Just about everyone has heard of bitcoin – the first and, by far, the most popular form of “cryptocurrency” (also known as digital currency or, simply, “crypto”).
Bitcoin has been taking over the news in the global economy for years – even more so in the last few months. Why? Because even in tough times, its value has continued to soar. Financial analysts point out that $1,000 worth of bitcoin purchased in 2010 was worth $287.5 million by the end of 2020.
Earlier this year, Tesla purchased USD$1.5 billion worth of bitcoin. Visa Inc. began accepting cryptocurrencies as a form of payment. And in February, RBC Capital Markets (a division of Royal Bank of Canada, one of the largest banks in the world) recommended that Apple get involved in crypto.
But while big institutions and corporations are buying bitcoin, how can an ordinary Canadian do the same?
That’s where Netcoins comes in.
What is Netcoins?
Netcoins is a Canadian-based company that makes it easy and safe to buy bitcoin in Canada. Its online trading platform lets you buy bitcoin and other cryptocurrencies (including Ether, XRP, Litecoin and more) anywhere, anytime in just minutes.
How does it work?
“It’s super-easy,” says Ayelen Osorio, Content & Community Manager at Netcoins. “You go to the Netcoins website or download our app, create an account and get verified.”
“Once verified, your first step is to send Canadian dollars into the platform via an e-transfer or one of the other funding methods we provide. Once those dollars are in your Netcoins account, you can use them to buy bitcoin or any of the six cryptocurrencies we offer. For example, if you select ‘BUY BITCOIN,’ you’ll be asked how much you'd like to spend and shown how much bitcoin you’ll get. Click ‘CONFIRM’ and that’s it. Congratulations – you’ve just bought your first bit of bitcoin in a couple of minutes!”
Netcoins users enjoy 0% funding fees and can easily fund their account with an Interac e-Transfer, bank wires or online bill payments. And because Netcoins allows you to buy bitcoin in fractions, you can get started for as little as $10.
Can you sell bitcoin, too?
Once you buy bitcoin or another cryptocurrency, does that mean you’re stuck with it? Not with Netcoins – you can “cash out” anytime.
“Selling is just as easy as buying bitcoin,” says Osorio. “You just go into the Netcoins platform, and on the trade page, click ‘SELL’ to convert your crypto back into Canadian Dollars.”
Cashing out is always free, and you can send the funds straight to your bank account. This is why Netcoins is excellent for people who are cautious about crypto or curious to just try it out. And just like buying, selling only takes a few minutes.
It’s important to note that instead of selling, users can also choose to hold onto their cryptocurrencies in the long term, either within the Netcoins platformor by transferring it into their own external,crypto wallet.
Why is Netcoins the most trustworthy way to buy bitcoin?
One of the biggest reasons why Canadians are reluctant to buy bitcoin is because of a perceived lack of security. This is understandable – there are an overwhelming number of crypto exchanges in Canada, as well as ATMs designed exclusively for buying crypto, and it’s unclear who’s behind them.
Netcoins, however, is fully transparent and safe. “One reason why Canadians trust us is because we’re the only Canadian crypto exchange in Canada that’s public,” says Osorio, noting that Netcoins is publicly traded on the Canadian Stock Exchange (under BIGG). “With private exchanges, Canadians don’t get insight into how they’re operating or managing their financials. But because we’re a public company, we publish all our financials every quarter.”
All in all, says Osorio, Netcoins has fast become a favourite way to buy bitcoin in Canada because “it allows people to have complete power over their finances. Our open-loop system means your dollars and cryptocurrency flow in and out of your Netcoins account anytime you want, no matter where you are. It’s really the best way to buy bitcoin in Canada.”