Newton Crypto Review 2024 (Canadians Only)

Pros and Cons of Newton Crypto

Pros

• Very easy platform for buying cryptos
• A high bid-ask spread fee system for trading
• No fees for deposits or withdrawals
• No staking or earning yet
• Newton covers $5.00 of any network fees
• No credit card deposits Solid selection of cryptocurrencies to trade
• New coins have limited trading abilities
• Great app security and crypto storage
• Solid customer support with 24/7 chat
• Intuitive Newton mobile app
• Support for income taxes through Koinly

Cons

• A high bid-ask spread fee system for trading
• No staking or earning yet
• No credit card deposits
• New coins have limited trading abilities

Rating  

Trade Cryptocurrency with Newton

What is Newton?

Newton is a Canadian cryptocurrency platform that was founded in 2018 in Toronto, Ontario. It is well-known across Canada as one of the best crypto sites, with well over 100,000 users. As of February 2023, Newton was valued at $253 million. 

How did the Newton crypto app get its name? If you are thinking of Sir Isaac Newton, you are absolutely correct. But it wasn’t his invention of calculus or discovery of gravity that was the reason the app received his namesake. 

Newton was also actively seeking out fraudulent coin producers back in his day and even improved the assay techniques to help prove their quality and authenticity. When you put it like that, Newton seems like the perfect name for a digital coin platform. 

The Newton crypto app was founded by Tyson Leslie, Dustin Walper, and Erynn Saunders. The team has a very direct reason for starting Newton, which is plastered directly on the About Newton site: “Why is buying crypto in Canada such a shitty experience?”.

Like many Canadian crypto platforms, Newton itself is not an exchange. You can buy cryptos and exchange them for fiat currencies, but it lacks the depth of a true exchange like Coinbase or Kraken. How can I say this with such confidence? Newton was the first crypto platform that I used and was the site where I bought my very first cryptocurrencies. 

In this Newton review article, I will take a closer look at using Newton’s app to buy and sell cryptocurrencies. I will also discuss Newton’s sign-up process, deposits and withdrawals, and any transaction fees that are required. If you are looking for a simple on-ramp into the Canadian crypto world, Newton is probably just what you are looking for. 

Newton Review: A Comprehensive Analysis

1. Ease of Use (4/5)

2. Fees (4/5)

3. Cool Features (2/5)

4. Coin Selection (4/5)

5. Mobile App (4/5)

6. Safety Features (4/5)

7. Customer Support (4/5)

Where Newton Shines

1. Very Easy Platform for Buying Cryptos

If you are a company that is targeting new crypto investors then the first thing you will want to do is to make your platform easy to use. Newton does this incredibly well for both its desktop and mobile apps. 

Newton has a very simple yet effective layout that is easy to navigate while providing the most information possible on each page. I love that the landing page when you sign in is your complete crypto portfolio. Within each asset you get to see your total gains or losses, the 24-hour price change and the weighted allocation within your portfolio. 

Along the right-hand side of the page are your other navigation options which include:

• Settings 
• Add Funds
• Trade Cryptos
• Withdraw Funds
• Referral Program

That’s it! I even use the term ‘pages’ lightly since when you select one of these options, it brings up a sidebar that simply sits over the top of your portfolio view:

Simple, intuitive navigation and clearly labelled options make Newton an easy platform for anyone to use. Whether you are an advanced crypto trader or brand-new to cryptos, Newton’s platform is a welcome sight in a world where crypto platforms tend to be over-complicated.

2. No fees for deposits or withdrawals

What’s another great way to onboard new customers to crypto trading? Not charging any fees for depositing or withdrawing funds. Since most Canadians will use Interac eTransfer to both deposit and withdraw funds, it is easy for Newton to advertise as having no transaction fees. 

Newton also does not charge for using bank wire transfers. While wire transfers have a much higher limit when it comes to depositing or withdrawing, it is not as fast as using Interac eTransfer or crypto transfers. Wire transfers can take anywhere from 3 to 5 business days to complete.

Unlike other platforms, Newton does not charge a penny for withdrawing your funds. The same withdrawal options apply, so you can either get a limited amount of funds instantly by eTransfer or wait a few days for a wire transfer.

Note that Newton does not accept any credit card deposits or withdrawals. This is fairly standard in Canada as most Canadian credit cards cannot be used with crypto platforms. 

