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Netcoins vs. Wealthsimple Crypto 2024

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Netcoins and Wealthsimple Crypto are some of the best crypto exchanges in Canada that are great for beginners looking for a simple, basic platform to buy crypto with CAD or USD.

Netcoins is owned by BIGG Digital Assets, a publicly traded company on the CNSX exchange, and allows you to trade about 35+ cryptocurrencies starting with $10.

Wealthsimple Crypto is owned by Wealthsimple, Canada’s most popular online wealth management company. It allows you to invest in 50+ cryptocurrencies with a non-registered account starting with as little as $1.

Netcoins Vs. Wealthsimple Crypto: Top Features Compared

In this post, I compare the two cryptocurrency brokerages side by side so that you can choose the one that fits your investment needs and budget.

Netcoins

netcoins logo

Trade several popular coins

Excellent crypto broker for newbies

Charges trading fees + undisclosed spread in prices

Wealthsimple Crypto

wealthsimple logo

Trade several cryptocurrencies

Excellent trading platform

1.5% to 2% trading fee

Get a $25 bonus when you deposit $200+

KYC Verification

Both Netcoins and Wealthsimple Crypto offer instant KYC verification by running an automatic identity check with the credit bureaus.

Unless the identity check fails, it only takes a few minutes to set up your account, and you won’t be required to upload identity documents.

Funding Methods

You can fund your Netcoins wallet via Interac e-Transfers, bank wires, and crypto deposits.

Wealthsimple Crypto funding methods include Interac e-transfer, wire transfers, a linked Visa or MasterCard debit/credit card, pre-authorized debit, and crypto deposits.

Coins Supported

Wealthsimple Crypto offers a broader selection of 50+ cryptocurrencies vs Netcoins’ 35+ coins.

Top crypto tokens on both platforms include Bitcoin, Ether, Bitcoin Cash, Stellar, Dogecoin, Chainlink, Enjin Coin, Decentraland, Polygon, Fantom, ApeCoin, The Graph, The Sandbox,  Polkadot, Cardano, Solana, Tezos, Chiliz, Yearn Finance, Curve,  Maker, Axie Infinity, Uniswap, Gala, Solana, and others.

Trading Fees

Both cryptocurrency brokerages charge high fees compared to other crypto exchanges in Canada, like CoinSmart. That said, Netcoins trading fees are much lower compared to Wealthsimple Crypto.

Netcoins fees

Netcoins trading fees stand at 0.5% per trade. Interac e-Transfers are free, but bank wire processing fees of $30 CAD apply for deposits/withdrawals below $2,500 CAD.

You’ll also incur crypto withdrawal fees that vary by coin. For instance, the BTC withdrawal fee is 0.00025 BTC, while Ether costs 0.01 ETH regardless of the withdrawal amount.

Wealthsimple Crypto fees

Wealthsimple Crypto doesn’t charge any deposit/withdrawal fee for fiat and crypto, which makes it a kind of commission-free crypto trading platform.

So, is Wealthsimple free?

To make money, Weathsimple Crypto charges an all-in-one operational fee of 1.5%-2% per transaction.

The good thing is that the fee is applied as a bid-ask spread so that you can trade and withdraw your earnings without worrying about extra charges.

Crypto Staking

Wealthsimple Crypto offers crypto staking to enable you to monetize your idle digital assets. So far, users can stake Ethereum and Solana on the platform and earn up to 4% of staking rewards per year.

As of this writing, Netcoins doesn’t seem to offer crypto-staking services.

Crypto Card

Netcoins offers a prepaid MasterCard via Netcoins Pay that you can use to make purchases using the CAD balance in your Netcoins wallet and earn 1% Bitcoin back on all purchases.

Wealthsimple Crypto doesn’t offer a crypto card but has a prepaid Mastercard that earns 1% cash back.

Trading Platforms

Both Netcoins and Wealthsimple Crypto offer a basic web interface and mobile crypto trading apps.

They only work as crypto brokerages and, thus, only offer basic features, including limit orders to allow you to buy/sell at set prices and price alerts to keep you updated on market events.

Is Netcoins Safe?

Netcoins is a FINTRAC-registered MSB. It is also fully registered and regulated by the Canadian Securities Administrators (CAS) and BCSC.

To safeguard your data, Netcoins employs BitRank and QLUE blockchain analytic and forensic tools for data encryption.

Is Wealthsimple Crypto Safe?

Wealthsimple Crypto is a safe cryptocurrency brokerage that’s compliant with Canadian laws.

Your coins are held in cold storage with its custodial partners, including Gemini and CoinCover, which have $200M each in cold storage coverage to protect your funds from hacks and theft.

The platform also employs state-of-the-art data encryption and 2FA to ensure secure access to your account.

That said, no cryptocurrency exchange is 100% safe and secure, as evidenced by the meltdown of FTX following a serious cash crunch and rumours of a multi-million hack after that.

Thus, it is advisable to withdraw your crypto from exchanges and keep it safely in a non-custodial wallet where you have full control of your private keys.

Related: Is Binance Banned in Canada?

Pros of Netcoins

  • Trade 35+ coins
  • A mobile app to trade on the go
  • Netcoins Pay card to spend your balance and earn 1% Bitcoin back

Cons of Netcoins

  • High trading and crypto withdrawal fees
  • Wire transfer fee for amounts less than $2500
  • A basic platform with limited features

Pros of Wealthsimple

  • A comprehensive list of 50+ coins
  • Free fiat and crypto transfers
  • Mobile app to trade on the go
  • A simple, all-in-one pricing structure
  • Multiple funding methods
  • Insurance for crypto assets

Cons of Wealthsimple

  • High crypto spreads of up to 2%
  • A basic platform with limited order types and basic tools

Netcoins Vs Wealthsimple Crypto: Summary

FeatureNetcoinsWealthsimple Crypto
KYC verificationInstantInstant
Funding methodsInterac e-transfer, bank wires, crypto depositsInterac e-transfer, bank wires, linked cards, pre-authorized debit, crypto deposits
Supported coins35+50+
Trading fees0.5% per trade1.5%-2% spread fee
Deposit/withdrawal fees$30 CAD wire processing fee for amounts less than $2500Free deposits/withdrawals
Trading platformsBasic web interface and mobile appBasic web interface and mobile apps
Crypto stakingNoYes: ETH & SOL
Crypto cardYesNo
SecurityBitRank and QLUE data encryption2FA, data encryption, cold storage, insurance.
Sign up bonusGet $25 if you trade $100+Get $25 if you deposit $150+

Related: Learn about crypto arbitrage bots and how to hold crypto in a TFSA.

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Top registered and regulated crypto trading platform for Canadians.

$50 instant cash reward when your initial deposit is at least $250 or more.

Access over 45 popular coins and altcoins and staking to earn interest.

Competitive low trading fees for crypto and free deposits.

Get access to advanced trading tools.

Access nearly 80 crypto assets with one-click trading + $20 bonus

Instant deposit with e-Transfer and supports CAD and USD.

$20 bonus when you verify your account and deposit at least $100.

Offers over 80 crypto assets.

0.50% to 2% trading fees; free fiat deposits and withdrawals.

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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