Newton Review: Cheapest Crypto Exchange for Canadians?

Updated: Oct 14, 2021 | Published: January 3, 2021   

By: Alex Dabek

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Newton Crypto Exchange

Newton Overview

Overall:

4.0

Total Purchase Fee:

0.69% (Mar 01, 2021)

Fees:

Trading Fees: Free

Spread: 0.69% (Mar 01, 2021)

CAD Deposits/Withdrawals: Free

Crypto Withdrawals: First $5 in network fees is covered

Cryptocurrencies:

40+ (BTC, ETH, LTC, ADA, DOT, BCH, XLM, XRP, DOGE, UNI, LINK, MATIC, COMP, AAVE, DAI, SNX, SUSHI, CRV, USDC, USDT, QCAD, and more)

Fasted Funding Option:

Interac e-transfer (Free) - 5-30 mins

The Bottom Line: Newton is a very low-cost crypto exchange based in Canada. They have 40+ coins, zero trading fees, and low purchase fees (0.69% total fee to buy Bitcoin). They also have free CAD deposits and withdrawals and cheap crypto withdrawal fees. The main downsides are Newton doesn't have reliable customer support or many advanced features yet such as limit orders.

I ranked Newton 1st overall out of 15 exchanges for Canadians. This is my top recommendation for Canadians who want low, transparent fees, a good user interface, and lots of coins.


Newton vs. the Competition

Compare Newton with 15 other popular Canadian crypto exchanges below. You can see all of the data here.

Name

Coins

*Total BTC Purchase Fee

Best CAD Deposit Fee

Trading Fee

BTC Withdrawal Fee

2

1.43%

Free

0%

Free

7

1.41%

Free

0.50%

0.0005 BTC

9

2.60%

Free

0.20%

0.00025 BTC

9

2.29%

1.50%

0.1% / 0.2%

0.00025 BTC

10

0.72%

Free

0.1% / 0.2%

0.0005 BTC

16

0.50%

Free

0.20%

0.000399 BTC

19

2.83%

Free

0%

0.0003 BTC

20+

3.48%

Free

1.48%

N/A

20+

1.48%

Free

0%

0.00025 BTC

25+

0.66%

Free

0%

0.0005 BTC

40+

0.69%

Free

0%

Network fees minus $5

50+

0.80% + $1.25

Free

0.16% / 0.26%

0.00015 BTC

75+

4.55%

3.99%

0.50%

Network fees

100+

1.52%

Free

0%

0.0004 BTC

350+

2.24%

2.00%

0.10%

0.0005 BTC

*Total BTC Purchase Fee was calculated on Mar 01, 2021 and changes daily. It adds all fees to make a purchase (CAD deposit fees, trading fees, etc) plus the % difference to Google's price of Bitcoin which was the reference price.

This table is up to date as of Aug 13, 2021


Pros & Cons

  • Super Low Fees - Newton has some of the lowest fees in Canada across the board. There is zero trading fees, very tight spreads, cheap crypto withdrawals, and free funding and withdrawals for $CAD. I calculated the total fee to buy Bitcoin was 0.69% which was second overall out of 12 platforms (NDAX was first at 0.50%).
  • Sleek User Interface - Newton has an iOS, android and web app that can be accessed on any device. It's also very simple and user friendly
  • 40+ Coins - Newton has the largest variety cryptocurrencies out of any Canadian platform
  • Verifications - Newton can sometimes be very slow to open and verify your account (especially if the crypto market is surging). If it's not working for you, I recommend NDAX which is the best alternative
  • Reliability - Things like support, opening an account, and uptime has occasional delays or issues, especially when the crypto market is busy
  • Limited Features - Newton only lets you buy crypto and doesn't have many other features such as automatic deposits, limit orders, research tools, etc. Their main focus is low fees on a good user interface

Screenshots

Newton Crypto Review Features

About Newton

Newton.co was founded in 2018 and is headquartered in Toronto, Canada. This relatively new company has over 20 employees according to LinkedIn. They are growing fast and in May 2021, they celebrated having over 200,000 Canadian users.

