Security Compliance
Newton holds 80% of client assets offline in custodial cold storage with Coinbase and the remaining 20% in hot wallets secured by Fireblocks, with crypto assets covered by an insurance policy. Customer data is stored on Canadian servers with daily offsite backups, and the platform is tested internally every month and externally every year for vulnerabilities. Mandatory two-factor authentication and direct bank integration round out fraud protection.
Wealthsimple Crypto requires new customers to complete KYC before trading and supports two-factor authentication, along with Touch ID or Face ID for convenient logins. Client crypto is held in cold storage by regulated custodian Gemini Trust Company, backed by insurance and a Coincover partnership for asset recovery. One transparency note: Wealthsimple disclosed a data breach in September 2025 via a third-party supply chain attack, where some personal data was affected but no funds were stolen.
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 regulated by the Canadian Securities Administrators, FINTRAC, and securities regulators in every province and territory, a major step up from its early days as a FINTRAC-only MSB. It was among the first Canadian exchanges to pursue securities registration, and its affiliation with DV Trading adds institutional market-making depth behind its pricing.
Wealthsimple Crypto holds the strongest regulatory position in Canadian crypto: it is the country's only CIRO-registered crypto investment dealer and is listed by the CSA as an authorized platform. Eligible fiat balances are covered by the Canadian Investor Protection Fund up to $1 million, though crypto assets themselves fall outside CIPF coverage. Wealthsimple has been a staple of Canadian investing since 2014 and manages tens of billions in assets.
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 centre on its website, with support handled through online tickets. There's no phone or live chat, and its middling Trustpilot score mostly reflects slow support and ID-verification frustrations rather than fund-safety issues. For simple buy-and-hold users the support model is adequate; anyone who values a human on demand should look at NDAX or Netcoins instead.
Wealthsimple has a comprehensive help centre on its website and in-app, covering both crypto basics and platform how-tos. Support runs through live chat and email around the clock, and quality is well regarded, though there's no dedicated phone line for crypto issues. One tax perk worth knowing: the app provides a downloadable crypto realized gain/loss report that imports cleanly into tax software.
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.
