With the crypto market booming for the past few years, there are seemingly countless exchange platforms popping up, all around the world. However, among the names of popular exchanges, there are also a few industry veterans, too - Netcoins is one such platform. In this tutorial, we’re going to look at how to use Netcoins Canada, and all of the features associated with the exchange!
Being a veteran in the market (Netcoins was established in 2014), Netcoins is surely among the most-popular crypto exchange platforms in Canada. As of writing this, the platform is currently only available to be used by Canadian crypto enthusiasts, however, it plans to expand to a variety of other countries in the near future, as well.
Being as well-known and established as it is, naturally, there are multiple people wondering is Netcoins legit, and how to use it, in the first place. Well, that’s what I’m here to help you with!
We’ll start things from the very top, though, and discuss the general usability features of the exchange. Then, we’ll move on to how to use Netcoins Canada, as a whole!
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Table of Contents
- 1. Netcoins: A Top-Rated Canadian Crypto Exchange
- 1.1. Who is Netcoins For?
- 1.2. Netcoins Fee Model
- 2. How to Use Netcoins Canada: The Basics
- 2.1. How to Register on Netcoins?
- 2.2. How to Trade Crypto On Netcoins?
- 2.3. How to Withdraw Crypto From Netcoins?
- 3. All of the Additional Settings on Netcoins
- 4. Conclusions
Netcoins: A Top-Rated Canadian Crypto Exchange
Before we get into the details of how to use Netcoins Canada, it would probably be a good idea to first get to know the exchange in question - what it’s all about, what features does it offer to its users, as well as what sorts of shortcomings does it have, in general.
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Now, this isn’t a Netcoins review - while I might decide to write a dedicated review on the platform, the goals of this tutorial are different. Thus, we’ll keep things short, and to the point!
Starting off, it’s worth acknowledging the fact that I’ve mentioned in the introductory part of this “how to use Netcoins Canada” article - the fact that Netcoins is among the more-popular Canadian crypto exchanges.
In Canada, crypto fans are able to use a selection of different exchange platforms. This includes ones that are not based within the country, too! However, if you’re someone who’s worried about regulatory compliance, or simply want to support a “local business”, there are a few Canadian exchanges available to be used, as well.
Among those, Netcoins.ca stands as one of the oldest and best-established exchanges. The platform supports both USD, as well as CAD, which brings in a lot of flexibility, fiat money-wise.
On top of that, Netcoins.ca also supports bank transfers, credit cards, as well as direct cryptocurrency transfers, as well. While the platform is regulated, and applies KYC checks to its users, there are certain services that you may partake in without passing a thorough identity verification.
As far as cons go, user Netcoins reviews do point out that the selection of assets available on the exchange is rather limited, as well as that the fees might not be ideal, either. That being said, it’s pretty evident that the benefits and features offered by the exchange far outweigh any of the potential shortcomings.
Who is Netcoins For?
If you’re looking for how to use Netcoins Canada, how can you be sure that Netcoins.ca will be the right exchange for you? In other words, who is the target audience of this specific cryptocurrency exchange platform?
Well, for starters, you have to be a Canadian citizen in order to use the exchange. As I’ve eluded to in the introduction of this tutorial, as of writing, only Canadian residents are able to purchase and trade cryptocurrencies on the platform.
Not only that, but you must be located in Canada, as well! In other words, if you’re a Canadian who’s already registered on the exchange, but are in some other country, you might not be able to trade cryptos on Netcoins, until you’re back in Canada. This is especially applicable if you travel to Australia or the United States, due to the regulatory nature of the crypto environments in these countries.
Following that, some users Netcoins reviews might also reveal that the exchange isn’t going to be the best option if you’re super-strict about the privacy of your personal information. This is because, as mentioned earlier, Netcoins does comply with all of the relevant KYC regulations in Canada.
What this means is that, in order to use the full functionality of the exchange, you will need to have “doxed yourself” - in other words, you’ll have to reveal your personal information (name and surname, your ID, residential address, etc.) to Netcoins.
