Newton Exchange Review 2022
Making Crypto Simple
Newton is a Canadian cryptocurrency exchange that focuses on the effortless trading of cryptos. The exchange provides numerous beneficial services, like fee-free exchange of crypto coins for CAD, competitive spreads, high liquidity, third-party custody, as well as instantaneous account authentication.
This review will go over all of the advantages and disadvantages of utilizing this trading platform, including its regulations and safety, trading products, whether the exchange provides good customer support or not, and other vital aspects.
About the Newton Crypto Exchange
The name of this Toronto-based exchange, named after the renewed mathematician Isaac Newton, refers to a lesser-known aspect of Newton’s career. In particular, while serving as Master of the Royal Mint, Isaak Newton became a pioneer in developing techniques for stamping out fake money.
Taking inspiration from Newton’s commitment to righteousness, in 2018, the team of developers behind this Canadian crypto initiative led by Dustin Walper set out on a quest to make the world’s financial system a more transparent, equitable, and democratic environment for everyone.
It’s quite simple to get started with the Newton exchange. All you have to do is register an account, get it instantly confirmed, fund your account with fiat currency or cryptocurrency, and embark on your crypto journey.
Newton focuses on the most potent cryptocurrencies with a long-range development plan and active community to ensure deep liquidity for its users. With over 60 backed crypto projects, the exchange offers some of the most extensive crypto listings among Canadian exchanges.
Some of the coins you can trade through the Newton platform include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Polkadot (DOT), Dogecoin (DOGE), SushiSwap (SUSHI), USD Coin (USDC), Tether (USDT), Litecoin (LTC), Axie Infinity (AXS), Synthetix (SNX), Monero (XMR), Stellar Lumens (XLM), and more.
Newton allows you to fund your account in various ways, including Interac e-Transfers, wire transfers, external wallet transfers, or by connecting your bank account with your Newton account for a smooth transfer of funds.
Also, you will incur no additional fees while transferring cryptocurrencies in and out of your account. Even the network fee, amounting to 5 CAD, will be compensated by the exchange.
Newton lacks debit/credit card support, so if you prefer card payments, you might have to turn to a different platform such as Bybit, another Canadian-based exchange with low fees and an easy-to-use platform.
Trading Fees and Limits
All deposits and withdrawals on the Newton exchange are free, as well as all crypto-to-crypto transactions. The exchange also covered the mining fees at the outset of its operation.
However, since the mining prices have recently skyrocketed, the Newton executives have been compelled to apply a tiny network fee for every crypto transaction worth more than 5 CAD. As previously stated, the exchange covers the network price up to this amount through its dynamic fee program labelled as Surge Pricing.
Since it only offers basic buy and sell products, this trading platform is aimed at newbies or traders that prefer simplicity in crypto trading. By the same token, advanced traders could feel their hands tied before Newton’s lack of complex functionality, order books, recurring payments, and other sophisticated trading tools.
On the other hand, you still get to trade some of the most liquid and popular cryptocurrencies on the market with ease and save some extra time thanks to the user-friendly platform. Experienced investors can also use the limit order feature to lock in the price of their investment by specifying how much they want to spend on a certain token.
Is Newton Safe to Use?
Newton’s fintech engineers are well aware of the specific hazards associated with virtual currency. Hence, most of the digital currencies handled by the exchange are housed in institutional-grade storage vaults that are not connected to the Internet.
Besides, the platform includes a direct bank integration to help reduce fraudulent behaviour, and there are daily off-site backups, bank-level storage for your digital assets, and a two-factor authentication protocol. Also, all user information obtained by Newton exchange is retained in Canada to ensure the maximum security of your shared data.
On top of that, Newton has partnered with third-party custodian Balance to provide distributed cold storage with high-quality hardware security modules, private key management conducted offline, and transaction signatures as an additional security layer for users’ digital assets.
Newton has a Customer Success Team that ensures that you successfully complete your crypto trades through this platform. To do so, contact the support staff via the in-app help chat and provide them with the date, time, amount, and asset type of your transaction (or verification) so they can address your issue as soon as possible.
Alternatively, you can contact them through email or search the Newton knowledge base for the answer you are looking for.
Pros & Cons
- No deposit or withdrawal fees;
- Instant verification;
- User-friendly platform;
- Cold storage for the funds;
- Uncluttered user interface suitable for beginners;
- Wide cryptocurrency selection.
- Not suitable for professional traders;
- Lack of support for credit and debit card purchases;
- CAD is the only supported fiat currency.
If you’re looking for a beginner-friendly cryptocurrency trading platform in Canada, Newton is a good option as it allows you to easily pick your favourite coin from a wide range of cryptocurrencies without having to break a bank. Regulated with the highest financial authorities in Canada, Newton promises a safe trading experience for all crypto investors who like to engage in the market by simply buying or selling cryptos.
That being said, selecting the best crypto exchange entails various factors that must align with the trader’s needs, so always choose your crypto exchange according to your established criteria.
Frequently Asked Questions
Newton is a regulated exchange that employs the Know Your Customer (KYC) protocol, so please keep in mind that you will be required to supply some sensitive data and personal documents to validate your trading account, including:
- A verified email address;
- Canadian phone number;
- Your full name and surname;
- Address of residence;
- Contact information;
- Government ID;
- Selfie verification.
Yes. The Newton cryptocurrency exchange has a mobile app that is compatible with both Android and iOS devices, allowing you to use the trading options available on the exchange’s online platform, including the ability to place a limited order.
Newton’s referral program rewards you for recommending friends to the site. You can invite your friends to Newton by going to the Referrals tab on the Newton instrument panel. There you’ll find the referral link that you can share with your connections. When one of your referrals registers with the exchange and makes a qualifying crypto purchase or sale of 100 CAD, you’ll earn a 25 CAD incentive.
On the Newton dashboard, you can see how much money you’ve made through the referral program and how many of your friends used your links to the exchange.
This Canadian exchange complies with all existing and future Canadian rules and legislation. Newton is regarded as a certified money business service (MSB) registered with the Financial Transactions and Reporting Act (FINTRAC). Aside from that, the exchange complies with PIPEDA regulations and provides exportable tax reports.