Exceeded

Score

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/10

NETCOINS

Canada

|

5-10 years

Common Financial Service License|

Suspicious Overrun|

Medium potential risk

https://www.gonetcoins.com/

Website

Rating Index
Influence

Influence

C

Influence Index NO.1

Canada 2.31

Better than 98.91% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

Influence
C

Licenses

FINTRAC

FINTRACExceeded

Common Financial Service License

Exchange Info

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Company Name
NETCOINS
Phone of the company
+1-844-515-2646
Customer Service Email Address
support@netcoins.ca
media@netcoins.ca

WikiBit Risk Alerts

1
Previous Detection 2024-04-22

Common Financial Service License goes beyond their business with the licenses Canada FINTRAC (license number: M15560893), please be aware of the risk!

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Keywords

Time Machine

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User Reviews

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2 ratings

Participate in evaluation
热热凉风
Liar platform, can't withdraw cash, need to pay cash deposit
2023-06-07 11:25
0
FX2035751559
NETCOINS is not good to like. Trading fees too The customer support channels are also quite poor. Poor devil!
2023-12-01 20:28
8
Company Name NETCOINS
Registered Country/Area Canada
Founded Year 2014
Regulatory Authority FINTRAC (exceeded)
Cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), and more
Trading Platforms Netcoins App, Web Trading Platform
Deposit & Withdrawal Interac e-Transfer, Bank Wire, Coin Withdrawal
Customer Support Phone Call, email

Overview of NETCOINS

Netcoins, based in Canada, is a dedicated platform for cryptocurrency trading, launched in 2014. Its foundation is built on blockchain technology, the bedrock of all cryptocurrency, ensuring every transaction is securely and transparently recorded. The exchange primarily operates with the Canadian Dollar (CAD), providing Canadians with an advantageous pricing structure compared to platforms using the US Dollar. Nevertheless, it still caters to users who prefer dealing in USD.

One of the standout features of Netcoins is its transparency. As a publicly traded entity under BIGG Digital Assets (BIGG: CSNX), it's among Canada's most open and trustworthy crypto platforms. Its registration with the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC) further solidifies its position as a legitimate money service business (MSB).

Netcoins' journey in the crypto space began with its innovative “virtual Bitcoin ATM,” available across more than 200,000 global stores, and its engagement in private brokerage services for significant crypto investors. Over the years, the platform evolved, aligning with the dynamic growth of the crypto sector, leading to the comprehensive exchange we see today.

While Bitcoin and Ethereum reign supreme in the crypto world, Netcoins offers a broader spectrum, with a variety of other tokens and projects available for investment.

For Canadians looking to begin their crypto journey, depositing Canadian dollars into Netcoins is straightforward, backed by a quick verification process to align bank details with user documentation. The platform provides dual options for depositing funds, ensuring flexibility for its users. They can either transfer one of the 11 supported cryptocurrencies to their Netcoins account or fund directly with crypto.

Trading on Netcoins is not only user-friendly but also cost-effective. They levy a mere 0.5% fee on each transaction, and there are no charges for deposits or withdrawals. How Netcoins maintain profitability, given its low-fee structure, remains an intriguing question.

Overview of NETCOINS

Pros and Cons

Pros Cons
User-Friendly Interface Only basic Trading Tools
Quick Verification Application Limits
Cost-Efficient Expired Regulatory License

Pros

  • User-Friendly Interface: Netcoins offers an extremely easy-to-use platform, catering to both beginners and experienced traders.

  • Quick Verification: The platform's automated verification process ensures that users can get started with trading in no time.

  • Cost-Efficient: Netcoins offers free deposits and withdrawals for fiat currencies, making it economically viable for traders.

Cons

  • Basic Trading Tools: Advanced traders might find the platform lacking, as it only provides basic charts and limit orders without a detailed order book.

  • Application Limits: The NETCOINS application is available to Canadian and United States residents only.

