Newton Crypto Review (2024): Fees, Features, Pros, Cons and More

Newton Crypto is a Canadian-based cryptocurrency exchange and trading platform that allows users to buy, sell, and trade a wide range of digital assets, including Bitcoin, Ethereum, Litecoin, and other altcoins. 

Founded in 2018, Newton is the first ‘no-fee’ cryptocurrency exchange in Canada and has established itself as one of the leading cryptocurrency exchanges in Canada, offering a fast, secure, and user-friendly platform for individuals and institutions looking to trade cryptocurrencies.

Whether you’re a seasoned investor or just curious about this rapidly-evolving field, this Newton Crypto review will provide a comprehensive and insightful analysis of Newton Crypto, its features, pros and cons, safety, and fees to help you decide if it is the right cryptocurrency platform for you.

How Does Newton Work?

Based in Toronto, Newton Crypto is currently accessible to only Canadians and has surpassed 100,000 users on its platform. It is showing strong signs of enormous growth in the Canadian crypto market.

Newton supports over 70 crypto coins and offers outstanding features like competitive spreads, zero trading fees, and instant account verification, making it a compelling platform for buying, selling, and trading crypto assets.

Newton offers new traders a beginner-friendly interface with an easy-to-use web and mobile (Andriod and iOS) version. It offers Newton Pro, a more seasoned version for expert and experienced traders.

Opening an account with Newton Crypto exchange doesn’t take more than 5-10 minutes. It is a simple process, and instant verification makes it easy to start trading.

As a registered Money Service Business (MSB) fully compliant with FINTRAC, Newton must collect information about you for the Know Your Customer (KYC) reporting requirements, including your full name, legal address, email and phone number, any Government-issued ID, and in-app selfie.

Once verified, you can fund your account via Interac e-transfer or Wire Transfer. Then you can begin your smooth journey in the world of cryptocurrency.

Newton Features

1. Newton Pro

The Newton pro is targeted at institutional investors and active traders. It offers high liquidity, smaller spreads, and free third-party custody with Balance.

It offers 0.1% as spreads which is four times tighter than the retail platform. In addition, you can trade up to 100 crypto pairs on Newton Pro. 

2. Zero Fees On All Transactions

Newton proudly has a ‘no-fee’ label. It does not charge any fee for trading, deposit, or withdrawals.

Newton makes money via spreads which is not a hidden truth but is displayed transparently on the Newton website.

3. Excellent Mobile App

Newton offers an intuitive iOS and Android app for Canadians who enjoy trading on the go. This convenient app can buy and sell all of Newton’s coins.

4. Surge Pricing

To combat the massive increases in network transaction fees, Newton covers up to the first $5 of the network fees on crypto withdrawals.

If the fees exceed $5, Newton takes the balance out of the withdrawal amount.

5. Third-Party Custody

Newton has third-party custodian partnerships with Balance and Fireblocks. They keep digital assets under cold storage at high-grade storage facilities.

Newton performs daily off-site backups and maintains direct bank integrations to help keep your crypto assets safe and minimise fraud.

The cold storage security policy makes stealing, hacking, or tampering with your digital assets nearly impossible.

6. Newton Referral Program

You can earn rewards by inviting your friends to the Newton exchange. There is a $25 bonus up for grabs for you and your friends when you invite them to Newton. 

Once they sign up and fund their account or buy and sell with $100 or more, you both receive $25. To invite your friends to Newton, go to the ‘Referrals’ tab and send your referral link to your friends. 

Sign up with this referral link and earn $25.

Newton Fees: How Much Does It Cost?

Newton’s no-fee label comes from the fact that Newton does not charge you any money to deposit your funds. They do not charge any flat trading fees.

With Newton, you do not have to worry about maker’s or taker’s fees. As a matter of fact, Newton covers network transaction fees up to $5. Although when the network fees are higher, you will pay up the remainder. With Newton, you enjoy:

• 0% CAD funding
• 0% CAD withdrawal
• Up to $5 network fee waived
• No commissions or trading fees

How Does Newton Make Money?

Newton makes money through spread. Spread is the difference between the buy and sell price of digital assets. Newton buys crypto from users and sells it to them, taking advantage of the difference.

Newton claims the spread for every transaction. This spread is how Newton makes money. Newton offers the lowest spread compared to other ‘no-fee’ crypto exchanges in Canada. The average spread on Newton is from 0.5% to 0.7%

Is Newton Crypto Safe for Trading?

As far as security is concerned, Newton is very safe. It offers 2-Factor Authentication (2FA), which means that anytime you need to sign in, you must provide a 6-digit code texted or emailed to you.

