Newton is one of the top-rated crypto exchanges in Canada that offers “fee-free trading.” Others include Wealthsimple Crypto and Shakepay.
Instead of charging extra trading fees and deposit/withdrawal fees like NDAX and Bitbuy, these platforms make crypto trading easier by applying a spread fee between the bid-ask prices.
The big question: Is Newton legit and safe?
This Newton review walks you through its supported cryptocurrencies, how it works, fees, pros & cons, and how it compares with Bitbuy and Wealthsimple Crypto so you can make the right choice
What is Newton?
Newton is a Toronto-based cryptocurrency exchange founded in 2018 that allows Canadians to buy and sell a large selection of cryptocurrencies commission-free.
It doesn’t charge deposit/withdrawal fees and may even cover network fees up to CAD 5, helping you maximize returns.
That’s why Newton Canada stands out as a trusted, low-cost crypto trading platform where users can buy 60+ coins in minutes using Canadian dollars.
How To Open a Newton Crypto Account
Opening a Newton account is easy and straightforward. Follow these steps:
- Visit the Newton homepage and click the GET STARTED button
- You can also download the newton crypto app for iOS and Android and sign up via your smartphone
- Enter your email and choose a password
- Newton will run an identity check to verify your account automatically
- If prompted, scan and upload the required documents to complete a manual verification
- Add fiat or crypto into your Newton wallet
- Go ahead and purchase any of the supported cryptocurrencies.
How Does Newton Work?
Newton crypto exchange imposes KYC and AML rules to meet FINTRAC regulatory requirements, so you’ll be required to disclose your identity to get verified before you join.
It is important that you meet the age requirement of at least 18 years old so you can legally trade in Newton.
The good thing is, Newton offers instant verification by running an automatic identity check with the credit bureaus to verify your details.
If the check fails, you can get verified manually by uploading your government-issued ID and a selfie video.
Either way, the account verification process takes just minutes.
From there, fund your account via Interac e-Transfer, wire transfer, or crypto from an external wallet to start trading right away.
Then trade $100 CAD worth of crypto to get a $25 CAD welcome bonus.
Crypto Assets Available on Newton
One thing that makes Newton one of the best crypto exchanges in Canada is its wide selection of 100+ cryptocurrencies and keeps on adding new ones.
Below is a list of top Newton crypto coins:
|Bitcoin (BTC)||Maker DAO(MKR)||The Graph (GRT)|
|Ethereum (ETH)||Polkadot (DOT)||Avalanche (AVAX)|
|Solana (SOL)||SushiSwap (SUSHI)||My Neighbor Alice (ALICE)|
|Cardano (ADA)||Yearn Finance (YFI)||dYdX (DYDX)|
|Terra(LUNA)||Dai (DAI)||Gala (GALA)|
|Algorand (ALGO)||Axie Infinity (AXS)||Zcash ( ZEC)|
|Chainlink (LINK)||Basic Attention (BAT)||Cele (CELO)|
|Stellar (XLM)||Balancer (BAL)||UMA (UMA)|
|Bitcoin Cash (BCH)||OX (ZRX)||EOS (EOS)|
|USD Coin (USDC)||Harmony (ONE)||Loopring (LRC)|
|Polygon (MATIC)||Cosmos Network (ATOM||Tezos (XTZ)|
|Aave (AAVE)||Fantom (FTM)||Elrond (EGLD)|
|Uniswap (UNI)||Decentraland (MANA)||Ankr (ANKR)|
|TerraUSD (UST)||The Sandbox (SAND)||Storj (STORJ)|
|Curve (CRV)||Shiba Inu (SHIB)||Hedera (HBAR)|
Other Available Coins
|Litecoin (LTC)||1inch (1INCH)||Apecoin (APE)|
|Bancor (BNT)||Band Protocol (BAND)||Cartesi (CTSI)|
|Solana (SOL)||SushiSwap (SUSHI)||Zilliqa (ZIL)|
