Newton Review 2022 - Comparewise
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Newton Review 2022

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These days everyone is looking for the next big technological investment, which is why many people are investing so much of their money into cryptocurrency. Cryptocurrency can be a bit scary if you’re not educated in what it is, how it works and which is the best platform to trade cryptocurrency with. That’s where Newton Crypto comes in.

It’s marketed as a safe way for Canadians to exchange cryptocurrency through the Newton Crypto platform. But is Newton Crypto the right platform for you? We’ll tell you everything you need to know about the company and its services in our Newton review.

What is Newton Crypto?

Of course the first thing you’re probably wondering about while reading our Newton Crypto review is what Newton Crypto is.

Newton is a Canadian cryptocurrency exchange platform. In the early days of cryptocurrency, there was high demand for cryptocurrency investments, but users weren’t being able to find many quality cryptocurrency exchange platforms on the market. Newton swooped in and provided a great cryptocurrency exchange option.

It regularly adds new coins and features to its services to better meet the needs of its users. And it boasts several features that make it stand out from other platforms of its type, which we’ll discuss in the “Features” section of our Newton Crypto review.

Newton’s History and Reputation

Many savvy investors reading our Newton Crypto review are particularly concerned with learning about the history and reputation of the company before using it. This is a perfectly fair concern. After all, most people won’t even buy products on Amazon before reading the reviews, so it makes sense to learn about the reputation of a company.

Newton Crypto was started in 2018 by Dustin Walper. He started it as a way to fill the growing need for cryptocurrency platforms.

One of the most interesting things about Newton that we discovered while reading about it for our Newton Crypto review is that it’s named after Sir Isaac Newton. While many people know Isaac Newton as the father of modern physics, or for creating calculus, but that’s not why this company was named after him.

Instead, it was Newton’s groundbreaking techniques used to counterfeit money. Newton Crypto says they are inspired by Newton’s “dedication to fairness” and they’ve used that inspiration to build a financial platform that is fair, democratic and open.

Since its start, Newton Crypto has grown rapidly. It’s only been four years since it was started, and we found out while writing this Newton Crypto review that just last May they announced that they had more than 200,000 users on their platform. This is quite impressive considering that their LinkedIn profile says they have a mere 20 employees.

Newton-Mobile-App-Comparewise

Who Should Use Newton?

If you’ve been reading this Newton Crypto review and wondering whether or not it’s for you, we’ve got you covered. We’ll give you a breakdown of who can benefit the most from Newton Crypto’s services.

You should use Newton Crypto if:

  • You want a cryptocurrency exchange platform that offers a wide variety of altcoins.
  • You’re looking for a platform that offers inexpensive crypto withdrawls.
  • You’ve been searching for a crypto platform that provides low fees overall.
  • You’re interested in an app that has a sleek look.
  • You want a cryptocurrency exchange platform with a user-friendly app and website experience.

Is Newton Crypto Safe?

Of course one of the concerns of many people reading this Newton Crypto review is security. Security is always a concern when it comes to online financial transactions.

They are PIPEDA (Personal Information Protection and Electronic Documents Act)- Compliant, so you can be sure that your personal information is safe. They’ve also partnered with a Canadian security management company called PLAID to with the security workload by performing KYC (Know Your Customer) verification and integrating their bank with Newton Crypto which gives it direct bank integration.

They back up their keys in “a distributed manner”. That sounds really complicated, but it’s just a fancy way of saying that they make at least 3 copies to make sure that they aren’t ever completely lost.

We also found out while doing research for this Newton Crypto review that they’re regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and FinCEN in the United States. They have advanced security software for all of their digital assets, as well.

And they make daily off-site backups, which means that their information and software won’t be compromised in the event that something should to happen to their company headquarters.

Some of the user safety features we found while researching Newton’s security for our Newton Crypto review include 2-factor authentication through SMS or the Authy app, biometric app login using things like fingerprint logins, and a live system status page so that you can view the system, as well as any incidents, in real time.

Newton Review Desktop - Comparewise

Can Newton Crypto Be Used Outside of Canada?

Some readers outside Canada may be reading our Newton Crypto review and wondering if they can use Newton, as well.

Unfortunately, that’s not possible at this time. Newton Crypto caters exclusively to Canadian users. This may change in the future and they may open the platform to serve international users, but for now their platform is specifically for Canadian users. (Sorry!)

What Are Newton Crypto’s Signup Requirments?

Because they stipulate that they’ll only serve Canadian users, there are a few signup requirements you’ll need to meet before using Newton, so we wanted to cover them in our Newton Crypto review. Here are Newton Crypto’s signup requirements and information:

  • A Canadian phone number
  • Your name and contact information
  • A Canadian address
  • Selfie verification
  • Government ID

Newton Crypto Features

Now we come to the main portion of our Newton Crypto review: the features. We know that you want to know what Newton Crypto does before you decide whether or not you want to use it, so we’ll tell you all about their features.

