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.
Coinbase uses its own digital wallet for storing your cryptocurrency.
Coinbase keeps 98% of its cryptocurrency in cold storage. This makes it hard for thieves to steal crypto assets if the exchange is hacked. Cold storage is the most secure way to store cryptocurrency, so the fact that Coinbase does this is a huge plus.
Netcoins ensures robust security by keeping 95-98% of digital assets in offline, cold storage and maintaining stringent KYC processes. It also has comprehensive insurance coverage to safeguard against theft or fraudulent activities.
Coinbase, on the other hand, also maintains robust security measures, keeping about 98% of its assets in cold storage. It uses encryption for wallets and private keys, and all its employees undergo criminal background checks. Despite these measures, it's worth noting that the SMS-based 2FA used by Coinbase is generally considered less secure than other 2FA methods.
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.
Coinbase is a US-based cryptocurrency exchange, however, no restrictions for Canadians. Canadian residents can use Coinbase to their full capacity.
Netcoins is a registered Money Service Business in Canada and adheres to FINTRAC regulations. This shows its commitment to maintain stringent regulatory standards. While Coinbase is primarily regulated in the US, it operates in Canada and complies with the necessary local regulations.
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.
Coinbase customer support is very slow. It took them 4 days to address our request to a real person. Even though they offer 24/7 support and a live chat option, the quality of the support is bad due to a very high volume.
Netcoins shines with its 24/7 customer support, including live chat and email support, coupled with its promise of same-day processing for registrations, deposits, and withdrawals.
Coinbase, on the other hand, has had a history of customer support issues. Although they've introduced 24/7 phone support to address customer concerns more promptly, numerous users have reported delays in request processing and overall service
Conclusion
While both
Netcoins and Coinbase offer robust platforms for cryptocurrency trading, Netcoins stands out as the more favourable option for Canadians.
With its user-friendly interface, robust security measures, clear regulatory compliance, and reliable customer support, it offers a more seamless and secure trading experience. Although Coinbase also provides a user-friendly platform and strong security measures, its customer support drawbacks make Netcoins the preferred choice.
When comparing Coinbase to Netcoins, it's worth noting that Coinbase One introduces several new features that make it more competitive. These include zero trading fees, boosted rewards, and priority customer support. Additionally, the platform has increased its focus on staking, allowing users to earn rewards, such as 5.10% APY on USDC. While Coinbase’s fees remain high outside of Coinbase One, these added benefits can make the platform more attractive for users looking to maximize earnings while minimizing transaction costs, especially compared to exchanges with lower fees but fewer reward opportunities.
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 Netcoins over Coinbase 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 Coinbase 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.