Admittedly, this is pretty standard practice with most high-end exchange platforms on the market. This guarantees regulatory compliance, sure, but it also helps protect users (and their funds!) from potential fraud or scamming attempts (at least to some extent).
On the flip side, some individuals might have very strong opinions about decentralization and anonymity in crypto. If you’re one of these individuals, unfortunately, Netcoins might not suit your preferences. It’s worth noting, though, that you may use your credit card on the platform, with only your email address being registered and confirmed!
Netcoins Fee Model
One last thing that is likely of rather high importance to any potential user of the exchange in question are the Netcoins fees. After all, they can have a huge impact, in regards to your decision-making process!
Truth be told, Netcoins fees aren’t exactly the smallest around! This is specifically concerning the trading fees available on the exchange - each trade that you perform between cryptocurrencies will have a static fee of 0,5%.
That’s pretty high! In a general sense, it puts Netcoins somewhere in the middle, as far as exchange fees are concerned - some platforms have much higher fees, while others boast far smaller ones.
Netcoins themselves justify their higher trading fees by stating that this is made up by their platform’s ease of use, emphasis on security features, as well as customer support. That’s completely fair! If you’re someone who values the fact that the platform is beginner-friendly & approachable, and if customer support is a crucial feature to you (which, admittedly, it should be), then these things might surely mitigate the higher fees.
How to Use Netcoins Canada: The Basics
So - now that you’re aware of what Netcoins is all about, and can understand the general pros and cons that this exchange comes equipped with (as well as the Netcoins fees), we can transition to the actual “how to use Netcoins Canada” part of our tutorial.
To start things off, let me just say - we’ll approach everything in a step-by-step manner, so that you could follow along, register an account on the exchange, and start using it. I’ll also explain all of the details surrounding the entirety of the registration and crypto trading processes on the exchange, so if you’re new to crypto, in general, worry not - you’ll be able to follow along, no problem!
How to Register on Netcoins?
Taking it from the top, let’s assume that you still don’t have a Netcoins account registered, and are planning to do so. For starters, you’ll need to make sure that you’re located in Canada (and are Canadian, but that’s, well… Kind of self-explanatory), since you likely won’t be able to use the exchange if you’re traveling somewhere else.
A quick note here is that, if you’re reading this “how to use Netcoins Canada” tutorial, and are a resident of some different country, do keep in mind that the company plans to expand, and offer its services to foreigners, as well - this should become an option at some near point in the future. Thus, you may assume that the registration, as well as the general usability features, are going to look and work practically the same!
So, starting things off, you’ll want to go to the Netcoins.ca official website. For anyone wondering is Netcoins legit or safe, do keep in mind that there might be scammy websites out there, that are impersonating Netcoins with a fake domain. Thus, always make sure that you’re on the actual website of the exchange, and not a phishing template!
Once you’re on the homepage, navigate to the middle of the screen, and press “Get Started”. Alternatively, you may also go to the top-right corner of the screen, and click “Log in / Sign up”.
After selecting to sign up on the platform (as opposed to the default logging-in option), you’ll be asked to provide the exchange with your email address, as well as create a password. Your email is the bare minimum information that you’ll need to supply to Netcoins.
Continuing on with our tutorial on how to use Netcoins Canada, after you enter the information, you’ll be asked to confirm your email address. Note that you can still continue to your dashboard, without doing so, but you won’t be able to do anything until you actually confirm your email.
Upon confirming your email, you will then be asked a few questions about yourself. This is part of the Netcoins KYC process - you’ll need to provide the platform with your phone number, legal name and surname, date of birth, and so on. Again, though - do keep in mind that this isn’t something that is mandatory to do, if you want to trade crypto on the platform.
However, if you’re serious about using Netcoins (and, since you’re reading this tutorial on how to use Netcoins Canada, I would assume so), you do need to pass this process, thoroughly.
For the sake of this tutorial, though, I’ll assume that you want to remain as anonymous as possible, and thus, aren’t eager to provide Netcoins.ca with your personal information.
Once you do all of the above (or skip through the KYC part of the registration), you’ll be presented with your dashboard. This is where all of your crypto trading and portfolio management will happen!
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How to Trade Crypto On Netcoins?
