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    Newton Exchange Review: Features, Fees, Pros & Cons

    Updated: Aug 25th, 2022
    Jacob Wade
    Jacob Wade
    Newton Exchange Review: Features, Fees, Pros & Cons

    Newton is a popular Canadian crypto exchange that is only available to Canadian residents. Newton allows users to buy, sell, and trade crypto in a simple way, and is a great option for crypto beginners that are based in Canada. Newton doesn’t offer many extra features, such as crypto interest accounts, borrowing, or NFTs, but it does offer transparent pricing and an easy-to-use mobile app for trading.

    In this review, we’ll cover the details of the Newton platform, including security, available crypto, fees, trading experience (on desktop and mobile), and customer service. We will walk through how to create a Newton account, place a trade, and deposit assets.

    Newton Exchange - At A Glance

    Newton is a cryptocurrency exchange in Canada that offers Canadian residents easy access to Bitcoin, Ethereum, and other top cryptocurrencies. Founded in 2018 and headquartered in Toronto, Newton supports over 60 cryptocurrencies for buying, selling, and trading. Newton is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and complies with strict regulations.

    Newton is designed for and places an emphasis on beginners. It does not feature detailed charting or advanced trading tools and users can buy, sell, or trade crypto at market prices. Registration on the platform is reserved for Canadian residents only and Canadian Dollars (CAD) is the only supported fiat currency.

    Newton offers several notable features, including:

    • FINTRAC-registered and PIPEDA-compliant in Canada
    • Transparent spread fees for each currency
    • $5 paid by Newton toward withdrawal network fees on crypto
    • 70 cryptocurrencies available to trade
    • Secure offline vaults where assets are stored.
    • Simple-to-use mobile app (iOS and Android)

    Best for: Newton is geared toward new investors that want to get started in the cryptocurrency market. The platform accepts CAD deposits using a variety of options with no additional fees. There is a wide selection of the major assets to buy at competitive pricing. Due to the lack of advanced charting and trading features, Newton is not suitable for experienced investors and day traders.

    Exchange NameNewton
    Supported Fiat CurrencyCanadian Dollars (CAD)
    Supported Cryptocurrencies70
    Deposit MethodsCryptocurrency, Interac e-Transfer, Wire Transfer (CAD only)
    Trading FeeSpread only (0.5 〜 2.0%)
    Deposit FeeNo CAD deposit fees. Bank fees may apply to different deposit methods
    Withdrawal FeeVaries by withdrawal method and currency. Newton covers first $5 (CAD) of network fees for withdrawals
    Mobile AppYes

    What Is Newton?

    Newton is a cryptocurrency exchange that allows Canadian investors and traders to buy, sell, and trade cryptocurrencies. Newton was founded in 2018 by Dustin Walper and Erynn Saunders to offer a safe way for Canadian residents to trade Bitcoin and altcoins such as Ethereum, Solana, US Dollar Coin, and Apecoin. It has grown to offer 70 cryptocurrencies and very transparent trading fees for users.

    Newton is a regulated exchange in Canada by FINTRAC and complies with the Personal Information Protection and Electronic Documents Act (PIPEDA) to protect consumer information. This helps make Newton a safe and secure platform for users to invest in crypto.

    Newton crypto exchange websiteNewton crypto exchange website

    Pros & Cons

    The key strength of Newton is its easy-to-use interface which offers beginners a simple crypto buying process. Canadians have several ways to deposit CAD to buy Bitcoin and other popular digital assets. It also offers a simple-to-use mobile app and a transparent fee structure that will appeal to the mainstream audience. The downsides include a modest selection of crypto that can be obtained, occasional high spread fees, and Newton is only available in Canada.

    Newton Pros:
    • Beginner-friendly interface with a simple crypto purchasing process
    • Supports 70 cryptocurrencies that include the major coins
    • Intuitive mobile app that is easy to use
    • Transparent pricing on fees
    Newton Cons:
    • Spread fees may be high (up to 2.0% or more)
    • Only available in Canada (USA not allowed)
    • Limited selection of cryptocurrencies to buy and sell
    • Does not offer margin trading, savings accounts or NFTs

    Is Newton Regulated In Canada?

    Newton is a regulated exchange that is headquartered in Toronto, Canada. The platform is registered as a Money Service Business (MSB) through the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and is compliant with the Personal Information Protection and Electronic Documents Act (PIPEDA).

    Is Newton Safe To Use?

    Newton is a safe platform to purchase cryptocurrency using CAD. The exchange implements industry-standard security measures including 2FA, cold storage vaults to hold assets, and SSL encryption to protect user data. Most crypto is held in offline cold storage vaults which are not connected to the internet, and thereby inaccessible to online hackers. These cold storage vaults are managed by a custody partner, Balance, and crypto-assets are insured against theft.

    Overall, Newton appears to be a secure, regulated exchange that has not suffered any hacks or theft of user funds.

