Our review of Newton crypto platform: 3.5/5

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Newton in brief

Our opinion of Newton

Newton presents itself as a zero-fee cryptocurrency exchange for Canadian traders, and during our test, we found that it delivers on ease of use and local banking support. We liked that it allows quick deposits and withdrawals in CAD via Interac e-Transfer without additional fees, making it convenient for users looking for simple access to crypto. The interface is clean and straightforward, which makes navigation effortless for beginners.

However, we would have liked to see greater transparency in trading costs. While Newton promotes itself as a no-fee exchange, the spread applied to buy and sell prices is often higher than traditional trading fees on other platforms. This means that while users may not see an explicit commission, they could still be paying more for their trades. Additionally, the platform lacks advanced trading features like stop-loss or limit orders, making it unsuitable for active traders who require more control over their orders.

Security and customer support are also areas of concern. Although Newton is registered with FINTRAC, it is not regulated by Canadian securities commissions, meaning it does not offer the same investor protections as some competitors. We found that withdrawal delays and account verification issues were common complaints among users, and with no phone support available, resolving issues can take longer than expected.

Who is Newton best for?

Newton is best suited for beginners and casual traders who want a simple, fee-free way to buy and sell crypto in Canada, but those looking for lower costs, faster withdrawals, or more trading options may prefer other platforms.

Before you zero in on Newton crypto, explore the best crypto platforms in Canada:

Let's find out more about our test results on Newton.

Reliability and Security 2.5/5

Newton is a Canadian cryptocurrency exchange founded in 2018, positioning itself as a zero-fee trading platform aimed at simplifying crypto access for Canadian users. The exchange has grown steadily and claims to have over 100,000 users across the country. While Newton has received recognition for its user-friendly experience, it has not won major industry awards.

Although Newton is registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) as a Money Services Business (MSB), it is not regulated by the Ontario Securities Commission (OSC), the British Columbia Securities Commission (BCSC), or the Alberta Securities Commission (ASC). This means it operates under anti-money laundering (AML) regulations but does not provide investor protections found on platforms registered with Canadian securities regulators.

Newton’s security measures include two-factor authentication (2FA), biometric login for mobile users, and cold storage for crypto assets. However, there is no insurance coverage for user funds, and the exchange has faced user complaints regarding account verification delays, frozen accounts, and slow withdrawals. These issues, combined with the lack of direct regulatory oversight, raise concerns about reliability.

Cryptocurrencies Available 2.5/5

Newton offers a moderate selection of cryptocurrencies compared to global exchanges, with a focus on Canadian traders. It provides access to over 70 digital assets, covering a mix of popular cryptocurrencies and altcoins. However, it does not support NFTs or non-Ethereum-based tokens like Solana (SOL) or Polkadot (DOT), limiting its appeal to traders looking for a broader market.

While Newton includes major assets like Bitcoin (BTC), Ethereum (ETH), and stablecoins, its selection is smaller than leading international exchanges that support hundreds or even thousands of digital assets. Below is a comparison of Newton’s offerings versus the market average:

Our opinion on Newton's offerings

Newton provides a decent range of cryptocurrencies for Canadian users, but it lacks the diversity of international platforms that offer a larger selection of altcoins, NFT trading, and multi-chain assets. For traders looking for wider market exposure and more investment opportunities, alternative platforms may be a better choice.

Services and Tools 2/5

Newton focuses on basic crypto trading and does not offer many of the additional features found on more advanced platforms. While it provides zero-fee trading and seamless CAD deposits and withdrawals, it lacks essential tools such as staking, lending, and crypto cards that many traders use to maximize their earnings.

• Crypto Card: ❌ Not available. Unlike some competitors that offer prepaid crypto cards for spending digital assets, Newton does not provide this service.
• Staking: ❌ Not available. Users cannot stake cryptocurrencies directly through Newton to earn passive rewards.
• Lending & Borrowing: ❌ Not available. There are no built-in options for users to lend their crypto for interest or borrow against their holdings.
• Yield Farming: ❌ Not available. Newton does not support DeFi-based yield farming opportunities.
• Advanced Trading Features: ❌ Limited. No stop-loss, limit orders, or margin trading options are available.
• Seamless CAD Deposits & Withdrawals: ✅ Available. Newton supports Interac e-Transfer, wire transfers, and crypto deposits with no direct deposit or withdrawal fees.
• Fiat-to-Crypto Trading: ✅ Available. Users can buy and sell crypto directly with Canadian dollars.

