Newton Crypto Review: Canada’s Low-Cost Crypto Exchange

Fees: 9
Accepted currencies: 8
Payment methods: 8
Security: 8

Overall Score: 8.5

Trading fees: $0

Pros:
  • No trading fees
  • No deposit or withdrawal fees
  • Excellent customer service
  • A wide choice of cryptocurrencies
  • Third-party custody

Cons:
  • Only one fiat available
  • High margin spreads

Newton Crypto Overview

Newton Crypto Ltd. is a Canadian low-cost crypto exchange founded in Toronto in 2018. It offers more than 60 cryptocurrencies you can trade on your devices without paying any fees for trading, deposit or withdrawal.

It’s a company that provides options for beginners and expert traders looking for a safe place to trade crypto online. In this detailed Newton Crypto review, we examined Newton’s service, the pros and cons, and brought you our conclusions. Read on to find out more!

How Newton Works?

Trading with Newton is easy, as it’s an online exchange available through its web platform and mobile apps for both Android and iOS.

It doesn’t require much to set up an account; you only need to be a Canadian citizen to get verified.

Newton Crypto is one of Canada’s safest places to trade because it complies with top-tier Canadian authorities for personal data safety. All the data is kept in Canada in offline, third-party custody, making it less vulnerable to cyber attacks.

Newton has an excellent support team available 24/7 and will help you when needed.

Newton Fees

You don’t have to pay any fees when trading crypto with Newton. You can also deposit and withdraw funds for free. Newton makes its profit strictly on the bid-ask spread.

And how big the bid-ask spread is will depend on the liquidity of the asset. Those assets that are more available on the market and get traded more often, like Bitcoin and Ethereum, have a tighter spread. Currently, the spread you have to pay Newton for Bitcoin and Ethereum is around 0.92%. However, Newton’s spread values fluctuate based on the market.

Something that has less market liquidity will cost you more to trade. If you trade Dogecoin, the spread will be higher, at 1.10%. For cryptos like Bancor or Uniswap, the spread goes above 2%. Newton gives a $5 discount on every trade, meaning you’ll be charged a spread minus $5 for each transaction.

Although Newton’s crypto fees don’t include any flat fees for trading, the online exchange still takes its fair share of the profits through the spread margins. This is why crypto exchanges that include flat fees for trading can offer trading with lower spreads.

Ultimately, it is up to you to look at how much you plan on trading over a certain period and see what sort of exchange is the most profitable. Comparing Newton’s fee structure with some other popular crypto exchanges in Canada will help you decide whether Newton’s offer works for you.

Deposit and Withdrawal

Newton’s crypto exchange doesn’t charge any fees for deposits or withdrawal of funds. However, there are some limitations on daily and weekly amounts.

You can deposit funds with Interac e-Transfer, bank wire transfer, or exchange-traded funds (ETFs). Newton doesn’t support funding by credit or debit cards, which some competitors offer as an option.

The limits on deposits are $10,000 per e-Transfer transaction and $70,000 per week, while wire transfers allow for no-fee transfers between $10,000 and $1,000,000.

Withdrawals range from $10,000 per transaction with e-Transfer to $1,000,000 via wire transfer. ETF transactions are limited to $50,000 weekly, and so are e-Transfers.

Trading Limit

Newton has a trading limit of $5,000,000 per day. There’s a limit on the maximum number of trades with Newton’s crypto wallet in a single business day, and it’s set at 20 trading orders.

Newton’s Referral Program

Thanks to your invite, you’ll get a $25 bonus for every person who creates a Newton account. Newton’s referral program rewards anyone you invite with $25 for trading.

Cryptocurrencies at Newton

Another notable benefit Newton offers is a large number of cryptocurrencies you can trade. There are over 60 cryptocurrencies available. Some are popular choices, such as Bitcoin, Ethereum, Dai and Solana, while some are less popular coins like UMA, Chiliz or Hedera.

Is Newton Crypto Safe?

Newton is generally a very safe platform to trade. The company holds high-security standards and has never experienced a data breach.

Newton uses third-party custody and has a partnership with one of Canada’s leading crypto custodians – Balance.

Balance keeps Newton’s cryptocurrencies in offline cold storage. This means your assets are kept offline when you are not using them to trade, making any kind of cyber attack highly unlikely.

Daily backups of data and direct bank integrations through Plaid also limit the chances of anyone tampering with your assets.

Newton is regulated by FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada), which monitors transactions for illegal activities such as money laundering. Newton also complies with PIPEDA (the Personal Information Protection and Electronic Documents Act ), ensuring that all the client’s data is held in Canada.

It’s safe to say that the Newton wallet is a safe place for your coins.

If you’d still rather look for alternative crypto wallets in Canada where you can keep your Bitcoins and other cryptocurrencies safe, check out this article.

Newton’s Mobile App

Newton offers both Android and iOS apps for trading. The apps provide a simple and user-friendly approach to trading crypto and are rated high by the users. The apps come with all the benefits of Newton’s web platform, the same prices and with more than 60 cryptocurrencies. All the data is encrypted and ensured using the two-factor authentication (2FA) security protocol.

Sign-up Process

The sign-up process is easy and fast. Newton reviews your application using the standard KYC procedure, and you can start trading in a few minutes. It integrates your account with the bank using Plaid, ensuring your personal information is safe.

Customer Service

Newton’s customer support team is one of its strong points. The company has been getting great reviews from its clients and holds a 4.0 rating on Trustpilot.

There is a Newton knowledge base for all the general information. Those experiencing a more specific issue can use an in-app chat to reach the customer success team. The only downside is that Newton’s customer service doesn’t offer phone support.

Bottom Line

Finding a good exchange to trade crypto can prove to be challenging. It’s a market known for being volatile, and it’s not without its fair share of controversies. Therefore, we should look for more than a tempting fee structure to ensure a good crypto trading experience.

In this Newton review, we tried to show you the pros and cons of using Newton’s trading platform. It is an up-and-coming Canadian business compliant with the government crypto regulations. It offers industry-standard safety measures, and its platform is straightforward to use. With a wide array of coins and no fees for trading, deposits and withdrawals, Newton is definitely worth checking out.


FAQ

Should I use Newton Crypto?

Fees, security, and supported coins are all important factors to consider when choosing a trading platform. When it comes to Newton Crypto fees, the company doesn’t charge any fees for trading, deposits or withdrawals, making it a good choice for beginners.

Newton uses high-security standards, and its selection of over 60 coins is impressive. The company is also known for its excellent customer service.

Does Newton have any fees?

No. Newton doesn’t charge any fees, and you can trade completely fee-free. However, it’s still a business and makes income by taking the bid-ask spread. The spread is the difference between the price at which a broker purchases an item and the price at which they sell it to a client.

How do you trade on Newton?

Newton makes it easy to create an account and trade crypto. Once you fill out your application, Newton Crypto will review it using the KYC procedure and verify your account in a few minutes. You can then use the web platform or mobile apps to start trading.

newton crypto logo reviewmoose

Overall Score: 8.5

Trading fees: $0

Milica Milenkovic
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