    Newton Top Features

    Buy Bitcoin and Other Top Cryptocurrencies

    Newton supports 70 cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Cardano (ADA). It also supports US Dollar Coin (USDC), as well as popular meme coins, including Dogecoin (DOGE), and Shiba Inu (SHIB). Users can see a full list of supported crypto here.

    While Newton supports many top coins, there are a few notable cryptos missing, including Tether (USDT), Binance Coin (BNB), and XRP (Ripple). Global crypto exchanges available in Canada that support much larger selections of crypto as well as CAD fiat deposits via third-party vendors that are worthy alternatives for altcoin buyers include KuCoin, Huobi and Coinbase.

    Transparent Spread Fees

    Most exchanges charge a transaction fee in addition to a spread fee, Newton charges a spread only that is listed in real-time on the app. The spread is the difference between the buy price and sell price of a cryptocurrency. Most crypto exchanges do not list this fee publicly, and it can cost quite a bit extra during a transaction.

    Related: What is spread in crypto?

    Newton offers different spread fees for different cryptocurrencies, with spread fees fluctuating based on market conditions and transaction volume. Overall, Newton spread fees seem to hover around 0.5% - 2.0%, while occasionally going higher or lower for more volatile currencies. The spread fees are similar to its competitor exchange VirgoCX.

    Newton spread feesNewton spread feesLive bid and ask spread fees on Newton.

    Intuitive Mobile App

    The Newton mobile app takes its simplified user interface and makes it available on iOS and Android devices. Users can buy and sell crypto quickly, view their total portfolio of holdings, and deposit or withdrawal CAD funds quickly.

    The mobile app allows users to quickly sign up for an account, connect a bank account, and receive instant verification to deposit funds and begin trading. Overall, Newton offers one of the simplest crypto-buying experiences.

    Newton Compared & Alternatives

    Newton is a regulated exchange based in Canada. It offers a great user experience and a modest selection of popular crypto. Check out the below comparison table to see how Newton stacks up against some of the best crypto exchanges on the market.

    ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
    Coinbase Logo

    Coinbase

    250+0.5%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.8/5
    StarStarStarStarEmpty Star
    $5 BTC bonus (USA only)Visit CoinbaseCoinbase Review
    BitBuyBitBuy

    BitBuy

    190.2%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.6/5
    StarStarStarStarEmpty Star
    $20 bonus for deposits greater than $250Visit BitBuyBitBuy Review
    crypto.com

    Crypto.com Exchange

    90+0.4%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.5/5
    StarStarStarStarEmpty Star
    $10 when stake > 1000 CRO tokensVisit Crypto.com...Crypto.com Exchange Review
    gemini exchange

    Gemini

    26+0.5%
    RatingOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
    4.6/5
    StarStarStarStarEmpty Star
    None available at this timeVisit GeminiGemini Review

    Newton ID Verification

    Creating a Newton account is restricted to Canadian residents. Newton requires KYC verification on all accounts to be able to use the platform, including making deposits, placing trades, or withdrawing funds.

    After creating an account with an email address, Newton requires users to provide a full name, address, and birth date details. Newton also requires submitting a picture of a photo ID, such as a driver’s license. Newton also requires proof of residence documents, such as a utility bill with the user’s name and address on it. All documents are submitted through a third-party verifier, Persona, and verification is near-instant in most cases.

    Funding & Limits

    For those considering Newton, the exchange supports the Canadian Dollar (CAD) fiat currency, as well as 70 different cryptocurrencies for account funding. CAD deposits can be made via Interac e-Transfer or wire deposit. Crypto deposits are sent to individual crypto addresses on the Newton app. Newton does not accept deposits via debit or credit card.

    There are no maximum crypto deposit amounts, but due to FINTRAC regulations, crypto deposits over $10,000 CAD per day must be verified and may take up to 48 hours to become available. Fiat deposits via e-Transfer and wire transfer have daily maximum limits of $10,000 CAD and $1,000,000 CAD.

    Deposit MethodMinimumMaximum
    e-Transfer$10$10,000 per day
    Wire Transfer$10,000$1,000,000 per day
    CryptocurrencyLimited to blockchainNo limit

    Fiat withdrawals are limited to $10,000 per day for e-Transfer, $50,000 CAD per day for EFT withdrawals, and $1,000,000 per transaction for wire transfers. Crypto withdrawals have no maximum, but only support up to five withdrawals per day.

    Volume and Liquidity

    Newton is a popular exchange in Canada, but it does not publicly share its trading volume and liquidity ratings. For liquidity, Newton partners with DV Trading to offer access to large liquidity pools for all cryptocurrencies listed.

    Newton Trading & Ease of Use

    Newton only offers basic buying and selling of crypto on the platform with a simple user interface. Here’s how trading works with Newton.

