Coinberry vs. Newton: What Works Better For Canadians?

Oleg Galeev

6 months ago

Coinberry and Newton are two Canadian cryptocurrency exchanges that allow you to purchase Bitcoin, Ethereum, and more in just a few clicks. Both exchanges are suitable for beginners, so here at OCryptoCanada, we looked into both exchanges to see how they compare.

Description

Toronto-based Coinberry offers seven of the most popular cryptocurrencies and it makes it simple for Canadians to buy and trade crypto.

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

Bitcoin, Ethereum, Litecoin, XRP, Stellar, Bitcoin Cash, Cardano

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

Fees

0% CAD funding
0% CAD withdrawal fees
0% to 2.5% Spread
0.02 fixed fee for LTC withdrawal
Crypto withdrawal fees to cover mining costs

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

No CAD deposit and withdrawal fees
Beginner-friendly
Crypto education hub on the website
Coinberry Pay allows anyone to receive crypto payments
Customers can set up automatic payments

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

Not that many altcoins available
No debit or credit card deposits

No live chat support
No credit card deposits. Debit must be pre-approved.

Account Limits

$10,000 max daily Interac e-Transfer deposit
$10,000 to $500,000 max wire deposit
$100 to $5,000 Interac e-transfer withdrawal
$10,000 to $500,000 wire transfer withdrawal

$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

App

Methods to buy

Interac e-Transfer
Wire transfer

Interac e-Transfer
Wire transfer
Connect bank account

Security

Funds insured for $200m by Gemini Trust Company LLC™
Up to 97% of coins held in cold storage

Daily exchange backups
Third-party custody of assets, mostly offline
Direct bank intergration to reduce fraud

Mobile and Desktop Trading

Both Coinberry’s desktop and mobile apps have an easy-to-navigate interface that’s suitable for beginners. Coinberry’s iOS app has a 4.4-star rating with 4.4k reviews. Its Android app has a 3.3-star rating with 900 reviews.

Coinberry desktop interface

Coinberry mobile interface #1

Coinberry app interface

Coinberry mobile interface #2

Coinberry app interface while trading

Newton also has a user-friendly interface and a modern, clean look. It’s simple and easy to use. 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 mobile app #1 (welcome screenshot)

Newton app interface

Newton mobile app #2 (cryptocurrencies available)

Newton app interface while trading

Security

Coinberry and Newton are secure exchanges. They both require new customers to provide government-issued identification and be verified before they can trade. Coinberry keeps up to 97% of its coins in cold storage, while Newton says it keeps “most” of its assets offline, held by a third-party custodian called Balance. Newton does daily backups to minimize risk and states on its website that customer data is stored in Canada.

Regulatory compliance

Coinberry and Newton are both fully regulated in Canada. The exchanges are registered with FINTRAC and are PIPEDA-compliant. Coinberry has a $200M insurance policy with Gemini Trust Company LLC™. Coinberry also states on its website that it is backed by a “financial insurance bond” which covers any unethical acts from Coinberry employees.

Customer support

Coinberry and Newton have FAQs and knowledge centres on their websites. Customers can message the support teams either online via their support pages or through email. Neither exchange offers phone support, but Coinberry has live chat available.

Conclusion

Both Coinberry and Newton offer Canadians a fast, simple, and secure way to buy cryptocurrency in Canada. Coinberry offers peace of mind with 97% of its digital assets held in cold storage and its $200M insurance policy. However, we think Newton is the winner here because it offers a wide selection of coins and absolutely no fees. Newton will soon be suitable for experienced traders as well. Their Pro tool, offering advanced order types live charting, and more, will be released in the near future, but you can request access now. If you’re looking for the cheapest and simplest way to purchase the most popular coins, Newton is the better choice.