Dennis Hammer is a writer and finance nerd with six years of investing experience. He writes about personal finance for Wealthsimple. Dennis also manages his own investment portfolio and has funded several businesses in the past. Dennis holds a Bachelor's degree from the University of Connecticut.
If you want to trade Bitcoin, Ethereum, or other popular cryptocurrencies, you have to do so through a crypto exchange. It’s important to explore your options and find the platform that meets your needs.
Netecoins is a simple and user-friendly crypto platform for Canadians to buy and sell the most popular cryptocurrencies. In this article, we’re going to explore what Netcoins has to offer, discuss how the platform works, and help you understand what you can expect to pay in trading fees.
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A publicly-traded company, Netcoins trades under its parent company BIGG Digital Assets. This means the exchange’s financials are more transparent than similar exchanges. It is registered with FINTRAC as a Money Service Business (MSB).
Netcoins started out by offering Virtual Bitcoin ATM solutions to nearly 200,000 stores all over the world. It operated as a private brokerage service for big crypto investors, as well. As the crypto industry evolved, it became a cryptocurrency trading platform that users can access 24/7 through a web or mobile browser.
Netcoins understands that users find cryptocurrency new, complicated, and a little scary. As a company, it values equal access to money, economic health, and financial sovereignty. It strives to educate its users about crypto investing and work to make cryptocurrency trading simple and secure.
Through Netcoins, you can purchase the top seven (and the most well-known) cryptocurrencies:
Bitcoin Cash (BCH)
Pros and cons of Netcoins
Netcoins is a user-friendly, FINTRAC-regulated platform that’s perfect for beginners. Trading fees are low and there are no fees for making deposits. Users report that customer service is very attentive, as well. It offers live chat, email, and over-the-phone support.
One major advantage to Netcoins is the ability to purchase cryptocurrencies with US or Canadian dollars. You can hold both currencies in the same account, which makes it convenient to get into cryptocurrency trading.
Unfortunately, Netcoins offers a limited selection of trading options—only seven cryptocurrencies and no other stock, bond, or other financial products.
Furthermore, the platform does not offer a mobile app, which is unusual for this type of trendy, forward-thinking platform. However, you can access its website and perform all operations through any device.
Due to local laws, citizens of the United States and Australia are not allowed to use Netcoins (or similar cryptocurrency exchanges).
How does Netcoins work?
Netcoins uses a simple user verification process that abides by the Canadian KYC and Anti-Money Laundering (AML) policies. The entire process takes about five minutes. You should be able to fund your account and start trading crypto the same day.
In order to purchase cryptocurrency through Netcoins, you must first open an account and verify your active email address and phone number. Once you’ve verified, you can start purchasing coins using the Simplex integration (from your bank). If you want to fund your account to begin trading cryptocurrencies, you’ll want to verify your personal identity by providing your physical address and copies of your ID or permit.
Once you’re verified by the platform, your first step is to fund it with fiat currency (US or Canadian dollars) or transfer in the cryptocurrency you already own. Once your funds are on the platform, you can begin to buy and sell as you please. Avoid making unnecessary trades, however, because each will cost 0.5%.
If you aren’t a Canadian citizen, you won’t be able to verify your personal identity with Netcoins. However, you can still purchase coins through Simplex, which may require you to verify your identity.
What are Netcoins’ fees?
As of March 2021, Netcoins charges a simple, flat trading fee of 0.5% per trade. It does not charge any fees for depositing or withdrawing your money.
If you choose to buy cryptocurrency directly into your external wallet through the Netcoins Simplex integration, you will pay a significant fee. Simplex charges as much as 7% per transaction (minimum purchase amount is $71 CAD or USD). This means it’s always cheaper to buy coins directly through Netcoins’ platform.
Unlike other Canadian cryptocurrency exchanges, you can hold US dollars and Canadian dollars in the same account. This makes Netcoins one of the cheapest and most convenient cryptocurrency exchanges available to Canadians.
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