With your account registered and ready, and your dashboard open in front of you, there’s likely but a single thing that you want to do - acquire crypto!
There are a few ways of how you can go about it. The instinct here would be to fund your account - however, this is only available to be done if you’ve already passed the required KYC checks. If you HAVE passed them, you’ll need to navigate to the “Buy / Sell” section, or the “Fund” section.
The process of getting crypto with a fully-verified profile is rather straightforward - you’re able to actually fund your account with USD and CAD, as well as transfer crypto from, say, a hardware wallet, or any other source. Both processes are actually free to perform - meaning, there are no Netcoins fees associated with them!
Now, as we've established, your first order of business is to fund your account. You are able to do so either with dollars, or with crypto - pick the option that suits you best.
If you choose the fiat currency approach, you’ll be able to select the method of how you want to fund your account, pick the amount of money that you want to transfer, and then perform the procedure. It’s notably straightforward, and isn’t much different from other crypto exchanges!
The same is true with transferring crypto to the Netcoins.ca exchange, too. If you’re questioning is Netcoins safe to use, in that regard, user reviews should assure you - the process is seamless, and usually takes but a few minutes. Simply pick the currency of your choice, copy the receiving address, and transfer the applicable crypto!
If you’ve funded your account with fiat money, you can then navigate to the “Buy / Sell” section of your dashboard. Now, you will need to decide on and pick the cryptocurrency that you want to purchase. While Netcoins might not have the widest list of supported crypto assets, it’s still decent, and unless you’re looking for some niche tokens, you should be able to find the right cryptocurrency for yourself!
For the sake of this example, though, let’s say that we want to purchase Bitcoin (BTC).
Navigating to the coin-purchase page, you’ll be able to select your order type (either an instant order, or a limit one), as well as the amount of crypto that you want to purchase (or USD that you want to spend). If you have sufficient funds in your account, you’ll be able to continue with your purchase, and after previewing your transaction and checking that everything’s OK, you’ll be able to place an order. That’s it!
While the process is very simple with a verified account, admittedly, it’s not that much more difficult with a KYC-less profile, either.
In order to learn how to use Netcoins Canada to get crypto without KYC, what you’ll want to do is navigate to your settings, and click “Buy with Credit Card”.
On this new page that opens up, you’ll need to pick a cryptocurrency, the amount of money that you want to spend, and enter your wallet address. After you make sure everything’s as it should be (pay extra careful attention to the wallet address, making sure it’s entered correctly!), you may proceed by pressing “Continue”.
Here, all that you need to do is confirm your transaction, and make the payment via the relevant means that you’ve chosen (in this case, it’s a credit card). If you did everything right, your new coins should appear in your wallet swiftly!
As you might have noticed, Netcoins uses Simplex in order to process these transactions. It’s a popular payment facilitator for crypto-involving financial deals, so there’s certainly reliability in that!
Well, no matter how you look at it, one thing’s for certain - Netcoins was accurate by stating that their platform is rather simple to navigate through! Learning how to use Netcoins Canada, you will notice that purchasing crypto is something that’s very simple to do! This is true both within the platform, as well as if you pick the credit card route.
How to Withdraw Crypto From Netcoins?
So, now that you have purchased (traded?) some crypto, the next logical move would be to withdraw it, right?
In all fairness, different individuals will have different goals, with what they’d like to do with their crypto. Some people might opt to stay on the exchange, and use this platform as their primary crypto trading hub.
On the flip side, if you were looking at how to use Netcoins Canada in order to trade crypto which you could then hodl, or you’re having doubts is Netcoins safe or legit (which, by the looks of user Netcoins reviews, it is!), then you’ll still need to know how to withdraw crypto from the platform.
To start things off, the one thing that you should be aware of is that you’ll need to have passed the KYC checks in order to withdraw crypto from the platform. So, while you can technically purchase crypto with a credit card without KYC, on the exchange in question, you wouldn’t be able to take it out without proper identity verification.
Assuming that you’ve passed the KYC checks, you will then need to navigate to the “Withdraw” section on your dashboard. Here, you will two options - you could either withdraw crypto, or cash out (withdraw fiat money in the form of Canadian or US dollars).