Access on multiple devices or platforms

We found while writing out Newton Crypto review that you can access Newton Crypto from a computer using an internet browser, or by using their iOS or Android app. The app is quite user-friendly, with few tabs for you to figure out, and its dark theme makes it look sleek as well.

Newton-Crypto-Review-Features-Comparewise

More than 40 Cryptocurrencies

When you compare Newton Crypto to other Canadian cryptocurrency exchange platforms, you’ll notice that Newton features more coin types than other exchanges. They add new cryptocurrencies frequently, as well.

Simple Trade Interface

On the app you’ll notice that Newton provides you with a really simplistic way to buy and sell currency, and some simple charts. If you use the website, you’ll have access to extra features, two graph types, as well as some additional settings that aren’t offered in the app.

Instant Account Verification

One of the most interesting features we found while conducting research for our Newton Crypto review is that they verify accounts instantly. This makes creating accounts quick and easy.

This is most beneficial for people who are interested in trading on short-term movements when the price of Bitcoin is up, in which case your account is verified instantly and you don’t have to wait around on a lengthy account verification process to make your trades.

Third-Party Custody

Another important feature we found while researching the platform for our Newton Crypto review is their partnership with third-party custodian companies Fireblocks and Balance.

This means that your assets will be backed up in offline institutional-grade facilities. Newton has said that they will be transitioning over to Coinbase Custody at some point in the future, which will provide the same level of security.

Newton-Pro-Beta-Comparewise

Newton Cryptocurrencies

One of the things we wanted to cover in our Newton Crypto review is the cryptocurrencies that Newton currently offers. They offer more cryptocurrency types than other Canadian cryptocurrency exchange platforms, so it’s important that we list them all in our Newton Crypto review.

  • Bitcoin (BTC)
  • PAX Gold (PAXG)
  • Ethereum (ETH)
  • 0X (ZRX)
  • Ripple (XRP)
  • Axie Infinity (AXS)
  • Litecoin (LTC)
  • OMG Network (OMG)
  • Cardano (ADA)
  • Basic Attention (BAT)
  • Solana (SOL)
  • Zcash (ZEC)
  • Algorand (ALGO)
  • 1inch (1INCH)
  • Dogecoin (DOGE)
  • EOS
  • Terra (LUNA)
  • Kyber Network (KNC)
  • Terra USD (UST)
  • Decentraland (MANA)
  • USD Coin (USDC)
  • Ren (REN)
  • Tether (USDT)
  • Tezos (XTZ)
  • Stellar (XLM)
  • Fantom (FTM)
  • Bitcoin Cash (BCH)
  • Shiba Inu (SHIB)
  • Chainlink (LINK)
  • UMA (UMA)
  • Aave (AAVE)
  • The Graph (GRT)
  • Uniswap (UNI)
  • The Sandbox (SAND)
  • Polygon (MATIC)
  • Chiliz (CHZ)
  • SushiSwap (SUSHI)
  • Chromia (CHR)
  • Compound (COMP)
  • Avalanche (AVAX)
  • Curve DAO (CRV)
  • Hedera (HBAR)
  • Synthetix (SNX)
  • Loopring (LRC)
  • Dai (DAI)
  • Ankr (ANKR)
  • Yearn Finance (YFI)

Newton.co Fees

Newton Crypto markets itself as having “No-fee cryptocurrency brokerage”. However, we found during our research for this Newton Crypto review that they do, in fact, charge some fees. They don’t charge as much as other cryptocurrency exchange platforms in Canada, however so they’re quite competitively priced.

Here’s a breakdown of the fees you can expect from Newton Crypto:

  • Total BTC purchase fee (As of March 01, 2021): 0.69%
  • Trading Fees: Free
  • CAD Deposits: Free
  • CAD Withdrawls: Free
  • Crypto Withdrawls: Network fees, minus $5
Newton Exchange Platform Interface Website Comparewise - Comparewise

Spread

  • BTC Spread: 1.27%
  • BTC Buy Price: $62, 486
  • BTC Sell Price: $61, 701
  • Ref. Price Difference: Buy: +0.69%, Sell: -0.58%

When you take into account the total fee for buying Bitcoin on the Newton Crypto platform, it’s 0.69%, which places it in 4th place out of 15 total Canadian cryptocurrency exchange platforms that were compared.

Using these numbers we ran the math for our Newton Crypto review and found that you’d get $99.31 in Bitcoin for $100. Their competitors, NDAX and Wealthsimple Crypto would give you $99.50 and $96.52, respectively.

This makes Newton Crypto an inexpensive option with competitive pricing for Canadians who want to invest in cryptocurrency.

