Best Newton Alternatives for Canadian Crypto Traders in 2022

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by Enoch Omololu

Updated

Advertiser Disclosure

Newton is one of the best cryptocurrency trading apps in Canada.

That said, it does not qualify as a full-fledged crypto exchange, and it is also not the cheapest when you consider its trading fee or price spread.

Looking for the best Newton Crypto alternatives in Canada? Below, I cover Newton alternatives and look at their features, pros, cons, and fees.

Best Newton Alternatives in Canada

You can use any of the following Newton competitors to buy and sell cryptocurrency in Canada.

Some of these platforms are crypto trading apps like Newton, while others qualify as an exchange and offer advanced trading tools, streaming prices, and deeper liquidity.

All the crypto sites below are based in Canada.

1. CoinSmart

CoinSmart is my top choice for a Newton alternative.

This crypto exchange supports several popular coins, and it has one of the lowest trading fees of a Canadian crypto exchange.

CoinSmart works for both beginners and veteran traders with a platform that’s available on all devices, multiple fiat currencies, instant verification, quick deposits and withdrawals, and more.

On the security side of things, CoinSmart uses Bitgo and Fireblocks, cold storage, and 2FA to protect your assets.

More importantly, it offers 24/7 live support so you can speak to customer service reps at any time.

The base trading fee on this platform is 0.20%; fiat deposits are mostly free, and you pay a 1% fee when withdrawing fiat. Crypto withdrawal fees vary.

CoinSmart Crypto Exchange

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Top crypto exchange in Canada

Great for new & advanced traders

0.20% trading fee

Get a $50 bonus when you deposit $200

2. Netcoins

Like Newton, Netcoins is a crypto brokerage that is great for beginners.

It offers 20+ digital currencies and has a referral program that pays you $60 when you join and trade $100 worth of crypto.

Netcoins also has competitive trading fees (0.50%) and fiat withdrawals and deposits are free.

Promotion: Get a $60 crypto reward when you trade $100 or more.

3. Wealthsimple Crypto

Wealthsimple Crypto is hosted on the same app as Wealthsimple Trade and it can be used to buy and sell stocks, ETFs, and 42 coins.

This crypto app is best for beginners, and you can now withdraw your crypto offline to external hardware wallets.

Wealthsimple Crypto offers free fiat deposits and withdrawals. That said, trading fees are up to 2%.

For security, it keeps your coins with Gemini Trust Company LLC, a regulated crypto custodian.

Promotion: Get a cash bonus when you trade $150 worth of crypto within 30 days of account opening.

4. Coinberry

Coinberry is a close Newton competitor and a viable alternative for crypto traders looking to place one-click trades. It supports about 30 cryptocurrencies and is available on all devices, including a mobile app.

Like Newton, Coinberry is FINTRAC registered, and it has no fees when you deposit or withdraw Canadian dollar fiat.

For security, Coinberry uses Gemini Trust Company LLC to protect your digital assets.

The trading fees on this platform are embedded in the price and can be up to 2.50%.

Promotion: Get a $30 bonus when you fund and trade at least $50 worth of crypto. Learn more in this detailed review.

5. Shakepay

Shakepay was one of the first places you could buy and sell crypto in Canada.

It is one of the best cryptocurrency apps and trading platforms in Ontario and the rest of Canada.

Shakepay has been used by more than 900,000 Canadians to trade $6+ billion in bitcoins and ethereum.

You can fund your account using Interac e-Transfer or deposit crypto from an external wallet.

Like Newton, the trading fee is embedded in the “bid” and “ask” prices and can be up to 3%. Fiat withdrawals and deposits are free.

Promotion: Get a $30 bonus when you open an account and trade $100 worth of crypto assets.

6. NDAX

NDAX is a cryptocurrency exchange with competitive fees and 30+ digital assets.

It is also one of a few crypto sites to offer staking so you can earn interest on your crypto coins while they sit in your wallet.

NDAX keeps most of its coins holdings in cold storage and has a multi-sig in place for transferring funds out of cold storage.

The trading fee is 0.20%; fiat deposits are free and cost $4.99 when you withdraw. Crypto withdrawal fees vary.

Promotion: Get a $10 bonus when you deposit $100.

7. Bitbuy

Bitbuy is a top crypto marketplace with over 400,000 clients and billions of cryptocurrencies traded.

This platform is approved by the Ontario Securities Commission (OSC), also making it a good Binance alternative.

You can fund your Bitbuy account using Interac e-Transfer, bank wire, and crypto deposits.

For security, it employs cold storage, 2FA, and industry-standard encryption to protect your account.

The trading fee on Bitbuy is up to 0.20%. Fiat deposits and withdrawals cost up to 1.50%, and crypto withdrawal fees vary.

Promotion: Get a $40 bonus when you deposit an initial $250 or more. You can also use our Bitbuy promo code to take advantage of this offer (1POKVVATX).

What To Look For in a Newton Alternative

When you are looking for a cryptocurrency trading app or crypto exchange to replace Newton, you should consider the following:

  • Trading fees
  • Security
  • Coins supported
  • User-friendliness
  • Access to a mobile app
  • Funding and withdrawal options

Pros of Newton Crypto

The benefits of Newton Canada include:

  • Offers a large selection of coins (over 60 types)
  • No fees for fiat deposits and withdrawals.
  • Versatile mobile app
  • Instant verification

Cons of Newton Crypto

Newton has the following downsides:

  • The price spread is up to 0.70%
  • Limited trading tools
  • Only Canadian fiat is supported

Newton Alternatives: Conclusion

All the Newton alternatives on this list are registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

They work well depending on your skill level and you can get a sign-up bonus if you meet their eligibility requirements.

My top choice for a Newton alternative is CoinSmart.

Related: Newton vs. Shakepay Crypto Review.

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

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Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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