Netcoins Exchange Review 2022
You may have seen the Netcoins commercials recently grace your television screen and wondered, what am I looking at?
Founded in 2014, Netcoins began life as a virtual Bitcoin ATM for over 170,000 stores across three continents and its president, Mitchell Demeter, founded the world’s first BTC ATM in Vancouver. They’ve since pivoted to become yet another crypto exchange—this one catering to Canadians—with the mission of making cryptocurrency less mysterious and more accessible for everyone.
So what separates this cryptocurrency trading platform from the myriad of other options out there? We’ll do our best to answer that in this Netcoins review.
Table of Contents
Netcoins Features and Benefits
First, let’s go to the good stuff. Netcoins has several features and benefits that may make it your go-to cryptocurrency exchange from now on:
- Buy cryptocurrency in both US and Canadian dollars, while being able to hold both fiat currencies in a single account
- Trade the most popular cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin, Stellar, Algorand, EOS and USDC
- Buy crypto using a bank card with Simplex Integration. This gives buying power to non-Canadians or if you’re unable to verify your identity. But Simplex will ask for I.D. verification as well
- Fast registration process
- Registered with FINTRAC as a Money Service Business
- Their user-friendly platform makes Netcoin inviting to newcomers
How Netcoins Works
Like all Canadian exchanges registered with FINTRAC, Netcoins uses typical banking KYC (Know Your Customer) and anti-money laundering principles by verifying the identity of all their users using a simple identity verification process.
The whole thing takes about five minutes and involves verifying your e-mail address and phone number. Once verified, you can start purchasing cryptocurrency in USD or CAD using Simplex Integration through your bank (Simplex Integration is a widget that makes it easier to purchase crypto through an online merchant).
If you want to fund your account and start trading cryptocurrency, your identity will have to be further verified by sending scans of your physical I.D. card and verifying your address. Once you’re verified, you can buy and sell cryptocurrency with no restriction.
Netcoins fees are simple and straightforward. It charges a flat fee for trading of 0.5% and there are no fees for depositing or withdrawing money.
You can also buy cryptocurrency through Simplex Integration and transfer them directly into your hardware wallet, but you’ll be paying a steep fee of 7% per transaction. Each transaction has to be a minimum of $71.
As a result, it’s always cheaper to get verified and buy cryptocurrency through the Netcoins exchange.
Netcoins User Accessibility
Netcoins is one of the most accessible crypto exchanges for Canadians. If you want to be a crypto investor and start crypto trading, Netcoins makes it easy. It’s available in an online desktop version or as a Netcoins app on mobile devices.
The platform uses a simplified front-end rather than a complex trading platform you’d see on a stock exchange or some of the more sophisticated crypto exchanges. Once you’re literally walked through the verification and registration, it’s super easy to fund your account. All you need to do is navigate to the “fund” section through the main menu and use USD, CAD or one of the supported cryptocoins.
There is no simpler interface. You don’t get any complex charts or too many order types. What you can do is limit orders or market (instant) orders. You can also set price alerts, so you’re notified when a cryptocurrency of your choosing hits a predetermined price.
Setting Up Your Netcoins Account
Setting up your Netcoins account is easy. All you have to do is:
1. Enter your email address and create a Netcoins login password (an email will be instantly sent to your inbox for verification)
2. Answer a survey to do with your income and risk tolerance
3. Acknowledge a declaration of risk
4. Click yes or no that you’re in full control of your account
5. Verify your phone number through two-factor identification
6. Enter your personal details (name, address, occupation, birthday)
7. Upload identity documents (must be a colour scan)
8. Netcoins will request access to your webcam to take a selfie and match it to your provided identity documents
9. Upload proof of residence documents (utility bill, bank statement, cable TV bill, credit card statement)
10. Your documents are checked
11. If they meet the criteria, you can start trading crypto. If not, you will have to resubmit
Netcoins Referral Program
If a user signs up for Netcoins through another user’s referral link, they get a $10 bonus and the user who referred them gets a $50 bonus.
Is Netcoins Safe?
The first thing Netcoins tells you on its homepage is that it’s the first publicly owned cryptocurrency exchange (owned by BIGG Digital Assets)that is fully regulated. It’s regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business.
It uses two-factor authentication to protect your login information and requires all users to submit identification documents and verify their identity through KYC (Know Your Customer) protocols that most financial institutions have.
They require two-factor authentication every time you use your netcoins login and you can check your account activity, so you know what IP addresses have logged in to your account. Since its founding in 2014, Netcoins has never been hacked. It doesn’t tell you whether it stores their assets in cold storage, but you can withdraw crypto off the platform.
No web-based crypto exchange is 100% safe, but Netcoins is as safe as any other regulated exchange based in Canada. If you want to ensure your cryptocurrency is 100% safe, take it offline and store it in a hardware wallet.
Netcoins Pros & Cons
Pros: The Good Stuff
You can store US and Canadian dollars in one account
Fully regulated by Canada’s financial regulators
Built for cryptocurrency beginners
Cheap fees through Netcoins exchange
Cons: The Not So Good Stuff
Only 9 cryptocurrencies
Fees are high when you purchase crypto through Simplex Integration
Only Canadians can verify their identities and purchase crypto through Netcoins
No professional tools
Limited trading options
A Netcoins Review for 2021
If you’re Canadian and new to crypto, Netcoins is the easiest exchange to use. The fees are cheap too unless you’re using Simplex Integration. However, if you want lots of cryptocurrencies to try and more advanced trading options, Netcoins is not for you.
Frequently Asked Questions
Netcoins is part of several cryptocurrency exchanges that cater to people new to that world. As a result, it has a very simple interface that any internet user who uses online banking can understand. It’s very simple to fund your account in either Canadian or U.S. dollars, verification is quick, while it can take days at other exchanges. Cryptocurrency at Netcoin is simple to buy. However, other exchanges like Binance have more complex trading options, charts that any day trader would be accustomed to and more crypto coins to choose from. That means if you’re a beginner and Canadian, Netcoins is a great option, but if you’re a more seasoned trader, you may get bored quickly.
Unfortunately, or fortunately, if you’re overwhelmed by too many choices, Netcoins only offers nine different cryptocurrencies. They are Bitcoin, Bitcoin Cash, Ethereum, Litecoin, USDC, EOS, Algorand, Stellar and Ripple. These are some of the most popular cryptocoins available, but compared to other exchanges, the options on Netcoins are considerably limited. It may not be like that forever, but for now if you’re looking for variety, Netcoins is not the place for you.
You must submit a withdraw request via a form and write directly to Netcoins’ backend. Canceling an account is not explicitly easy, as the help center on the Netcoins website doesn’t make it clear how to do it. If you go to the “Submit a Request” section, you can select “Withdraw” as one of the subjects that the email form gives you. However, there’s no help topic called, “Canceling Your Account,” so doing so easily doesn’t seem to be an option.
During business hours (Monday to Sunday 8:00 am to 5:00 pm) you can contact any of the human beings behind Netcoins by phone, email or live chat. You can also get your questions answered on various crypto exchange topics through Netcoins’ Help Centre. Other reviews report that the support team at Netcoins is extremely responsive. It is managed by actual people and not automated in any way, which is a big plus when compared to some other exchanges.