Netcoins Exchange Review

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 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.

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.

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

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.

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.