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Netcoins vs. Wealthsimple Crypto 2023: Compare Crypto Exchanges

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, the most popular online wealth management company in Canada, and 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

Up to 0.50% trading fee

Get a $25 bonus when you trade $100

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 wider 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 stands at 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, which is quite high.

The good thing is that the fee is applied as a bid-ask spread so that you can trade and withdraw your earnings without having to worry about any 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 Visa card 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 safe and secure cryptocurrency brokerage that works as 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.

You also get the confidence of investing with a platform that is owned by BIGG Digital Assets, a publicly traded company.

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, both of 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 that offers only limit orders and price alerts

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 trade $150+

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

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

Low trading fees at 0.20% and multiple fiat currencies supported.

$50 instant bonus when you deposit $200.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

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Author

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

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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