You can also withdraw cryptocurrencies to another crypto wallet. This can be handy if you want to buy cryptos on Newton and then transfer them to your own cold storage wallet. Is withdrawing cryptos free on Newton? This leads to the next area where Newton shines. 

3. Newton Covers $5.00 of Any Network Fees

Newton does not charge any fees for depositing or withdrawing cryptocurrencies to the platform. But that does not mean your crypto transfer will be exempt from network fees. These are often called gas fees and can really add up, especially when the network is seeing high congestion.

The most common example of network gas fees is the Ethereum network. But other networks will charge fees as well including Bitcoin, Solana, and Shiba Inu. 

One of the best things about Newton is that it will automatically cover up to $5.00 of any network gas fees for any crypto transaction. I haven’t used or heard of any other crypto platform in Canada that is willing to do that for its customers!

4. Solid Selection of Cryptocurrencies to Trade

That image says it all: Newton has one of the best crypto selections in Canada with over 70 different tokens to trade. Of course, this still pales in comparison to other platforms like Kraken or Coinbase but for a smaller, domestic site, Newton provides a nice range of coins that can be appreciated by both new and experienced traders. 

Newton uses both due diligence and research and customer sentiment to decide which coins to add. If it sees a lot of fanfare for a particular coin, Newton will try its best to have it added for its customers. As an example, Newton was one of the first platforms in Canada to list coins like Shiba Inu and ApeCoin. 

Another bonus to using Newton is that it has multi-network functionality. What exactly does this mean? Certain cryptos can exist on multiple different networks. For example, MATIC can be traded on both the Ethereum network and its native Polygon network. 

With Newton, you can withdraw cryptos to any network that the token is compatible with. This can be helpful if you are sending your cryptos to a decentralized app or dApp on a certain network. It can also save on gas fees if one network is more expensive than another. 

You can find a full list of Newton’s 70+ tokens here.

5. Great App Security and Crypto Storage

One of the first things I look for when using or reviewing a crypto site in Canada is its security. I want to know that the company behind the app is serious about protecting its customers. We all know that the crypto industry has had its fair share of hacks and malicious attacks. What is Newton doing to help keep your funds and information protected?

Like any good crypto platform, Newton keeps most of its crypto assets in offline cold storage. This minimizes the chances of the site being hacked and losing all of its assets. According to its site, Newton only stores 80% of its crypto assets in cold storage. I would have preferred this to be closer to 100%, but 80% is certainly better than nothing!

Newton also performs daily offsite backups which are stored on Canadian servers. It also has a dedicated in-house data security team that is constantly monitoring the safety and security of the site. 

Both the desktop and mobile apps use MFA to confirm your identity before allowing you to log in. This means you will be required to use an Authenticator App to gain access to your account.

6. Solid Customer Support with 24/7 Chat

For a site that is looking to onboard new crypto investors, Newton does an excellent job of providing around-the-clock customer support. I will preface this by saying that this does not mean there will always be human agents around to help you. 

So how can you get round-the-clock support? Through Newton’s AI-based chatbot. This chatbot can provide some basic answers to commonly asked questions. But if the situation is advanced, it will likely ask you to leave a message to which a human agent can reply when they are back in the office. 

You can also open a support ticket with Newton by emailing: support@newton.co. Again, there is no guarantee or timeframe within which Newton will respond to your query. You can even call them directly but you will have to catch someone within Newton’s office hours. 

Newton also provides an extensive Knowledge Base site which should answer most of your questions. If you are desperate, you can even reach out to the Newton community of users through social media sites like Twitter (X), Discord, or Reddit. 

7. Intuitive Newton Mobile App

Perhaps the most important aspect of any good crypto exchange these days is a solid mobile app. Luckily, Newton delivers on this for both the iOS and Android operating systems. 

Newton’s mobile app is very much like its desktop app in terms of functionality and design. Your home page is a detailed look at your portfolio, while the other options are clearly marked. This includes a dominant green Trade button in the middle of the taskbar.

I’ve found that Newton has managed to pack even more into its mobile app than its desktop site. Other options on the taskbar include a Discover tab which provides a nice update on the biggest movers and any trending tokens. It also provides you with the real-time prices for every token that Newton offers. 

The Transfer tab is straightforward as Newton has combined deposits and withdrawals into a single view. Newton has also added a News feed in its mobile app, which is a nice touch. This provides you with related crypto articles from sites like Bloomberg, Reuters, TechCrunch, and Coindesk. 

