Newton is a relatively recent cryptocurrency exchange that is based in Canada.
As the exchange adds new features and coins on a regular basis, it is growing in popularity. Newton’s user interface is professional and crisp. This gives users a sense of trust and appreciation for Newton’s attention to detail. It is not easy to create a refined user experience in cryptocurrency.
What Is Newton?
Newton, a Canadian cryptocurrency exchange, is located in Toronto. It offers a wide variety of coins and a nearly zero commission on trades. Although it was founded in 2018, it is still one of the most popular exchanges in Canada. It has over 100,000 users and continues to grow in the Canadian market.
It claims to be a low-cost platform for cryptocurrency trading that works on a spread between ask and bid pricing. Although it boasts more than 68 different cryptocurrency, it lacks the advanced trading options that are available on larger exchanges. Newton has now launched multi-chain support and has limit orders functionality on web and desktop apps.
Balance, a third-party institution-grade storage partner, secures the exchange. It boasts a large liquidity pool, an easy-to-use UI, and an instant verification process. It is a great cryptocurrency exchange for beginners, but it also offers value to experienced traders.
- This is the first cryptocurrency exchange you have used. Newton is an easy-to-use cryptocurrency exchange.
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It does not charge trading fees and offers instant verification.
- Switching exchanges. There are many coins available and there are no trading fees. This makes it a popular choice over other exchanges. Newton does not have the advanced trading features of larger cryptocurrency exchanges.
How Does This Exchange Work?
Users should be aware of the fact that cryptocurrency purchased from other exchanges is stored in their digital wallets. This platform allows them to transfer their coins into the best cryptocurrency wallet on the platform.
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78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.
CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Newton only supports Canadian Dollars. If the user wishes to use cryptos they will first need to convert them to Canadian Dollars and verify their identity. The user should link their trading account with their bank account. To use the Newton exchange, the user must visit the Newton website and click the login button. You can either log in to your existing account or create a new one. Next, the user will need to provide their email address and password.
Users are asked to use strong passwords that include numbers, symbols, letters and symbols in both uppercase and lowercase. Before clicking the “get started”, the user must read and agree to the terms and conditions as well as the platform’s privacy policies.
Sign Up To Newton
Newton’s sign-up process is quite typical. The KYC process involves hooking up your bank account with plaid. To protect your account, the exchange recommends that you set up 2FA. This is a must-have, since an attacker could transfer funds from your Newton bank account to your account if your bank account has been connected through plaid. It is easy to use and well-structured, which makes it a pleasant user experience.
Newton Features
No transaction fees
Newton does not charge fees for trading, withdrawals, or deposit fees. Newton earns its money instead through spreads. These spreads are always transparently displayed on Newton’s website.
You can see that Newton’s spreads are generally between 0.60% and 1.00%. They don’t charge trading fees so this is the only thing you’ll pay.
Third Party Custody
Newton has third-party custodian relationships with Fireblocks and Balance. This means that their users’ digital assets are kept under cold (offline storage) at institutional-grade storage facilities. In the future, it will transition to Coinbase Custody which provides an equal level of security.
This is a vital security feature as cold storage makes it nearly impossible for digital assets to be stolen, hacked, or altered. The exchange also maintains direct bank integrations and performs daily offsite backups. This helps to minimize fraud and protect your crypto.
Referral Program
Newton’s referral program lets you invite your friends to the platform, and earn rewards.
You can invite your friends to Newton by going to the Referrals tab of the Newton dashboard. You’ll each earn $25 if they sign up and spend $100 to buy or sell.
Newton Fees
Newton is a “no-fee cryptocurrency brokerage” and charges comparable fees to other Canadian cryptocurrency exchanges. Users do not have to pay taker or maker fees for the Newton exchange. However, they must pay the spread. The spread average is between 0.50% and 0.70%.
The withdrawal fee is one of the most important fees Newton users need to consider when using any platform. The withdrawal fee is set regardless of how many crypto units are withdrawn. The withdrawal fee varies depending on cryptocurrency, but at Newton exchange it is not charged any fees. When sending crypto to another platform, the user must pay network fees.
Based on current network pressure, the network fee fluctuates daily. It is still significantly lower than the average global withdrawal fee.
Newton exchange charges no fees for deposits and does not charge a flat fee to execute trades. Spreads can be set by the user and range from 0.50% up to 1% of total price.
Newton exchange has created Surge pricing, which does not charge markup fees and covers up to $5 in network fees. Users will only pay the actual network fees, minus $5 without any markup. Before confirming an order, users can view the cost breakdown. Learn more about the fee structure by clicking here
Payment Methods
According to several Newton exchange reviews this exchange offers a fiat service through Plaid. Users must provide their bank account details and other information when they sign up for this platform. Newton exchange uses Plaid, a trusted and well-known industry service. Newton exchange currently offers Interac etransfers, wire transfers and pre-authorized bank transfer, as well as transfers through external wallets.
Security
According to crypto exchange standards, Newton is very secure and has never been hacked.
It uses daily off-site backups and institutional-grade storage as its main security feature. Newton integrates directly with banks to reduce fraud.
The company proudly hails from Canada and is an FINTRAC-registered MSB, which is PIPEDA compliant. All customer data is kept in Canada.
Supported Currencies and Countries
Let’s say that the user is interested in registering an account at Newton. This exchange offers more than 25 cryptocurrencies, including Bitcoin, Litecoin and Ethereum, Ripple. Monero, USD coin. Stellar Lumens and many more.
Users should also know that all cryptocurrencies can only be quoted in Canadian Dollars. Newton exchange does not accept fiat currencies. This exchange is only available to Canadians. This exchange is currently only available to Canadian residents.
Pros and Cons
| Pros | Cons |
| Fiat currency has zero funding or withdrawal fees | Bid/ask spread 0.67% – 1.74% |
| Friendly and approachable UI | Inadequacy of advanced trading options |
| Conforms to Canadian regulations | Only available in Canada at the moment |
Verdict
Newton, a Toronto-based cryptocurrency exchange, allows users to easily buy and sell crypto assets. It has many valuable features such as commission-free trading and third-party custody. You can also verify your account instantly.
This is an excellent option for Canadians who want to trade cryptocurrency quickly and with no fees. Newton is a great choice if you are looking for a cryptocurrency exchange.
