Newton Exchange

Newton Overview

Newton is a Canadian-based exchange which claims to be Canada's trusted low-cost crypto trading platform. Security is one of the top priorities at Newton as they perform daily off-site backups on institutional-grade storage for their customer's digital assets. Customer data is stored in Canada, and Newton is PIPEDA (Personal Information Protection and Electronic Documents Act) compliant. Newton is also FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) registered MSB (Money services businesses). The exchange also highlights its features on their website such as competitive spreads, high liquidity, and no commission fees. After using their web and iOS platform for almost a month, I really enjoy the sleek, uniform, and friendly interface which is great for beginners looking to build their wealth with crypto.

Currencies

As a Canadian-based exchange, Newton provides a simple experience of depositing Canadian funds to buy and sell cryptocurrencies. Our favourite funding method is requesting funds from yourself via e-transfer. The process was seamless and easy to follow, and I was able to deposit money into my account in under ten minutes - my second deposit took about 30 minutes. Newton also partnered with PLAID, a Canadian security management company, using their direct bank integration for a quick and safe deposits and withdrawal. Personally I did not link my banking information as I was happy with using e-transfers.

Newton also offers an expanding selection of cryptocurrencies to purchase, currently offering about 60 coins/token and counting, more than enough to diversify and build your wealth.

Services

Newton offers a very user-friendly trading experience across multiple devices, whether it is on PC, iOS or on Android. The platform started off only offering basic market trades between Canadian dollar and the growing choice of cryptocurrencies offered. As of February 1st, 2022, Newton has added limit trading options to its platform which was well received by their user base. I would love to see reoccurring buys added next to help beginners who want to dollar-cost average into cryptocurrencies.

The exchange also offers a Newton Pro API platform that is still in beta which offers 0.1% maker/taker fees, high liquidity and free institutional custody. We would love to try their Pro platform and share our experience, but it is currently in beta and paused to make room for big changes.

As the exchange grows, we would love to see Newton offer staking and interest bearing options for their Canadian users. As it stands, Newton is still a great platform for beginners to onboard into crypto, offering a wide selection of coins and tokens.

Fees

Funding and withdrawal of Canadian dollars is absolutely free on Newton which is common with other exchanges using e-transfers. As for trading cryptocurrencies, Newton boasts no commission fees and therefore there is no fee attached to every trade. However, Newton is still a business and profits from every transaction through spreads, much like any other exchange - the purchase and selling price will be different than the shown market price of the cryptocurrency. From our trades on the platform, the spreads are reasonable and we found to be typically within the range of 0.5% or 1% of the total price.

Withdrawals of cryptocurrencies to your personal wallet also costs fees. This fee is not collected by Newton but the underlying miners or validators of the blockchain. What's awesome about Newton is that they offer to cover up to $5 of this fee for you which is great if you plan to take custody of your own crypto or to explore web3 and DeFi.

Overall Experiences

My experience with Newton exchange was mostly positive. Signing up and getting through KYC (Know Your Customer) was rather quick, although I have heard some users taking a bit longer to be approved. Requesting e-transfer was a lot faster than other exchanges where you manually send the e-transfer, plus it also eliminates the human-error aspect of entering the wrong message or secret question/answer.

My only hiccup with the exchange is not receiving my $25 referral bonus which I was able to resolve by contacting customer service. If you do choose to join Newton, use our referral code 5VO2U0 to receive $25 to help jumpstart building your wealth with crypto. You must trade $100 within 90 days according to their referral program.