Copy of Review 1 - Blank

Newton Review

Last Updated: Aug 2, 2022  |  Published: Mar 26, 2022


This page has affiliate links. Learn More.

Newton has become a popular choice for crypto investors in Canada. But does it live up to the hype? In this review, we took a deep look at Newton and tested over 60 variables on fees, security, features, and more.

This is also part of a larger review where I tested 20 Canadian cryptocurrency exchanges. This post will explain how Newton stacks up to the competition and why it's one of the top platforms for Canadians.

The Bottom Line

All fees considered, Newton is one of the cheapest platforms in Canada. It has 70+ coins, a great user-interface, and a total BTC purchase fee of 0.69% when tested (3rd place). All CAD transfers are free and some crypto withdrawals are free as well.

Newton is our 2022 winner and the best overall crypto exchange for Canadians.

Pros & Cons

  • Great Fiat On-Ramp and Off-Ramp: Newton is the cheapest way to fund your Binance account or other wallets and exchanges (and cash out as well)
  • Low All-Around Fees: Low spreads, commission-free trades, $5 off crypto withdrawals (some coins are free), free CAD funding, and more
  • 3rd Cheapest in Canada: We tested 18 platforms. Newton had a total BTC purchase fee of just 0.69% (3rd overall)
  • Fast CAD Deposit & Withdrawals: Use e-transfer or wire transfer (it's fast + free)
  • Nice User-Interface: Beginner-friendly design and looks good
  • No Advanced Trading: We recommend NDAX for advanced trading tools in Canada
  • Limited Features Overall: No recurring purchases, staking, etc. Other platforms have more features
  • Slow Customer Support: When tested, responses were slow (weeks or no responses at all)

What Is Newton?

Newton.co Website

Newton is a low-cost cryptocurrency exchange for Canadians. While they don't offer the most features like Binance or KuCoin, it's one of the best fiat on-ramps and off-ramps in Canada. The spreads are low and almost everything is free like the trading fees and CAD deposits/withdrawals. And you still get 70+ cryptocurrencies to choose from.

They are a Toronto-based company that was founded in 2018. In a relatively short period of time, they have become one of the top crypto platforms for Canadians with 200,000 users.

After reviewing Newton, I like how they are transparent with their fees and spreads. While many companies say they have "low fees" and "crypto at true cost," they usually charge you hidden fees in the spread. Newton publishes their spreads in real-time at Newton.co/prices so everyone can see. And for Bitcoin, the spreads were among the best in Canada.

More Info...

  • Newton was Founded in 2018
  • Trusted by 200,000 Canadians
  • Transparent with their spreads
  • Valued at over $250 million
Newton.co

Overview

Total Fees & Spreads: Mar 02, 2022

Coins Offered

70+

Total BTC Purchase Fee

0.69% (3rd place)

Total BTC Selling Fee

0.64% (4th place)

BTC Spread

1.34% 

Trading Fee

Free

Funding Methods

e-transfer, wire transfer, direct bank transfer

CAD Deposits

Free

CAD Withdrawals

Free

BTC Withdrawals

Network fees minus $5 (usually free)

Notable Features

70+ coins, low all-around fees, great user-interface

Video Review

Listen while you read. This video review was posted on Mar 26, 2022. Refer to the blog in case any info is outdated.

User Interface

  • Web app

  • Mobile App

Platform & Features

Newton is focused on being a low-cost cryptocurrency exchange for Canadians. While they don't offer the most features, you will get some of the lowest fees in Canada, 70+ coins, and a great user-interface. With all of that, plus fast deposit and withdrawals, Newton is a great fiat on-ramp and off-ramp for Canadians.

Coins Supported

Newton offers 70 cryptocurrencies which you can trade, deposit, and withdraw (see all coins available here). The industry average in Canada is about 53 coins. Newton is good for buying top projects but there are over 20,000 cryptocurrencies on CoinMarketCap. If you want more altcoins, you'll need to get used to signing up for new wallets and exchanges. Here is a related guide on how to buy any altcoin in Canada.

Trading Interface

I would describe Newton as very smooth and simple. It's easy enough for anyone to make trades, even if they have zero experience with cryptocurrencies. You have access to market orders and limit orders and you can filter between line charts and candlestick charts.

Newton will not be the place for technical indicators, order books, or advanced order types. For advanced trading, NDAX is a great option for Canadians.

Newton App Market Orders
Newton App Limit Orders

Affiliate Program

Every account can generate an affiliate link to share with friends. You and your friend will each earn $25 when they trade their first $100 on their platform.

Newton Widgets

Choose between a "Single Coin Widget" or the "Watchlist Widget" with up to 6 coins. This lets you quickly monitor your favourite coins on price and 24 hour percentage change.