How Does Newton Crypto Make Money?

As we illustrated in the previous section of our Newton Crypto review, Newton Crypto isn’t entirely fee-free. But it can be confusing to some people how they make money without charging fees.

Newton Crypto makes the majority of its money on what is known as “the spread”. “The spread” is the term used to refer to the difference between the price charged to buy cryptocurrency and the price to sell cryptocurrencies.

Every cryptocurrency exchange platform will have a spread, and while we were doing research about various cryptocurrency exchange platforms for this Newton Crypto review, we found that it differs from platform to platform. So, this isn’t unique to Newton Crypto. It seems like a hidden fee, but it’s really not. It’s just not a fee that most inexperienced investors are aware of.

Newton Crypto says that theirs is typically between 0.5% and 0.7% which isn’t bad when compared to their competitors. But the thing that really sets them apart in regard to their spread is the fact that they’re so transparent about it.

We were pleasantly surprised during our research for this Newton Crypto review to find that they clearly display their spread in real time on their website for everyone to see, rather than hiding it and springing it on unsuspecting investors.

Newton.co Customer Service

One aspect of using a new cryptocurrency exchange platform is finding out whether or not they have customer service. That’s why we checked out the company’s customer service options for our Newton Crypto review.

Newton offers a few avenues to help you with any problem you may come across. They provide a knowledge base full of helpful articles, an FAQ section, tutorials to help guide you, as well as a site status page so that you can see if there are any sitewide issues. They also provide you with a simple way to submit a support ticket through their site. Their customer service team is available from 9AM-12AM EST Monday-Friday.

Newton Banner Crypto Comparewise - Comparewise

Newton Crypto Referral Program

We found an interesting opportunity while reading about Newton for this Newton Crypto review: their referral program. You can access their referral program once you’ve verified your account. They provide you with a link that is unique to you, which you can access through your settings.

You also have the ability to keep track of your referrals and see how much money you’ve made from them. You see, you can make $25 for each referral you make. The only catch is that the people you refer are required to make $100 in trades before it counts as an eligible referral.

Newton Pro

Another exciting service we found during our research for this Newton Crypto review is Newton Pro, which is currently in its Beta stage. It’s designed to serve professional traders, and users have to be approved to participate in the Beta test of the service. It’s currently offering 0.1% maker/taker fees, lower spreads, bigger liquidity.

The spreads in Newton Pro are advertised to be 4 times tighter than the ones featured in the retail version of Newton Crypto. If you want to apply for access to the beta of Newton Pro, go to your settings and put in an application.

Pros of Newton.coCons of Newton.co
+ Great for beginners
+ Instant trading
+ Lots of coins
+ Low fees
– Slow verification
– No advanced features

Drawbacks of Newton

We don’t want to just provide you with vague promises of how great Newton Crypto is and how you’ll love it. We instead want to provide you with an unbiased review, which involves telling you about the service’s shortcomings so that you can make an informed decision about whether this is the right platform for you.

Customer Service

If you’re looking for a platform that provides good customer service, then you should keep looking. Newton Crypto only provides customer service during a 3 hour window on business days, which isn’t convenient for anyone but them.

Other users who wrote reviews on Newton’s services have also stated that Newton’s customer support team takes days or weeks to get back in contact with you- if they do at all. So, they definitely need to do a customer service overhaul.

Newton Crypto Interface Comparewise - Comparewise

No Advanced Features

If you’re an advanced investor and you want a more robust set of features, then you aren’t going to like Newton Crypto’s features. They don’t feature things like a pro-trading terminal, advanced order types, or any other advanced features that could help customize your experience. They recently added a limit order option, but that’s the only advanced feature that they provide.

Verification is Slow

Sure, they say they offer instant account verification, but we found while writing this Newton Crypto review the truth is that when you first set up an account with Newton it can take days, or even weeks to set up a new account.

This goes back to the issue with their customer support because there aren’t enough people to verify each new account quickly and get you on your way.

This is going to be frustrating if you want to quickly make trades because you saw that Bitcoin was up. It can also be incredibly frustrating to new users who are eager to start using the app.

Exclusive to Canadian Users

Only users with a permanent Canadian residence can use Newton Crypto, which is an interesting hook. But, they’re losing a lot of customers by not branching out. There are people all over the world looking to invest in cryptocurrency, and they could even make money on the exchange rates if they catered to international users.

Stipulations for Withdrawing Cryptocurrency

You can’t withdraw any of your cryptocurrency until after the Fiat payments have cleared. So, this isn’t an instant process, but an unnecessarily lengthy and time-consuming one. While they don’t charge for withdrawing cryptocurrency, it’s still a hassle.

