Kucoin vs Netcoins: What Works Better For Canadians in 2024

Security Compliance

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private crypto wallet. 

Netcoins utilizes the services of Bitrank and QLUE to stay compliant by monitoring wallet addresses and transactions for fraud and connections to criminal enterprises.

Two-factor authentication is available to help keep your account secure.

KuCoin was subject to a significant hack in 2020, though a large portion of the stolen funds were recovered. While it uses two-factor authentication and sends notification emails at each login, the details about KuCoin's security measures are somewhat limited.

Conversely, Netcoins operates under the umbrella of BIGG Digital Assets, a company that is publicly traded and therefore bound by strict regulatory requirements. To ensure security and transparency, it uses services such as Bitrank and QLUE, effectively keeping an eye on potentially fraudulent activities and affiliations with illicit entities. However, the details of how they store customer funds are unclear.

Regulatory Compliance

In June, 2021, the Ontario Securities Commission stated that Kucoin was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD.

Netcoins is fully regulated in Canada. It is registered as a Money Services Business (MSB) with FINTRAC. Since Netcoins is also owned by Bigg Digital Assets, a publicly traded company, you can be sure that Netcoins is a safe exchange.

KuCoin is technically banned in Ontario for not complying with regulations set by the Ontario Securities Commission (OSC), a significant regulatory body for the financial sector in Canada. Netcoins, however, is fully regulated and compliant in Canada, registered as a Money Services Business with FINTRAC. Compliance with regulatory standards is an essential aspect of a crypto exchange's legitimacy and reliability.

Customer support

Kucoin offers helpful FAQs and online ticketing service for their customers as well as 24/7 support and a live chat option.

Netcoins has excellent customer support with an impressive 85% excellent customer service reviews on Trustpilot with a 4.5-star rating. Netcoins offers email support, live chat and phone support, which is rare for crypto exchanges.

While KuCoin does offer 24/7 customer support through email and a ticketing system on their website, they've received criticism for slow or unhelpful responses. Conversely, Netcoins stands out for its exemplary customer support, providing 24/7 live chat, email, and even phone support. User feedback suggests that Netcoins responds quickly and efficiently to user issues

Conclusion

While both KuCoin and Netcoins offer valuable services, KuCoin edges out as the winner for certain users, primarily due to its vast selection of cryptocurrencies, low trading fees, and advanced trading features. However, it's worth noting that KuCoin's platform might be more suitable for seasoned traders, while Netcoins offers a more user-friendly and supportive environment, making it a great choice for beginners.

When comparing Kucoin to Netcoins, KuCoin stands out for its enhanced transparency through the Proof of Reserves (PoR) system, which verifies that the platform can fully cover all user assets, reinforcing trust in its financial stability. Additionally, KuCoin has stepped up its game in customer service by offering 24/7 support, making it easier for users to get timely assistance compared to many other exchanges. This level of transparency and customer care makes KuCoin a strong contender among its competitors.

Netcoins stands out with its 24/7 uninterrupted trading availability, ensuring users can access the market anytime without delays. This is particularly useful compared to other exchanges that may experience downtime or maintenance. Additionally, Netcoins offers limit orders, which give traders more control over their buy/sell strategies—something not all platforms provide. Personalized price alerts are another feature that keeps users ahead of market shifts, offering a competitive edge when compared to exchanges with fewer notification options.

We recommend choosing Kucoin over Netcoins for your cryptocurrency trading needs. By opting for Kucoin through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Kucoin nor Netcoins meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.