The Bottom Line: Newton is a very low-cost crypto exchange based in Canada. They have 20+ 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 strong customer support or many advanced features yet such as limit orders.
I ranked Newton 1st overall out of 12 exchanges for Canadians. This is my top recommendation for Canadians who want low, transparent fees, a good user interface, and lots of coins.
Total Purchase Fee:
0.69% (Mar 01, 2021)
Trading Fees: Free
Spread: 0.69% (Mar 01, 2021)
CAD Deposits/Withdrawals: Free
Crypto Withdrawals: First $5 in network fees is covered
20+ (BTC, ETH, LTC, ADA, DOT, BCH, XLM, XRP, DOGE, UNI, LINK, MATIC, COMP, AAVE, DAI, SNX, SUSHI, CRV, USDC, USDT, QCAD)
Fasted Funding Option:
Interac e-transfer (Free) - 5-30 mins
Pros & Cons
Newton.co was founded in 2018 and is headquartered in Toronto, Canada. This relatively new company has over 20 employees according to LinkedIn 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 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, phone number
- Name, address, contact info
- Government ID
Funding & Withdrawals
Network fees (Newton covers first $5)
Newton doesn't offer many features. For example, there are no limit orders on their main platform or anything fancy like recurring purchases. However, they have 20+ coins (which is the most in Canada), a great mobile and web experience, and low fees across the board.
Newton Pro is still in beta but it's very promising for Canadian crypto investors. You can request API access by logging into Newton > Settings > API.
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:
Screenshot from Jan 7, 2021. See updated spreads here
Every crypto exchange in Canada will charge you fees on whats called “the spread”. This is standard across the industry but how much they charge you is vastly different at every exchange.
Overall, Newton is one of the cheapest exchanges:
Crypto Withdrawal Fees
On Feb 9, 2021, Newton announced they are adding crypto withdrawal fees. Their statement was:
Newton has, historically, covered network fees — however when we started doing this it was rare for us to pay more than $1 per transaction. This is obviously not sustainable at current fee levels. To combat this, we've rolled out a new program that we're calling "Surge Pricing".
This means for crypto withdrawals, Newton will cover the first $5 in network fees. Anything beyond that will be covered by the user. Here's how it works according to their official website:
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.
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.
Unfortunately, in my experience Newton's support takes days or weeks to respond or doesn't respond at all which is very frustrating.
Newton Referral Code 2021
Go to Newton's sign up page using this link and create a new account. Once you've registered, buy $100 worth of crypto to get your free $25 bonus. For more rewards, you can tap on "referrals" in the app, and share your custom link with friends. You'll each get $25 when they buy $100 worth of crypto.
Out of 12 platforms tested so far, I ranked Newton as the #1 Crypto exchange for Canadians. It has the most variety of coins (20+) on a Canadian based platform, the second lowest total purchase fees (0.69%), and cheap crypto withdrawals. 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 good customer support
- If you want advanced features (like limit orders and more)
- Trade 20+ cryptocurrencies
- Fast funding and super low fees
- $25 free when you trade $100
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