX)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Ripple (XRP)
- Stellar Lumens (XLM)
- USD Coin (USDC)
How Does Netcoins Work?
Thankfully, the Netcoins crypto trading process is relatively simple, which makes their platform a good choice for less experienced investors. Just follow these steps:
Step 1. Set Up Your Account
Download the Netcoins mobile app on your smart device or visit their website and click “Log In/Sign Up”, then enter your email and create a password. Once connected, you’ll have to verify your phone number as well.
Step 2. Confirm Your Identity
Next, provide your information (name, address, etc.) and a copy of your government-issued photo ID or resident permit (driver’s license, passport, etc.). This confirmation process may take a few minutes.
Step 3. Fund Your Account
Once your ID is verified, it’s free to fund your account with crypto or fiat (CAD or USD) by instant e-Transfer ($10 minimum) or by bank wire, which can take 1 to 3 business days ($500 minimum in the associated currency).
Step 4. Buy Crypto (Optional)
After your information checks out, you’ll already be able to purchase different cryptocurrencies through Netcoins. This is done by linking your bank account to your new Netcoins account.
Step 5. Start Buying and Selling
Once your account is set up, it’s really easy to trade crypto and keep funding your account anywhere in Canada. With Netcoins, you can buy or sell as little as $10 or as much as $10 million.
While most deposits and withdrawals are free, you may encounter small fees for certain transactions you perform on the Netcoins app or platform, including but not limited to:
- Trading Fees = 0.50% for every trade
- Cryptocurrency Withdrawals = Depending on the cryptocurrency you withdraw, Netcoins will charge a flat fee. Varying fees will apply whenever you withdraw crypto from your Netcoins account and transfer it to another cold wallet or platform. Here’s Netcoins’ current crypto price spread (keep in mind that costs could change according to the crypto market):
Cryptocurrency Withdrawal Fees
|Type Of Cryptocurrency||Cryptocurrency Flat Withdrawal Fees|
|Algorand (ALGO)||1 ALGO|
|Avalanche (AVAX||0.1 AVAX|
|Bitcoin (BTC)||0.00025 ETC|
|Bitcoin Cash (BCH)||0.001 BCH|
|Ethereum (ETH)||0.005 ETH|
|Ethereum Classic (ETC)||1 ETC|
|Litecoin (LTC)||0.02 LTC|
|Ripple (XRP)||0 XRP|
|Stellar Lumens (XLM)||1 XLM|
|USD Coin (USDC)||40 USDC|
Netcoins Pros And Cons
Although Netcoins and their parent company (BIGG) are both well established financial companies, there are some benefits and drawbacks of the Netcoins platform, such as:
- Customer Support – One notable aspect of Netcoins is their customer service, which is available by phone and live chat during business hours (or email 24/7).
- Quick Verification – As mentioned, Netcoins clients can (almost) instantly verify their accounts and most types of crypto transactions, apart from bank wires.
- Regulated – Netcoins is registered as a Money Service Business (MSB) with FINTRAC.
- Secure – The Netcoins platform has lots of security, like two-factor authentication (2FA). It also leverages blockchain analytic and forensic tools (QLUE & BitRank).
- Netcoins App – Another major benefit of Netcoins is their mobile app, which is available on Android and Apple devices. You might like this app because it:
- Can be synced with your Netcoins web account or desktop.
- Lets you easily withdraw crypto and transfer it to your mobile wallet.
- Allows for free cash withdrawals (in USD or CAD).
- Offers live customer support, 7 days a week.
- Limited Coins – For the time being, Netcoins only supports 22 crypto coins and tokens, which is low compared to some other trading platforms out there.
How Does Netcoins Compare To Other Trading Platforms?
As you can see, the Netcoins platform has plenty of things going for it. Now let’s find out how it compares to other popular cryptocurrency trading platforms in Canada such as Wealthsimple Crypto and Coinsmart:
22 total (more to come)
|– BTC |
43 total (for now)
16 total (for now)
|Funding||– Interac e-Transfer|
– Bank Wire
– Credit Card
– Bill Payment
|Electronic Funds Transfer (ETF)||– Interac e-Transfer|
– Bank Wire
– Debit/Credit Card
– Bank Draft
|Fees||– 0.50% trading fee|
– Free fiat deposits & withdrawals
– Varying fees for crypto withdrawals
|– Price spread of up to 2%|
– Free deposits & withdrawals
|– 0.20% trading fee|
– Varying fees for certain deposits & withdrawals
Is Netcoins safe to use?
Does Netcoins have a referral program?
Can I store crypto in my external wallet?
What is KYC?
Does Netcoins have an app?
If you’re trying to enter the crypto market and invest in your future, Netcoins might be a perfect trading platform for your personal and financial preferences. Visit the Netcoins website or reach out to their customer service department today for more information about the cryptocurrencies, special features, and payment options they offer.