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

Oleg Galeev

Last updated December 27, 2023

As of July 15th, 2023, Coinfield's website stopped operating properly for Canadians. Also, their registration status of MSB has been ceased by FINTRAC. As a result, we would recommend avoiding this crypto exchange at the moment. Feel free to check alternatives e.g. Bitget or BitBuy. The comparison below is outdated, but we have retained it in the event that the crypto exchange resumes proper operations in Canada. More information here. The comparison below is outdated and kept for educational purposes. Apparently, if you pick between Newton and Coinfield, go ahead with Newton.

In the world of cryptocurrency exchanges, Canadian platforms Newton and CoinField have been able to carve out unique niches. Newton is known for its seamless interface and fee-less structure, while CoinField stands out with its robust security features and diverse crypto pair offerings.

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.

CoinField is an EU-based cryptocurrency exchange that is Canada-friendly. It is a secure crypto exchange with a robust verification process.

Coins

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

While it offers the usual digital currencies such as bitcoinEthereum and Litecoin, it does not offer popular coins such CardanoSolana, or Dogecoin. The full list of coins available are: Bitcoin, Ethereum, XRP, Stellar, EOS, TRON, Sologenic, BAT, Mimblewimble, USDT, USDC, Bitcoin Cash, Bitcoin Gold, DigiByte, Golem, OMG, Augur, 0x, Zilliqa, Civic, and Loom.

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

When it comes to fees, CoinField has many. It charges a 2% deposit fee for Interac e-Transfers with a minimum deposit of $100. US dollar wire transfers are free. CoinField charges a 2.5% withdrawal fee using Interac and its maker/taker trading fees are 0.15%/0.25% if your trading volume is less than $50,000 over 30 days. 

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
  • Secure and compliant exchange
  • CAD Interac e-Transfers available
  • Advanced trading features available
  • Easy-to-use app
  • Accepts many fiat currencies and deposit methods
  • Staking rewards and referral program

Cons

  • Very high spreads
  • No live chat support
  • No credit card deposits. Debit must be pre-approved.
  • High deposit and withdrawal fees
  • Desktop platform can be confusing for beginners
  • Some of the most popular coins not available 
  • Slow customer service 

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

Only limits at your local financial institution may apply

Methods to buy

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

CoinField accepts six fiat currencies including CAD, USD, EUR, GBP, AED, and JPY.

  • Interac e-Transfer
  • Credit/debit where accepted
  • Bank transfer

Security

  • Daily exchange backups
  • Third-party custody of assets, mostly offline
  • Direct bank intergration to reduce fraud
  • Cold storage
  • Secret vaults
  • Multi-signature wallets
  • Encryption and isolated servers
  • 2FA

Mobile and Desktop Trading

Both Newton and CoinField provide versatile platforms that allow users to trade seamlessly on both mobile and desktop interfaces. Newton's mobile app has a 4.6 star rating on Apple App Store, indicating that users appreciate the ease and convenience it provides. Similarly, CoinField's mobile app has a respectable 4.3-star rating on the Apple App Store and a 4,3-star rating on Google Play. However, some users have pointed out the slow processing times and high fees as drawbacks. Newton's web interface is quite intuitive, perfect for both beginners and seasoned traders. CoinField also offers a more advanced desktop platform for experienced traders, though its mobile app is more beginner-friendly.

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

Coinfield

On the Apple App Store, the CoinField app has a 4.3-star rating with almost 500 reviews. On Google Play it has a 3.4-star rating with over 1000 reviews. Some of the worst reviews are people lamenting the high fees and slow processing times. 

Reviewing CoinField's features

Coinfield trading view

Reviewing CoinField's usability from desktop version

Coinfield view with selecting coins

One of the pages on CoinField's app

Coinfield app main screeen

Reviewing CoinField's mobile app interface

App view while trading

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.

CoinField is one of the safest crypto exchanges in Canada. It has never been hacked. While CoinField may receive bad reviews for their slow customer service, CoinField is certainly a safe and compliant exchange. With CoinField you can have peace of mind knowing you are dealing with an exchange that prides itself on its security and privacy. The exchange utilizes cold storage, secret vaults, multisignature wallets, encryption and isolated servers. Users can enable two-factor authentication on their accounts for extra protection, and users must confirm all withdrawals via email. Signing in on a new device or with a new IP address also triggers a verification email. 

Newton is a self-proclaimed "no funny business" platform, assuring users of the robustness of their security protocols. CoinField, on the other hand, takes pride in never having been hacked. Both platforms utilize cold storage and encryption for added safety. Both exchanges also provide 2-factor authentication (2FA) for added security. However, CoinField appears to have a more stringent security protocol with the use of secret vaults, multi-signature wallets, and isolated servers.

Regulatory Compliance

Newton is fully compliant with FINTRAC regulations in Canada

Coinfield used to be a FINTRAC-regulated crypto exchange in Canada but recently their registration status was ceased. It's hard to tell at this point how compliant it is but many Canadians still use it.

Both Newton and CoinField are compliant with the rules and regulations set by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). However, CoinField offers a wider reach by operating in 186 countries excluding the US, while Newton mainly caters to Canadian clients.

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.

CoinField allows users to submit support tickets either online or via email. It does not offer phone support. Customer support is available on weekdays and weekends, but CoinField does not have the fastest customer support – in some cases it can take days for an answer. You can, however, also get in touch via Twitter if you need urgent support.

Unfortunately, CoinField has a poor 2.2-star rating on Trustpilot with 62% bad reviews.

A lot of customers say that they have been waiting weeks to receive their crypto withdrawals.

Newton provides a responsive customer support service, with quick turnaround times on queries and issues raised. CoinField, unfortunately, has been criticized for slow customer service response times. While both platforms provide email support, only Newton offers phone support, which can be crucial during urgent situations.

Conclusion

As of July 15th, 2023, Coinfield's website stopped operating properly for Canadians. Also, their registration status of MSB has been ceased by FINTRAC. As a result, we would recommend avoiding this crypto exchange at the moment. Feel free to check alternatives e.g. Bitget or BitBuy. The comparison below is outdated, but we have retained it in the event that the crypto exchange resumes proper operations in Canada. More information here. The comparison below is outdated and kept for educational purposes. Apparently, if you pick between Newton and Coinfield, go ahead with Newton.

While both Newton and CoinField are excellent platforms, Newton edges out CoinField as the preferred choice due to its superior customer service, zero-fee structure, and a simpler, more intuitive user interface. CoinField's high fees and slow processing times have been a sticking point for some users. That said, CoinField's robust security measures, wider international reach, and more diverse crypto pair offerings make it a strong contender in the market.

We recommend choosing Newton over CoinField 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 CoinField 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.