Newton is a Canadian cryptocurrency exchange growing in popularity with over 100,000 users in Canada. Founded in 2018, Newton is the first ‘no-fee’ cryptocurrency exchange in Canada.
Newton supports over 70 crypto coins; it is among the exchanges with a large selection of assets in the Canadian crypto market.
Its outstanding features like competitive spreads, zero trading fees, and instant account verification make it a compelling platform for buying, selling, and trading your crypto assets.
Its unique and professional user interface leaves you with trust and appreciation, offering you a well-defined experience while you trade your crypto coins.
This Newton Crypto Review talks about what newton is, how it works, its notable features, the pros and cons of Newton, the coins its supports, and how it competes against other crypto exchanges.
What is Newton?
Newton is one of the cryptocurrency exchanges focused on the Canadian space. The exchange was named after the famous Sir. Isaac Newton, for him being a pioneer in stamping our counterfeit money.
Based in Toronto, the Newton exchange is currently accessible by only Canadians, and it has surpassed 100,000 users on its platform. It is showing strong signs of enormous growth in the Canadian crypto market.
For new traders, Newton offers 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.
Newton prides itself as a no-fee exchange that operates on a spread between the bid and ask pricing. The exchange is secured by Balance and regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). It has a firm KYC policy through PLAID (a third-party security company).
How Does it Work?
Opening an account with Newton exchange doesn’t take more than 5-10 minutes. It is a simple process. Newton offers instant verification, which makes it easy to start trading.
As a registered Money Service Business (MSB) fully compliant with FINTRAC, Newton is required to collect information about you for the Know Your Customer (KYC) reporting requirements. The information you would be providing include:
- Your full name
- Your legal address
- Your email and phone number
- Any Government-issued ID
- 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 Pros and Cons
- Access to over 70 cryptocurrencies
- User-friendly interface that's great for beginners
- Supports transfer-outs from your Newton wallet
- The platform is compatible with multiple devices
- Free fiat currency deposits and withdrawals
- Digital assets held in cold storage (offline)
- Instant account verification is available to new traders
- The referral program offers you $25 per referral
- Limited advanced trading features for expert traders
- Fiat funding is in CAD only
- Unreliable customer support
Newton Features
Newton Pro: The Newton pro is targeted at expert traders. It offers high liquidity and smaller spreads. It offers spreads that are four times tighter than the retail platform.
With Newton Pro, you get free third-party custody with Balance.
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.
Excellent Mobile App: For Canadians who enjoy trading on the go, Newton offers an intuitive iOS and Android app. This convenient app has full access to buy and sell all of Newton’s coins.
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 are higher than $5, Newton takes the balance out of the withdrawal amount.
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 minimize frauds.
The cold storage security policy makes it nearly impossible to steal, hack or tamper with your digital assets.
Newton Fees
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%
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. You can use this referral link to earn $25.
Cryptocurrencies on Newton
Newton offers over 70 different cryptocurrencies, here is a Newton crypto list. Some of the coins you can acquire from the exchange are listed below.
Tether (USDT) | Terra (LUNA) | Algorand (ALGO) | |
Synthetix (SNX) | TerraUSD (UST) | Solana (SOL) | |
Litecoin (LTC) | Polkadot (DOT) | Yearn Finance (YFI) | Dai (DAI) |
USD Coin (USDC) | Compound (COMP) | Stellar (XLM) | |
Uniswap (UNI) | Curve DAO (CRV) | Ripple (XRP) | |
Bitcoin Cash (BCH) | Aave (AAVE) | SushiSwap (SUSHI) | Chainlink (LINK) |
Enjin Coin (ENJ) | Axie Infinity (AXS) | Maker DAO (MKR) | Polygon (MATIC) |
Balancer (BAL) | Amp (AMP) | Ren (REN) | 1inch (1INCH) |
Kyber Network (KNC) | Zcash (ZEC) | EOS (EOS) | Dash (DASH) |
OMG Network (OMG) | 0x (ZRX) | Basic Attention (BAT) | Tezos (XTZ) |
PAX Gold (PAXG) | Fantom (FTM) | Decentraland (MANA) |
Newton Funding Options
Newton offers three ways to fund your account: Interac e-Transfer, Wire transfer, or transfer in crypto from another wallet.
