Our review of Netcoins crypto platform: 3/5

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Netcoins in brief

Our opinion of Netcoins

Netcoins is a Canadian-regulated cryptocurrency exchange that focuses on simplicity and security, making it a potential option for beginners. We liked that deposits and withdrawals in CAD are free, allowing users to fund their accounts without incurring additional costs. The platform’s customer support, including phone and live chat, is also a standout feature, which is rare among crypto exchanges.

However, we would have liked to see a broader selection of cryptocurrencies. With fewer than 40 available, Netcoins falls behind many competitors that offer hundreds of tradable assets. The 0.5% trading fee is also significantly higher than what we’ve seen on other exchanges, making it less attractive for frequent traders.

Security-wise, Netcoins is registered with FINTRAC and the BCSC, providing regulatory oversight that ensures compliance with Canadian financial laws. However, we found that it lacks lending, or other passive income features, which many modern exchanges now offer. Advanced traders may also be disappointed by the absence of futures, margin trading, or advanced order types, limiting flexibility for more complex strategies.

Who is Netcoins best for?

While Netcoins provides a secure and easy-to-use platform, it is best suited for beginners or casual traders who prioritize a regulated Canadian exchange with a simple interface. More experienced users looking for lower fees, more trading options, and advanced tools may find better alternatives elsewhere.

Before you zero in on Netcoins, explore the best crypto trading platforms in Canada:

Let's find out more about our test results on Netcoins.

Reliability and Security 3.2/5

Netcoins was founded in 2014 and is one of the oldest Canadian cryptocurrency exchanges. While it initially operated as a virtual Bitcoin ATM provider, it later transitioned into a fully regulated exchange. The platform is owned by BIGG Digital Assets, a publicly traded company, which adds a layer of transparency.

The exchange has gained a moderate reputation among Canadian users, with a Trustpilot rating of 3.9/5 based on 483 reviews. However, it has not received any major industry awards, and its growth remains limited compared to global competitors.

Netcoins is registered with FINTRAC and the British Columbia Securities Commission (BCSC), meaning it complies with Canadian financial regulations. However, it is not registered with the Ontario Securities Commission (OSC) or IIROC, which some competitors have pursued for full regulatory oversight. While it follows strict KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements, it does not offer the same level of investor protection as fully regulated IIROC exchanges.

Risk Management and Security Features

• Cold Storage for Digital Assets: Netcoins secures customer funds using offline cold storage, reducing the risk of hacks.
• 2-Factor Authentication (2FA): Users must enable 2FA for additional login security.
• Regulated Compliance: As a registered entity, it follows AML laws to prevent fraud.
• No Insurance on Crypto Holdings: Unlike some competitors, Netcoins does not offer insurance on digital assets, meaning users bear the full risk of asset loss.

Cryptocurrencies Available 2.5/5

Netcoins is positioned as a regulated and beginner-friendly Canadian exchange, but it falls behind competitors in terms of asset diversity. The platform supports fewer than 40 cryptocurrencies, which is significantly lower than what global exchanges offer. Unlike some competitors, Netcoins does not provide access to NFTs or DeFi tokens, limiting trading opportunities for users seeking a wider selection.

Below is a comparison of Netcoins’ asset diversity against the market average:

Our opinion on Netcoins's offerings

While Netcoins covers the most popular cryptocurrencies, its limited selection and lack of NFT or DeFi token support make it less attractive for traders looking for a diverse portfolio. More advanced users may prefer platforms that offer a broader range of assets and investment opportunities.

Services and Tools 2/5

Netcoins primarily focuses on basic crypto trading, making it an accessible platform for beginners. However, it lacks many advanced services commonly found on other exchanges. Below is an overview of the features Netcoins offers and what is missing:

• Spot Trading – Netcoins allows users to buy and sell cryptocurrencies with CAD but does not support advanced order types beyond simple market and limit orders.
• Free Fiat Deposits & Withdrawals – Users can fund their accounts and withdraw CAD with no fees, making it convenient for those using bank transfers.
• Customer Support via Phone & Live Chat – Unlike many crypto exchanges, Netcoins provides phone and live chat support, making it easier for users to resolve issues.

Missing Services

• No Crypto Card – Unlike some exchanges that offer crypto-backed Visa or Mastercard debit cards, Netcoins does not provide a way to spend crypto directly.
• No DeFi Integrations or Yield Farming – Netcoins does not provide access to decentralized finance (DeFi) services, limiting its appeal to more advanced users.
• No Margin or Futures Trading – Traders looking for leverage or derivatives markets will not find these features on Netcoins.

Fees and Commissions 2.5/5

Netcoins charges higher trading fees than many competitors, making it less appealing for active traders. The platform applies a flat 0.5% trading fee, which is significantly higher than the 0.1%-0.2% seen on many other exchanges. While Netcoins offers free CAD deposits and withdrawals, this advantage is often outweighed by the higher trading costs.

Below is a comparison of Netcoins’ fees with the market average for some of the most traded cryptocurrencies:

Other Fees

• Deposit Fees: Free for CAD bank transfers
• Withdrawal Fees: Free for CAD bank transfers
• Conversion Fees: Included in the 0.5% trading fee
• Inactivity Fees: None

Our opinion on Netcoins's fees and commissions

While free fiat deposits and withdrawals are a plus, Netcoins’ 0.5% trading fee is among the highest in the market. This makes it less attractive for frequent traders who could find significantly lower fees on other platforms. Casual traders may not notice the difference as much, but active users will pay considerably more over time.

