Highlights
Bottom Line
If you want the quick summary, I've reviewed 20+ Canadian crypto brokers and exchanges and Newton checks many boxes.
Newton is a great fiat on-ramp and off-ramp for Canadians with 75 coins. It's easy to deposit Canadian dollars and cash out with Interac e-Transfer and it's user interface is one of the best. They also cover the first $5 for crypto withdrawal fees.
The drawback is Newton has gotten more expensive. In 2022, it was one of the cheapest Canadian platforms. Today, the spreads are around 3.00%, which is more than double from our tests in 2022.
Pros & Cons
What Is Newton?
Newton is a cryptocurrency brokerage for Canadians with 75+ coins. While they don't offer the most features like KuCoin or Crypto.com, they focus on being a fast, easy-to-use fiat on-ramp and off-ramp. There are zero trading fees, free CAD deposits, free CAD withdrawals, and $5 off crypto withdrawals. The fees are in the spread.
They were established in 2018 and are based in Toronto. 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.
Tutorial and How It Works
To see how Newton works, you can watch my tutorial video below:
Key Benefits & Features
Here are the key reasons you might want to consider using Newton:
Newton Walkthrough
Let's take a deeper look at Newton from top to bottom.
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 better choices for Canadians.
$5 Off Crypto Withdrawals
When you're sending crypto to an external wallet, Newton covers the first $5 in network fees. 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 KuCoin or another exchange. Multi-chain withdrawals are also supported. 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". Limited 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.
Recurring Buys
Newton 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 strategy with pre-authorized withdrawals, check out Beaver Bitcoin and the best DCA platforms for Canadians.
Affiliate Program
Every Newton account can generate an affiliate link to share with friends. You and your friend will both earn $25 when the referral trades $100 on the 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.
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)
Opening An Account
Newton has mandatory KYC, meaning 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. According to some online reviews, verification can take days or weeks, however my sign up process was instant.
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
- Selfie verification
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.
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 or wire transfer The crypto withdrawal fees are also cheaper than most platforms since Newton covers the first $5. 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 |
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 |
Newton Security
Newton has never been hacked and all digital assets are held in cold storage. In addition, they hold all of the necessary crypto licenses in Canada and require 2-factor authentication to login to your account for added protection. All things considered, Newton looks like a safe and compliant crypto exchange.
While Newton is considered safe, your funds are not CDIC insurance like your Canadian bank account is. It also doesn't replace a hardware wallet. Crypto brokerages should only be for trading while long term funds should be put in offline storage.
Account Security |
Company Security |
What Do Customers Say?
Summary
After reviewing 20 Canadian exchanges and brokers, Newton is a good choice for beginner investors. However, you can also check out Newton vs NDAX and Newton vs Shakeapy for more info.
Newton is a great choice for Canadians who want 75+ coins, easy CAD deposits, and a great user interface. However, the fees have increased and you can find better places to buy Bitcoin and altcoins at better rates (Like NDAX, KuCoin, and more).
Reasons To Use Newton
Reasons To Not Use Newton
Get $25 Free when you Trade $100
FAQs
Newton is not a free platform. They make money by charging you a spread which is the difference in the price you can buy and sell cryptocurrency for. This is where many platforms charge hidden fees.
Newton is FINTRAC registered, OSC registered and considered a safe platform with all things considered. However, it's still a centralized platform. Long term holdings are should be held in self-custody, ideally in cold storage.
Newton is very easy to use, regardless of experience level. The app is easy to navigate and you can quickly fund your account with Interac e-Transfer.
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.
