Newton is a relatively new cryptocurrency exchange based out of Canada. The exchange is growing in popularity as it adds new coins and features on a regular basis. The user interface of Newton is crisp, and professional, leaving the user with an inherent feeling of trust and appreciation for Newton’s attention to detail. Creating a well refined user experience in the cryptocurrency domain is a very difficult thing to do. Making sure that money enters and exits the exchange smoothly is a difficult thing to do well. Newton has done the best that they can, and we’re happy to say that their best is better than most.
Newton implements their FIAT onramp with a service called Plaid. This service allows for users to connect their bank accounts directly. When signing up for Newton, you are taken through a set of steps where you need to enter your bank password, as well as provide the answers for any and all security questions attached to your bank account. This level of access to your bank account is too much for some users. If you do not want to integrate Plaid into your Newton account, then you can always deposit funds through their wire transfer functionality.
By: Keegan Francis | Sep 4, 2020 | Modified Sep 8, 2020
|Direct Deposit||Yes||Yes||Near instant|
|Wire transfer||Yes||Yes||2-5 business days|
The sign up process for Newton is fairly typical. It involves KYC, and hooking up your bank account using plaid. Newton encourages you to set up 2FA in order to secure your account. We highly recommend you do this, as if you’ve connected your bank account through plaid, an attacker may move funds out of your bank account into Newton on your behalf. The user flow of the sign up process is well established and simple, making it an enjoyable user experience.
Newton boasts as being a “No-Fee Cryptocurrency Exchange”, but this is only half true. The fees that Newton charges are within the spread that it offers on the trading interface. Newton is a business that needs to make money, just like every other cryptocurrency exchange, and therefore makes money any time one currency is exchanged for another. The No-Fees label comes from the fact that they don’t charge money to deposit funds, as well as the lack of flat fee attached to every trade. So how much does Newton charge on the spreads? Sources may vary, but exchanges that include fees within the spreads typically charge between .5% and 1% of the price.
Newton does not charge users a flat fee on their trades like many other exchanges do. Newton bakes in their fee to the asking price of cryptocurrencies on the exchange.
Plaid is backed by some of the largest industry giants in terms of funding and security. Plaid stores your password as well as security questions for your bank account. Ideally this login information is not stored in plain text. Many large companies such as Stripe and Venmo use Plaid to integrate bank accounts. The reputability of the partners seems to suggest that Plaid is relatively safe for depositing funds into Newton.
Newton allows you to trade some of the most popular cryptocurrencies in the world including Bitcoin, Litecoin, and Ethereum. Newton has also opted to include 3 stablecoins and Monero, a privacy coin.
Newton maintains an internet interface, and a mobile android application. Either of these applications can be used to access all of Newton’s basic functionality.
Each cryptocurrency exchange handles security differently. Newton is outspoken on the QuadrigaCX scandal that affected many Canadian investors. Newton CEO Dustin Walper has made several statements about Newton’s dedication to cryptocurrency exchange security.
By signing up on Newton, and referring friends, you and your friend will earn $25 worth of cryptocurrency when your friend buys or sells $100 worth of cryptocurrency.