With so many options it can be difficult to find the right cryptocurrency exchange to use, especially if you are new to the space. You want to make sure that its easy to use, reliable, secure, and not too expensive! While there are many options for Canadians to choose from, I found Newton to be the best and the one I recommend to friends. It is great for both beginners and experienced users alike and offers several features to make your crypto journey an enjoyable one! If this piques your interest, consider signing-up with Newton using our referral link to get $25 for free after your first transaction of $100 or more. Now, Let’s take a closer look and see why Newton is the best way to buy crypto in Canada.
Beginner Friendly And Easy To Use
The largest hurdle facing cryptocurrency adoption is its perceived difficulty and complexity. Newton makes buying/selling crypto easy with an intuitive interface and simple process.
Getting started on Newton is simple. Signing up requires an e-mail address, phone number and government ID. This process usually takes less than 1 hour to complete and then users can instantly begin trading.
The first step is funding your account with Canadian Dollars. Newton offers simple solutions for deposits via E-transfers and bank deposits. An E-transfer is typically processed within 30 minutes and a direct bank deposit can take 3-4 days. However, if you choose to use a direct bank deposit, Newton gives your account credit so that you can immediately trade your funds but will be unable to withdraw until your funds arrive. This entire process has no fees, so it is not only quick but also free! Withdrawing dollars to your bank account is just as easy and can also be done through an E-transfer or bank deposit.
The Newton user interface has a clean modern design with a simple layout that makes it easy to use for beginners
After funding, users can trade with a couple of clicks through the dashboard. Simply select what you would like to trade and enter how much you would like to trade. Then choose which coin you want to get and, voila you’ve completed the trade instantly. This simple process makes it easy for anyone to get their hands on crypto.
Part of what makes Newton easy to use is their modernly designed website and user interface. There isn’t too much information overwhelming users, and everything is laid out elegantly. This makes it fun to use their exchange and keeps it from becoming a chore. They also offer an app for IOS and Android which makes it easy to trade wherever you are.
Overall, Newton provides a clean and simple experience for those new to crypto and enthusiasts alike.
A Good Selection Of Coins
Newton also offers users access to a strong stable of cryptocurrencies to trade. These include Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), Lumens (XLM), Monero (XMR), USDC, Tether (USDT) and QCAD. In this roster are important coins in the top 20, by market cap, along with some commonly used stablecoins such as USDC and USDT.
Newton offers many commonly used cryptocurrencies for trading but not everything is available
This selection provides variety but also doesn’t overwhelm beginners with the full plethora of what crypto can offer, many of which are higher risk, useless or fraudulent. This selection may not appeal to more experienced users but Newton minimizes this concern by offering free withdrawals. This means, users could use Newton as a fiat gateway to purchase cryptocurrency and then transfer it to a wallet address on a different exchange to get crypto of their choosing.
Free withdrawals are especially useful for individuals who dollar cost average and make small crypto purchases. Typically, crypto network fees can cost upwards of $5, which can add up over several transactions. Free transfers are helpful for moving coins to private wallets, for additional security, or to other exchanges to take advantage of trading and interest-bearing accounts.
Low Fees And Free Withdrawals
The cost of using Newton is low and you only pay the 0.5% spread between the bid and ask quotes
When it comes to costs, Newton provides one of, if not the cheapest, fees in North America. Many exchanges claim to offer low or even no fees but carry hidden costs. Some of these costs include hefty withdrawal fees, flat purchase fees and large bid/ask spreads. Be wary of exchanges that offer 0 fees since they typically will sell overpriced and buy underpriced crypto well beyond the fair market value. After all, exchanges still need to look for a way to be profitable! When it comes to cost, Newton’s trading cost is only about 0.5%. This cost is found in the quoted buy and sell price for each crypto they offer. This means that buying $100 worth of BTC only costs $0.5. Since Newton offers free withdrawals, this trading fee is the only cost users pay for using their exchange.
Well Secured and Reliable Service
Crypto is full of horror stories involving hacks, scams and poor user experiences. Luckily, Newton provides some peace of mind with their service. Firstly, your Newton account is protected with 2-Factor Authentication which helps protect against unwanted logins.
