Newton Exchange Review

Updated: Dec 7, 2021 | Published: Jan 3, 2021  

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The Bottom Line

Newton is one of the cheapest Canadian crypto exchanges. They had a 0.69% total purchase fee to buy Bitcoin (4th place out of 15). They also have 40+ cryptocurrencies, cheap crypto withdrawal fees (2nd place) and free CAD deposit and withdrawals. The downsides are unreliable support and no advanced features.

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


Newton Crypto Exchange

Newton Overview

NowFuture Rating

4.0

Overall Ranking

1st place out of 15 platforms tracked

Total Purchase Fee

0.69% (4th place out of 15)

BTC Spread (Mar 1, 2021)

1.27% (8th place out of 15)

Trading Fees

Free

CAD Deposit Fees

Free

CAD Withdrawal Fees

Free

Crypto Withdrawal Fees

Network fees minus $5

Funding Methods

e-transfer, wire, bank draft

List of Coins

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

Newton Crypto Exchange

Newton: Get $25 free when you trade $100

Pros & Cons

  • Top 3 Cheapest Platforms - Newton had a 0.69% total purchase fee (4th place) cheap crypto withdrawals (2nd place) and free fiat deposit and withdrawals
  • Beginner-Friendly - Newton has a simple and well-designed iOS, android and web app. The U/X is overall simple to use, regardless of your experience
  • 40+ Coins - Newton has the largest variety of cryptocurrencies out of any Canadian-based platform
  • Opening An Account Can Be Slow - Some people comment that Newton can take days or weeks to verify a new account. There is also a lack of customer support which frustrates many users. If you can't open an account, NDAX is the next best alternative
  • Unreliable Support - Customer support has been extremely unreliable in my 1+ year of using Newton. Usually, I get no response at all. Luckily, the platform works and I have not needed support. However, this is a big downside
  • No Advanced Features - Newton does not have a pro trading terminal, advanced order types or other advanced features. They recently added limit orders to the web app but that is all

Newton vs. the Competition

I am testing and tracking Canada's most popular platforms. Compare Newton and 15 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

350+

0.24%*

2.00%

0.10%

0.0005 BTC

20+

0.50%

Free

0.20%

0.000399 BTC

30+

0.66%

Free

0%

Free

40+

0.69%

Free

0%

Network fees minus $5

10+

0.72%

Free

0.1% / 0.2%

0.0005 BTC

50+

0.80% + $1.25

Free

0.16% / 0.26%

0.00015 BTC

7

1.41%

Free

0.50%

0.0005 BTC

2

1.43%

Free

0%

Free

20+

1.48%

Free

0%

0.00025 BTC

100+

1.52%

Free

0%

0.0004 BTC

9

2.29%

1.50%

0.1% / 0.2%

0.00025 BTC

10+

2.60%

Free

0.20%

0.00025 BTC

19

2.83%

Free

0%

0.0003 BTC

20+

3.48%

Free

1.48%

N/A

75+

4.55%

3.99%

0.50%

Network fees

*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


Screenshots

Here is what Newton looks like on the inside. Click the images to enlarge:


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. Some Canadians say that after days or weeks, they still cannot verify their account. If this is an issue for you, contact Newton's customer support or open an account with NDAX, the next best alternative for Canadians.

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

Limits

E-transfer

Free

5-30 mins

$1-$10,000

EFT/Bank Transfer

Free

2-4 days

$5,000 max

Wire Transfer

Free

3-5 days

$1,000,000 max

Crypto

Free

Instant

$0

Withdrawals

Method

Fee

Time

Limits

E-transfer

Free

5-30 mins

$1-$10,000

EFT/Bank Transfer

Free

2-4 days

$50,000 max

Wire Transfer

Free

3-5 days

$1,000,000 max

Crypto

Network fees (Newton covers first $5)

Instant

$0

Crypto Withdrawals

For crypto withdrawals, Newton has dynamic prices with no markups. You only pay the network fees from the blockchain. Newton also covers the first $5 in network fees. For some coins like Stellar, this means the crypto withdrawal will be free. 

The network fees are different for every cryptocurrency. However, Newton's crypto withdrawal fees are lower versus other platforms I've tested. Here is Newton's official statement:

Newton How Surge Pricing Works

Newton Features

Let's look at everything you can do on the Newton platform.

1. 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 and is very easy to use. 

Newton Mobile App

2. Trade 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. They are frequently adding more coins as well.

Newton App Screenshot

3. Trading Interface

The Newton app offers instant buy and sells and basic charts without any advanced features. The web platform offers some additional features like limit orders, two different chart types and some other settings.

Newton Screenshot

4. 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.

Newton Referral Program

5. Newton Pro (In Beta)

Get access to more advanced features like a transparent order book, limit orders and more. Newton Pro has been in beta for a long time but it promises higher liquidity and tighter spreads when it's fully released.

Newton Pro Beta

6. Other Features

  • System Status page for real-time updates
  • Tax Report page to export transactions
  • Button to "Enable Siri Account Balance"
  • Newton Blog for product updates
  • Knowledge base for support and also FAQs

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

The total fee to buy Bitcoin on Newton was 0.69% on March 01, 2021 when adding all fees and compared to the price on Google. This ranked 4th place out of 15 Canadian platforms which means Newton is a very inexpensive crypto platform.

Based on this test, $100 would you get you $99.31 of Bitcoin. In the same test, competitors like NDAX would get $99.50 and Wealthsimple Crypto would get $96.52.

How Does Newton Make Money?

Newton makes money on "the spread" which is the difference in price you can buy and sell a cryptocurrency for.

Every platform has vastly different spreads which can be like a hidden fee. Ideally, you want to find the lowest spreads. Newton claims theirs is usually 0.5-0.7% which is pretty good. Unlike most platforms, Newton is transparent and shows their spread in real-time on their website:

Newton Fees Review

Screenshot from Jan 7, 2021. See updated spreads here


Security

Here is what I found regarding Newton's overall security and reputation:

Company Security Features

  • FINTRAC regulated business in Canada
  • FinCEN regulated in the USA
  • They hold users funds in distributed cold storage via a partnership with Balance
  • They back up their keys in a "distributed manner" to prevent accidental loss
  • Daily off-site backups according to their website
  • Founded in 2018 and no hacks so far

User Security Features

  • 2-Factor Authentication (SMS or Authy)
  • Biometric Login for App (eg. Touch-ID)
  • Live System Status page (view incidents in real-time)

Is Newton Safe?

Yes, Newton is FINTRAC regulated and compliant in Canada, they hold users funds in cold storage and users can secure their account with 2-factor authentication. Newton also has a good reputation since 2018 and has never been hacked or lost users funds.

Although Newton has security measures in place, no centralized crypto exchange is 100% safe. 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, Newton's support team takes days or weeks to respond or doesn't respond at all which is very frustrating.


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 KuCoin, Gate.io are the best alternatives.


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.

More:

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