|Chiliz (CHZ)||Chromia (CHR)||Compound (COMP)|
|Dogecoin (DOGE)||Enjin (ENJ)||Ethereum Name Service (ENS)|
|Fantom (FTM)||Gala (GALA)||Kyber Network Crystal (KNC)|
|OMG Network (OMG)||Optimism (OP)||PAX Gold (PAXG)|
|Quant (QNT)||Ren (REN)||SKALE Network (SKL)|
|Synthetix (SNX)||XRP (XRP)||Arweave (AR)|
|Dash (DASH)||Decred (DCR)||Digibyte (DGB)|
|Enzyme (MLN)||Ethereum Classic (ETC)||Filecoin (FIL)|
|Flow (FLOW)||Helium (HNT)||Holochain (HOT)|
|Icon (ICX)||Iota (MIOTA)||Iotex (IOTX)|
|Kusama (KSM)||Lisk (LISK)||Magic Internet Money (MIM)|
|Mask Network (MASK)||Mina Protocol (MINA)||NEM (XEM)|
|Nano (NANO)||Neo (NEO)||Nexo (NEXO)|
|Oasis Network (ROSE)||Ontology (ONT)||PancakeSwap (CAKE)|
|QCAD (QCAD)||Render Token (RNDR)||Serum (SRM)|
|Sia (SIA)||Stacks (STX)||ThorChain (RUNE)|
|Tron (TRX)||VeChain (VET)||Waves (WAVES)|
|Wrapped Bitcoin (WBTC)|
Related: Best Crypto ETFs in Canada.
Fees are an important factor to consider when choosing a crypto exchange in Canada as they eat into your profits.
Good news: Newton crypto exchange doesn’t charge trading fees or deposit and withdrawal fees.
That means you can fund your account, trade all the listed cryptocurrencies, and withdraw your profits without paying an extra dime. That’s great as you can keep all your gains!
But how does Newton crypto make money?
To make money, Newton charges spread fees between the bid and ask prices when you buy and sell cryptocurrencies on the platform. It is what they call the “bid-ask spread.”
These built-in transaction fees can get high at times. For instance, Newton spread fees may range from 0.75% to 1.5% at any given time depending on the coins you are trading and the bid-ask price.
For Tier 1 assets such as USDC, Newton spread fees range from 0.75% to 0.95%.
Tier 2 assets like Bitcoin and Ethereum have spread fees ranging from 1% to 1.1%.
While Tie 3 assets such as ADA, BCH, DOGE, DOT, LTC, MATIC, SHIB, and SOL, have spread fees ranging from 1.15% to 1.5%.
Institutional and active traders can slash spread fees using Newton Pro which offers competitive spreads of 0.1% and over 100 crypto pairs.
Is Newton Legit and Safe?
Newton is a legitimate crypto exchange based in Toronto. It is registered and regulated by FINTRAC as a Money Service Business (MSB) in Canada that is also PIPEDA-compliant.
To keep your digital assets secure, the platform employs the following measures:
- Coins are held offline in cold storage by Balance, a third-party custodian.
- 2FA to protect unauthorized access to your account
- Direct bank integration to minimize fraud
- Daily off-site backups with institutional-grade storage
- All customer data is stored in Canada
Currently, Newton has a 4.3/5 Trustrating on Trustpilot, where 66% of the feedback was excellent.
Most reviews indicate that customer support was able to resolve their concerns in a timely manner despite being done through emails.
Pros and Cons of Newton
- A user-friendly crypto exchange that’s great for beginners
- Offers automatic, instant verification, and your account will be ready for trading in minutes
- Offers 70+ cryptocurrencies at competitive prices
- Some coins that other exchanges don’t offer are listed here
- iOS and Android Newton crypto app to trade on the go
- Has a professional-looking, user-friendly website
- In-built spread fees, so you don’t have to worry about extra trading fees
- Doesn’t charge withdrawal/deposit fees for fiat and crypto
- You can easily transfer your coins to an external wallet or leave them in the custodial Newton wallet.
