Netcoins vs. Kraken: What Works Better For Canadians in 2024

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.

Kraken keeps 95% of users’ funds in cold storage. All account information is encrypted, their servers are locked in cages under 24/7 surveillance by armed guards. 

To help secure your Kraken account you can use two-factor authentication. You will receive an email notifying you of any withdrawal, and there is an account timeout for added protection.

Netcoins emphasizes its association with BIGG Digital Assets, hinting at a stringent commitment to security. The exchange uses services like Bitrank and QLUE for monitoring potential fraudulent activities. However, specific details about the storage of customer funds are missing. Kraken, with its global presence, boasts of keeping over 95% of its digital assets in cold storage, enhanced server security with 24/7 armed surveillance, and even offers a bug bounty program to ensure robustness against vulnerabilities.

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.

Kraken is fully compliant with US regulations. The exchange is independently audited to show that customers’ funds are properly held. Canadians can use the platform as well.

Netcoins proudly flaunts its registration as a Money Services Business with FINTRAC, showcasing its commitment to Canadian regulations. Kraken, while being a global player, faces some restrictions in Ontario due to the Ontario Securities Commission regulations. Both exchanges, to some extent, are bound by Canadian federal laws and potentially subject to scrutiny by authorities. However, Kraken's partial restriction in Ontario could be a deciding factor for some Canadian traders.

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.

Kraken offers a 24/7 live chat and email support. It also offers a good amount of learning documentation and helpful articles on its website. Unfortunately, many people say Kraken has poor customer support with tickets taking a long time to be resolved if ever.

Netcoins appears to be particularly strong in this category, with 24/7 live chat, email, and phone support - the latter being a rarity in the crypto world. Feedback suggests prompt responses and quick issue resolution. Kraken, while offering 24/7 live chat and email support, is primarily phone-accessible only in the USA, UK, and the European Union.

Conclusion

While both Netcoins and Kraken offer solid platforms for trading cryptocurrencies, Netcoins slightly edges out for Canadians. Its dedicated focus on the Canadian market, coupled with stellar customer support and an intuitive platform, make it a preferred choice. Though Kraken provides a more diversified trading environment, Netcoins' commitment to Canada-specific features and compliance makes it the winner in this comparison.

We recommend choosing Netcoins over Kraken 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 Kraken 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.