{"id":625787,"date":"2023-06-12T12:35:13","date_gmt":"2023-06-12T12:35:13","guid":{"rendered":"https:\/\/info.cashtocode.com\/?post_type=product&p=625787"},"modified":"2024-01-16T14:28:07","modified_gmt":"2024-01-16T14:28:07","slug":"netcoins-exchange","status":"publish","type":"product","link":"https:\/\/info.cashtocode.com\/en-ca\/reviews\/netcoins-exchange\/","title":{"rendered":"Netcoins exchange review"},"content":{"rendered":"\n
7.1<\/span>Expert Score<\/span><\/div>
Editor's comment<\/div>Netcoins is an exchange that was first launched as a Bitcoin ATM provider but today it enables Canadians to buy, sell and exchange crypto. Despite Netcoins\u2019s great offerings, there are high fees for wire transfer deposits and withdrawals, no staking program, limited security measures, a low number of cryptos available to trade and only three payment method options that don\u2019t include credit or debit cards. The advantages are a Netcoins card that allows you to spend crypto like cash anywhere where MasterCard is accepted, as well as a crypto price alert feature which provides traders with SMS notifications on market movements.<\/div><\/div><\/div>
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Coin coverage<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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6.5<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Fees<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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6.7<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Security<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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10<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Features<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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7.5<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Payment methods<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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4.6<\/div>\r\n\t\t\t\t\t\t\t<\/div><\/div>
PROS<\/div>
  • Netcoins card\r<\/li>
  • Crypto price alert feature\r<\/li>
  • Mobile app available\r<\/li>
  • Phone support \r<\/li>
  • Regulated in Canada\r<\/li>
  • Modern interface<\/li><\/ul><\/div><\/div>
    CONS<\/div>
    • High fees for wire transfer deposits and withdrawals\r<\/li>
    • No staking program\r<\/li>
    • Credit and debit cards not accepted\r<\/li>
    • Limited security measures \r<\/li>
    • Low number of cryptos available to trade<\/li><\/ul><\/div><\/div><\/div><\/div>\n\n\n\n

      Cryptocurrencies<\/h2>\n\n\n\n

      Netcoins <\/strong>offers 35 cryptos, including some of the biggest ones on the market such as Bitcoin, Ethereum and Polkadot.<\/p>\n\n\n\n

      Bitcoin (BTC)<\/td>Available<\/td><\/tr>
      Bitcoin Cash (BCH)<\/td>Available <\/td><\/tr>
      Ethereum (ETH)<\/td>Available<\/td><\/tr>
      Ripple (XRP)<\/td>Unavailable<\/td><\/tr>
      Solana (SOL)<\/td>Available<\/td><\/tr>
      Dogecoin (DOGE)<\/td>Available<\/td><\/tr>
      Polkadot (DOT)<\/td>Available<\/td><\/tr>
      Polygon (MATIC)<\/td>Available<\/td><\/tr>
      Cardano (ADA)<\/td>Available<\/td><\/tr>
      Litecoin (LTC)<\/td>Available<\/td><\/tr>
      Tether (USDT)<\/td>Unavailable<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      In contrast, Gemini has over 100 cryptos on its platform, while Bitstamp lists more than 80. However, compared to its competitors, Netcoins offers a crypto price alert feature<\/strong> which provides traders with SMS notifications on market movements. <\/p>\n\n\n\n

      Payment methods<\/h2>\n\n\n\n

      You can deposit and withdraw in CAD. <\/strong>Interac, bank transfer and wire transfer have no deposit limits. The Interac payment method has a $30,000 daily withdrawal limit, while bank transfer and wire transfer has no withdrawal limits. The Netcoins card has a daily ATM withdrawal limit of $2,000 and $10,000 per month, as well as an $8,000 daily purchase limit and $30,000 monthly purchase limit. <\/p>\n\n\n\n