  • Expired Regulatory License: The platform's regulatory license has exceeded its validity, raising concerns about its regulatory compliance.

Regulatory Authority

NETCOINS operates under the regulation of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The regulatory number of FINTRAC is M15560893, and the exchange has exceeded the regulation status. NETCOINS holds a Common Financial Service License, and the license name is NETCOINS INC.

exceeded FINTRAC license

Security

  • Exceeded Regulatory License: This implies that Netcoins is currently operating without an active license from the relevant regulatory authority. Such a status can bring about various risks, as there's no external body actively monitoring their operations to ensure compliance with established standards.

  • Potential Risks: Operating without a valid regulatory license might expose users to unforeseen financial risks. Without regulation, there's a potential for unethical practices, mismanagement of funds, or even fraud.

  • Lower Security Level: While Netcoins has its internal security measures, regulatory bodies often impose additional security requirements on platforms they oversee. Without this external regulation, there's a possibility that the platform might not adhere to the highest security standards available.

  • Customer Advisory: If you're considering using Netcoins or are already a user, it's crucial to be cautious. Always keep only the amount of cryptocurrency you are willing to trade on the platform and consider using hardware wallets or other secure methods for storing significant amounts. Regularly monitor any updates regarding their regulatory status and stay informed about any changes to their operations.

Cryptocurrencies Available

NETCOINS offers a wide range of cryptocurrencies for trading on its platform, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), and more. These cryptocurrencies represent some of the most popular and widely recognized digital assets in the market.

It is important to note that the price of cryptocurrencies can fluctuate significantly on exchanges, including NETCOINS. Cryptocurrency prices are influenced by various factors, including market demand, supply and demand dynamics, investor sentiment, and market news. As a result, the price of cryptocurrencies can experience volatility, with prices potentially fluctuating both upwards and downwards.

How to Open An Account?

  • Visit the NETCOINS website and click on the “Sign In” button.

click on the Sign In button
  • Fill in the required personal information, including your email address and password.

  • Complete the verification process by providing identification documents, such as your passport or driver's license, and proof of address, such as a utility bill or bank statement.

  • Wait for the verification process to be completed, which may take several hours or days depending on the volume of applications.

  • Once your account is verified, you can log in to your NETCOINS account and start trading cryptocurrencies.

Fees

  • Funding Fees:

    Interac e-Transfers: Free

    Crypto Deposits: Free

    Bank Wires:

    Free for deposits over $3,000 CAD or $2,000 USD.

    Note: For more specific details on bank wire processing fees, users are advised to refer to the “Bank Wire Fees (Funding)” page on the NETCOINS platform.

  • Trading Fees:

    A flat fee of 0.5% is charged for every trade.

    It's important to note that the price on NETCOINS includes a spread. The platform emphasizes its speed, user-friendly interface, security, and top-notch customer support as factors that support this fee structure.

  • Cash Withdrawal Fees:

    Interac e-Transfers: Free

    Crypto Withdrawals: Free

    Bank Wires: Free for withdrawals over $25,000 CAD or $6,000 USD.

Category Fee
Funding Fees
Interac e-Transfers Free
Crypto Deposits Free
Bank Wires (over $3,000 CAD or $2,000 USD) Free
Trading Fees
All Trades 0.5%
Cash Withdrawal Fees
Interac e-Transfers Free
Crypto Withdrawals Free
Bank Wires (over $25,000 CAD or $6,000 USD) Free

Deposit & Withdrawal

NETCOINS offers various deposit and withdrawal methods for users to manage their funds. Some of the deposit methods available include Interac e-Transfer and Bank Wire. The processing time for these deposit methods may vary depending on the user's bank and the specific circumstances.

For withdrawals, NETCOINS offers options such as Interac e-Transfer and Coin Withdrawal. Similar to deposits, the processing time for withdrawals may also vary depending on factors such as the user's bank and the specific circumstances.

