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.
Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication.
In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available.
Newton leverages a mix of cold storage and institutional hot wallets for securing digital assets, with the majority kept offline. Additional security measures include biometric authentication, multi-factor authentication, and withdrawal whitelist features. Wealthsimple Crypto insures its coins for $200 million through the Gemini Trust Company LLC™. Login security can be enhanced using Touch ID or Face ID. However, as of the provided information, Wealthsimple Crypto lacks Two-factor authentication, which might be a concern for some users.
Regulatory Compliance
Newton is fully compliant with FINTRAC regulations in Canada.
Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform in Canada.
Newton complies with Canadian regulations as a registered money service business with both FINTRAC in Canada and FINCEN in the U.S.
Wealthsimple, too, is fully compliant with all Canadian provinces' regulations. It has been a trustworthy brokerage dealing in securities since 2016 and launched its crypto accounts in 2020.
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.
Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly.
Newton provides user support via email and live chat on their website, along with a detailed FAQ section on their site for self-help.
Wealthsimple Crypto has a more robust support system, offering 24/7 live chat, email, and phone support. They also host a comprehensive help centre on their website and within their app.
Conclusion
While both Newton and Wealthsimple Crypto are commendable platforms with their unique strengths, Newton emerges as the winner in this comparison. Its broader range of supported cryptocurrencies, lower transaction fees, and robust security measures outshine the competition. However, Wealthsimple Crypto's integration with the existing Wealthsimple platform, which brings a level of convenience and familiarity, might be more appealing to some users.
When comparing Newton to Wealthsimple Crypto, one notable advantage is the Recurring Buys feature. This allows users to automate crypto purchases at regular intervals, making it easier to invest consistently over time. Additionally, Newton has partnered with Koinly, a leading crypto tax platform, simplifying tax reporting with seamless integration. These features are especially beneficial for users looking for a hands-off approach to crypto investing and tax management, giving Newton a distinct edge over many competitors that don’t offer these conveniences.
Wealthsimple Crypto has recently enhanced its platform to better compete with other exchanges. The introduction of crypto swaps allows users to exchange one cryptocurrency for another directly, reducing trading fees and streamlining the process. With support now extended to over 60 different coins, investors have a broader selection to choose from. Additionally, Wealthsimple offers staking options with potential annual yields of up to 11%, providing an opportunity for passive income that may surpass offerings from other exchanges. The platform has also addressed past limitations by enabling users to send and receive cryptocurrencies to and from external wallets, significantly improving flexibility and aligning with features commonly found on other leading platforms.
We recommend choosing Newton over Wealthsimple Crypto 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 Wealthsimple Crypto 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.
