Newton is a Toronto-based cryptocurrency exchange that promotes zero-fee trading when buying and selling crypto assets. Newton is currently offering a $25 signup bonus with the referral code Z60U58 (or by using our link), though it's worth noting that users don't like Newton's lack of transparency and high spreads, which sit around 1.5% – 2% on Bitcoin and are well above 2% on most other coins, making it quite an expensive exchange to trade with.
For a better overall trading experience with significantly lower fees, I recommend opening an account with Kraken, my #1-ranked Canadian crypto exchange. Kraken has 250,000+ satisfied users, charges very low trading fees, and is offering a $10 signup bonus (no referral code required) from now until November 22, 2024.
What Is Newton?
Newton is a crypto exchange based in Toronto. Founded in 2018, it supports 70+ cryptocurrencies, one of the largest selections of assets of any of the Canadian crypto exchanges.
In February 2022, Newton raised $20 million at a company valuation of $200 million, with strategic investors like DV Chain and Anthony Pompliano coming on board. This is a strong sign that Newton is here to stay, and that they'll be a reliable, trustworthy Canadian crypto exchange for years to come.
Several of Newton's features—including zero trading fees, third-party custody, and instant account verification—make it a compelling place to buy and sell crypto. As we dive into this Newton exchange review, let's take a deeper look at Newton's main features in greater detail and see how it stacks up against Canada's best crypto exchanges like VrigoCX.
Newton Crypto Referral Code ($25 Signup Bonus)
If you just came here to get a referral code for Newton, here it is: Z60U58. If you sign up using this link, you don't need to enter the referral code at all; your $25 signup bonus will be automatically applied when you deposit $100 or more.
Of course, once you open your Newton account you'll receive your own referral code to invite your friends, too. To find your unique promo code inside the Newton app, go to the menu (in the top-right), tap Referrals, and you'll see your referral code there. Both you and your friend will receive $25 when they sign up and deposit $100 or more into their account.
Newton Features
1. Instant Account Verification
Newton verifies accounts instantly, which makes the signup process very simple. This is particularly beneficial if you want to trade on short-term price movements (e.g. when the price of Bitcoin is skyrocketing), since you won't have to wait days to have your account approved.
Once your account has been verified, you'll be able to fund your account through a variety of methods, including:
- Interac e-Transfer (from your bank account)
- Bank wire
- Crypto deposits from an external crypto wallet
2. High Spreads
Newton doesn’t charge trading fees, which makes it attractive to many new investors. Also, like Wealthsimple crypto, it doesn't charge deposit or withdrawal fees either, though it does charge spreads on each transaction, which you can find on Newton's website.
However, there are two major issues with Newton's spreads:
– Lack of transparency
As you can see in the screenshot above, Newton advertises that its spreads sit around 0.80% for popular coins like Bitcoin and Ethereum. However, when you click on the information icon at the top of that table, you're told this:
In reality, then, the spreads you pay are actually double what Newton shows in that table, putting them around 1.5% – 2% on popular coins like Bitcoin and Ethereum, and 2% – 4% (or more) on less popular coins, falling in the same range as other very expensive crypto exchanges like Shakepay. This brings us to issue #2.
– Very High Spreads
When you compare these spreads to other exchanges like CoinSmart, which charges just 0.2% in spreads (0.4% in total after both buying and selling) or Bitbuy, which charges 0.3% (or 0.6% after buying and selling), it's not even a close comparison. CoinSmart's spreads are 4-5x lower than Newton's, keeping more of your money in your pocket.
3. Excellent Mobile App
Newton has an intuitive iOS and Android app, which is very convenient for crypto investors who like to trade on the go. The app has Buy and Sell access to all of the coins Newton offers, and is rated extremely well on both iOS and Android:
- iOS: 4.6/5, 13,000 ratings
- Android: 4.5/5, 3,000 ratings
Newton offers limit orders both in the mobile app and the desktop trading platform, making more advanced order types easy to place and execute for both beginners and advanced traders.
4. Third-Party Custody
Newton maintains third-party custodian partnerships with Fireblocks and Balance, which means they keep their users’ digital assets under cold (offline) storage at institutional-grade storage facilities. Newton will be transitioning to Coinbase Custody in the future, which offers an equally high level of security.
This is an essential security feature, since cold storage makes digital assets nearly impossible to steal, hack or tamper with. Newton also performs daily off-site backups and maintains direct bank integrations, both of which help minimize fraud and keep your crypto safe.
5. Newton Referral Program
Newton's referral program allows you to invite friends to the platform and earn rewards for doing so.