Depositing money into your Netcoins account is free of charge, as is withdrawing your funds. There are no associated costs with either adding or taking money out of your account.

Educational Resources

NETCOINS provides a range of educational resources and tools to support users in their virtual currency trading journey. These resources include trading guides, video tutorials, webinars, and a knowledge base. Trading guides offer valuable insights and information on different trading strategies, risk management, and technical analysis. Video tutorials provide step-by-step instructions on how to use the platform and execute trades. Webinars offer live educational sessions conducted by industry experts, covering various topics related to virtual currency trading.

Customer Support

  • Phone Support:

    • Monday to Friday: 7 am – 5 pm PST

    • Saturday to Sunday: 9 am – 5 pm PST

    • Phone Number: +1 (844) 515-2646

  • Live Chat: Available during the same hours as phone support.

  • Email Support:

    • Monday to Friday: 6 am – 8 pm PT

    • Saturday to Sunday: 9 am – 8 pm PT

    • Email Address: support@netcoins.ca

    • Availability:

Customers can reach out to NETCOINS via phone or live chat during their specified operational hours. Additionally, email support offers extended hours, ensuring that users receive timely assistance.

contact details

Is NETCOINS a Good Exchange for You?

Considering the features and services provided by NETCOINS, there are several trading groups that may find this exchange suitable for their needs:

  • Beginner Traders: NETCOINS can be a suitable platform for beginner traders who are looking to enter the world of virtual currency trading. The user-friendly mobile app and web trading platform, as well as the available educational resources such as trading guides, video tutorials, and webinars, can provide beginners with a solid foundation and understanding of trading concepts and strategies.

  • Intermediate Traders: Intermediate traders who have some experience in virtual currency trading can also benefit from using NETCOINS. The wide variety of cryptocurrencies available for trading can provide these traders with a range of options to diversify their portfolios and explore different investment opportunities.

  • Security-Conscious Traders: Traders who prioritize security in their trading activities can consider NETCOINS as a suitable option. The implementation of industry-standard security protocols, including encryption and two-factor authentication, indicates a commitment to protecting user information and assets. However, it is important to note that no security system is entirely foolproof, and traders should take necessary precautions to safeguard their accounts and personal information.

  • Canadian Traders: As NETCOINS operates under the regulation of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Canadian traders may find this exchange particularly suitable. The compliance with Canadian regulatory standards, as well as the common financial service license held by NETCOINS, can provide a sense of trust and confidence for traders within the Canadian jurisdiction.

  • Traders Seeking User-Friendly Platforms: Another target group that may find NETCOINS suitable is traders who value user-friendly platforms. The availability of a mobile app and web trading platform that is intuitive and easy to navigate can enhance the trading experience for these users.

FAQs

Q: What deposit and withdrawal methods does NETCOINS offer?

A: NETCOINS offers deposit methods like Interac e-Transfer and Bank Wire, while withdrawal options include Interac e-Transfer and Coin Withdrawal.

Q: How can I contact customer support at NETCOINS?

A: Customer support at NETCOINS can be reached via email and phone. The phone number of NETCOINS is +1 (844) 515-2646, and the email address is support@netcoins.ca.

Q: Is NETCOINS suitable for beginner traders?

A: Yes, NETCOINS can be suitable for beginner traders due to its user-friendly platform and the availability of educational resources.

Q: Can I access NETCOINS via a mobile app?

A: Yes, NETCOINS provides a user-friendly mobile app in addition to its web trading platform.

NETCOINS User Reviews

User 1:

NETCOINS has been my go-to platform for a while. I appreciate the diversity of coins available and the flexibility it offers in trading. Um, but withdrawal fees can be a tad high for certain coins. The platform has room for improvement in terms of UI, but it gets the job done.

User 2:

The range of altcoins available is genuinely impressive. But, I've faced delays with withdrawals a few times. Their customer service, though, was prompt in addressing my concerns, which is a plus.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.