Newton is fully regulated by FINTRAC as a Money Service Business (MSB) and complies with all their operating rules. It is fully PIPEDA-compliant. All your data is stored in Canada. 

Newton partnered with PLAID, a Canadian security management company, and uses their direct bank integration for KYC verification.

Through its partnership with Balance, it uses a cold storage security policy, making daily offline backups to keep your crypto assets as safe as possible. You can store your crypto on the exchange or transfer it to your wallet.

Cryptocurrencies on Newton

Newton offers over 70 cryptocurrencies. Here is a list containing some of the coins you can acquire from the exchange:

Newton vs Other Cryptocurrency Exchanges

Many cryptocurrency exchanges can be compared to the Newton exchange. Here are a few exchanges that are closest to Newton in terms of what they offer.

Newton vs Bitbuy vs Coinsmart vs KuCoin

Newton vs Bitbuy

Newton and Bitbuy are Canadian cryptocurrency exchanges allowing users to buy, sell, and trade various digital assets.

Bitbuy has operated since 2016 and offers various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and more. The platform offers advanced trading features, such as limit orders and stop-loss orders, and supports Canadian dollars’ use for deposits and withdrawals.

While Newton may be a good option for newbies who prefer a simpler interface, if you are looking for varieties of cryptocurrencies and more advanced trading features, Bitbuy may be a better fit. 

Newton vs Coinsmart

Newton and CoinSmart offer a range of digital assets. Newton focuses on the most popular and established cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin. CoinSmart, on the other hand, offers a wider range of altcoins and newer, emerging cryptocurrencies.

This means that CoinSmart may be a better choice for users interested in trading less well-known cryptocurrencies.

Newton and CoinSmart are fully licensed and regulated by FINTRAC and follow strict AML and KYC procedures. However, Newton is known for its strong focus on security and has a team of experienced security professionals dedicated to securing the platform.

This may make it a more attractive option for users concerned about the security of their funds and personal information.

Newton vs KuCoin

KuCoin is a Hong Kong-based exchange that was launched in 2017. It offers a wider variety of cryptocurrencies, including many lesser-known altcoins. It also offers more advanced trading features, such as margin trading and futures trading.

KuCoin has a reputation for being a more complex platform, but it offers lower fees than many other exchanges.

Newton may be a good option if you’re new to cryptocurrency trading and prefer a simpler interface. If you’re looking for a wider variety of cryptocurrencies and more advanced trading features, KuCoin may be a better fit. 

Final Thoughts on Newton Crypto Review

Newton Crypto is a reputable Canadian-based cryptocurrency exchange platform that offers users an intuitive interface, excellent features, and secure trading options. 

Its no-fee policy and tight spreads provide an attractive option for Canadians looking to trade cryptocurrencies. 

The platform fully complies with the necessary regulations, ensuring the safety of users’ funds and data safety. Newton’s third-party custody partnerships provide extra protection for users’ digital assets, and the referral program offers an excellent opportunity for users to earn additional rewards.

Newton Crypto is a great option for Canadians interested in buying, selling, or trading cryptocurrencies.

FAQs on Newton Crypto Review

Is Newton Legal In Canada?

Yes. Newton is registered with FINTRAC as a Money Service Business (MSB) and complies with all Canadian regulations.

Does Newton report to the CRA?

No. Newton does not report to the CRA.

Is Newton a good exchange?

Yes. Founded in 2018, Newton Exchange is one of the best cryptocurrency exchanges in Canada. Since its inception, Newton has become the favourite crypto exchange for Canadians looking to trade cryptocurrencies at a meagre cost.

Who owns Newton Crypto?

Dustin Walper is the founder of Newton Crypto Exchange. However, the largest investor currently is DVX Capital Markets.

Is there a demo account for paper trading?

Newton does not offer any demo account for paper trading. Beginners will need to do thorough research before they start trading.

Is Newton insured?

Yes. With Newton, your crypto assets are covered by Balance’s crypto crime insurance policy. You can independently audit your wallet balances on the blockchain anytime you want.

What crypto can I buy on the Newton exchange?

Newton offers over 70 cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, Monero, Ripple, Litecoin, USD coin, Stellar Lumens, etc. However, all cryptocurrencies supported by Newton are only quoted in CAD.

Does Newton have a wallet?

Yes. Newton allows you to store your crypto using your Newton account wallet. However, moving your cryptocurrencies off an exchange into your cold wallet for safety purposes is recommended.

Does Newton require KYC if I already own cryptocurrency?

Yes. Newton requires KYC for all accounts, even if you already own cryptocurrency. It is part of the account verification procedures.