Fees and Commissions 2.5/5

Newton positions itself as a zero-fee crypto exchange, promoting commission-free trading to attract Canadian users. However, instead of charging direct trading fees, it applies a spread on buy and sell prices, which can be less transparent than fixed-fee models. This spread can be wider than the fees on other exchanges, especially during periods of high market volatility.

While Newton does not charge deposit or withdrawal fees, it covers network fees only up to a certain limit, meaning larger crypto withdrawals may still incur blockchain transaction costs. Below is a comparison of Newton’s fees with the market average:

Other Fees

• Deposit Fees: ❌ No fees for Interac e-Transfer, wire transfer, or crypto deposits.
• Withdrawal Fees: ❌ No fees for fiat withdrawals; Newton covers network fees for crypto withdrawals up to a certain limit.
• Conversion Fees: ✅ Spreads apply on trades, which can increase costs compared to platforms with fixed trading fees.
• Inactivity Fees: ❌ No inactivity fees.

Our opinion on Newton's fees and commissions

Newton’s zero-fee model is attractive, but the hidden costs within spreads can lead to higher trading expenses compared to exchanges that charge lower, transparent commissions. Additionally, withdrawal fees for larger transactions and potential price slippage make Newton less cost-effective for high-volume traders. For those looking for lower overall costs and greater fee transparency, other platforms may provide better value.

Customer Reviews 3.9/5

Newton has a Trustpilot rating of 3.9/5 based on 863 reviews, with mixed feedback from users. While some appreciate the zero-fee trading model, others report issues with withdrawals, account verification delays, and hidden costs in spreads. 

Here are some recent reviews from Canadian users:

• Daniel M (January 12, 2025): "I wanted to like Newton because of the no-fee promise, but the spreads are terrible. I bought Ethereum and realized I paid way more than the market price. When I tried to withdraw, my transaction was delayed for almost 24 hours with no explanation. Customer support was slow to respond, and I never got a straight answer. Not the best platform if you need quick access to your funds."
• Emily R (December 5, 2024): "The platform is easy to use, but getting verified was a nightmare. I uploaded my documents multiple times, and each time, they said something was missing, even though I followed all the instructions. It took over a week to finally get my account approved. I understand security checks, but this process was frustrating, and I was unable to buy crypto while waiting."
• Alex T (November 18, 2024): "Newton covers withdrawal fees up to a limit, which sounds great, but once you go over that, the network fees can be expensive. I tried withdrawing USDC, and they only covered a portion of the fees. Also, I noticed price slippage when trading, meaning I didn’t get the best market rate. It’s fine for casual users, but serious traders will find it limiting."

How does Newton compare to other Crypto brokers?

Conclusion of our analysis of Newton

Newton offers a simple, fee-free way to buy and sell crypto in Canada, but its hidden spreads, slow withdrawals, and lack of staking, lending, and advanced trading tools make it less competitive. While it excels in ease of use and CAD deposits, it does not support NFT trading, crypto cards, or margin trading, which are features available on other platforms.

For users looking for a straightforward, beginner-friendly exchange with Canadian banking support, it may be a decent choice. However, those seeking lower costs, better asset diversity, and more trading options may find better alternatives elsewhere.

Before opening an account on Newton, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with Newton?

Newton offers a single standard account for all users, without tiered account levels. However, trading experience can vary depending on whether users hold a basic verified account or a high-volume trading account. Below is a summary of how Newton’s account structure compares.

While Newton does not have multiple account types, users who trade in higher volumes may receive increased deposit/withdrawal limits and better customer support.

Standard Account

Newton’s standard account is available to all users upon completing identity verification. It allows for buying, selling, and transferring crypto with zero trading fees. However, spreads can affect pricing, and there are no advanced order types like stop-loss or limit orders. Deposits and withdrawals are processed via Interac e-Transfer or wire transfer, but withdrawal delays have been reported.

High-Volume Trading Account

Users trading large amounts of cryptocurrency can request higher fiat and crypto withdrawal limits, but Newton does not offer direct VIP perks or lower spreads. Unlike some exchanges that provide custom fee structures for high-volume traders, Newton applies the same spread-based pricing for all users, which may be costly for those executing large trades.