- Users can earn up to $25 per referral, which is a great way to earn extra money on the platform
- Continues to offer new features
- Has a feature to export T5 Statement
- Spread fees can get quite expensive, up to 1.5%
- It’s not a fully-fledged crypto exchange and doesn’t offer advanced trading tools.
- Fiat payment should be cleared first before a user can withdraw funds
- Cannot purchase using credit cards
- Only available in Canada and supports only CAD as fiat
Newton Sign-Up Bonus
If you create a newton account through our referral link or code S1W78J and trade $100 worth of crypto you receive a welcome cash bonus of $25.
And once you are in, you can take advantage of the Newton referral program to earn more cash.
Simply copy your referral link or code from your dashboard and share it with your friends, family members, and other people on social media or websites.
If any of your invites sign up via your link/code and buys/sells $100+ worth of crypto, you both receive a reward of $25.
Newton vs Bitbuy
Bitbuy has been in the crypto trading game longer (since 2016) than Newton (2018). Bitbuy offers a more competitive fee structure of 0.1%-0.2%.
That’s many times less compared to Newton spread fees, that can run up to 0.7%.
That said, there are no deposit/withdrawal fees on Newton, but Bitbuy hits you with 1%-1.5% fiat withdrawal fees and varying fees for crypto withdrawals.
Newton offers a wider selection of 60+ crypto coins compared to Bitbuy’s 15 cryptocurrencies.
Newton vs Wealthsimple Crypto
Newton and Wealthsimple Crypto are in the same category. Both platforms offer commission-free trading and charge no deposit/withdrawal fees.
Instead, they apply an in-build spread fee between the bid and ask price when you buy/sell crypto.
Newton spreads fees come in between 0.75%-1.5%, which is cheaper than Wealthsimple Crypto’s spreads of $1.5%-2%.
Newton also offers a wider selection of 70+ crypto coins compared to Wealthsimple Crypto list of over 50 coins.
When you open a new Wealthsimple Crypto account and trade $150 or more, you get a $25 cash bonus.
Learn more in this Wealthsimple Crypto review.
Newton vs Bitbuy vs Wealthsimple Crypto
The table below gives you an overview of how Newton compares with Bitbuy and Wealthsimple crypto.
|Trading fees||Up to 1.5% price spread fee||Up to 1.5% trading fee||1.5%-2% spread fee|
|Deposit/withdrawal fee||Free||1%-1.5% depending on the method used||Free|
|Funding options||Interac e-Transfer, wire transfers, and crypto deposits||Interac e-Transfer bank wire, and crypto deposits||E-Transfer and crypto deposits|
|Security||2FA; cold storage.||2FA; cold storage.||2FA; cold storage.|
|Promotions||Trade $100+ to get $25 cash bonus||Make a $250+ initial deposit to get a $20 bonus||Trade $150 worth of crypto to get $25 cash bonus|
Is Newton safe for crypto?
Yes. Newton crypto exchange is a safe legit platform for buying and selling crypto. It is a FINTRAC-registered MSB and employs 2FA and cold storage to protect your account and crypto-assets.
How does Newton Crypto make money?
Newton crypto makes money by applying a spread of 0.5%-0.7% between the bid-ask price when you trade cryptocurrencies on the platform.
What is the best crypto exchange in Canada?
Newton, Wealthsimple, CoinSmart, Shakepay, Bitbuy, and NDAX are some of the best crypto exchanges in Canada.
The one that will work for you depends on the coins you want to trade and whether you want to pay flat fees on trades or in-build spread fees.
Can I transfer crypto from Newton to Binance?
Yes, Newton allows you to transfer your coins out to other crypto exchanges, including Binance.
Can I transfer crypto from Newton to Ledger wallet?
Yes, you can transfer crypto from your Newton wallet to an external software or hardware wallet of choice, including Ledger wallet.
Can I get live chat support?
Yes, their regular help desk hours are available from 8am to 12am EST. Their representatives do work even during holidays but at a limited capacity.
Which country is eligible to trade in Newton?
Newton is currently only available in Canada.