Newton markets themselves as a low fee cryptocurrency exchange with competitive spreads, no trading fees and low fees overall. 


Opening An Account

Opening a Newton account takes 5-10 minutes and is relatively simple. You must verify your personal info and identity in order to open an account. In most cases, verification is instant but can take up to 48 hours in some cases.

Who Is Eligible?

  • Canadian citizens and permanent residents

Sign Up Requirements

  • Email address
  • Canadian phone number
  • Name, address, contact info
  • Government ID
  • Selfie verification

Funding & Withdrawals

Newton doesn't charge any fees for depositing and withdrawing Canadian dollars. For crypto withdrawals, you just pay the network fee for your coin and there are no markups. Newton also gives you $5 off on the crypto withdrawals which makes it cheaper than many exchanges.

Deposits

Method

Fee

Time

Minimum

E-transfer

Free

5-30 mins

$10

Wire Transfer

Free

3-5 days

$10,000

Crypto

Free

Instant

$0

Withdrawals

Method

Fee

Time

Minimum

E-transfer

Free

5-30 mins

$10

EFT/Bank Transfer

Free

2-4 days

?

Wire Transfer

Free

3-5 days

$10,000

Crypto

Network fees (Newton covers first $5)

Instant

$0


Newton Features

Newton's main focus is letting you buy crypto for low fees on a great user interface. For that reason, you won't find many features like pro tools, limit orders, recurring purchases, research tools and so on. However, you will be able to buy Bitcoin and 40+ other crypto's for some of the lowest prices in Canada.

  • iOS, Android, and web app - You can trade on Newton from any mobile device and computer. The app has just a few tabs, a dark theme, sleek UX, good looking charts and is very easy to use. 
  • 40+ cryptocurrencies - Newton offers a wide selection of coins compared to most Canadian crypto exchanges. Plus, it comes with zero trading fees and low spreads which you can see in real time on their website.
  • Referral program - All verified Newton accounts have access to the referral program. You can find your unique link in the settings and track your number of referrals and earnings. Currently, the offer is you and your referral get $25 free when they trade $100.
  • Other Settings - You will also find links to the "System Status" to see if Newton is ever down. There is also a "Tax Report" tab where you can export your transactions and an "Enable Siri Account Balance" button. 
  • Newton Pro (beta) - Get access to more advanced features like a transparent order book, limit orders and more. This has been in beta for a long time but it promises higher liquidity and tighter spreads when it's fully released.
Newton Pro Beta

Newton Fees

Newton says they are "a no-fee cryptocurrency brokerage." This is not entirely true because they charge fees on the spread, however everything else is free. With that being said, they do have some of the most competitive fees in Canada.

Total BTC Purchase Fee

0.69% (Mar 01, 2021)

Trading Fees

Free

CAD Deposits

Free

CAD Withdrawals

Free

Crypto Withdrawals

Network fees minus $5

Other Fees

N/A

Spread (Mar 01, 2021)

BTC Spread

1.27%

BTC Buy Price

$62,486

BTC Sell Price

$61,701

Ref. Price Difference

Buy: +0.69%

Sell: -0.58%

Reference Price (Google)

$62,058

Every crypto exchange charges you fees on what's called, "the spread." This is the difference you can buy and sell a cryptocurrency for. Every platform does this however, how much they charge you is vastly different on every exchange. Ideally, you want to find the lowest spreads. Newton claims their spread is usually 0.5-0.7% and they transparently show it in real-time on their website:

Newton Fees Review

Screenshot from Jan 7, 2021. See updated spreads here

Crypto Withdrawal Fees

Newton How Surge Pricing Works

Newton has what they call, "Surge Pricing". For crypto withdrawals, Newton will cover the first $5 in network fees. Anything beyond that will be covered by the user. This $5 is sometimes enough to cover the entire fee and sometimes it's not.

