With over 500,000 clients, Newton has become a popular choice for crypto investors in Canada. But does it live up to the hype? For this review, we tested 20+ Canadian cryptocurrency exchanges on fees, spreads, features, and a lot more. Keep reading to learn why Newton is our top choice for Canadians and how it compares to competitors.
What Is Newton?
Newton is a low-cost cryptocurrency exchange for Canadians with 75+ coins. While they don't offer the most features like Binance or KuCoin, they focus on being one of the best low-cost fiat on-ramps and off-ramps in Canada. The spreads are low compared to other Canadian apps and almost everything is free including trading fees, CAD deposits, and CAD withdrawals.
Founded in 2018, Newton is still a young Toronto-based company. Despite their young age, they already have 500,000 accounts open in Canada and their latest round valued the company at $250 million. They also recently expanded to the USA. So, seems like they're doing a few things right.
The Bottom Line
Out of 20+ exchanges and brokers reviewed, Newton is RankFi's best overall platform for 2022 if you want an app with low-cost trading, 75+ coins, transparent spreads, and a great user-interface.
Newton is a great fiat on/off ramp and one of the cheapest platforms in Canada (hidden fees included). We tested a total fee of 0.69% to buy Bitcoin which was 3rd place. You also get $5 off network fees for crypto withdrawals.
Pros & Cons
Overview
Total Fees & Spreads: Mar 02, 2022
Coins Offered | 75+ |
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 | 75+ coins, low all-around fees, great user-interface |
Don't want to read? Watch my video review. This video review was posted on Mar 26, 2022. Refer to the blog in case any info is outdated.
Newton's Top 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, 75+ 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.
75+ Coins
Newton offers 75+ cryptocurrencies which you can trade, deposit, and withdraw (see all coins available here). While this gets you access to the major tokens, there are over 20,000 cryptocurrencies according to CoinMarketCap. If you want access to every altcoin, check out how to buy any altcoin in Canada and the best altcoin exchanges for Canadians.
Simple Trading Interface
I would describe Newton as a smooth and simple user-interface. 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 and VirgoCX are great choices for Canadians.
$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 to ensure you get the best rates.
Crypto Staking
Newton doesn't have staking yet, but they are launching "Newton Earn". Not many details are available other than that you can join the waitlist here. In the meantime, you can check out the best crypto staking platforms for Canadians here.
🌱Learn how to let your crypto grow and join the Newton Earn waitlist today!
Be the first to know → https://t.co/9xDcJId6BT pic.twitter.com/PPnlqBIxdM— Newton (@newton_crypto) October 26, 2022
Recurring Buys
Newton recently introduced recurring buys, allowing Canadians to dollar-cost average into the market. You can now DCA into 70+ cryptocurrencies and customize the amount, interval, and more.
Keep in mind, Newton does not automatically withdraw funds from your bank account. You must hold a CAD balance in your Newton account for the purchase to go through. If you want a fully automated DCA app with pre-authorized withdrawals, Beaver Bitcoin is the only choice in Canada that I'm aware of. You can also check out the best DCA platforms for Canadians here.
Affiliate Program
Every account can generate an affiliate link to share with friends. You and your friend will both earn $25 when they trade their first $100 on their platform.
Newton Widgets
If you want to monitor your favourite coins you can add widgets on your smartphone. Choose between a "Single Coin Widget" or the "Watchlist Widget" with up to 6 coins. This lets you quickly prices and 24 hour percentage change.
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
Spreads are important because that's where most platforms hit you with hidden fees. Newton is one of the few platforms that are transparent and show you spreads in real-time. Just visit Newton.co/prices.
We still wanted to test it ourselves. We tested 18 Canadian exchanges and brokers. Newton had a 0.69% total purchase fee to buy BTC (hidden fees included) which was 3rd overall. The total BTC selling fee was 0.64% at 4th overall. The BTC spread was 1.34% at 10th place. So, all fees considered, Newton is one of the cheapest platforms for Canadians to buy Bitcoin and deposit/withdraw Canadian dollars.
On the downside, some of the less-popular altcoins can have higher spreads (2.00%+). If you want the best rates for hundreds of altcoins, you'll want to use Binance, KuCoin, or see our best altcoin exchanges for Canadians.
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 |
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. 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/mining fees and has multichain support. 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
Is Newton Safe?
Yes, Newton is a safe and compliant crypto exchange. They've never had any hacks (founded in 2018) and all digital assets are held in cold storage with their custodian. 2 factor authentication is also required to login to your account for added protection.
While Newton is considered safe, anything can happen in crypto and 44% of the platforms we've reviewed have had hacks or incidents (which is crazy!!). There is also no CDIC insurance like a Canadian bank account. The best way to store your crypto is your own wallet where you own the private keys, preferably a hardware wallet. This is strongly recommended for large balances.
Account Security |
Company Security |
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.
- Open A Ticket (Login to your app or https://help.newton.co/hc/en-us/requests/new)
- FAQs (https://help.newton.co)
- Email (support@newton.co)
- System Status (https://status.newton.co)
Newton Compared
Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.
Newton Tutorial
Watch to see how Newton works, how to deposit Canadian dollars, and more.
Summary
After reviewing 20 Canadian exchanges and brokers, Newton is the best choice for the majority of investors.
Newton is a great choice for Canadians who want 75+ coins, easy CAD deposits, and low fees. 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
Reasons To Not Use Newton
Get $25 Free when you Trade $100
FAQ
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.
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.
Newton is great for beginners. The mobile and web app let anyone get started with Bitcoin and cryptocurrencies regardless of their experience level.
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.