      Payment method<\/th>Limits<\/th><\/tr><\/thead>
      Interac daily limit (buying in FIAT)<\/td>No limits <\/td><\/tr>
      Bank transfer daily limit (buying in FIAT) <\/td>No limits<\/td><\/tr>
      Wire transfer daily limit (buying in FIAT)<\/td>No limits<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
      Payment method<\/th>Limits<\/th><\/tr><\/thead>
      Interac daily withdrawal limit<\/td>$30,000 requires KYC verification, ID check and a selfie<\/td><\/tr>
      Bank transfer daily withdrawal limit<\/td>No limits<\/td><\/tr>
      Wire transfer daily withdrawal limit<\/td>No limits<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      VirgoCX requires KYC verification to buy, sell and trade cryptos and the company asks you for a selfie<\/strong>, proof of identity, which can be a drivers licence, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement.<\/p>\n\n\n\n

      On the other hand, Bitstamp requires KYC checks to buy, sell and trade cryptos and the company <\/strong>asks you for a selfie, proof of identity, which can be a drivers license, government-issued ID or passport and proof of residential address, which can be a utility bill, correspondence from a government department or bank account statement. In addition, you need to provide information such as country of birth<\/strong>, tax residency as well as a Proof of Funds (POF) document such as an annual income statement.<\/p>\n\n\n\n

      CashtoCode eVoucher<\/h2>\n\n\n\n

      You can\u2019t fund your account with a CashtoCode eVoucher as this isn\u2019t offered at Netcoins.<\/p>\n\n\n\n

      Trading fees<\/h2>\n\n\n\n

      There\u2019s a flat 0.5% trading fee<\/strong>, differing rates of withdrawal fees for over 30 listed cryptos, a high $30 fee for wire transfer deposits under $3,000 but no fee for Interac and bank transfer deposits and a high $50 fee for wire transfer withdrawals under $25,000 but no fee for Interac and bank transfer withdrawals. <\/p>\n\n\n\n

      Staking<\/h2>\n\n\n\n

      You can\u2019t currently stake cryptos with Netcoins but the company received approval from the British Columbia Securities Commission (BCSC) in May 2022 in order to offer a staking program. Netcoins hasn\u2019t disclosed a launch date but has confirmed that staking is going to be available for Ethereum and Solana. <\/strong><\/p>\n\n\n\n

      Is Netcoins exchange safe?<\/h2>\n\n\n\n

      As a regulated Over-the-Counter (OTC) exchange, Netcoins has been in operation since 2014 and amassed over 200,000 users. The company has limited security measures in place that offer a low level of security for users<\/strong>, from adherence to Anti-Money Laundering (AML) guidelines to holding 95% of customers' assets offline in a proprietary cold storage system.<\/p>\n\n\n\n

      A high percentage of users (84%) rate Netcoins with five stars on Trustpilot, <\/strong>which is a high indicator of safety. However, the company faced controversy in April 2022 when a large-scale hack led to $1.5 million being stolen from the platform. <\/p>\n\n\n\n

      Trustpilot<\/td>4 star<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      The most common issues raised are related to account and deposit concerns, but people praise them for their low trading fees and Netcoins card.  <\/p>\n\n\n\n

      Security<\/h3>\n\n\n\n

      Netcoins has a limited number of security measures<\/strong> in place such as holding 95% of customers' assets offline in a proprietary cold storage system, adherence with Anti-Money Laundering guidelines and registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB). <\/p>\n\n\n\n

      Safe coins storage<\/td>95% deposits are held in geographically distributed cold storage systems.<\/td><\/tr>
      Two-factor authentication<\/td>Two-factor authentication via SMS verification is required at Netcoins. <\/td><\/tr>
      Information security<\/td>Unknown<\/td><\/tr>
      Platform security<\/td>Unknown<\/td><\/tr>
      Network security<\/td>Unknown<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      In contrast, NDAX has advanced security measures in place such as Multi-Party Computation (MPC) wallet technology, holding customers' assets offline in multi-signature cold storage vaults, registrations with Revenue Quebec and FINTRAC as a Money Service Business, adherence with Anti-Money Laundering guidelines and Canada\u2019s Terrorist Financing Act, data servers that are monitored 24\/7 with video cameras and a highly coveted SOC II certification<\/strong>. In addition, NDAX maintains $13 million insurance coverage for the digital assets it holds on behalf of customers. <\/p>\n\n\n\n