Customer Reviews 3.9/5

Netcoins has a Trustpilot rating of 3.9/5 based on 483 reviews, reflecting a mix of positive and negative experiences. While some users appreciate the regulated environment and ease of use, others criticize the high trading fees, slow processing times, and limited crypto selection.

Here are some recent reviews from Canadian users:

• James R (January 7, 2025): "I started using Netcoins because I wanted a Canadian exchange with free deposits and withdrawals. While that part is great, I quickly realized that the 0.5% trading fee adds up fast. I placed a few trades and noticed that even small transactions were expensive compared to other platforms. If you’re an active trader, the fees will eat into your profits."
• Emily T (December 19, 2024): "The platform is simple and easy to use, which I liked at first. However, I ran into a problem verifying my ID, and customer support took two days to respond. It wasn’t a huge deal, but I expected faster service for a regulated exchange. Once my account was approved, buying crypto was smooth, but the selection is pretty limited. I couldn’t find some altcoins I wanted."
• Daniel P (November 28, 2024): "I had an issue withdrawing my funds because my bank flagged the transaction as suspicious. Netcoins told me to contact my bank, but my bank said everything was fine. It took three days to resolve, and I was frustrated by the back-and-forth. I eventually got my money, but I expected a quicker resolution. The platform is decent, but they need to work on handling banking issues more efficiently."

How does Netcoins compare to other Crypto brokers?

Netcoins positions itself as a regulated and beginner-friendly Canadian exchange, but it falls behind competitors in terms of features and fees. Below is a comparison with three other platforms.

Conclusion of our analysis of Netcoins

Netcoins provides a safe and easy-to-use environment for Canadian traders, but its limited selection of cryptocurrencies, lack of advanced trading options, and high trading fees make it less competitive.

While it offers free CAD deposits and withdrawals, its 0.5% trading fee is costly compared to other exchanges that provide lower fees and crypto lending services. Additionally, the absence of a crypto card or NFT marketplace further limits its appeal.

Before opening an account on Netcoins, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with Netcoins?

Netcoins offers two main account types: a Standard Account for individual traders and an Institutional Account for businesses and high-net-worth clients. While both accounts provide access to the same trading platform, institutional users benefit from higher transaction limits and dedicated support. Below is a comparison of the available account types:

Standard Account

The Standard Account is available to all users and provides basic crypto trading services. There is no minimum deposit, and fiat deposits and withdrawals are free. Users can buy, sell, and hold cryptocurrencies, but the platform lacks advanced features like lending or futures trading. Trading fees are fixed at 0.5%, which is higher than many competing platforms.

Institutional Account

The Institutional Account is designed for businesses, corporate investors, and high-net-worth individuals who require higher transaction limits and personalized support. Unlike standard users, institutional clients benefit from customized trading fees, which can be negotiated based on trading volume. A dedicated account manager is also assigned to assist with transactions and account management.

Good to know

Netcoins keeps its account structure simple, but the lack of tiered benefits, premium features, and advanced trading tools makes it less competitive for active and professional traders.

How do deposits and withdrawals work with Netcoins?

Netcoins offers free fiat deposits and withdrawals in CAD, making it attractive for Canadian users. However, funding options are limited, as the platform does not support credit or debit card purchases. Below is a breakdown of the available deposit and withdrawal methods, supported currencies, processing times, and associated fees:

Netcoins stands out by offering free CAD deposits and withdrawals, which is a significant advantage over competitors that charge for bank transfers or e-Transfers. However, its lack of credit and debit card support makes it less accessible for users who want to buy crypto instantly. Some exchanges offer more deposit options, including PayPal and third-party payment processors, making them more convenient for users who want fast and flexible funding methods.

Additionally, while crypto withdrawals are available, users must pay blockchain network fees, which can be high depending on network congestion. Competitors with layer-2 solutions or fee-free withdrawals provide a better experience for users frequently moving assets between wallets.

Overall, Netcoins is a cost-effective platform for funding accounts in CAD, but its limited deposit methods and lack of instant purchase options make it less convenient for some traders.

Does Netcoins offer crypto staking?

Netcoins offers crypto staking services for Canadian users, allowing them to earn passive income by staking select cryptocurrencies. Users can stake directly through the Netcoins mobile app and benefit from competitive annual yields.

Here’s an overview of the available staking options:

Staking rewards are automatically distributed on a weekly basis, and users can unstake their assets at any time, subject to network-specific unbonding periods.

No Crypto Lending on Netcoins

Currently, Netcoins does not offer crypto lending services to Canadian users. While its U.S. division provides crypto-backed loans through a third-party partner, this functionality is not available in Canada. Users seeking lending services may need to explore alternative platforms that support crypto borrowing and lending.

How are revenues generated by Netcoins taxed?

In Canada, income from cryptocurrency trading or investment activities through platforms like Netcoins is subject to taxation. Here's an overview:

Trading Income

• Capital Gains: Profits from buying and selling cryptocurrencies are considered capital gains. 50% of these net gains are taxable.

Passive Income

• Staking and Lending: If you earn interest or staking rewards, these are taxed as ordinary income.

Business Income

• Professional Trading: If you trade cryptocurrencies professionally or extensively, your income may be fully taxable as business income.

How to declare your crypto trading incomes in Canada

• Calculating Gains and Losses: Keep detailed records of your transactions to calculate net gains or losses for each tax period. Netcoins provides tools to export your transaction history.
• Using Software: Tools like Koinly or CoinTracker can simplify tax tracking and calculation of taxable amounts.
• Declaring Gains: Report capital gains on Schedule 3 of your T1 Income Tax and Benefit Return. Include any income from cryptocurrency activities in the appropriate section of your annual tax return.

Contact: How to contact Netcoins customer service?

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.