Overall, Newton has one of the cleanest mobile interfaces that I have used. It is simple enough to use for beginners and intuitive enough for seasoned crypto enthusiasts. 

8. Support for Income Taxes Through Koinly

One aspect of crypto investing that I believe is overlooked is the tax implications. You cannot own actual cryptocurrencies in a tax-friendly account like a TFSA or RRSP in Canada. This means that any gains you incur must be reported as capital gains when it comes time to file your income taxes. 

Luckily for Newton users, the company has teamed up with Koinly to help provide education to Canadians about crypto and taxes. It’s as easy as downloading your transaction history from Newton and uploading it directly to your free Koinly account. From there, you can let Koinly get to work and download your crypto tax report to file with the CRA. 

Where Newton Falls Short

1. High Bid-Ask Spread Fee System for Trading

Ah, yes the dreaded bid-ask spread fee system for crypto-trading. This is one sure sign that Newton is not a genuine crypto exchange like Kraken or Coinbase. The bid-ask spread on smaller platforms like Newton is significantly higher as they do not have the trading volume that other major exchanges do. 

The standard spread on Newton is between 1.0% and 1.5% per trade for most of its tokens. On a site like Kraken, the exchange takes into account a spread based on your 30-day trading volume. The highest possible spread on Kraken is 0.16% and 0.26% is the maker/taker spread. 

2. No Staking or Earning on Newton

Despite all of the features and tokens Newton offers, it does not yet have the ability to stake to earn more crypto rewards. It’s been more than a year since Newton first teased that it would allow staking for users, but so far nothing has materialized other than signing up for the waiting list. 

This shouldn’t be a deal-breaker, but consider that some of Newton’s rivals like Wealthsimple Crypto, NDAX, and Bitbuy already offer crypto staking. 

3. No Credit Card Deposits

To be fair, this is a problem with most Canadian-based crypto exchanges. The fact of the matter is, a majority of Canadian credit cards do not allow transactions through a crypto site. This is especially true if the credit card was issued by one of the big Canadian banks. 

Not being able to deposit on a Canadian exchange is just the way of life for crypto traders in Canada. Luckily, most of them offer Interac eTransfers now so you can deposit to your account at no charge. Still, it would be nice to earn some of those reward points or cash back with your crypto purchases, wouldn’t it?

4. New Coins Have Limited Trading Capabilities

If you are interested in trading a new coin on Newton, don’t be surprised if your deposits or withdrawals are limited for the first few weeks. Newton intentionally limits transactions for the new coins when they are first listed on the platform.

Overall, it’s not a major hurdle but just make sure you don’t get overzealous trading the new coin because you likely won’t be able to withdraw those funds for a while. 

Who Should Use Newton

If you are still wondering if Newton is the right crypto site for you, consider this quick list of who I think Newton is best suited for and who might be better off on another crypto platform. 

You should use Newton if…

Newton might not be for you if…

My Experience with Newton

I’ll start this off with an admission that Newton was one of the first crypto sites I used in Canada. It was where I bought my first few dollars of Bitcoin, so unlike other review sites, I can guarantee that I have extensively used Newton for several years now. It is still one of the sites I use if I need to quickly add a bit of crypto to my holdings. 

I would say that Newton’s most redeeming quality is its wide selection of cryptos to trade. Offering over 70 different tokens really sets it apart from other Canadian-based sites. While it doesn’t compare to global sites like Kraken or Coinbase, Newton’s selection puts it above other prominent Canadian sites like Bitbuy or Wealthsimple Crypto. 

Newton also does a great job of dumbing down the process of buying and selling cryptos. Let’s be honest: it’s not an easy world for beginners to get into. The sheer amount of crypto tokens on the market can be daunting and the fears of being hacked or rug-pulled can be difficult to overcome. This is why I like how intuitive and simple Newton’s app is for both new and experienced crypto traders. 

While Newton has a great selection of coins to trade it comes up short with its services. Compared to its rivals, Newton does not offer any staking or earning for crypto rewards. It also does not have any financial services or daily Bitcoin bonuses like Shakepay. 

One nice touch is its partnership with Koinly to help Newton users file their capital gains or losses on their income tax. I’ve always felt that crypto gains and taxes are something that is not discussed enough. Newton really helps to make this an easy process for its users. 

