Cryptocurrency Exchanges: Newton

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Owing its namesake to Sir Isaac Newton, Newton is Canada’s first no-fee cryptocurrency exchange. On most cryptocurrency exchanges that claim to offer free fiat deposits and withdrawals, they still charge for cryptocurrency trades on withdrawals. On Newton, this is not the case.

Deposits on Newton are made via Interac e-Transfer, and the exchange offers a decent range of coins to choose from. These include Bitcoin, Ethereum, Litecoin, Stellar Lumens, Bitcoin Cash, Dogecoin, USDC, USDT, Chainlink, Aave, Axie Infinity, Yearn.Finance, BAT, Pax Gold, Uniswap, Enjin Coin, QCAD, Polygon, Compound, SushiSwap, Curve, Synthetix, Dai, Maker Dao, and Polkadot.

Newton has a clean and minimal UI, which makes it very beginner-friendly. However, it does have some more advanced charting and orders for those more experienced with investing.

Newton Pro, which is currently in beta, offers even more advanced options than the base version. During the beta, Newton Pro offers 0.1% maker/taker fees, which are the lowest available.

Newton’s biggest draw, of course, is its no-fee feature. This is very rare for a cryptocurrency exchange, but Newtown covers network fees up to $5. This will cover most instances, however when fees are high as they are currently, the user will have to pay the balance.

Registering on Newton is a relatively simple process, asking for an email and password, and requesting the user to sign up for 2FA, which should always be used. As with all exchanges, Newton then asked for personal details and images of a government-issued ID. The registration process and verification is quick, and most users will be able to start depositing funds right away. This is different from many exchanges, which also need proof of address and often will leave users waiting for up to a day.

Though Newton is referred to by themselves and here as an exchange, they are in fact technically a broker. With a crypto exchange, users buy and sell from each other, but with a broker such as Newton, it buys from its users and sells to them itself with a difference between the buy and sell price. This difference (the spread) is what makes Newton money.

Newton only accepts fiat deposits in Canadian dollars, which somewhat limits its accessibility.

Newton is compliant with FINTRAC regulations in Canada, and they perform daily site backups. The exchange also has offline third-party storage for digital assets.

Newton’s iOS and Android apps offer a similar user-friendly interface, however, the Android version is slightly worse, and rated lower. This is mostly due to longer deposits, slow customer service, and a complex login process.

Overall, Newton offers a unique take on crypto exchanges with its stance on fees. It has a clean and beginner-friendly UI, which can also be optimized for more advanced users.

Newton Pros

  • No Fees
  • Tax statements are easy to export
  • Clean UI
  • Good selection of coins
  • Tight Spreads

Newton Cons

  • Newton Pro is still in beta
  • Can only deposit in CAD
  • No Credit card purchases
  • No live chat support

Newton Fees

  • 0% CAD Funding
  • 0% CAD withdrawal
  • 0% crypto deposit/withdrawals (up to $5 network fee waived)
  • No commissions or trading fees0.40% to 0.74% spread

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