Alternatives to Newton Crypto

We feel that we can’t provide you with a fair and unbiased Newton Crypto review without also telling you about some alternatives that you can consider. Newton isn’t for everyone, after all.

Here are some alternatives to Newton Crypto:

Bitbuy

  • Serves 350,000+ Canadians
  • Over $4 billion traded
  • Refer a friend and get $40
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Bitbuy

Bitbuy is a good option if you’re interested in quick exchanges or low rates. You can use Bitbuy Express to quickly purchase cryptocurrency. The drawback is that they charge a 0.2% fee for fast purchases.

Bitbuy Pros - Comparewise

And Bitbuy Pro provides users with a 0.1% maker fee, and a 0.2% taker fee. Bitbuy offers customer support both through email and by phone, and they have an excellent customer service reputation, as well.

Coinbase

  • Access the Coinbase app and card
  • Get a $5 welcome bonus when you sign up
  • Build your crypto portfolio and earn funds
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Coinbase

If you want to get started quickly then Coinbase is the way to go. You can register and get started in a minute or less. They don’t charge any deposit or withdrawl fees, and they’re the only exchange platform that’s trusted by Canadian government municipalities.

Coinbase1 - Comparewise

You can use Coinbase’s Autopilot feature to set up daily, weekly or monthly purchases, which automates the buying process.

Binance

Binance is known for being the cryptocurrency exchange platform with the most altcoins, and currently has more than 350. It has low fees (0.1%!) and tight spreads that will please any investor. And they have a slew of advanced features that Newton Crypto doesn’t offer.

Binance-Comparewise

But, while we were checking them out as an alternative for our Newton Crypto review, we found that they won’t allow you to connect a Canadian bank account, and they don’t support Canadian cryptocurrencies.

This can be worked around by purchasing your cryptocurrency on another platform and then sending them to your Binance account, however. But they don’t provide service to Ontario at all, which is bad news for residents there.

NDAX

NDAX offers the lowest fees of any cryptocurrency platform in Canada, so they have Newton Crypto beat on that front. They also offer 24/7 customer support, which Newton could benefit from. They also have advanced buying features that allow you to set up recurring purchases to fit your budget. And to top it all their verification process is faster than Newton’s.

Newton Review Conclusion

Newton Crypto can be a great option for new investors. The fact that they don’t have many advanced features isn’t necessarily a bad thing when it comes to inexperienced investors. Of course, there are some drawbacks that were revealed to us during the course of our research for this Newton Crypto review, with the major one being their complete lack of customer service.

But if you’re looking to start investing in cryptocurrency and get your feet wet, and you don’t feel like you need much customer support, then Newton Crypto may be a good choice for you.

They certainly have competitive rates, and the fact that they don’t charge fees for crypto deposits or withdrawls makes them an attractive choice for many users. More seasoned investors will be interested in the lower rates offered by the Newton Pro service, and should sign up for the Beta.

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FAQ's about Newton Crypto

What is Newton Crypto?

Newton is a Canadian cryptocurrency exchange platform. In the early days of cryptocurrency, there was high demand for cryptocurrency investments, but users weren’t being able to find many quality cryptocurrency exchange platforms on the market. Newton swooped in and provided a great cryptocurrency exchange option.

Who Should Use Newton?

You should use Newton Crypto if:

  • You want a cryptocurrency exchange platform that offers a wide variety of altcoins.
  • You’re looking for a platform that offers inexpensive crypto withdrawls.
  • You’ve been searching for a crypto platform that provides low fees overall.
  • You’re interested in an app that has a sleek look.
  • You want a cryptocurrency exchange platform with a user-friendly app and website experience.
Is Newton Crypto safe?

Yes, Newton is PIPEDA (Personal Information Protection and Electronic Documents Act) compliant, so you can be sure that your personal information is safe. They’ve also partnered with a Canadian security management company called PLAID to with the security workload by performing KYC (Know Your Customer) verification and integrating their bank with Newton Crypto which gives it direct bank integration.

Can Newton Crypto be used outside of Canada?

Unfortunately, that’s not possible at this time. Newton Crypto caters exclusively to Canadian users. This may change in the future and they may open the platform to serve international users, but for now their platform is specifically for Canadian users. (Sorry!)

What do you need to sign up with Newton Crypto?

Here are Newton Crypto’s signup requirements and information:

  • A Canadian phone number
  • Your name and contact information
  • A Canadian address
  • Selfie verification
  • Government ID
How much does Newton Crypto cost?

Here’s a breakdown of the fees you can expect from Newton Crypto:

  • Total BTC purchase fee (As of March 01, 2021): 0.69%
  • Trading Fees: Free
  • CAD Deposits: Free
  • CAD Withdrawls: Free
  • Crypto Withdrawls: Network fees, minus $5
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Newton Review 2022

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May 5, 2022
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