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

Oleg Galeev

Last updated May 25, 2024

Newton and Netcoins are two notable cryptocurrency exchanges available for Canadians. Newton offers a wide variety of cryptocurrencies and features fee-free trading, whereas Netcoins, while having fewer available cryptocurrencies, excels in terms of user experience and customer service.

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.

Netcoins is a Canadian crypto exchange owned by a publicly-traded company called Bigg Digital Assets. Netcoins was founded by Mitchell Demeter who created the world’s first Bitcoin ATM in 2013.

Coins

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

Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, EOS, USDC, Algorand, XRP, Avalanche, Ethereum Classic, SHIB, DOGE, MATIC, AXS, Cardano, Solana, Polkadot

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
  • Free deposits
  • Free fiat withdrawals
  • 0.5% trading fees

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
  • Free fiat and crypto deposits
  • Free fiat withdrawals
  • Interac e-Transfer available
  • Phone support
  • Instant verification
  • Licenced and regulated in Canada
  • Educational resources available
  • Great customer service

Cons

  • Very high spreads
  • No live chat support
  • No credit card deposits. Debit must be pre-approved.
  • Few cryptocurrencies available
  • No credit/debit card purchases
  • CAD only
  • High trading fees

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
  • $10 min for Interac e-Transfer
  • $500 min for wire transfer
  • $50 min for online bill payment

Methods to buy

  • Interac e-Transfer
  • Wire transfer
  • Connect bank account
  • Interac e-Transfer
  • Bank wire
  • Online bill payment

Security

  • Daily exchange backups
  • Third-party custody of assets, mostly offline
  • Direct bank intergration to reduce fraud
  • 2FA available
  • Registered with FINTRAC

Mobile and Desktop Trading

Both Newton and Netcoins have developed easy-to-use apps for mobile trading, available on both the App Store and Google Play. Netcoins holds a higher rating of 4.0 stars on the Apple App Store, compared to Newton's 4.6 stars. However, Newton's app is also highly praised by users for its simplicity and functionality. Both platforms also offer desktop trading, with user-friendly interfaces that cater to both beginners and more 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

Netcoins

Netcoins’ trading platform is simple to use with a sidecar offering all you need including options to buy, sell and trade. Your dashboard has two big options to either deposit funds or deposit crypto.

Buying crypto with Netcoins is easy thanks to its simple trade feature.

The Netcoins app has a 4.1-star rating from 171 reviews on the Apple App Store. It has a 3.6-star rating on Google from 127 reviews. 

The app is easy to use and beginner-friendly. It is almost an exact copy of the desktop platform but optimized for mobile.

Netcoins trading screen

Netcoins Desktop App (trading screen)

Funding money to our account with Netcoins

Netcoins Desktop App (funding account)

Netcoins vs Coinsmart trading mobile app

Netcoins Mobile App (balances)

Netcoins vs Coinsmart bitcoin transaction in mobile app

Netcoins Mobile App (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.

Netcoins utilizes the services of Bitrank and QLUE to stay compliant by monitoring wallet addresses and transactions for fraud and connections to criminal enterprises.

Two-factor authentication is available to help keep your account secure.

Both exchanges prioritize the security of their users. Newton uses industry-leading practices like end-to-end encryption, offline cold storage, and 2FA (two-factor authentication). Netcoins, owned by a publicly traded company, is transparent in its operations and utilizes services like BitRank and QLUE for monitoring transactions. Both platforms offer 2FA, but neither provides explicit detail about how customer funds are stored.

Regulatory Compliance

Newton is fully compliant with FINTRAC regulations in Canada

Netcoins is fully regulated in Canada. It is registered as a Money Services Business (MSB) with FINTRAC. Since Netcoins is also owned by Bigg Digital Assets, a publicly traded company, you can be sure that Netcoins is a safe exchange.

Both Newton and Netcoins are fully compliant with Canadian regulations. Newton is registered as a Money Service Business with FINTRAC, whereas Netcoins is not only registered with FINTRAC but also has a proactive stance towards compliance, utilizing transaction monitoring tools.

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.

Netcoins has excellent customer support with an impressive 85% excellent customer service reviews on Trustpilot with a 4.5-star rating. Netcoins offers email support, live chat and phone support, which is rare for crypto exchanges.

Netcoins stands out in terms of customer support. It offers 24/7 live chat support and even has phone support, which is a rarity among crypto exchanges. Newton also offers support, but it primarily operates through email.

Conclusion

Newton and Netcoins both bring different strengths to the table. Newton provides a wider variety of cryptocurrencies and fee-free trading, making it a good choice for those seeking variety and cost-effectiveness. On the other hand, Netcoins stands out with its excellent customer support and a user-friendly platform, making it an ideal choice for beginners or those who value a smooth user experience. However, overall, Newton slightly edges out Netcoins due to its fee-free trading policy and wider cryptocurrency selection. Despite this, both exchanges provide valuable services, and the choice between the two will largely depend on individual user preferences.

We recommend choosing Newton over Netcoins 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 Netcoins 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.