Newton vs CoinSmart 2022: Compare Crypto Exchanges in Canada

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by Enoch Omololu, MSc (Econ)

Published on

Advertiser Disclosure

With crypto exchanges like Bybit and KuCoin being slapped with enforcement action by the OSC for selling unregistered securities, you need to make sure you invest with reputable crypto trading platforms that comply with Canadian securities laws.

Newton and CoinSmart are among the best crypto exchanges in Canada that tick the regulatory compliance box.

Newton is a FINTRAC-licensed MSB that’s PIPEDA compliant. CoinSmart is also a FINTRAC-registered exchange with multiple licenses and the required registrations in every jurisdiction where it operates.

This Newton vs CoinSmart comparison compares the two crypto trading platforms so that you can choose the one that’s fit for you.

Newton

Founded in 2018, Newton is a Toronto-based crypto brokerage that offers a wide selection of 70+ cryptocurrencies and a simple interface to onboard crypto beginners.

It allows Canadians to trade crypto with in-built bid-ask spreads and no deposit/withdrawal fees for fiat.

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

CoinSmart

Launched in 2018, CoinSmart is a top crypto trading platform based in Toronto. It’s available in about 15 countries and allows its users to trade 16 cryptocurrencies.

CoinSmart is reputed for its reasonable fees, and faster, same-day deposits.

CoinSmart Crypto Exchange

coinsmart logo

Top crypto exchange in Canada

Great for new & advanced traders

0.20% trading fee

Get a $50 bonus when you deposit $200

Newton vs CoinSmart: Top features compared

Regulatory compliance

Both Newton and CoinSmart are compliant Money Service Businesses (MSBs) licensed to offer crypto services in all Canadian provinces and territories.

KYC verification

Both Newton and CoinSmart offer instant user verification, and most accounts are verified within minutes via an automatic identity check with the credit bureaus.

Unless the identity check fails, you won’t be required to upload your identity documents.

Account funding options

CoinSmart offers more account funding options than Newton.

CoinSmart wallet funding methods include Interac e-Transfer, wire transfers, debit/credit cards, E-Transfer, SEPA, and crypto deposits, all with a same-day deposit guarantee.

Newton supports Interac e-transfers, bank wire, pre-authorized bank transfers, and crypto deposits.

Crypto trading platforms

Newton offers basic web interfaces and a mobile app, including:

  • The Newton retail platform: Allows traders to buy/sell crypto with a single click at competitive prices and spreads.
  • Newton Pro: Offers tighter spreads and 100+ trading pairs to active/institutional traders
  • Newton mobile app: Allows users to stay connected to the markets and trade on the go

CoinSmart offers both basic and advanced web interfaces and top-rated mobile crypto trading apps to cater to beginners and pro traders. They include:

  • SmartTrade: Offers one-click trades to allow beginners to buy crypto with CAD, USD, and EURO or swap one coin for another.
  • AdvancedTrade: Features real-time charting, stop loss, and limit orders to allow experienced traders to place customized orders.
  • CS Premium: Offers customized OTC trading services to allow individuals and businesses to fill large orders.
  • CoinSmart app: Offers top-rated iOS/Android mobile apps to allow users to access, trade, and manage their crypto wallets 24/7.

Supported cryptocurrencies

Newton offers a wide list of 70+ cryptocurrencies compared to CoinSmart’s crypto-list of 16 popular coins.

However, CoinSmart supports 3 fiat currencies, including CAD, USD, and EUR, while Newton supports only CAD as fiat.

Trading fees

Newton offers commission-free trading with in-built bid-ask spreads, while CoinSmart offers a transparent, flat fee schedule on single and double trades.

Newton fees

Newton applies an in-built bid-ask spread of 0.5%-0.7% when you buy/sell crypto on the platform.

While the spreads are quite high, they may be worth it in some situations given that the platform doesn’t charge fiat deposit/withdrawal fees.

CoinSmart fees

CoinSmart offers a transparent, flat fee schedule of 0.2% for single trades and 0.3% for double trades. Deposit/withdrawal fees range from 0%-1.5% depending on the transfer method used.

Debit/credit card crypto purchases incur the highest fee.

Availability

Newton is only available in Canada. CoinSmart is available in Canada and beyond, in about 14 countries.

Newton vs CoinSmart: Pros & Cons

Pros

Newton’s pros include free fiat deposits/withdrawals, a wide crypto list of 70+ coins, and an easy-to-use interface for beginners.

CoinSmart wins with its low trading fees, multiple funding methods with same-day deposits, and basic/advanced trading interfaces to cater to beginners and experienced traders.

Cons

Newton bid-ask spreads are quite expensive, and the platform doesn’t offer advanced trading features/charting tools to help users carry out technical analysis.

CoinSmart’s downside is that it offers a limited crypto selection, levies 1%-1.5% deposit/withdrawal fees for some transfer methods, and a fee of up to 6% for credit card crypto purchases.

Newton vs Shakepay: Best for

Due to its basic, beginner-friendly interface, Newton is great for beginners looking to access a wide crypto list and trade with in-build spreads without having to worry about extra charges.

CoinSmart is great for crypto newbies and pros as it offers basic and advanced trading interfaces.

Newton vs CoinSmart: Sign up bonus

CoinSmart offers a more lucrative sign-up bonus than Newton.

If you create a Newton account and trade $100 or more, you get a $25 sign-up bonus.

If you sign up for a CoinSmart account and fund your wallet with $200 or more, you receive a $50 cash bonus.

Is Newton Safe?

Yes, Newton employs strong security measures to secure users’ crypto assets, including cold storage, 2FA, institutional-grade storage with Balance, and direct bank integration to minimize fraud.

Is CoinSmart Safe?

CoinSmart does its best to secure user funds by applying industry-leading security measures, including cold storage with Bitgo and Fireblocks, and secure login via 2FA.

Related: Best Crypto Wallets in Canada.

Newton vs CoinSmart: Summary

FeatureNewtonCoinSmart
Coins/fiat supported70+ coins; CAD as fiat16 coins; CAD, USD, and EUR as fiat.
Funding methodsInterac e-transfers, bank wire, pre-authorized bank transfers, and crypto deposits.Interac e-Transfer, wire transfers, debit/credit cards, E-Transfer, SEPA, and crypto deposits
Trading fees0.5%-0.7% bid-ask spread0.2% and 0.3%
AvailabilityOnly in CanadaCanada and 14 other countries
Trading platformsBasic web interface and iOS/Android mobile appsBasic/advanced web interfaces and mobile crypto trading apps
SecurityCold storage, 2FACold storage, 2FA
Signs up bonus$25 if you trade $100+$50 if you fund your wallet with $200+
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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