The Newton Crypto Exchange is a new crypto exchange based in Canada. Also, the platform is gaining popularity due to the addition of new coins and features. And, with so much speculation about the exchange, we were compelled to do a Newton Crypto Exchange review.
In the cryptocurrency space, it is challenging to design a UI that meets the users’ needs and keep the inflow and outflow of money uninterrupted. But, the Newton Crypto Exchange has done a great job by making a clean and polished UI, inspiring confidence in its developers.
There are many things to know about the Newton Crypto Exchange. Hence, we’ve done a detailed Netwon crypto exchange review in this article.
So, without further ado, let’s start the Newton Crypto Exchange review!
|Customer Support||Email, website, and phone|
|Minimum Deposit||No minimum deposit|
|Payment Methods||Wire transfer, crypto wallets, direct deposit|
The Newton Crypto Exchange is a Canadian cryptocurrency trading platform named after the famous physicist Sir Isaac Newton. Currently, there are over 10,000 active users on the site, and it is available exclusively to users in Canada. The Newton Crypto Exchange charges no fees from its customers and has an unrivaled concentration on the Canadian market.
Also, the Newton Crypto Exchange is distinguished from its rivals by its unique features and services. Popular features of the exchange are rapid account verifications, reduced margins, 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 Newton Crypto Exchange review, we found the platform is buttery-smooth, even on mobile devices. And, due to this, you can trade cryptocurrencies even while on the go.
The Newton Crypto Exchange has just closed a USD 20 million Series B investment round. The exchange’s primary backers include DVX Capital and CI Financial Corp. Additionally, the Newton Crypto Exchange has over 70 different cryptocurrencies and tokens.
The Newton Crypto Exchange is registered with FINTRAC as a Money Service Business. Therefore, it is subject to the same stringent regulations as other competitors. In addition, the platform’s multiple deposit options facilitate a trouble-free crypto trading experience. But, you can’t withdraw your funds until the fiat payments have been cleared.
Sign-Up Process of Newton Crypto Exchange
Coming to the sign-up process, the sign-up procedure for the Newton Crypto Exchange is as quick and easy as it gets. But, this does not imply that the platform sacrifices security for a quick sign-up process. And, before you can begin trading cryptocurrencies on the site, you must complete a thorough KYC process.
How Does the Newton Crypto Exchange Work?
In our Newton Crypto Exchange review, we found that with the Newton Crypto Exchange, you can open an account in a matter of minutes, thanks to the company’s rapid user verification process. But, it still requires ID verification to ensure its users aren’t engaging in illegal activities per their KYC policies. The Newton Crypto Exchange does this to stay in line with the banking industry’s regulatory bodies.
But, thankfully, as a consolation for going through all the above formalities, each new user gets $25 CAD for their trading and exchange activities. Users can then fund their accounts with an Interac e-transfer, wire transfer, or cryptocurrency deposit.
After a detailed Newton Crypto Exchange review, here’s 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 is decentralized and does not cost a fee. And, since there are no transaction costs, you can freely trade between different cryptocurrencies. Also, the Newton Crypto Exchange doesn’t charge transaction fees even while withdrawing or depositing.
But, to keep running, the platform needs to make money somehow, right? The Newton Crypto Exchange makes money by generating income from the bid-ask spreads when customers trade one cryptocurrency for another. There may be some variation in these fees, but typically the spread is between 0.5 and 1%.
Furthermore, the Newton Crypto Exchange uses a Surge Pricing technique to generate revenue. In this technique, they pay for the first $5 of the network fee, and customers pay only the wholesale price of the network fees. Thus, the Newton Crypto Exchange deducts the remaining balance from the withdrawn amount.
During our Newton Crypto exchange review, we found that the exchange has a withdrawal limit of 50,000 Canadian Dollars per week.
When we were underway the Newton Crypto Exchange review, we found that withdrawing funds is super easy in the exchange. Simply click the upwards arrow on the right side of your screen. After clicking, a drop-down menu will come up. And, the drop-down menu will display the following options:
Interac e-Transfer – You can get your money transferred into your checking account in a matter of hours for free with e-Transfer.
Direct Deposit to a Bank Account – There is no fee for direct deposits, but it may take up to 5 working days for the money to show up in your account.
Transfer to Another Crypto Wallet – Depending on the network fees at the moment of withdrawal, sending cryptocurrency to another wallet can be practically instant but can incur a fee.
You can use these features to withdraw your funds from the Newton Crypto Exchange.
Transfer Options on Newton Crypto Exchange
|Wire Transfer||Yes||Yes||2-5 business days|
- It is one of the most user-friendly cryptocurrency markets for beginners.
- The withdrawals on the exchange are very cheap.
- The exchange supports more than 70 cryptocurrencies.
- It is an excellent option for Canadians just getting their feet wet in crypto.
- While the Newton Crypto Exchange advertises itself as a “no-fee exchange,” it charges fees through the spreads while converting one crypto to another. We haven’t found that the spread is very big, but it is helpful when cryptocurrency exchanges are upfront about the fees you’ll incur.
- The Newton Crypto Exchange’s customer support is not up to the mark. And, customer support is crucial in the crypto space. That’s because people have so many queries all the time.
- The platform lacks some features that global crypto exchanges like Binance have.
- Even though the Newton Crypto Exchange has an instant verification process, the account opening procedure is a hassle and takes time.
The Newton Crypto Exchange has become a premier platform for buying, selling, and trading cryptocurrencies. The exchange focuses primarily on Canadian investors. And, due to its minimal fees and high level of security, it is a great choice for users looking to get started in crypto.
Based on our Newton Crypto Exchange review, it is the ideal crypto exchange for Canadian investors. It has a novel business model, and they don’t charge any transaction fees. Finally, the advantages offered by the Newton Crypto Exchange make it a fantastic option for Canadian traders.