Newton Crypto Exchange Review For Canadians: June 2023

Shrare

The Newton Crypto Exchange is a new cryptocurrency exchange based in Canada. It is gaining popularity due to the addition of new coins and features. The platform has a well-designed user interface (UI) that meets users’ needs and ensures smooth transactions. The UI is clean and polished, which instills confidence in the developers.

There is a lot to learn about the Newton Crypto Exchange, so we have conducted a thorough review of the platform. In this article, we will provide an easy-to-understand overview of the Newton Crypto Exchange.

Overview

HeadquartersToronto, Canada
Official Websitehttps://www.newton.co/
FoundedIn2018
Mobile AppYes
Customer SupportEmail, website, and phone
Listed Cryptocurrencies70+
Trading Fees0
Minimum DepositNo Minimum Deposit
Payment MethodsWire transfer, crypto wallets, direct deposit
The Newton Crypto Exchange is a cryptocurrency trading platform based in Canada. It is named after the renowned physicist Sir Isaac Newton. The platform is exclusively available to users in Canada and currently has over 10,000 active users. One of the standout features of the Newton Crypto Exchange is that it does not charge any fees to its customers. The platform focuses primarily on the Canadian market and offers unique services and features. Some of the popular features include fast account verifications, lower margins, reliable third-party security, and strong liquidity.

The platform also includes the following:

  • Daily off-site backups
  • Bank integration
  • Digital currency software
  • Institutional-grade storage for its users

During our review of the Newton Crypto Exchange, we found that the platform operates smoothly, even on mobile devices. This allows users to trade cryptocurrencies conveniently while on the go.

Recently, the Newton Crypto Exchange successfully completed a Series B investment round, raising USD 20 million. The primary investors in this round were DVX Capital and CI Financial Corp. These investments have contributed to the growth and development of the exchange.

The Newton Crypto Exchange offers a wide selection of over 70 different cryptocurrencies and tokens for trading. This variety allows users to have diverse investment options on the platform.

It is important to note that the Newton Crypto Exchange is registered with FINTRAC as a Money Service Business. This means that it adheres to strict regulations imposed on similar competitors in the industry. The platform provides multiple deposit options to facilitate a hassle-free crypto trading experience. However, it is worth mentioning that funds cannot be withdrawn until the fiat payments have been cleared, ensuring compliance with regulatory requirements.

Sign-Up Process of Newton Crypto Exchange

The sign-up process for the Newton Crypto Exchange is designed to be quick and easy for users. However, it is important to note that this simplicity does not compromise the platform’s security measures. Before you can start trading cryptocurrencies on the site, you are required to complete a thorough KYC (Know Your Customer) process. This process ensures that the exchange complies with regulations and helps maintain a secure environment for all users.

How Does the Newton Crypto Exchange Work?

During our review of the Newton Crypto Exchange, we discovered that opening an account on the platform is a quick and straightforward process. The company has implemented a rapid user verification process, allowing users to complete the account setup within minutes. However, it is important to note that the exchange still requires ID verification as part of its KYC policies. This is done to ensure that users are not involved in any illegal activities and to comply with regulatory bodies in the banking industry.

As a consolation for going through the verification process, each new user is rewarded with $25 CAD, which they can use for their trading and exchange activities. Users have the option to fund their accounts using methods such as Interac e-transfer, wire transfer, or cryptocurrency deposits. These options provide flexibility and convenience for users to deposit funds into their accounts.

Fees

After a detailed Newton Crypto Exchange review, here we give you a complete breakdown of the fees:

  • Total BTC purchase fee: 0.69%
  • Trading Fee: 0
  • Canadian Dollar Deposits: 0
  • Canadian Dollar Withdrawals: 0
  • Cryptocurrency Withdrawals: Network fee minus $5

The Newton Crypto Exchange operates on a decentralized model and does not charge any fees for transactions. This means that users can freely trade between different cryptocurrencies without incurring any costs. The platform also does not impose transaction fees for withdrawals or deposits.

To sustain its operations, the Newton Crypto Exchange generates income through bid-ask spreads. These spreads refer to the difference between the buying price and the selling price of a cryptocurrency. The exchange profits from this price difference when customers trade one cryptocurrency for another. Although the specific fees may vary, the spread typically ranges between 0.5% and 1%.

Additionally, the Newton Crypto Exchange utilizes a Surge Pricing technique to generate revenue. Under this approach, the platform covers the first $5 of the network fee, and customers only pay the wholesale price of the network fees. The remaining balance of the network fee is deducted from the withdrawn amount. This allows the exchange to recover some of its costs while ensuring that customers pay a fair and transparent fee structure.

Withdrawal Limit

During our review of the Newton Crypto Exchange, we discovered that the platform has a withdrawal limit of 50,000 Canadian Dollars per week. This means that users are allowed to withdraw up to a maximum of 50,000 CAD from their accounts within a week’s time.

Also Read: FFIE Stock Price Prediction

Withdrawal Procedure

During our review of the Newton Crypto Exchange, we found that withdrawing funds from the platform is very simple. To initiate a withdrawal, you can click on the upwards arrow located on the right side of your screen. This action will open a drop-down menu that provides several options:

1. Interac e-Transfer: You can transfer your funds directly to your checking account using Interac e-Transfer. This method is free and typically takes only a few hours for the money to be transferred.

2. Direct Deposit to a Bank Account: You can choose to have the funds deposited directly into your bank account. There is no fee for this service, but it may take up to 5 working days for the money to be reflected in your account.

3. Transfer to Another Crypto Wallet: If you prefer, you can transfer your cryptocurrency funds to another wallet or exchange. The speed of the transfer depends on the current network fees, and while it can be almost instant, there may be a fee associated with this option.

These features provide flexibility for users to withdraw their funds from the Newton Crypto Exchange using the method that best suits their needs.

Transfer Options on Newton Crypto Exchange

Payment MethodDepositWithdrawSpeed
Direct DepositYesYesInstant
Credit CardNoNoN/A
Wire TransferYesYes2-5 Business Days
CryptoYesYesInstatly

Conclusion

The Newton Crypto Exchange has emerged as a top-tier platform for Canadians interested in buying, selling, and trading cryptocurrencies. It prioritizes Canadian investors and provides a secure environment with minimal fees, making it an excellent choice for those new to the crypto space.

After conducting our review of the Newton Crypto Exchange, we believe it is the perfect cryptocurrency exchange for Canadian investors. Its unique business model sets it apart, as it does not charge any transaction fees. Overall, the advantages offered by the Newton Crypto Exchange make it a fantastic option for Canadian traders.

Pros
  • It is one of the most beginner-friendly cryptocurrency exchanges.
  • The withdrawals on the platform are highly affordable.
  • The exchange offers support for over 70 different cryptocurrencies.
  • It is an ideal choice for Canadians who are new to the world of crypto.
Cons
  • While the Newton Crypto Exchange promotes itself as a “fee-free exchange,” it does charge fees in the form of spreads when converting one cryptocurrency to another. We did not find the spreads to be excessively large, but it is important for cryptocurrency exchanges to transparently disclose the fees incurred.
  • The customer support provided by the Newton Crypto Exchange is not satisfactory. In the cryptocurrency space, reliable customer support is crucial due to constant inquiries and questions from users.
  • The platform lacks certain features that are available on global cryptocurrency exchanges like Binance.
  • Although the Newton Crypto Exchange offers instant verification, the account opening process can be cumbersome and time-consuming.

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