Newton Widgets

$5 Off Crypto Withdrawals

When you're sending crypto to an external wallet, Newton eats the cost of network fees up to $5. Every blockchain has different network fees, so some coins like Bitcoin and Stellar will be free. ERC-20 tokens like USDC and ETH will still cost you a little bit.

This discount is convenient if you're sending crypto to cold storage, another wallet, or trying to fund Binance or another exchange. You can also choose the network for some coin withdrawals. For example, USDC withdrawals can be done on ERC-20, XLM, and SOL.  

Newton Tutorial

Watch to see how Newton works, how to deposit Canadian dollars, and more.

Customer Support

Newton's customer service can be contacted via email or in-app messaging. They are available Monday to Sunday from 9am to 12am ET. You can also visit their knowledge base and blog to see common FAQs. In my experience, their customer service has been very slow to respond but it has improved over time.

Opening An Account

Newton has mandatory KYC. This means you will need to verify your identity to use the platform which is common for Canadian platforms. Opening an account can be done in 10 minutes or less and most people will be instantly verified and ready to trade.

In some cases, verification can take longer. For example, when the crypto market was surging, it was taking people weeks to open a Newton account. However, it looks like they have fixed this issue.

Who Is Eligible:

  • Canadian residents (Ontario included)
  • Anyone at least 18 years old

Sign Up Requirements:

  • Full name
  • Phone number
  • Address
  • Date of Birth
  • Photo ID

Fees & Spread

I did a test with 15 Canadian exchanges. Newton had a 0.69% total purchase fee to buy BTC which was 3rd best overall. The total BTC selling fee was 0.64% which was 4th overall. The BTC spread was 1.34% (10th place). All fees considered, Newton is one of the cheapest platforms for Canadians to trade crypto and deposit/withdraw Canadian dollars from their bank account.

Newton Fees

Amount

*Total BTC Purchase Fee

0.69% (🏆 3rd place)

*Total BTC Selling Fee

0.64% (4th place)

Trading Fee

Free

CAD Deposits

Free

CAD Withdrawals

Free

BTC Withdrawals

$5 off network fees (usually free)

Other Fees

N/A

More Information

We tested 18 Canadian cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Mar 2, 2022 at 4:41pm and is subject to change since spreads and prices change daily.

  • Total BTC Purchase Fee = CAD Deposit Fee + Trading Fee + Reference Price Difference
  • Total BTC Selling Fee = CAD Withdrawal Fee + Trading Fee + Reference Price Difference

You can compare all platforms from the price test on this page

Price Test & Spread

Price Test (On Mar 2, 2022)

Prices

BTC Spread

1.34% (10th place)

BTC Buy Price

$56,160

BTC Sell Price

$55,418

Ref. Price Difference

Buy: +0.69%

Sell: -0.64%

Reference Price (Google)

$55,774

Deposit & Withdrawals

Newton is a great fiat on-ramp and off-ramp for Canadian dollars. All transfers are quick, easy, and free. And users can fund or cash out using Interac e-Transfer, wire transfer, or direct bank transfer.

The crypto withdrawal fees are also cheaper than most platforms. Newton covers the first $5 in network fees on the blockchain. So if the network fee is under $5, the transfer will be free. Coins like BTC, XLM and some others are usually free to withdraw.

CAD Deposits

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

Nearly Instant

$10,000

Wire Transfer

Free

3-4 Days

$1,000,000

Direct Bank Transfer

Free

2-4 Days

-

CAD Withdrawals

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

Nearly Instant

$10,000

EFT (Direct Bank Transfer)

Free

2-4 Days

$50,000

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

$5 off network fees

$10 worth

Ethereum

$5 off network fees

$10 worth

USDC

$5 off network fees

$10 worth

XLM

$5 off network fees

1 XLM

Security Features

Account Security

  • 2 Factor Authentication via SMS or Authy App
  • Face ID / Touch ID for login
  • Email notifications for trades/withdrawals
  • Address book to save crypto wallets
  • Push notifications for account activity
  • System status available in real-time

Company Security

  • Never had any hacks or incidents (founded in 2018)
  • Holds crypto assets in cold storage
  • Partnered with Balance, their custodian for cold storage
  • Crypto in cold storage is insured (unknown for what amount)
  • Website claims they do "daily off-site backups"
  • FINTRAC registered in Canada: MSB #M19607029
  • Vulnerability program
  • KYC required (must provide identity when signing up)

So... Is Newton Safe?

Yes, Newton is a safe and compliant crypto exchange. They've never had any hacks (founded in 2018) and digital assets are insured and held in cold storage with their custodian, Balance. 2 factor authentication is also required to login to your account for added protection.

