Newton is a Canadian cryptocurrency exchange so we signed up to try it out and see if it’s worth using. Here’s our Newton review.
Newton Quick Summary
Named after Sir Issac Newton, Newton is Canada’s first “no-fee” cryptocurrency exchange. Usually, if an exchange offers free fiat deposits and withdrawals, they still charge for crypto withdrawals and trades to cover mining costs and network fees. With Newton, none of that exists.
On Newton’s exchange, you can make deposits via Interac e-Transfer and you have a wide choice of coins to choose from. You can purchase Bitcoin, Ethereum, Litecoin, XRP, Stellar Lumens, Bitcoin Cash, Dogecoin, USDC, USDT, Chainlink, Aave, Axie Infinity, Yearn.Finance, BAT, Pax Gold, Uniswap, Enjin Coin, QCAD, Polygon, Compound, SushiSwap, Curve, Synthetix, Dai, Maker Dao, and Polkadot.
- No fees
- You can export a T5 statement
- Clean, user-friendly interface
- Wide selection of altcoins
- Tight spread
- Newton Pro still in the beta stage
- No live chat support
- No credit card purchases
- You can only deposit CAD
Newton has a clean, beginner-friendly interface. Its modern, yet professional look makes it appealing for first-time investors. The exchange offers slightly more advanced charting and orders than you might normally get for a beginner-friendly exchange. When clicking on the name of a cryptocurrency, you are presented with this screen which may seem a little daunting for those just getting started.
Newton Pro is currently in beta mode, but you can request access via its public API now. Newton Pro will feature all the advanced order types and charting that experienced investors look for. It also has some of the lowest spreads and maker and taker fees out there.
Newton’s main feature, however, is its no-fee stance. It’s rare to find a cryptocurrency exchange that doesn’t at least charge you the full cost of network fees, but Newton covers them up to $5.
Newton Registration & Verification
Registering on Newton is a simple process. First, enter your email address and a password. Confirm your email and then you’ll be asked to set up two-factor authentication. It’s good that Newton forces you to do this because it helps keep your account secure. Unfortunately, not enough people take advantage of 2FA.
Next, you’ll need to fill out more personal details such as name and date of birth, then provide images of a government-issued ID. Next, you’ll need to move your head to have your face captured by their software. There’s no selfie needed. We were automatically verified and could start depositing funds to Newton right away. Usually, we would need to upload additional documents such as proof of address, so verifying on Newton was a breeze.
Newton doesn’t charge for deposits and withdrawals. There’s no commission and they cover network fees up to $5. When network fees are high, as they have been recently, you will have to pay the remainder.
How Does Newton Make Money?
Newton makes money on the spread. This is the difference between the buy and sell price, and Newton claims that because they buy and sell directly from users, it allows them to take advantage of the difference. Newton technically isn’t a crypto exchange, it’s a broker. With a crypto exchange, users buy and sell from each other, but with a broker such as Newton, it buys from its users and sells to them itself with a difference between the buy and sell price. This difference (the spread) is what makes Newton money.
Newton proudly claims that their platform is 2-3x lower than other crypto exchanges available for Canadians. For comparison to other “no fee” Canadian exchanges, Shakepay’s spread is between 1.2% to 2.5% and Wealthsimple’s is 1.5% to 2%, which does make Newton the cheaper option. Bitbuy’s fee is 0.2%, which is cheaper, but they also charge a 1.50% deposit and withdrawal fee, which overall makes it more expensive to use. Newton’s current spreads can be found here.
- 0% CAD funding
- 0% CAD withdrawal
- 0% crypto deposit/withdrawals (up to $5 network fee waived)
- No commissions or trading fees
- 0.40% to 0.74% spread
Newton Currencies And deposit Methods
Newton only accepts fiat deposits in Canadian dollars. You can make deposits via Interac e-Transfer, pre-approved debit cards, wire transfer, and crypto. You can also directly link your bank account to make faster deposits and to reduce the risk of fraud.
Newton Security and Safety
Is Newton safe for Canadians to use? Newton is compliant with FINTRAC regulations 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. However, Newton doesn’t give any details about what percentage of the digital assets are kept in cold storage. This is something we would appreciate more transparency about. For example, Bitbuy clearly states these details, as a result, we would consider Bitbuy over Newton when it comes to security & safety.
Newton Mobile and Desktop app
Newton’s app offers a beginner-friendly interface. Its iOS app has a rating of 4.4 stars with 5.6k reviews, and its Android app has a rating of 2.9 stars with 900 reviews. Some users of Newton’s Android app have complained of deposits taking too long to show up, slow customer service, and a frustrating login process.
Newton Design and Usability
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.
Once you’re logged in, there’s not much to see.
You can select to add or withdraw funds or click on the name of any of their coins to see charting information.
Using the menu in the top-right corner, you can access support, account settings, your 2FA method, and connect your bank account.
The app is almost exactly the same, the only difference being the layout is optimized for mobiles.
Newton Customer support
Newton has a knowledge base on its website that can answer common questions you might have. However, when clicking the “get help” button, a virtual assistant chat box pops up. This is rather frustrating if you are looking to directly contact Newton. To submit a support ticket, you have to go to the knowledge centre and then click the “submit a request” button at the top of the page. Their support team is available on weekdays and weekends. We reached out to see how quickly the support team would respond and they replied within an impressive four hours.
Newton is a refreshing and modern cryptocurrency exchange for Canadians. The fact that it has no fees and tight spreads is a huge plus. Its sleek platform and mobile app make it a joy to use. We liked the efficient automatic verification process and Newton’s serious stance on security.
While its Android app has let some users down, the iOS app and desktop platform are simple enough to use and soon Newton Pro will be available which will offer more advanced features. We were also hugely impressed by their swift response from their customer service team.