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Newton vs. Bitcoin Well: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

Newton and Bitcoin Well stand as two prominent cryptocurrency exchanges in Canada. While Newton, named after Sir Isaac Newton, prides itself on being Canada’s first “no-fee” cryptocurrency exchange, Bitcoin Well is recognized for its trustworthiness and user-centric approach. How do these platforms compare?

Description

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

Bitcoin Well is a Canadian crypto trading platform that gives customers the choice of buying bitcoin with funds from their bank or with cash at one of their 280 Bitcoin ATMs across Canada. Both methods send the crypto directly to the customer’s wallet saving both time and money.

Coins

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

Bitcoin only

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

Usually, it's 0.5% for transactions. In your account dashboard, you’ll find a selection of fees and process times. If you don’t mind receiving your bitcoin within 24 hours, then you can select the cheapest option. 

Pros

  • 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
  • Immediate self-custody of assets
  • Option to buy bitcoin privately with cash
  • Buy online with Visa debit, e-Transfer or wire
  • No withdrawal fees or wait times
  • Public Company which offers transparency

Cons

  • Very high spreads
  • No live chat support
  • No credit card deposits. Debit must be pre-approved.
  • Only Bitcoin available 
  • Not the cheapest fees
  • No advanced order types

Account Limits

  • $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
  • minimum of $100 payment
  • $50,000 transaction limit.
 
 

Methods to buy

  • Interac e-Transfer
  • Wire transfer
  • Connect bank account

Security

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

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

Mobile and Desktop Trading

Newton's iOS app boasts a rating of 4.6 stars from 18.2k reviews, while its Android counterpart has a lower rating of 2.9 stars based on 900 reviews. Some users on Android have cited issues with deposit times, customer service, and the login process.
Desktop: It provides a user-friendly interface suitable for beginners, and the soon-to-be-released Newton Pro promises advanced features for more seasoned traders.
Bitcoin Well: 
Desktop: Offers a comprehensive and user-friendly layout suitable for both newcomers and experienced traders.

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

Bitcoin Well

Bitcoin Well has a simple website since most of the transactions happen either in person at a Bitcoin ATM or via your bank. Once your account is verified, you’ll have full access to your online dashboard.

Transaction limits on Bitcoin Well

Setting up the account with Bitcoin Well

Security Compliance

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.

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

Newton is compliant with FINTRAC regulations, ensuring its adherence to Canadian standards. They also provide daily site backups, offline third-party storage for digital assets, and allow direct bank account linking to minimize fraud. Notably, a clear breakdown of digital assets in cold storage is absent, and two-factor authentication via the Authy app is mandatory for user protection.
Bitcoin Well: Emphasizes its cutting-edge security features, including multi-factor authentication, cold storage solutions, and constant monitoring to safeguard users' assets and data.

Regulatory Compliance

Newton is fully compliant with FINTRAC regulations in Canada

Bitcoin Well is registered with FINTRAC and fully legal in Canada.

Newton: Complies with FINTRAC regulations. This indicates a commitment to adhering to Canadian financial standards and regulations.

Bitcoin Well: Highlights its complete compliance with Canadian legal standards, further cementing its reputation as a trustworthy platform for its users.

Customer support

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.

Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good.  If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus. 

Newton: Offers a knowledge base for common queries, but direct contact requires navigating through the virtual assistant chat box to submit a support request. Responses, however, are impressively quick, often within a span of four hours. Bitcoin Well: Prioritizes top-tier customer service, ensuring users can get assistance for a range of queries. The emphasis on quick response times and expertise sets a high standard in user experience.

Conclusion

Both exchanges bring a lot to the table. Newton's no-fee stance and emphasis on beginner-friendly interfaces are commendable, as is Bitcoin Well's commitment to security and Canadian compliance. Winner: Newton - While Bitcoin Well is undoubtedly a strong contender in the Canadian crypto market, Newton's no-fee policy, coupled with its expansive coin offering and the impending launch of Newton Pro, gives it a slight edge for users seeking cost-effective and diverse trading options in Canada.

We recommend choosing Newton over Bitcoin Well for your cryptocurrency trading needs. By opting for Newton through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Newton nor Bitcoin Well 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.