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.
Frequently Asked Questions
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.
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.