Security Compliance
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.
As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.
Netcoins rides on the trustworthiness of being owned by BIGG Digital Assets, a publicly traded company, implying a degree of transparency and regulation. They further enhance their credibility by being registered with FINTRAC and utilizing services like Bitrank and QLUE for consistent monitoring. However, the exact methods of how they store users' funds are not distinctly provided. Bitcoin Well, meanwhile, emphasizes its advanced security measures, including multi-factor authentication and cold storage solutions. Both platforms advocate for strong security measures, but Netcoins' public ownership adds an extra layer of trustworthiness.
Regulatory Compliance
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.
Bitcoin Well is registered with FINTRAC and fully legal in Canada.
Adherence to regulations is paramount in ensuring user trust. Netcoins is registered as a Money Services Business with FINTRAC, showcasing its commitment to Canadian regulatory compliance. Similarly, Bitcoin Well prides itself on its complete alignment with Canadian legal standards. Both exchanges emphasize transparency and adherence to national regulations, ensuring their users are trading within the legal framework.
Customer support
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.
Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good. If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus.
Netcoins stands out with its 24/7 live chat support, complemented by email and phone support - a rare feature in the crypto world. Their swift responses, as seen in real-time user interactions, solidify their dedication to customer service. Bitcoin Well, in contrast, maintains a reputation for top-tier customer support, ensuring that any queries or concerns are addressed promptly and efficiently.
Conclusion
While both exchanges showcase robust features and a strong commitment to user satisfaction, security, and compliance, Netcoins slightly edges out as the winner. Its deep-rooted history, combined with its commitment to transparency, being publicly traded, and its stellar customer support system, provides an experience that feels both secure and user-centric.
We recommend choosing Netcoins over Bitcoin Well for your cryptocurrency trading needs. By opting for Netcoins through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Netcoins nor Bitcoin Well 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.