Furthermore, user crypto funds are secured with 3rd party custody solutions, multi-signature transactions and cold-storage encryption. Additionally, they are PIPEDA compliant to protect your privacy and FINTRAC-regulated. This means they are accountable to Canadian standards used to protect consumers. They are also a Canadian company and thus are required to adhere to high regulatory standards.
As a Canadian company, Newton is held to high standards and employs a high level of security with 3rd party custodians. However, you can also move funds to a private wallet for free (zero-fee withdrawals) for added protection.
However, if you wish to keep your funds more secure you can always withdraw it to your private wallet thanks to the zero fee withdrawals.
Newton also offers great support to help when problems arise. I have personally come across a few instances where things didn’t work as they should and submitted tickets to help resolve the problem. Within 24 – 48 hours I’ve received help and managed to get my problem resolved through e-mail.
Overall, Newton is quite secure and enable users an accessible way for further protect their crypto.
Things to consider before using Newton
Although, the selection of coins offered by Newton is somewhat sparse, many major coins such as Tezos (XTZ), Chainlink (LINK) and Polkadot (DOT) are not currently offered. Given their adherence to regulatory standards it also means that they will take longer, and possible never, offer certain coins. This is a disadvantage for users who want to use Newton for their reliability/security and are unwilling to move their funds to larger, less regulated exchanges to trade. However, free withdrawals make it easy for experienced users to acquire their coins of choice.
Additionally, signing up on and using Newton requires KYC (Know-your-customer) information. For avid crypto enthusiasts this can be a deal-breaker. One of the fundamental principles underlying crypto is the privacy and autonomy it provides. However, as a Canadian regulated business, Newton is obligated to know who is using their exchange to prevent illegal activity. The KYC process is relatively quick and requires uploading a piece of ID such as your driver’s licence or passport. This is standard across most Canadian exchanges and even the largest crypto exchanges also require KYC.
Another potential deal-breaker is how Newton handles direct bank deposits. Newton uses a 3rd party company called Plaid to manage deposits. This requires users to provide their Bank account’s online login information to Plaid. Newton does not keep track or store any banking details. Plaid is a mainstream institutional service and ensures that client information is encrypted and protected. However, not everyone is willing to trust their banking login information with a 3rd party. Luckily, Newton has recently implemented E-transfers which can help users bypass bank deposits if they choose.
Although, there are a few disadvantages with Newton, there aren’t any major deal-breakers that aren’t outweighed by the advantages.
The Final Verdict
Overall, despite some of Newton’s shortcomings, their exchange is one of the best, period. They offer a great user experience, a good selection of coins, low trading fees, free withdrawals and a high standard of security and compliance.
Beginners will find the process of signing-up and exchanging their dollars into crypto a breeze. More advanced users will enjoy the ability to make free withdrawals very useful for moving funds to other crypto services. It is especially useful for investors looking to make small regular purchases (dollar-cost-averaging) and withdrawing to interest bearing accounts such as those offered by NEXO, Celsius and Blockfi.
For these reasons, Newton is my number 1 recommended cryptocurrency exchange for Canadians. They provide a great experience and the best way to buy crypto in Canada. Don’t just take my word for it, try it for yourself!
If you’re interested in using Newton, sign-up with our referral link to get $25 for free after your first transaction of $100 or more.
- Newton is an excellent exchange for those looking to get into crytpo and advanced users alike
- The interface is user-friendly, modern and there is also a mobile app for trading on the go
- The coin selection is great with many major coins such as BTC, ETH, LTC, XRP and USDT
- The cost of using Newton is very low. The only fee they charge is a 0.5% per trade (through the bid-ask spread) and withdrawals are free
- As a Canadian company, Newton complies with regulation and user funds are secure
- Some disadvantages of using Newton is some major coins are not offered (i.e. XTZ , ADA, etc.), KYC is required, and direct deposits require sharing banking login information with Plaid
- Overall, Newton currently provides the best crypto exchange service in Canada and should be on the radar for those looking to invest
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