⚠️ Even though Newton is safe, 44% of platforms we tested have had hacks or incidents. We strongly recommend storing and protecting your crypto on a hardware wallet or a wallet where you own the private keys.

Here at RankFi, we're tracking Canada's top cryptocurrency exchanges. You can compare all of them below to find the best one for you:

Name

Overall Rank

Coins

CAD Wallet?

Total BTC Purchase Fee

Spread (BTC)

Trading Fee

Website

1/18

70+

Yes

0.69%

1.34%

0%

NDAX

NDAX(#1 overall)

2/18

30+

Yes

0.49%

0.35%

0.20%

3/18

60+

Yes

0.66%

1.11%

0%

4/18

600+

No

1.60%

0.00%

0.10%

5/18

700+

No

2.82%

0.00%

0.10%

6/18

2

Yes

1.03%

2.26%

0%

7/18

200+

Yes

1.68%

3.11%

0%

8/18

150+

Yes

1.60%

0.05%

0.16% / 0.26%

9/18

40

Yes

2.94%

3.17%

1.50%

10/18

35+

Yes

1.24%

1.67%

0.50%

11/18

25+

Yes

1.99%

0.41%

1.50%

12/18

40

Yes

1.23

2.63%

0%

13/18

300+

No

3.42%

0.41%

0.41%

14/18

140+

No

4.54%

3.07%

0%

15/18

65+

No

N/A

0.05%

0.40% / 0.60%

16/18

16

Yes

2.51%

2.82%

0.20%

17/18

29

Yes

2.44%

4.19%

0%

Gate.io

Gate.io [banned]

N/A

1000+

No

2.92%

0.00%

0.20%

Best Alternatives

Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.  

Newton.co
  • 2022 Winner: Best Overall
  • Low fees, 70+ coins, great user interface
  • No advanced features, limited features overall
VirgoCX
  • Low all-around fees
  • Free crypto withdrawals for many coins
  • Beginner + Advanced Features
  • User interface can be better
NDAX.io
  • Lowest overall fees for Canadians (0.49% total BTC purchase fee)
  • Beginner + Advanced features + Staking
  • Only 30+ coins
  • Slightly higher withdrawal fees
Binance
  • Lowest spreads and fees if you fund your account with crypto
  • 600+ cryptocurrencies
  • Most features in the industry
  • Restricted in Ontario
  • Not beginner friendly
  • Low spreads and fees if you fund your account with crypto
  • 500+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Best Crypto Exchanges Canada

Find the best crypto exchanges in Canada with our free comparison tool

Summary

After reviewing 20 Canadian exchanges, Newton is the best choice for the majority of investors.

Newton is a great choice for Canadians who want 70+ coins, easy CAD deposits, and low fees all together. It's the best choice for the majority of Canadians who just want an easy platform to use with the lowest fees.

Reasons To Use Newton

  • Low all-around fees (Almost everything is free and spreads are low)
  • A great fiat on-ramp and off-ramp (fast deposits/withdrawals)
  • Cheapest way to fund your Binance account or other wallets and exchanges
  • Great user-interface on web and mobile

Reasons To Not Use Newton

  • No Advanced Trading (Use NDAX for advanced trading in Canada or Binance for a global exchange)
  • Limited Features Overall (No recurring purchases, staking, etc)
Newton.co

Get $25 Free when you Trade $100

FAQ

How Does Newton Make Money?

Newton makes money on the spread which is the difference in the price you can buy and sell cryptocurrency for. This is common in the investing industry and this is where many platforms will charge you hidden fees. Fortunately, Newton is transparent and their spreads are pretty low. You can see their spreads in real time on their website.

Can I Hold My Crypto On Newton?

Newton is a FINTRAC licensed Canadian platform and it's safe to store crypto in your account. However, you shouldn't hold large balances on any centralized crypto exchange no matter how safe they are. Crazy things happen in the crypto industry every year. If you're serious about Bitcoin and crypto, you should invest in a hardware wallet or at the very least, download a free software wallet where you control the private keys.

Is Newton Good for Beginners?

Newton is great for beginners. The mobile and web app let anyone get started with Bitcoin and cryptocurrencies regardless of their experience level.

Is Newton CDIC Insured?

On Newton, your funds are not CDIC insured like a traditional bank account. Newton does have lots of other security feature in place, like storing crypto in cold storage. However, if they lose your funds, it could be gone for good so make sure to have good security habits in place.


Newton.co

Get $25 free when you trade $100

Best Crypto Exchanges Canada 2022

Newton.co

Top Overall

1. Newton

NDAX

Lowest Fees

2. NDAX

VirgoCX

Top Runner Up

3. VirgoCX