Newton – an uprising Canadian cryptocurrency exchange in the Canadian scene… promises several unique benefits for Canadian investors.
But how do they stack up against the bigger exchanges in Canada and in the global scope of the cryptocurrency market.
In this article, we’ll explore all that Newton Exchange has to offer and highlight the pros and cons of using them. There are several great pros that are unique in the cryptocurrency space as a whole but there are also some big cons you might need to be aware of as well.
So with all that, let’s see if Newton is a worthwhile Exchange to use.Visit Site
How to use Newton
Step 1: Sign up with Newton Exchange here.
Step 2: You’ll be taken through a series of steps to connect your bank account where you’ll be asked to provide your password and security questions. This is exclusive to Newton as they use a service called Plaid. This is very safe as Plaid is an industry service used by Strip and Venmo.
Step 3: Verify your account and you’re good to go!
Buy & sell crypto on Newton.
Step 1: Before you can buy crypto, you can instantly deposit CAD to start trading.
Step 2: Head over to the marketplace and enjoy no trading fees.
Step 3: Withdraw fearlessly and instantly if you wish too!
Is Newton Safe?
When it comes to relatively new exchanges, safety is always a big question investors are wondering.
For Newton exchange, the CEO Dustin Walper has stated he handles security differently than most and they take security as a serious matter. He has been quite outspoken about the QuadrigaCX scandal which many Canadians were negatively affected by.
So how does Newton handle security more seriously and what security features do they offer?
Well Newton Exchange does a few things.
They do a constant daily backup of the site while implementing institutional-grade storage for your cryptocurrencies. And they also have direct bank integration by partnering up with a company fiat on-ramp service – Plaid.
Plaid is a company which is used by some of the largest companies in finance. Payment processors such as Stripe and Venmo utilize Plaid’s services to securely store and back up banking information for their clients.
Newton using this service is a great vote of confidence to how secure this exchange is.
Newton.com Review and Fees Breakdown
Fiat currencies accepted:
Newton accepts CAD as this is an exchange only for Canadians.
Newton accepts most of the major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Stellar, Ripple, Monero and Bitcoin Cash.
But they also accept a few different stablecoins such as Tether, USD Coin and QCAD.
Newton’s selling point is feeless. You don’t have to pay anything, but is that true?
Yes and no. It’s true you don’t need to pay deposit or withdrawal fees unlike a lot of other exchanges. You’ll still need to pay the network fee for sending your crypto, but Newton themselves won’t charge anything on top of that – making the withdrawal fee one of the lowest in the world.
Whenever you send crypto, the network will charge a small flat fee usually between 0-50c. It goes up and down depending on how many people are using the network. And exchanges like to add their own fee on top to make money.
So how does Newton make money?
The fee that you do pay is known as the ‘spread’. What this means is the price of cryptocurrencies on Newton is a little more expensive compared to other exchanges. The average spread on Newton exchange is about 0.5% to 0.7% for Bitcoin.
Deposit and Withdrawal methods:
Newton offers an on-ramp fiat service using a company called Plaid. You do have to take note when you sign up with Newton, you need to provide your bank password and also the answers to your security questions for your bank account. Some users might not be too comfortable with that as it is quite invasive.
However, Plaid is a trusted industry service which Stripe and Venmo use. If you’re not comfortable with this, you’re still able to wire transfer but the deposit won’t be instant.
Newton uses industry-grade cold storage (offline storage) for your coins and daily backups of their systems. Offline storage is hugely important when it comes to digital assets, due to the vulnerabilities that online storage can bring, such as hackers.
Newton Exchange is compliant with FINTRAC and the Canadian anti-money launder laws as they perform Know Your Customer (KYC).
If you have any troubles, you can contact Newton directly via their contact email or via their Social media platforms.
Mobile functionality/mobile app:
They offer a mobile app version which looks extremely clean and professional and it’s available on both the Google Play and App Store.
History of Newton
Newton was launched in 2018 by CEO Dustin Walper. As a big advocate on security and low fees, Newton has become what it is today, providing Canadian investors that service.
The Verdict on Newton
Newton has a very professional and user friendly looking website and app for Canadian investors to use and interact with.
They also have a very unique model rarely found in the cryptocurrency space of no fee withdrawals. Combined with CEO Dustin Walper’s mentality and beliefs he has on security, Newton Exchange does make a good choice for many Canadian’s to use.
However, the big caveat to this exchange is the invasive nature of connecting with your bank account… which might not sit too well with some people. But because of that, it is more secure as Plaid is a very trusted service in the industry.
If you can overlook that aspect of Newton Exchange, then this is a great exchange with many upsides – click here to start investing now!