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ByBit vs Newton: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

In this comparison, we are taking a deep dive into the functionalities, security, and user experience of two popular cryptocurrency trading platforms, ByBit and Newton. As global and Canadian-specific platforms respectively, ByBit and Newton offer a range of distinctive features, from advanced trading functionalities and mobile user experience to their unique fee structures. Read on to understand the critical differences and determine which platform best suits your cryptocurrency trading needs.

Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Bybit over Newton.

Description

ByBit is a global cryptocurrency exchange with headquarters in Dubai with over 100 cryptocurrencies to trade. Unfortunately, ByBit has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget.

Newton prides itself on being Canada’s first no-fee cryptocurrency exchange. They claim their exchange is 2-3x lower than most other exchanges.

Coins

1000+ crypto coins

Bitcoin, Ethereum, Litecoin, XRP, Stellar, Bitcoin Cash, Dogecoin, USDC, USDT, Chainlink, Aave, Uniswap, Polygon, Compound, SushiSwap, Curve, Synthetix, Dai, Polkadot

Fees

  • Low trading fees 
  • Approx 5% third party fees for e-Transfer
  • Approx 3% card payment fees
  • No P2P fees
  • 0% CAD funding
  • 0% CAD withdrawal
  • 0% crypto deposit/withdrawals (up to $5 network fee waived)
  • No commissions or trading fees
  • 0.40% to 0.72% spread

Pros

  • 100+ cryptocurrencies
  • Staking and lending
  • Yield farming
  • OTC Desk
  • NFT Marketplace
  • Copy trading
  • Low trading fees
  • Verification not necessary
  • No fees at all
  • Wide selection of coins available
  • You can export a T5 statement
  • Sleek interface
  • Newton Pro for advanced traders in Beta stage

Cons

  • Won't be available in Canada in October 2023
  • Advanced trading platform can be confusing for beginners
  • Only card payments or third-party transfers
  • No CAD deposits
  • Very high spreads
  • No live chat support
  • No credit card deposits. Debit must be pre-approved.

Account Limits

A peer-to-peer trading limit of $1000 per day and a withdrawal limit of 2 BTC per day

  • $10,000 max daily Interac e-Transfer deposit/withdrawal
  • $70,000 max weekly Interac e-Transfer deposit/withdrawal
  • $5,000 electronic funds transfer deposit
  • $50,000 electronic funds transfer withdrawal
  • $1M wire transfer deposit/withdrawal
  • $5M daily trading limit

Methods to buy

  • CAD deposits are not available
  • You can deposit  by card payment, a third-party such as Banxa (3% commission)
  • Peer-to-peer marketplace
  • Interac e-Transfer
  • Wire transfer
  • Connect bank account

Security

  • ByBit uses cold storage for assets
  • 2FA
  • Daily exchange backups
  • Third-party custody of assets, mostly offline
  • Direct bank intergration to reduce fraud

Mobile and Desktop Trading

ByBit offers a sophisticated and easy-to-use platform for both mobile and desktop users. Its mobile app is rated 4.8 on Google Play and 4.3 on the App Store. The platform offers advanced trading features, easy navigation, and smooth trading experience.

Newton also provides a beginner-friendly interface on both mobile and desktop. However, it has a higher rating on iOS with 4.6 stars. Some users have reported issues with deposits, customer service, and the login process on the Android app.

ByBiy

ByBit has a mobile app for both iPhone and Android users. On iOS, the ByBit app has a 3.9-star rating from 689 reviews. On Google Play it has a 4.3-star rating from 76,000 reviews.

Desktop view for ByBit app

Desktop view for ByBit app

ByBit's Desktop app main screen

One-click buy on ByBit

One-click buy on ByBit App

ByBit's mobile app screenshot from my account

ByBiy app main screen

Newton

Newton has a user-friendly interface and a modern, clean look. It’s simple and easy to use.

Newton’s overall design is clean and modern. They also usual casual and friendly language. It doesn’t seem to take itself too seriously, which is refreshing. At first glance, Newton seems user-friendly and fairly simple.

Its iOS app has a rating of 4.4 stars with 5.6k reviews, and its Android app has a rating of 2.8 stars with 800 reviews.

Newton desktop interface

Newton desktop interface

Market order with Newton

Market order with Newton

Newton mobile app #1 (welcome screenshot)

Newton app interface

Newton mobile app #2 (cryptocurrencies available)

Newton app interface while trading

Security Compliance

ByBit is lacking in information about its security. ByBit uses cold storage for assets but it’s not clear what percentage of funds are held in cold storage. 

For users that want to secure their account, they can set up two-factor authentication using Google Authenticator. Users will need to open this app and enter the code whenever they wish to withdraw from their ByBit account. 

This year the Ontario Securities commission (OSC) accused ByBit of selling unlicensed securities to residents of Ontario. ByBit paid a $2.5M fine and has since restricted new account sign-ups from residents of Ontario. 

Newton does daily backups to minimize risk and states on its website that customer data is stored in Canada. They also perform daily site backups, have offline third-party storage for digital assets, and they allow their customers to directly connect their bank account to reduce fraud.

ByBit maintains a tight security setup including two-factor authentication, secure cold storage for digital assets, and solid encryption protocols, all aimed at safeguarding users' funds and personal data.

Newton also complies with FINTRAC regulations, performs daily site backups, uses offline third-party storage for digital assets, and requires mandatory two-factor authentication. However, Newton does not provide transparency about the percentage of assets held in cold storage.

Regulatory Compliance

In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.

Newton is fully compliant with FINTRAC regulations in Canada

Both ByBit and Newton are in compliance with the required regulations in Canada. Newton, being a Canadian-based exchange, is more targeted towards Canadian residents. However, Canadians can access ByBit's platform outside Canada.

Customer support

ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange. You can also create a ticket on the website if you need to contact support. The chat support helped me within an hour and I had an issue with the withdrawal of TONCOIN.

Newton has FAQs and a knowledge center on the website. Customers can message the support teams either online via their support pages or through email. Newton does not have a phone and live support.

ByBit provides customer support around the clock, seven days a week.
Support can be reached through live chat and email channels, while the ByBit Help Center serves as a comprehensive resource for frequently asked questions.
Newton offers a knowledge base on its website to answer common questions. They also provide support via a ticketing system. Their customer support team is available on weekdays and weekends, and they typically respond within four hours.

Conclusion

Both ByBit and Newton provide a solid platform for cryptocurrency trading with robust security measures and good customer support. However, when considering the user experience on the mobile platform, transparency in security protocols, and overall platform features, ByBit appears to have an edge over Newton. Though Newton offers an attractive no-fee trading environment, ByBit's superior security protocols, and better-rated mobile application make it a more favorable option. It's important to note that the choice of an exchange should be based on individual trading needs, preferences, and risk tolerance. Both platforms offer unique features that cater to different types of users. So, it's advisable for users to try both platforms and decide which one suits their needs better.

Initially, we recommended choosing ByBit over Newton for your cryptocurrency trading needs. However, Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Bybit over Newton.

If you find that neither ByBit nor Newton meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.