Newton Exchange Review 2022
Newton Exchange is a cryptocurrency exchange exclusively for Canadians (fiat currency can only be in Canadian dollars) which is welcome, given how many Canadian cryptotraders are having to pay more on exchanges due to exchange rates. But does it do more than make cryptocurrency trading reasonably priced for those from the Great White North? Let’s find out in this Newton crypto review.
Table of Contents
Newton Exchange Features
For Canadians new to cryptocurrency, Newton Exchange has several features bound to entice them:
- Over 40 different cryptocurrencies available to be bought. (the largest number of any exchange based in Canada)
- One of the cheapest Canadian crypto exchanges available when it comes to fees and buying or exchanging cryptocurrency (more on that in the fees section below)
- Beginner-friendly platform with an easy-to-use iOS, Android and web app and an unintimidating user experience that remains simple and intuitive regardless of your level of experience with cryptocurrency
- Newton Exchange Pro is currently in beta with limited advanced features such as limit orders, transfers, and an order book. It promises to give you high liquidity with your coins and tighter spreads
- There is a referral program where you can track your referrals and earnings from them. You get $25 when a referral trades for $100 in cryptocurrency
Newton Exchange Fees
In terms of fees, Newton Exchange has some of the most inexpensive in the game for Canadian cryptocurrency traders. Here’s a closer look:
- No charge for depositing and withdrawing Canadian dollars
- For cryptocurrency withdrawals, you just pay the network fee for your cryptocoin, which consists of dynamic pricing with no mark-ups for a total purchase fee of 0.69%
- The Newton Exchange itself gives you $5 off crypto withdrawal, so you pay only the network fee with no mark-up after getting a five-dollar discount.
- No trading fees
Newton Crypto Coins
With over 40 different cryptocurrencies offered, here’s a sample of what you can acquire from the Newton Exchange:
- Bitcoin Cash
- Stellar Lumens
- Aave (Not a coin, but an open-source non-custodial liquidity protocol for earning assets on deposits and borrowing assets)
- Dai (An Ethereum-based stablecoin stabilized against the U.S. dollar)
- Curve DAO (Token)
- USD Coin (A stablecoin from Coinbase stabilized against the U.S. dollar)
- Tether (A stablecoin stabilized against the U.S. dollar)
- QCAD (A stablecoin from Canada Stablecorp Inc. stabilized against the Canadian dollar)
The Newton Exchange is highly accessible to users new to cryptocurrency as well as more experienced traders. The dashboard interface is simple and straightforward that even a person with no connection to cryptocurrency can follow.
For example, Trade, Withdraw and Deposit appear across the top of the dashboard and can be swiped between on a mobile device or clicked between on a computer. On the “Trade” screen, a user will see the amount of Canadian dollars they currently have, followed by the percentages of Canadian dollars they can convert into cryptocurrency and back (50%, 75% and Max) and then followed by the amount of a particular cryptocurrency they have. (They can toggle between cryptocurrencies to see their balance of each coin)
Finally, you’ll see the exchange rate of CAD to the cryptocurrency you’re currently looking at (i.e, CAD to USDC = $1.25) and a huge button at the bottom that says, “Swipe to Trade.”
Meanwhile, the deposit and withdraw screens are similarly self-explanatory and easy to read. However, what you do lose with ease-of-use is some of the advanced features from other exchanges, such as a pro trading terminal or advanced order types.
What is Newton Exchange?
The Newton Exchange is highly accessible to users new to cryptocurrency as well as more experienced traders. As mentioned earlier in this Newton crypto review, the dashboard interface is so simple and straightforward that even a person with no connection to cryptocurrency can follow.
How does Newton Crypto Exchange work?
A big plus with Newton Exchange is its ability to instantly verify its users, making it easy to open an account in minutes, unlike some of the competition. Users still need to verify their identities so Newton can follow “Know Your Customer” protocols and verify their users aren’t involved in illegal activities. Newton also does this to be in step with banking industry regulators themselves.
Thankfully, following the formalities, every user gets $25 CAD to start trading and exchanging with so they can’t get too annoyed. They can then fund their account using Interac e-transfer, wire transfer or crypto deposits from an existing desktop or hardware or online wallet they might already have.
Newton Exchange Pros & Cons
Pros: The Good Stuff
Access to over 40 cryptocurrencies
User-friendly interface that’s great for beginners
Free fiat currency deposits and withdrawals
Cheap cryptocurrency withdrawals
Digital assets held in cold storage (offline)
Platform can be used on multiple devices
The referral program pays you $25 per referral
Instant account verification available for new users
Can transfer out of Newton Exchange wallets
Fiat currency funding in Canadian dollars
Cons: The Not So Good Stuff
Limited advanced trading features
Pretty basic for advanced traders
A lack of customer support that’s chronically unreliable
Despite instant verification, opening an account can be slow
Currently in beta, Newton Pro is an account for experienced and institutional crypto traders. It’s offering 0.1% maker and taker fees while in beta with big liquidity and spreads advertised as four times tighter than the regular Newton Exchange platform. They are also offering both free institutional and third-party custody for your cryptocurrency through Balance, a professional third-party custodian.
Is Newton Exchange safe?
Newton is probably as safe as possible for an exchange. It uses to two-factor authentication to verify accounts and keeps all crypto assets offline in cold storage. It also ups its legitimacy by being subject to FINTRAC regulations and registered as a Money Services Business. However, it’s not accredited by the Better Business Bureau (with a B- rating there) and doesn’t have the greatest reviews on Trust Pilot. They do regular off-site backups and banking integration.
Our Final Thoughts
Finally, a cryptocurrency exchange with low crypto fees, free fiat currency deposits and withdrawals and a user-friendly interface for newbies that’s made for Canadians.
So often, Canadians get pushed out of the most popular global and American exchanges because they get killed on fees and the exchange rate.
Thankfully, that doesn’t happen here. Still, if you’re a more advanced crypto investor, you’ll likely be left wanting thanks to very limited advanced features.
Frequently Asked Questions
Yes and No. Fiat currency (Canadian dollar) withdrawal fees are free, along with deposits, but there is a fee for withdrawing cryptocurrency—although it is cheaper than many other exchanges—only charging customary network fees of as much as 0.69%, but it does fluctuate. This fact is a breath of fresh air for many Canadian traders who are used to getting raked along the coals by the exchange rates and international user fees present at other popular cryptocurrency exchanges that have a much higher profile.
Newton Exchange is as safe as an exchange can be. It uses two-factor authentication to protect its users’ login information and keeps its cryptocurrency assets offline in cold storage to protect against potential hacks. They also follow Know Your Customer standards and cooperate with law enforcement to make sure their users aren’t engaged in illegal activity. They are compliant with Canadian banking regulations as members of FINTRAC and as a registered Money Services Business. However, Newton Exchange isn’t eligible for insured protection under the Canadian Investor Protection Fund [CIPF] or the Canadian Deposit Insurance Corporation [CDIC] or any other investment insurance coverage because these schemes do not protect crypto-assets.
Yes. To keep users’ cryptocurrency safe, Newton Exchange says they do backups of digital assets twice-a-day and store all their assets offline in cold storage on a hardware wallet. They also have a clean reputation with no hacks or regulatory violations since their founding in 2018. However, no exchange is 100% safe when it comes to relying on them to store your own cryptocurrency safely. It’s best to rely only on yourself and invest in a hardware wallet so your cryptocurrency is safely walled-off from potential hacks that online exchange storage is always vulnerable too.