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.
NDAX keeps its digital assets in cold storage using Ledger Vault, although they do not state the percentage. Ledger is a big name in the cryptocurrency space, known for making secure hardware wallets.
When signing up to NDAX, you are forced to enable two-factor authentication. Most crypto exchanges will leave this optional, but we think everybody should do it, so we like this mandatory policy.
Additionally, when you wish to change your details such as your email, address, phone number etc, NDAX requires you to submit a selfie with a handwritten note outlining the request.
Both exchanges prioritize security. Newton complies with FINTRAC regulations, conducts daily site backups, and keeps digital assets in offline third-party storage. However, details about what percentage of assets are kept in cold storage aren't provided. NDAX uses Ledger Vault for cold storage (percentage undisclosed) and enforces mandatory 2FA, making its security protocols comprehensive and robust.
Regulatory Compliance
Newton is fully compliant with FINTRAC regulations in Canada.
NDAX is registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations.
Both Newton and NDAX are compliant with Canadian federal regulations. They're registered as Money Service Businesses with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), indicating that they adhere to Canadian laws and regulations related to anti-money laundering and anti-terrorist financing.
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.
NDAX provides a knowledge centre on its website. Articles here answer some of the most common questions. They also have a live chat function, which is handy when you need a quick answer. You can also email them for support. Confusingly, NDAX lists its phone number on its contact page, which is rare for a crypto exchange to do. We weren’t sure if this meant they had phone support, so we reached out via email to ask. They got back to us a very impressive 20 minutes later to let us know that they only have email support. So that’s that. Still, that’s the fastest response we’ve seen.
Newton offers a knowledge base for common queries and a ticketing system for support. It responded to a test query within four hours.
NDAX, on the other hand, offers a knowledge center, live chat, and email support, with an impressively quick response time of just 20 minutes.
Conclusion
While both exchanges are reliable and feature-rich, Newton takes the lead due to its no-fee trading policy, wide range of supported cryptocurrencies, and an overall user-friendly platform. Despite the lower rating of its Android app, Newton's commitment to continually add new coins and its soon-to-be-launched advanced trading platform, Newton Pro, make it an appealing choice for Canadian traders.
We recommend choosing Newton over NDAX 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 NDAX 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.