How do deposits and withdrawals work with Newton?

Newton supports Canadian dollar (CAD) deposits and withdrawals, as well as cryptocurrency transfers. However, it does not support direct USD or other fiat currencies, requiring Canadian users to operate exclusively in CAD. Below is a summary of the available methods, timeframes, and associated fees.

Newton stands out by offering zero-fee CAD deposits and withdrawals, which is a major advantage over some platforms that charge percentage-based withdrawal fees. However, unlike global exchanges, Newton does not support USD or other fiat deposits, making it less versatile for users who operate in multiple currencies.

While crypto withdrawals are partially covered by Newton, users withdrawing large amounts may still face high network fees. Compared to other platforms, Newton’s withdrawal processing times can be slower, which can be frustrating for users who need fast access to funds. For traders looking for multi-currency support and faster withdrawals, other platforms may be more competitive.

Does Newton offer crypto staking?

Newton does not offer built-in staking or lending features, meaning users cannot earn passive income directly through the platform. However, users can withdraw their crypto to external platforms that support staking and lending, but this requires additional steps and potential withdrawal fees for larger transactions.

Staking on Newton

Newton does not provide staking services, meaning users who want to stake assets like Ethereum (ETH), Solana (SOL), or Cardano (ADA) must transfer their holdings to third-party staking platforms such as Binance, Kraken, or DeFi protocols. Without built-in staking, Newton falls behind competitors that offer direct staking rewards within their platform.

Lending on Newton

Similarly, Newton does not support crypto lending, meaning users cannot earn interest on their holdings or borrow against their crypto assets. Those interested in lending must use DeFi lending protocols (such as Aave or Compound) or centralized platforms that provide lending services.

Watch out!

Newton’s lack of staking and lending features makes it less competitive for users who want to earn passive income on their crypto holdings. Other platforms offer seamless staking and lending options, eliminating the need for third-party transfers and additional transaction fees. Users looking to maximize their earnings may find better opportunities elsewhere.

How are revenues generated by Newton taxed?

Income generated from trading on Newton is subject to taxation in Canada, as the Canada Revenue Agency (CRA) treats cryptocurrency as property rather than legal tender. This means that any profits made from buying, selling, or exchanging crypto must be reported on tax returns under one of two categories: capital gains or business income.

Capital Gains Tax

If trading is done occasionally as an investment, profits are taxed as capital gains, meaning only 50% of the gain is taxable at the user’s marginal tax rate. Selling crypto for CAD, swapping one crypto for another, and using crypto for purchases are all considered taxable events. If losses occur, they can be used to offset capital gains in the same year or carried forward to future years.

Business Income Tax

If trading is done frequently and resembles business activity, the CRA may classify it as business income, meaning 100% of profits are taxable. Factors like trading frequency, reliance on trading as a primary income source, and the use of advanced trading strategies can determine whether income is considered business-related.

Earnings from Staking or Lending

(Not available on Newton but applicable if users move funds to other platforms) Staking and lending rewards are treated as income at the time they are received, and their CAD value must be reported as taxable income. If the staked or lent crypto is later sold for a profit, any price increase from the original reward value is also subject to capital gains tax. 

How to Declare Crypto Income in Canada

• Track Transactions: Since Newton does not provide tax reports, users must keep records of crypto purchases, sales, and swaps, including transaction dates, amounts, and fair market value in CAD.
• Use the Correct Tax Forms:
• Capital gains are reported on Schedule 3 of the T1 Tax Return.
• Business income is reported as self-employment income on the T2125 form.
• Staking/lending rewards are reported as other income on the tax return.
• Convert Crypto to CAD for Tax Calculation: The CRA requires all crypto transactions to be valued in Canadian dollars at the time of the transaction.
• Keep Records for 6 Years: The CRA may audit past crypto transactions, so keeping detailed records is essential.

Watch out!

Newton does not provide tax reporting tools, meaning users must manually track and declare their crypto activity. Failing to report crypto gains or income can result in CRA audits and penalties. Those with high trading volumes or complex transactions may benefit from crypto tax software or professional tax advice to ensure compliance.

Contact: How to contact Newton customer service?

Newton offers limited customer support, primarily through email and live chat, with no phone support available. Below is a breakdown of the available contact methods for different types of requests.

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.