While Interac e-transfers are free and take five to thirty minutes to process, Wire transfers take significantly longer to process, three to five days, but it is also free.
Newton exchange covers the first $5 of the network fees for wallet-to-wallet transfers.
Newton offers Interac e-Transfer, direct deposit to your bank account, and withdrawal to other crypto wallets to withdraw funds out of your account.
Withdrawing CAD funds from your Newton account to any Canadian bank via Interac e-Transfers or direct deposit is free. While Interac e-transfers may take up to 2 hours, direct deposits happen within 3 to 5 business days. Withdrawing to other crypto wallets is almost instant and costs you only the network transaction fees, minus Newton’s $5 discount.
Is Newton Crypto Safe for Trading?
As far as security is concerned, Newton exchange is very safe. It offers 2-Factor Authentication (2FA), which means that anytime you need to sign in, you will have to provide a 6-digit code texted or emailed to you.
Newton 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.
Newton is fully regulated by FINTRAC as a Money Service Business and complies with all their operating rules.
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 choose to store your crypto on the exchange or transfer it to your own wallet.
Suppose you leave your crypto on Newton exchange, you can be sure that your digital assets are well stored in cold storage in secure locations and offline hardware devices around the world.
Newton vs Other Cryptocurrency Exchanges
There are many cryptocurrency exchanges that 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
Features | Newton | |||
Coins Supported | 71 coins | 17 coins | 16 coins | 300+ coins |
Security | 2FA Cold storage | 2FA Cold storage | 2FA Cold storage | 2FA Cold storage |
Fees | Spread of 0.5-0.7% | 0.1% - 0.2% Trading fees | 0.2% Trading fees | 0.1% Trading fees |
Apps | Android/ iOS | Android/ iOS | Android/ iOS | Android/ iOS |
Regulator | FINTRAC | FINTRAC | FINTRAC | None |
CDIC Coverage | No | No | No | No |
Funding Options | Interac e-Transfer, Wire transfers, Pre-authorized bank transfers through Plaid, transfers from external wallets | Interac e-Transfer, Bank Transfer | Interac e-Transfer, Credit & Debit card, Bank Transfer, Bank draft | Apple Pay, Credit & Debit card, SEPA, Google Pay |
Promotion | $25 bonus when you make a minimum initial deposit of $100 | $40 bonus when you make a minimum initial deposit of $250 | $30 bonus when you make a minimum initial deposit of $100 | - |
Newton vs Coinbase
While Newton exchange offers a competitively low spread, Coinbase offers absurdly high fees.
Coinbase trading fees are between $0.99 to $2.99, while Newtons prides itself on a ‘no-fee’ exchange. This makes Newton more preferable to Coinbase.
Newton vs Wealthsimple
Wealthsimple spread comes between 1.5% to 2%, while Newton spread is from 0.5% to 0.7%. This makes newton more affordable.
Newton also offers a wider selection of crypto assets compared to Wealthsimple which offers about 42 coins.
Newton vs Crypto.com
Just like Newton, Crypto.com is secure and supports an impressive number of cryptocurrencies.
Crypto.com also offers a very low trading fee, although it is not a very good exchange for new traders as its interface can be confusing.
Newton vs Shakepay
Shakepay is also a ‘no-fee’ exchange with spreads of 1.3%. Just like Newton, it does not charge any fee for deposits or withdrawals.
However, Newton offers up to two times lower fees for spreads and supports more coins to trade with.
Conclusion on the Newton Crypto Review
Newton is a refreshing and modern cryptocurrency exchange for traders in Canada. Its sleek platform and mobile app make it a joy to use plus it has no fees and tight spreads.
The efficient automatic verification process and Newton’s serious stance on security is an advantage to consider. I’d highly recommend this exchange platform.
FAQs on Newton Crypto Review
Is Newton Legal In Canada?
Yes. Newton is registered with FINTRAC as a Money Service Business (MSB) and is compliant 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 favorite crypto exchange for Canadians looking to trade cryptocurrencies at a meager cost.
Who owns Newton Crypto?
Dustin Walper is the founder of Newton 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.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.
