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Newton vs. Bitvo: What Works Better For Canadians in 2024

Oleg Galeev

Last updated September 19, 2024

WonderFi and Bitbuy, its parent company, took over all Bitvo client accounts in 2023. This means Bitvo is now part of Bitbuy and isn't taking new sign-ups. If you're interested, sign up at Bitbuy instead. By using our referral link to sign up and depositing $250 in your account, you can receive a bonus of $50. Please note that the comparison provided below is now outdated and is preserved solely for educational and historical reference.

Newton and Bitvo are two popular cryptocurrency exchanges that provide Canadians with a platform to buy, sell, and trade a wide range of cryptocurrencies. Both exchanges are known for their commitment to user-friendly interfaces, competitive fees, and robust security measures. However, they differ in key areas such as customer support, the variety of cryptocurrencies offered, and their unique features.

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.

Bitvo is a cryptocurrency exchange that offers simple trading for Canadians. It's fully compliant in Canada and also has a crypto cash card that can be used for everyday purchases.

Coins

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

You can purchase Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin and more.

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

The only fee you will pay is a 1% withdrawal fee

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
  • No deposit fees
  • No trading fees
  • Low withdrawal fee
  • Beginner and advanced trading available
  • Bitvo Cash Card available
  • 24/7 customer support (including phone support)

Cons

  • Very high spreads
  • No live chat support
  • No credit card deposits. Debit must be pre-approved.
  • 1% CAD withdrawal fee
  • Limited number of coins available
  • Only for Canadians
  • High spreads

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

A few withdrawal limits & deposit limit that could be found here

Methods to buy

  • Interac e-Transfer
  • Wire transfer
  • Connect bank account
  • Interac® e-Transfer
  • Wire
  • Canada Post Load

Security

  • Daily exchange backups
  • Third-party custody of assets, mostly offline
  • Direct bank intergration to reduce fraud
  •  It holds 95% of assets in cold storage
  • 5% in hot storage
  • A multi-layered firewall infrastructure to protect the exchange

Mobile and Desktop Trading

Both Newton and Bitvo have mobile apps and desktop platforms for trading. Newton's iOS app has a rating of 4.6 stars. On the other hand, Bitvo's mobile app doesn't fare as well, with a three-star rating on iOS. Users have reported that Newton's Android app sometimes has slow deposit times and customer service responses, whereas Bitvo's apps are said to be a bit buggy, suggesting that their desktop platforms offer a better user experience.

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

Bitvo

Bitvo’s mobile app does not have many ratings. Its iOS app has a three-star rating with 21 reviews and its Android app has a 3.1-star rating with 19 reviews. Some of the reviewers claim the apps are buggy and that the experience on their desktop exchange is better.

Bitvo desktop app main screen

Bitvo desktop app main screen

Bitvo desktop (trading view)

Bitvo desktop (trading view)

Bitvo mobile app

Bitvo mobile app

Bitvo app main screen

Bitvo app (main screen)

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.

It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.

Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.

Both Newton and Bitvo are compliant with FINTRAC regulations in Canada, a crucial factor when considering the safety of a crypto exchange. Newton provides daily site backups, offline third-party storage for digital assets, and allows users to directly connect their bank accounts for enhanced security. However, they do not disclose the percentage of digital assets kept in cold storage, a detail some users may find concerning.

Bitvo, on the other hand, holds 95% to 100% of assets in cold storage, with customer fiat funds held in segregated bank accounts, a multi-layered firewall infrastructure for exchange protection, and third-party screening for any cryptocurrencies looking to be listed

Regulatory Compliance

Newton is fully compliant with FINTRAC regulations in Canada

Bitvo is registered with FINTRAC and is compliant with Canadian regulations.

As previously mentioned, both Newton and Bitvo are compliant with FINTRAC regulations, Canada's financial intelligence unit. This means both exchanges have implemented the necessary measures to identify, mitigate, and report potential money laundering and terrorist financing activities.

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.

Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.

Newton offers a knowledge base on its website for commonly asked questions. To contact support directly, users have to navigate to the knowledge center and submit a support ticket. Despite this seemingly roundabout method, Newton's support team has been reported to respond impressively within four hours.

In contrast, Bitvo guarantees 24/7 customer support including live chat, email, and even a phone support option, a feature not commonly found in cryptocurrency exchanges.

Conclusion

Both Newton and Bitvo are reputable Canadian crypto exchanges with distinct advantages. While Newton offers a wider variety of cryptocurrencies, Bitvo's standout features include a customer satisfaction guarantee and their unique cash card. However, Newton's robust security measures, user-friendly interface, responsive customer service, and its no-fee trading policy make it the winner of this comparison.

We recommend choosing Newton over Bitvo 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 Bitvo 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.