Two of the other things I always look at with a crypto site are its security and customer support. With Newton, they talk the talk when it comes to site security, but they fall a bit short of walking the walk. Only 80% of crypto assets are in cold storage and they do not provide much information on the insurance policy for user funds. 

Customer support is good, but not great with Newton. It has a 24-hour chatbot that you can use and an extensive FAQ and knowledge section. You can also email and phone during Newton’s office hours. Still, given that crypto markets are open 24/7/365, I always prefer sites that have 24-hour customer support, even though I know that is a huge cost and burden to the company. 

As I mentioned, I’ve been a user of Newton for years now. Is it my favourite crypto site? Probably not. You saw in my screenshots that I do not hold a significant amount of my crypto on its platform. 

But with Newton, it gives me a fast and efficient way to buy cryptos when I need to. I think that’s really the best-case scenario for a site like Newton. It isn’t robust enough to be an exchange, but it is convenient because it offers so many different coins in one place. As long as you don’t mind paying a slightly higher spread, Newton can offer everything needed for a beginner crypto trader in Canada. 

How to Sign Up for a Newton Account

Estimated time: 10-20 minutes 

1. Register for an Account at Newton.co

First things first, make sure you are on the Canadian Newton site because it does have an American version of its platform. You’ll know you are on the right page by the Canadian flag in the top left corner. 

You can find the Sign Up button in the opposite corner on the top right side of the page. From there you will be taken to this landing page, where you must agree to Newton’s Terms & Conditions, Privacy Policy, and Relationship Disclosure documents before you can proceed. 

Newton accounts are made with email addresses so that is where you will start the process. Enter the email address you would like to have associated with your Newton account.

After creating a password you will be asked to verify your account through the email address you used to sing up. 

When you go to log in for the first time, Newton will provide you with a few different options. Here is where Newton’s focus on security comes into play as it will make you choose an MFA option. You can either use an authenticator app like Google Authenticator or a Security Key. 

After you log in for the first time, you will see your portfolio with no crypto assets. You might think you are ready to trade but there are a few more steps you have to do to verify your account.  

2. Complete Verification of Your Newton Account 

In this screen you will need to enter your personal information like your name, address, and phone number. You will also need to enter your birthdate and occupation before you can begin trading. 

Next, you will confirm which type of account you want to set up. For most Canadians, this will be a personal trading account. 

After this, you will need to complete your KYC or Know Your Customer profile. In Canada, this means providing a photo ID of yourself through your mobile phone. For Newton, this requires going through the Persona site. 

Persona will allow you to upload any of the following documents to confirm your identity:

Take clear photos of the front and back of your Photo ID and upload them through Persona. This is standard for any Canadian-based crypto site, so don’t be surprised at the lengths you need to go to confirm your identity. 

3. Take the Newton Trading Questionnaire

This is another standard part of signing up for a Canadian crypto site. Newton just wants to ensure that you know the risks of trading and will ask you what your experience level is and what you are willing to lose when trading cryptos. I don’t think there is any way of failing this part so answer truthfully. 

4. Fund Your Newton Account and Begin Trading!

It really is an easy process to sign up for Newton. Even though they ask for the same information and documents, it seems like a shorter process than with other Canadian crypto sites. 

Now that you are done with all of that, you can fund your account with crypto transfers or an Interac eTransfer. You are now officially ready to trade all of the crypto tokens on Newton! Welcome to the wild world of cryptocurrencies in Canada!

FAQs About Newton 

Is Newton a Crypto Wallet?

You can use Newton as a crypto wallet in Canada, although that does not do the site justice. Newton is a full crypto trading platform that allows Canadians to purchase a wide range of tokens in Canadian dollars. If you hold your cryptos on the Newton site, you are effectively using it as a crypto wallet. 

What Coins Can You Buy on Newton?

As of August 2023, you can purchase over 70 different cryptocurrencies on Newton. These include most of the major coins like Bitcoin, Ethereum, Litecoin, Solana, Dogecoin, Cardano, and Shiba Inu Token. 

How Does Newton Make a Profit?

Newton is a zero-commission, zero-fee crypto trading platform. It makes a profit by using a spread system for transaction fees which is between 1.0% and 1.5% of the transaction. 

Is Newton Better Than Shakepay?

Newton and Shakepay are two completely different crypto platforms. Shakepay only offers the ability to trade Bitcoin and Ethereum but also offers plenty of different financial services. Newton is strictly a crypto trading platform that offers more than 70 different tokens to buy and sell in Canada.