Newton vs Binance 2022: Compare Crypto Exchanges in Canada

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by Enoch Omololu, MSc (Econ)

Published on

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Newton and Binance are some of the best crypto exchanges in Canada.

Newton allows users to trade 70+ crypto coins with in-built spreads and no extra trading commission or deposit/withdrawal fees.

Binance offers a wide crypto-list of 600+ coins, a myriad of crypto services, and some of the lowest fees in the crypto industry.

This Newton vs Binance comparison compares their top features so that you can make an informed choice between the two crypto trading platforms.

Newton

Newton is a Toronto-based crypto brokerage that allows Canadians to trade commission-free with tight in-built spreads.

It was founded in 2018 and operates as a FINTRAC-registered Money Service Business across all Canadian provinces and territories.

Newton

newtonlogo

Trade several popular coins

Excellent crypto broker for newbies

Up to 2.00% trading fee

Get a $25 bonus when you trade $100

Binance

Launched in 2017, Binance is a one-stop crypto hub that has grown to become the largest crypto exchange in the world by trading volume.

It’s available worldwide in most countries and is known for its faster transaction speeds, low fees, many trading options, and a myriad of crypto services to help users monetize their digital assets.

Binance

binance

Trade hundreds of popular coins

Best for advanced crypto trading tools

Up to 0.10% trading fee

Get a 20% lifetime trading fee discount

Newton vs Binance: Top Features Compared

KYC and account funding options

Both Newton and Binance impose mandatory KYC following Canadian KYC and AML requirements, and users must disclose their identity to use the platforms.

Once verified, you can fund your Newton Wallet via Interac e-transfer, wire transfers, pre-authorized debit, and crypto deposits.

Binance funding options include bank transfers, crypto deposits, and credit cards.

Coins supported

Binance supports a wider crypto selection of 600+ crypto coins and tokens compared to Newton’s crypto list of 70+ cryptocurrencies.

That makes Binance a great platform for users looking to invest in low-cap, less-known cryptocurrencies.

Trading options

Binance offers advanced trading interfaces and many trading options than Newton.

Newton offers only Spot trading services, while Binance offers many trading options, including spot trading, margin trading, crypto derivatives & futures, and P2P trading.

Trading platforms

Newton only offers a basic web interface and mobile app with no advanced trading features/charting tools

Binance offers multiple trading interfaces with basic and advanced trading features and charting tools to accommodate different types of traders.

Newton trading platforms

  • Newton retail platform: Offers a simple interface to allow users to buy/sell with a single click.
  • Newton Pro API: Offers access to 100+ pairs and even tighter spreads to active and institutional traders
  • Newton Mobile app: The newton app allows you to trade and monitor your portfolio from anywhere.

Binance trading interfaces

  • Buy Crypto: Supports over 50+ fiat currencies, including CAD, to allow users to buy crypto easily with local currencies.
  • Binance Convert: Offers a simple form to swap cryptocurrencies
  • Spot trading platform: Offers advanced trading/charting tools
  • Futures platform: Offers leverage, lower trading fees, a range of crypto derivative instruments, and advanced trading features.
  • P2P platform: This allows you to trade directly with other traders and buy crypto with local currency at zero fees.
  • Binance Mobile app: A full-featured crypto trading app to allow you to trade and manage your wallet with your smartphone.

Trading fees

Binance offers some of the lowest fees in the crypto industry, while newton allows users to trade with in-built spreads at no extra trading commissions.

Newton fees

Newton doesn’t charge extra trading fees or deposit/withdrawal charges. Instead, the platform applies a spread of 0.5%-0.7% between bid-ask price on sale/buy orders.

Binance fees

Binance uses a maker-taker fee schedule, which is tiered depending on the user’s 30-day trading volume.

Binance Spot trading fees start at 0.1% and decrease to 0.02% for makers. Taker fees start at 0.1% and decrease to 0.04%. Both makers and takers enjoy a fee discount of 25% when they use the BNB token to cover fees.

Users can further slash trading fees by trading on the futures trading platform. Futures maker fees range from 0.015% to 0.075%, while taker fees range from 0.03% to 0.075%. Both makers and takers enjoy a fee discount of 10% if they use the BNB token to cover fees on the Binance futures platform.

Crypto services offered

Newton offers only spot trading services.

Binance, on the other hand, offers a myriad of crypto services. Apart from the many trading options, Binance offers other crypto services and many ways to monetize your crypto holdings.

The top ones include:

  • Crypto staking
  • Liquidity farming
  • Crypto savings accounts
  • Mining pools
  • Crypto loans
  • Binance Visa Card
  • Binance Pay
  • Customized crypto gift cards
  • VIP and institutional crypto solutions

NFT offerings

Binance offers an NFT marketplace to allow users to buy and sell NFTs right from their wallets. Newton doesn’t support NFT trading.

Availability in Canada

Newton is available to all Canadian provinces and territories. Binance is also available to all Canadian provinces and territories except Ontario.

Binance ceased its operation in Ontario in June 2021 to avoid troubles with the OSC.

Newton vs Binance: Pros & Cons

Pros

Binance wins with its rock-bottom trading fees, a wide crypto selection, many crypto trading options/multiple trading interfaces to accommodate different types of traders, and a myriad of crypto services that allow users to monetize their digital assets.

Newton stands out with its free deposits/withdrawals for fiat and fee-free trading.

Cons

Binance’s major downside is its unavailability to residents of Ontario, and a history of regulatory issues in some countries.

Newton’s downside is that it applies expensive in-built spreads, and doesn’t offer advanced trading features/charting tools.

Newton vs Binance: Best for

Due to its multiple trading options/interfaces and a myriad of crypto services, Binance is great for intermediate to experienced traders and investors.

Newton will work well for beginners looking for a simple interface to buy crypto instantly with CAD.

Is Newton Safe?

Newton has security measures in place to secure user funds, including cold storage, daily-off-site backups, secure login via 2FA, and direct bank integrations to slash fraud.

Is Binance Safe?

Binance employs several security measures to safeguard users’ funds, including cold storage, 2FA, anti-phishing codes, login alerts, managing withdrawal addresses, and whitelisting devices.

Newton vs Binance: Summary

FeatureNewtonBinance
Coins/fiat supported70+ coins; only CAD as fiat600+ coins; 50+ fiat currencies
KYC verificationInstant and automaticExpress ID verification
Funding optionsInterac, bank wire, pre-authorized debit, crypto depositsBank transfers, credit cards, crypto deposits.
Deposit/withdrawal fees$0Varies by coin and transfer method used
Trading fees0.5%-0.7% spreads0.1% and below
NFT marketplaceNoYes
Sign up bonus$25 if you trade $100+20% lifetime fee discount
Learn moreVisitVisit

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.

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

Low trading fees at 0.20% and multiple fiat currencies supported.

$50 instant bonus when you deposit $200.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

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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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