Netcoins Review: The Best Trading Platform for Crypto Beginners?
While the bloom may have come off the rose for the crypto industry in 2022, cryptocurrencies continue to be very popular, and crypto exchanges remain one of the easiest ways to buy and sell crypto assets. Here in Canada, there is no shortage of crypto exchanges to choose from, including Netcoins.
If you’re new to the cryptocurrency game, chances are you’re looking for a platform suitable for beginners with enough features to get started. In this Netcoins review, I’ll let you know how it works, the fees, pros and cons, and which coins are supported. I’ll also cover a few Netcoins alternatives, so you can decide if it’s the best platform for you.
What Is Netcoins?
Netcoins launched in 2014 as a virtual Bitcoin ATM provider but eventually expanded into a Canadian cryptocurrency exchange. Today, you can trade more than 30 coins via desktop and mobile applications. Netcoins is registered with FINTRAC, and fully regulated by the Canadian Securities Administrators (CSA) and the British Columbia Securities Commission (BCSC).
Netcoins makes moving funds to and from your account quick and easy, with no funding fees and free e-Transfers (withdrawals). Here is a list of critical features the platform offers:
- Buy crypto with as little as $10
- Zero funding fees
- Free cash withdrawals via e-Transfer
- Limit order capability
- Receive price alerts via SMS and email
- Live chat, phone, and email customer support during business hours
How Does Netcoins Work?
There’s a simple, 3-step process to open a Netcoins account and begin trading. To get started, click on the Login/Signup (or Get Started) button on the Netcoins homepage.
You’ll need to follow the standard procedures for this type of account by providing your personal information and government-issued identification, like your driver’s license or passport.
Once Netcoins has fully verified your account (they can usually do this within a few minutes), you’ll be able to fund your account. You have the option of depositing Canadian or U.S. funds, or you can deposit cryptocurrency from your crypto wallet or another exchange. You can move Canadian and U.S. funds via e-Transfer, online bill payment, or a bank wire transfer.
At the time of this writing, Netcoins supports the following crypto coins:
Netcoins offers straightforward pricing by charging a flat fee of 0.50% per trade. While simplicity is welcome, the rate is significantly higher than other crypto platforms charge. Bitbuy, our top-rated trading platform here at MapleMoney, charges between 0.10% and 0.20%, while Coinsmart charges 0.20%.
Of course, trading fees don’t tell the whole story. Netcoins doesn’t charge you to fund your account or withdraw fiat currency; Coinsmart charges 1% for an EFT funds transfer. Determining the most cost-efficient platform will depend on how you use your account.
Interac e-Transfer: Free for fiat deposits and withdrawals
Crypto Deposits: Free
Bank Wires (deposits): Free over $3,000 CAD and $2,000 USD
Trading Fee: 0.50%
Bank Wires (withdrawals): Free over $25,000 CAD and $6,000 USD
Crypto withdrawal fees: Varies depending on crypto
Netcoins does charge a small fee when you transfer crypto holdings from your account to another exchange or your private wallet. Here’s a sample of fees for some of the more popular coins:
- Bitcoin: 0.00025 BTC
- Ether: 0.01 ETH
- Litecoin: 0.04 LTC
- Bitcoin Cash: 0.008 BCH
- XRP: 6 XRP
- Stellar: 9 XLM
- Dogecoin: 17 DOGE
- LINK: 0.8 LINK
Is Netcoins Safe?
The Netcoins platform should be very safe. The fact that Netcoins is regulated by the securities industry, and registered with FINTRAC, is a very positive sign.
Netcoins Pros & Cons
If you’re new to crypto trading, Netcoins has a lot to offer. The ease of opening (and funding) your account, free fiat deposits, and withdrawals, and the ability to place limit orders are all reasons to consider this platform. But it has a few drawbacks too. The high trading fee is one, and it lacks many of the features and functionality sought by advanced traders. Here’s a list of pros and cons.
- Quick account opening process
- Straightforward pricing
- More than 30 coins available to trade
- You can deposit and withdraw crypto assets
- Free fiat withdrawals
- Desktop and mobile app
- Limit orders available
- FINTRAC regulated platform
- Customer support
- 0.50% trading fee is high (especially for active traders)
- Lacks advanced features for sophisticated traders
- A small fee for crypto withdrawals
Netcoins Exchange Alternatives
If you’re shopping for a cryptocurrency trading platform, consider the following Netcoins alternatives before you make your final decision.
Butbuy is our top-rated crypto exchange for its combination of low trading fees and slick trading platforms, which includes an Express platform geared to beginners and a Pro Trade platform for sophisticated traders. When you signup with Bitbuy, you can graduate from beginner to pro without having to leave for another exchange.
Coinsmart is a longstanding crypto exchange that offers members four ways to fund their account: e-Transfer, wire transfer, bank draft, or credit card transfer. Their trading fees are lower than Netcoins, although their account funding fees are costly.
Canada’s largest robo-advisor platform launched a crypto exchange in 2020. At the time, you could only buy Bitcoin and Ethereum. Since then, they’ve expanded their offering to over 50 coins. Like Netcoins, Wealthsimple Crypto doesn’t charge fees for deposits and withdrawals, but their trading fees, which range between 1.5% and 2%, are very high.
Is Netcoins the Best Crypto Exchange for Beginners?
There you have it, our Netcoins review. I can recommend a Netcoins account to anyone who’s new to trading crypto and doesn’t plan to place a large volume of trades. I love that there are no fees to fund your account, and their customer support is highly rated. Anyone who plans to be an active trader should look to a cheaper alternative, like Bitbuy or Coinsmart.
Advanced traders are unlikely to consider Netcoins due to the high trading fees or the lack of advanced features, like advanced charting tools and a limit order book.