To invite friends to Newton, go to the Referrals tab on the Newton dashboard and send your referral link to your friends. Once they sign up and buy or sell $100 or more, you'll both earn $25.
To sign up using our referral code (and receive a $25 bonus), use this link or the code Z60U58.
Cryptocurrencies On Newton
Newton has a very wide array of supported cryptocurrencies. Some of these include:
| Bitcoin (BTC) | TerraUSD (UST) | 0x (ZRX) | Ren (REN) |
| Ethereum (ETH) | USD Coin (USDC) | Axie Infinity (AXS) | Tezos (XTZ) |
| Ripple (XRP) | Tether (USDT) | OMG Network (OMG) | Fantom (FTM) |
| Litecoin (LTC) | Stellar (XLM) | Basic Attention (BAT) | Shiba Inu (SHIB) |
| Cardano (ADA) | Bitcoin Cash (BCH) | Zcash (ZEC) | Aave (AAVE) |
| Solana (SOL) | Chainlink (LINK) | 1inch (1INCH) | Polygon (MATIC) |
| Algorand (ALGO) | Uniswap (UNI) | EOS | Chromia (CHR) |
| Dogecoin (DOGE) | SushiSwap (SUSHI) | Kyber Network (KNC) | |
| Terra (LUNA) | PAX Gold (PAXG) | Decentraland (MANA) |
Newton Fees
Newton doesn’t charge any “trading fees” or fees for depositing or withdrawing funds, though it does charge spreads, which are quite high compared to the rest of the industry.
Here's a comparison of current spreads for Newton and our #1-ranked exchange, CoinSmart:
Keep in mind that Newton's spreads change dynamically in reaction to market conditions—so they may be slightly lower or higher than this when you go to make a trade—but CoinSmart's spreads are stable at 0.2%.
If you transfer cryptocurrency out of your Newton wallet into an external cryptocurrency wallet, Newton will cover the first $5 in network fees. This means that you'll pay the actual network fee cost (minus $5), and you can always see the cost breakdown before you confirm your order.
In Summary
Newton is a Toronto-based cryptocurrency exchange that promotes zero-fee trading when buying and selling crypto assets. It's currently offering a $25 signup bonus with the referral code Z60U58 (or by using our link), though it's worth noting that users don't like Newton's lack of transparency and high spreads, which sit around 1.5% on Bitcoin and are well above 2% on most other coins, making it quite an expensive exchange to trade with.
For a better overall trading experience with significantly lower fees, I recommend opening an account with Kraken, my #1-ranked Canadian crypto exchange. Kraken has 250,000+ satisfied users, charges very low trading fees, and is offering a $10 signup bonus (no referral code required) from now until November 22, 2024.
Newton FAQs
How To Withdraw From Newton
Withdrawing funds from Newton is easy—you just need to follow these steps:
1. Desktop
- Open the trading view and log into your account.
- On the right-hand side of the dashboard, navigate to the up arrow.
- Select “Crypto to Wallet.”
- Select the specific cryptocurrency you want to withdraw.
- Enter the withdrawal amount.
- Enter your deposit address for your wallet by either copying and pasting from another source or using the QR code scanner.
- Select Review Withdrawal to withdraw your selected cryptocurrency.
2. Mobile App
- Open the trading view and log into your account.
- On the right-hand side of the dashboard, navigate to the two arrows.
- Navigate to the Withdraw tab and select “Crypto to Wallet.”
- Select the specific cryptocurrency you want to withdraw.
- Enter the withdrawal amount.
- Enter your deposit address for your wallet by either copying and pasting from another source or using the QR code scanner.
- Select “Review Withdrawal” to withdraw your selected cryptocurrency.
Is Newton Safe?
Trading cryptocurrencies is always risky, no matter what platform you use.
However, Newton is a safe cryptocurrency exchange to use. Users can set up two-factor authentication to protect their account, and every account is backed by Newton's partnership with Balance, a professional third-party custodian that holds the digital assets of all Newton users offline.
Is Newton Legal In Canada?
Yes. Newton is registered as a Money Service Business (MSB) through the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and is compliant with all Canadian regulations.
Newton has also filed an application for registration as a restricted dealer with the OSC (Ontario Securities Commission), as well as the securities regulatory authorities in all of the other Canadian provinces and territories.
Newton Promo Code
If you're looking for a Newton promo code, you're in luck: ours is Z60U58. And if you sign up using this link, you won't need to enter the promo code; your $25 signup bonus will be applied automatically when you deposit $100 or more.
Does Newton Report To The CRA?
No, Newton does not report to the Canada Revenue Agency, nor has it been asked to do so.
