Newton Crypto Exchange Review 2021: No-Fee Crypto Trading in Canada

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by Enoch Omololu

Updated

Advertiser Disclosure

Newton is a Canadian cryptocurrency trading platform that is based in Toronto.

It was founded in 2018 and has one of the largest selections of digital currency assets in the Canadian crypto space.

If you are looking to buy Bitcoin using Canadian dollars, Newton is a great place to start.

Other top-rated cryptocurrency exchanges you can use in Canada include CoinSmart, Bitbuy, NDAX, Shakepay, and Wealthsimple Crypto.

This Newton review covers how it works, coins supported, trading fees, pros and cons of Newton, and whether it is safe.

Newton: Summary of Features

  • Supports 40+ cryptocurrency coins and tokens
  • Available on iOS, Android, and web
  • Registered as a Money Service Business with FINTRAC #: M19607029
  • No-fee trading platform
  • Has partnership with DV Trading (access to large liquidity pools) and Balance (security)
Visit Newton

How Does Newton Exchange Work?

Newton offers instant verification, making it possible for new clients to open an account within minutes (link includes a $25 bonus) and start trading crypto.

Like the other crypto exchanges, you need to verify your identity for KYC purposes and to meet the regulatory requirements.

Once verified, you can proceed to fund your account using Interac e-Transfer, wire transfer, or crypto deposits from your personal hardware wallet.

Newton Crypto Coins

Newton supports more cryptocurrencies than many of its competitors. The coins you can trade are:

Bitcoin (BTC)Ethereum (ETH)Basic Attention (BAT)
Dogecoin (DOGE)USD Coin (USDC)Compound (COMP)
Bitcoin Cash (BCH)Chainlink (LINK)Dai (DAI)
Polygon (MATIC)Stellar (XLM)Maker DAO (MKR)
Ripple (XRP)Uniswap (UNI)Cardano (ADA)
Litecoin (LTC)Synthetic (SNX)Curve DAO (CRV)
Enjin Coin (ENJ)Polkadot (DOT)Axis Infinity (AXS)
Litecoin (LTC)Tether (USDT)Ox (ZRX)
Sushi Swap (SUSHI)Aave (AAVE)Fantom (FTM)
Yearn Finance (YFI)Pax Gold (PAXG OMG Network (OMG)

Newton Crypto Exchange is always introducing new coins, so check their website to see an updated list of the coins available to trade.

Newton Fees

An interesting feature of Newton is that it does not charge trading fees. There are also no fees to deposit or withdraw funds.

How does Newton make money?

When you buy or sell crypto, there is a spread between the bid and ask prices, and this difference is how Newton makes money.

For example, when I checked on August 16, 2021, Bitcoin was trading at the following prices on Newton:

  • Buy Price: $58,059.80
  • Sell Price: $57,304.60

The price spread between ‘buy’ and ‘sell’ is 0.65%.

As per its website, the squad is typically 0.5 – 0.7% and this is the inbuilt fee you pay per trade.

Newton Pro

Newton Pro is a crypto trading platform for institutional investors and active traders.

It offers low fees (0.1%), small spreads, bigger liquidity, and free third-party custody with Balance.

You can trade 100 crypto pairs on Newton Pro including:

  • BTC/USDC
  • LTC/USDC
  • XRP/USDC
  • ETH/USDC
  • XRP/USDC
  • XMR/USDC
  • XLM/USDC
  • USDT/USDC
  • QCAD/USDC
  • ETH/QCAD
  • BTC/QCAD

Pros and Cons of Newton

Newton clients enjoy the following benefits:

  • Access to 40+ popular cryptocurrencies on one platform
  • User-friendly platform for beginners
  • Free withdrawals and deposits for fiat and crypto
  • Digital assets are held in cold storage
  • Platform is compatible with multiple devices
  • Referral program pays $25 per referral
  • Instant account verification is available to new clients
  • Supports transfer-outs from your Newton wallet

Downsides

  • Fiat funding is in CAD only
  • Price spreads can be more than 0.70%
  • Advanced traders would prefer a full-fledged crypto exchange
Visit Newton + $25 bonus

Is Newton Safe?