For example, withdrawing XLM is always free on Newton. Withdrawing Bitcoin is sometimes free but if the Bitcoin network is busy, it can cost $10-$15. The network fees are different for every cryptocurrency and also depends how busy the crypto market is. Overall, Newton's crypto withdrawal fees are very low compared to other exchanges.


Security

Is Newton Safe?

Newton is as safe as any other Canadian crypto exchange. Newton has 2FA, they claim to do daily off-site backups, and they have partnered with Balance to provide institutional grade storage for its customers. They've also never been hacked or lost users funds. However, no exchange in the crypto industry is 100% safe. Hacks have happened in the past and they will probably happen again. The safest way to store your crypto is on a hardware wallet.

Is Newton Regulated?

Yes, on Newton's website, they say they are FINTRAC regulated and they are compliant with the latest Canadian regulations, including PIPEDA, and they have an exportable T5 Statement of Investment Income.


Support

Newton Customer Support

Newton offers a knowledge base with articles, FAQs and tutorials and there is a website status page as well. If you need to communicate with their team, it's easy to open a support ticket within the app or website. Their support team hours are Monday to Sunday from 9am-12am EST.

In my experience, when the crypto market is busy Newton's support takes days or weeks to respond or doesn't respond at all which is very frustrating. Recently though, I have been getting responses within 24 hours.


Best Newton Alternatives

Newton is my top recommendation for Canadians however if you're looking for alternatives, here they are:

Check out NDAX if you want more advanced features than what Newton offers. NDAX is also based in Canada and has advanced charts, multiple order types, an order book, and more. It's also just as cheap or cheaper than Newton for purchasing crypto. Downsides are high crypto withdrawal fees and a fixed $25 fee to withdraw fiat.

Binance is a good compliment to Newton if you want hundreds of altcoins or more advanced features like margin, interest accounts, liquidity pools, and more. You can't connect a CAD bank account to Binance that's why I recommend having both a Binance and Newton account. This way you can fund your Binance account cheaply via buying crypto on Newton and transferring it over. The downside is Binance is unavailable in Ontario, so Kraken is a similar alternative.


Summary

Out of 15 platforms tested, I ranked Newton as the #1 Crypto exchange for Canadians. It has the most variety of coins (40+) on a Canadian based platform, the second lowest total purchase fees (0.69%), and cheap crypto withdrawals. Plus, it's all packaged into a sleek user interface.

Who Should Use Newton?

  • If you want cheap crypto withdrawals compared to other platforms
  • If you want the most variety of altcoins on a Canadian platform
  • If you want some of the cheapest overall fees in Canada based on real data
  • If you want a nice, sleek mobile app and web experience

Who Should Not Use Newton?

  • If you want reliable customer support
  • If you want advanced features (like limit orders and more)
Newton Exchange
  • Trade 40+ cryptocurrencies
  • Fast funding and super low fees
  • $25 free when you trade $100

FAQ

Is Newton CDIC Insured?

On Newton, your funds are not CDIC insured like a traditional bank account. If Newton loses your crypto, it's gone. That's why it's recommended to store crypto in your own wallet, ideally a hardware wallet.

Is Newton Good for Beginners?

Yes, Newton is great for beginners. It has a simple user interface that is easy to explore, with basic features that can help any newbie get started quickly.

Has Newton Ever Been Hacked?

Newton was founded in 2018 and so far has never been hacked or lost users funds. They use cold storage to hold users funds and are partnered with Balance to provide institutional grade storage for its customers.

Is There A Newton Sign Up Bonus?

Yes, new users can sign up with this referral link and you will get $25 free when you trade $100 on Newton.

How Does Newton Make Money?

Newton markets themselves as a "no-fee cryptocurrency exchange" so how do they make money? Newton makes money on the spread which is the difference in price you can buy and sell crypto for. This is common in the industry and Newton transparently shows their spreads in real time on their website.

Can I Store My Crypto On Newton?

Yes, you can store some crypto in your Newton account however it's not recommended to hold large amounts on an exchange. This is because exchanges have been hacked in the past. The safest option is to get your own wallet. The safest type is usually a hardware wallet.

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