    User Interface

    Newton is a simple exchange that offers a basic price list for available crypto, including the current market price and spread fee for CAD/crypto trading pairs. Users can choose from a selection of 70 cryptos to purchase or sell, choose how much they wish to trade, and place the order. The prices quoted are the prices paid, including the spread fee.

    There are no charts or trading tools available, just a simple order form to place market or limit orders for buying or selling crypto. This is ideal for beginners that want to buy crypto quickly, however, more experienced investors and particularly traders will be disappointed with the lack of advanced charting tools.

    Related: Best charting and trading tools for crypto.

    Placing Orders

    To place an order on Newton, under the “Trade” tab on the app users can select their desired crypto, select a limit or market order, and choose the amount to “Buy” or “Sell” in the order window on the trading interface.

    The Newton user experience is very simple and does not include the advanced trading tools seen on other crypto exchanges. It is designed for beginners and “buy and HODL” investors, not active traders.

    Placing orders with Newton to buy or sell cryptoPlacing orders with Newton to buy or sell cryptoPlacing orders with Newton to buy or sell crypto.

    Newton Fees

    Newton does not charge transaction fees for buying or selling crypto. However, spreads apply to each transaction, which is the difference in price between the buying and selling price. The spread will vary depending on the trading volume and market activity. HedgewithCrypto estimates the spread is between 0.50% and 2.0% at the time of writing. These spreads are fairly average but can increase during a volatile market.

    Here’s how Newton's fees compare to similar crypto exchanges in Canada which are competitive, however, there are cheaper alternatives to use such as Bitbuy and NDAX.

    ExchangeTrading Fee
    Newton0.5% - 2.0%
    Bitbuy0.2%
    NDAX0.2%
    VirgoCXIncluded in spread
    MyBTCIncluded in deposit fee

    Newton Mobile App

    Newton offers mobile apps that are compatible with Android and iOS devices that have been downloaded by tens of thousands of users. The app can be used to create an account and complete KYC, deposit and withdraw CAD and cryptocurrency, and buy and sell crypto. Newton’s exchange app has an overall 4.6/5 star rating in the Apple store based on more than 15,000 reviews, which is a fantastic rating for a crypto exchange app.

    Most of the complaints are around customer service responsiveness or issues with logging into the app. Newton customer service responds to most complaints, assuring users they can assist with any issues.

    Screenshot of Newton mobile appScreenshot of Newton mobile app

    Security of Assets

    Newton is a safe and secure cryptocurrency platform that implements bank-like measures and controls to safeguard customer funds and assets against loss or theft. Newton has partnered with Balance, a cryptocurrency custody provider, to store assets in secure cold wallets. The cold storage at Balance utilizes distributed architecture, offline private key management, transaction signing, and strict access controls for all levels of the company. Newton also limits transfers of cryptocurrency to $10,000 CAD per day to verify all transactions and keep user funds safe.

    Newton also requires Two-Factor Authentication (2FA) via SMS to use the platform, and withdrawals must be verified via 2FA before they are executed. Does not appear to be support for 2FA using Authy or Google Authenticator which is a more secure verification method compared to SMS. In addition, all users are required to pass KYC before using the platform, and client data is protected with end-to-end SSL encryption.

    Frequently Asked Questions

    While Newton does offer a hot wallet to store coins on the platform, Newton is not a digital wallet service that connects to other platforms and applications. The Newton Wallet is built into the exchange and only works with the Newton platform. To transfer funds on and off the platform, users will need to have their own digital wallet address that supports the crypto being transferred, or utilize a hardware wallet to take custody of their assets.

    No, U.S. investors cannot use the Newton platform. In fact, only Canadian residents can use Newton, and the only accepted fiat currency is Canadian Dollars (CAD).

    Final Verdict

    Newton is a secure and reliable crypto exchange that offers basic trading functionality to Canadian residents. The website and mobile app are designed for beginners, making it easy to register, verify an account, deposit funds, and begin trading. Newton offers a decent selection of crypto (70 currently) and is very transparent about its spread fees.

    However, does not offer any advanced trading for active users and is more of a “buy and hold” exchange. There is also no crypto lending, margin or futures trading, or over-the-counter (OTC) options.

    Overall, Newton is a decent option for residents of Canada that want access to secure crypto exchange with reasonable fees and a great user interface. But users wanting more trading options and lower fees will want to check out a larger exchange, such as Binance, Coinbase or FTX.

    Jacob WadeJacob WadeJacob Wade

    Jacob Wade has been a nationally-recognized personal finance expert for the past decade. As a cryptocurrency enthusiast and investor since 2020, Jacob enjoys researching and writing about the latest in crypto and blockchain technology. Jacob's work has been featured in several publications like CBS News, MSN Money, Forbes, NASDAQ, Yahoo! Finance, Go Banking Rates, The Balance, Investopedia, New York Times and AOL Finance.

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