Newton Cryptocurrency Exchange uses two-factor authentication to protect your account.

It has a partnership with Balance, a professional third-party custodian, to hold clients’ digital assets offline and protect them from fraud.

Newton is also registered as a Money Service Business (MSB) and is subject to FINTRAC regulations.

While not accredited by the Better Business Bureau, Newton holds a B- rating on the platform. On Trustpilot, it has a 2/5 rating from reviewers.

Note that physical cryptocurrency investments are not eligible for CDIC or CIPF protection in Canada.

Newton Crypto Promo

When you sign up for Newton using our referral link or code (S1W78J) and buy/sell $100 worth of crypto, you get $25 cash bonus.

As a Newton customer, you can also refer an unlimited number of people. Simply copy the referral link from your dashboard and share it with others.

When people join using your link and trade over $100, you both receive $25.

Newton vs. Shakepay vs. Bitbuy

Shakepay, NDAX, and BitBuy are popular cryptocurrency trading platforms in Canada. See how Newton compares below.

FeaturesNewtonShakepayNDAXBitbuy
Coins offered45 types2 types23 types9 types
Funding optionsBank wire, Interac e-Transfer, cryptoInterac e-Transfer, bank wire, cryptoInterac e-Transfer, bank wire, bank draft, cryptoBank wire, e-Transfer, crypto
FeesSpread (0.5 – 0.7% average)Variable spreadUp to 0.20% trading fee; free deposits, $25 fee for withdrawalsUp to 0.20% trading fee; up to 1.50% for withdrawals and deposits
CDIC/CIPF coverageNoNoNoNo
SecurityCold storage; 2FACold storage; 2FACold storage; 2FACold storage; 2FA
PromotionGet a $25 bonus after trading $100+Get a $10 bonus when you fund with $100+Get a $10 bonus  when you deposit $100+Get a $20 bonus when you make initial deposit of $250+
Learn moreVisit NewtonRead ReviewRead ReviewRead Review

Newton FAQs

Does Newton have a wallet?

Yes, you can store your crypto using your Newton account wallet. That said, it is safer to move your digital assets off an exchange into your own cold wallet.

What coins can I buy on Newton?

It offers more than 45 popular coins including Bitcoin, Litecoin, Ethereum, Ripple, Uniswap, Cardano, Dogecoin, Solana, Shiba Inu, and Stellar.

How much does Newton exchange cost?

While there are no direct trading fees, you pay a price spread that is up to 0.70%.

Is Newton regulated?

Yes, it is regulated by FINTRAC as per its website.

Related: Best Crypto ETFs in Canada.

Newton review 2021
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Summary

Newton is a Canadian cryptocurrency brokerage platform. This Newton review covers how it works, coins offered, fees, whether it is safe, and how it compares to Shakepay, Bitbuy, and NDAX.

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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. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, 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.

3 thoughts on “Newton Crypto Exchange Review 2021: No-Fee Crypto Trading in Canada”

  1. Hi Enoch, one big issue with this platform is the fact that their customer service is lacking. You can contact them only by email and in many cases your requests end-up unanswered.

    • How do you get them to answer? They have my deposit on hold and it’s been weeks with no response

  2. My son and I both tried to register on Newton, but in order to submit identification you must allow their app to control your phone’s camera. After having done this, my phone’s camera could not focus on our Drivers License clearly enough, regardless of distance from lens etc. i submitted the result and it was rejected naturally, so then I entered a request to their Zen help desk detailing this issue. A day later, I checked my emailed response and it stated my request was “solved”? by an agent. There was no further explanation or instructions to assist me in another attempt or whatever. I responded on the same ticket to ask if they could expand on the “solved” diagnosis, but there was no further response from the Zendesk or Newton. Not a very good experience, if this is how they hope to encourage new customers

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