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Newton Crypto Review 2022: Best Crypto Trading Platforms in Canada

Gravatar for Enoch Omololu
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This post may contain affiliate links. Please read our disclosure for more info.

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.

Again, Newton crypto 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.

Newton Crypto Review

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.

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 70+ 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
USD Coin (USDC)Harmony (ONE)Loopring (LRC)
Polygon (MATIC)Cosmos Network (ATOMTezos (XTZ)
Aave (AAVE)Fantom (FTM)Elrond (EGLD)
Uniswap (UNI)Decentraland (MANA)Ankr (ANKR)
TerraUSD (UST)The Sandbox (SAND)Storj (STORJ)
Curve (DAO)Shiba Inu (SHIB)Hedera (HBAR)

Related: Best Crypto ETFs in Canada.

Newton Fees

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.

These built-in transaction fees can get high at times. For instance, Newton spread fees may range from 0.5% to 0.7% at any given time depending on the coins you are trading and the bid-ask price.

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

Based on the above information, one can confidently say that Newton is a legit and safe cryptocurrency exchange in Canada that has never been hacked.

Pros and Cons of Newton

Pros

  • 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 50+ cryptocurrencies at competitive prices
  • iOS and Android Newton crypto app to trade on the go
  • 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

Cons

  • Spread fees can get quite expensive, up to 0.7%
  • It’s not a fully-fledged crypto exchange and doesn’t offer advanced trading tools.
  • 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.

Visit Newton ($25 Bonus)

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.

Learn more about Bitbuy in this review or get a $40 bonus when you sign up and make an initial deposit of $250.

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 0.5%-0.7%, 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 about 42 coins.

When you open a new Wealthsimple Crypto account and trade $150 or more, you get a $50 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.

 NewtonBitbuyWealthsimple Crypto
Supported coins70+15+40+
Trading fees0.5%-0.7% spread fee0.1%-0.2% trading fee1.5%-2% spread fee
Deposit/withdrawal feeFree1%-1.5% depending on the method usedFree
Funding optionsInterac e-Transfer, wire transfers, and crypto depositsInterac e-Transfer bank wire, and crypto depositsE-Transfer and crypto deposits
Security2FA; cold storage.2FA; cold storage.2FA; cold storage.
PromotionsTrade $100+ to get $25 cash bonusMake a $250+ initial deposit to get a $40 bonusTrade $150 worth of crypto to get $50 cash bonus

Newton FAQ

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.

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Enoch Omololu

Enoch Omololu is a personal finance expert who has a passion for helping others win with their finances. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School and has been writing about money management for over a decade. Enoch has been featured in several leading personal finance publications including MSN Money, The Globe and Mail, Wealthsimple, and the Financial Post.

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