If you’d like to take out actual cryptocurrencies, you will need to pick the former option, and then choose from the list of cryptos available. After doing so, the usual crypto withdrawal processes will follow - entering your wallet address, confirming the transaction, and so on.
Fiat withdrawal-wise, you’ll need to pick the currency which you want to receive, as well as enter the details of your fiat bank account. Then, after a few confirmations, you’re set!
In all honesty, if you were looking at how to use Netcoins Canada in order to learn about the crypto withdrawal process on the platform, I must say - it’s as simple as it gets! The only “difficulty” that you’ll need to deal with is that of the “Know Your Customer” identity verification - other than that, everything’s pretty straightforward!
All of the Additional Settings on Netcoins
Up to this point in the “how to use Netcoins Canada” tutorial, we’ve already covered all of the most-important features associated with the exchange. However, in addition to the processes that we’ve talked about, there are also a variety of additional settings that you should be aware of, too!
Let’s check them out, shall we?
The settings will be accessible on the top-right corner of your dashboard, by pressing the cogwheel icon. The very first thing that you’ll see is your profile information - in other words, your name, surname, phone number, and email. You won’t be able to change this information after you verify your account, so keep that in mind!
Next up, you will be able to set your default account currency, as well as your withdrawal details. Here, you can add your external wallet address, and a fiat bank account. It makes things simple, when you actually want to withdraw crypto!
Following that, you may set certain price alerts, and turn on two-factor authentication on your account. This is significant, especially if you’re someone who’s wondering is Netcoins safe! 2FA adds a huge layer of security to your account - make sure to set it up as soon as possible!
Next up, you can check your authorized devices, change your password, and review your activity. These logs will show you all of the important processes that have happened on your account, as well as their session IDs and dates. This information can be crucial when it comes to inspecting the security of your account!
Then, you may check the FAQ page for some information that you might be interested in (even things such as how to use Netcoins Canada, in regards to certain features), as well as a risk statement by the company. Lastly, these settings are also where you’d purchase crypto with a credit card, too.
As you might have noticed, there are a lot of things to check out on Netcoins.ca, without even the actual trading functionality itself! All of the settings discussed above will be useful to anyone looking to protect their account, or improve their Netcoin experience, in general.
If you’ve just started using Netcoins, and are a resident of Canada (as well as are located in the country, currently), you should take your time and go through each of the pages we’ve discussed. Setting up two-factor authentication, entering your external wallet addresses, as well as your fiat bank account information, and even reading through the risk statement are definitely things that you should look into, sooner rather than later!
On top of that, if you’re still looking at how to use Netcoins Canada, for some specific reason, the dedicated FAQ page will surely have answers to your questions Naturally, if you DON’T actually find the answer that you seek, you may also always contact Netcoins.ca customer support, too!
In a world where cryptocurrencies are becoming more and more popular by the day, and major brands are starting to either accept crypto as payment, or jump into the sector via some other means (i.e. NFT collaborations, metaverses, etc.), reliable and simple-to-use exchanges become crucial for people to acquire cryptocurrencies safely and efficiently.
Throughout the entirety of this tutorial on how to use Netcoins Canada, you should have already gathered that the exchange in question fits those categories! Netcoins is quite proud of how beginner-friendly and simple it is to use, and the “straightforwardness” of its dashboard is proof of that!
Furthermore, for anyone wondering is Netcoins legit, the company has already built a strong reputation of being among the leaders in the Canadian crypto space. While it may not have the biggest selection of cryptos, the usability and reputation of the platform truly do make up for it!
Lastly, do keep in mind that, while you are able to purchase crypto with a credit card on the platform in question, without verifying your identity, you will still need to pass KYC checks in order to withdraw that crypto. Netcoins is KYC-compliant, and while the exchange is currently only available in Canada (and for Canadians), the company does have plans to expand in the near future.
With all of that being said, thanks a lot of reading my tutorial on how to use Netcoins Canada! I hope that you’re now better-informed on the topic, and wish you the best of luck with all of your crypto trading ventures to come!