      Bitstamp has a range of advanced security measures in place such as holding 95% of crypto in securely stored offline in bank-grade Class III vaults, custodians holding insurance for client assets in cold wallets, a Bitstamp Board Risk and Audit Committee and 50 licences globally<\/strong>, including a Money Service Business licence from FINTRAC, a Virtual Asset Service Provider (VASP) licence from De Nederlandsche Bank (DNB) and a Money Service Business licence from the Financial Crimes Enforcement Network (FinCEN). <\/p>\n\n\n\n

      How to start trading at Netcoins exchange?<\/h2>\n\n\n\n

      Registration<\/h3>\n\n\n\n

      You need to create an account in order to register with Netcoins this can be done by:<\/p>\n\n\n\n

        \n
      1. Visiting the homepage and inputting your full name and email address so you can create a password and start the process. <\/li>\n\n\n\n
      2. You then need to verify your email address.<\/li>\n\n\n\n
      3. After verifying your email address, you need to select whether you heard about Netcoins from Twitter, Facebook, Instagram, Google, TV, radio, referral or other.  <\/li>\n\n\n\n
      4. You then have to enter your phone number to receive an SMS verification text message.<\/li>\n\n\n\n
      5. After verifying your phone number, you have to complete KYC verification.<\/li>\n\n\n\n
      6. Upon successful registration and passing verification, access to all functions of the site including higher limits are available to you.<\/li>\n<\/ol>\n\n\n\n

        KYC<\/h3>\n\n\n\n

        After filling in your account details, you need to go through multi-step KYC verification<\/strong>. This process is required for anyone who wants to buy, sell or exchange cryptos on the platform. Passing KYC checks also unlocks functionalities such as the crypto price alerts feature or the ability to cash out your cryptos at ATMs in FIAT through the Netcoins card. <\/p>\n\n\n\n

        You must provide a clear and visible picture of the front and back side of your documents such as proof of address and passport. In addition, you need to submit a selfie. <\/strong><\/p>\n\n\n\n

        Customer support<\/h2>\n\n\n\n

        Netcoins <\/strong>offers a Help Center displaying FAQs, email address and 24\/7 live chat but no phone support. <\/strong><\/p>\n\n\n\n

        Live chat<\/td>Available<\/td><\/tr>
        Phone support<\/td>Unavailable<\/td><\/tr>
        Email<\/td>support@netcoins.com<\/td><\/tr>
        FAQs<\/td>Available<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

        Unlike most other crypto exchanges, Netcoins doesn\u2019t use a ticketing system<\/strong> where users can fill in an online form with a subject, description and optional attachment in order to contact the company. For users who are dealing with emergency account issues, there\u2019s no direct way to speak with customer service on the phone.<\/p>\n\n\n\n

        Conclusion<\/h2>\n\n\n\n

        Netcoins is recommended to users who are looking for a regulated exchange that provides SMS notifications on crypto prices and market movements. However, there are <\/strong>high wire transfer deposit and withdrawal fees, no staking program, limited security measures, a low number of cryptos available to trade and only three payment method options<\/strong> that don\u2019t include credit or debit cards <\/p>\n\n\n\n

        But if you don\u2019t mind this, Netcoins can still be a great option if you\u2019re looking to integrate crypto into your spending<\/strong> with the Netcoins card while earning 1% back in Bitcoin, which is a major differentiating factor and unique selling point (USP) for the platform. The platform could improve its service by offering phone support or increasing the available range of payment methods and cryptos that can be traded. <\/p>\n\n\n\n

        Alternatives of Netcoins<\/h2>\n\n\n\n