Newton vs Wealthsimple Crypto: Which is Better Crypto Broker?

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This Newton vs Wealthsimple Crypto post provides a side by side comparison of the 2 top crypto platforms for Canadians.

If you’re considering trading in cryptocurrencies, you may be wondering which platform will work best for you in Canada. There are several legitimate crypto exchanges out there. As a result, the choice can be overwhelming especially if you’re new to the crypto world. 

Not all platforms are created equal, and some have certain features that make them better for some investors than others. Newton and Wealthsimple Crypto are two popular cryptocurrency trading platforms in Canada’s crypto market. 

Both are simply designed and easy-to-use platforms that you can access from any web-connected device using your computer or mobile phone. 

In this article I’m going to go over the main similarities and differences between Newton and Wealthsimple Crypto, so you can make an informed decision as to which one is best for you.

Read on to find out!

Newton vs Wealthsimple Crypto Overview

Here’s a summary of the key features of Newton vs Wealthsimple Crypto so that you can quickly get a sense of how they compare.

Key FeaturesNewtonWealthsimple Crypto
Inception year20182020
Minimum investment$0$0
Coins supported7160+
Funding optionsCrypto deposits, wire transfers, Interac e-Transfers and Pre-authorized bank transfers Bank account and crypto deposits
Trading fees$0$0
Deposit fees$0$0
Withdrawal fees$0$0
Spread0.5 – 0.7%1.5-2%
FINTRAC regulationYesYes
Sign-up bonus$25$25 (expired)

Newton Overview

Newton is a trusted platform with a high level of security and transparency that offers many benefits to users who want to trade cryptocurrencies without trading commission or minimum deposit requirement.

The exchange has been operating in Canada for the past 3 years, providing cryptocurrency to a wide range of investors. The Newton platform has been designed for ease of use, so you can start trading your favourite cryptocurrencies in a few minutes.

The platform allows you to buy and sell 71 cryptocurrencies and tokens, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), MANA, and Ripple. This makes it a top destination for Canadians looking for the best crypto platform in Canada with a wide support for different coins.

Newton has a fully-functional mobile app available on Android and iOS devices. The app allows users to perform all the functions they need to trade crypto on the go.

Additionally, Newton offers a cryptocurrency cold wallet to store your funds safely and securely when you’re not trading them on the platform.

Learn more: Newton Review

Pros of Newton 

  • Instant verification: Newton verifies accounts instantly unlike other exchanges that take up to 24hours or days. This allows you to start trading without delay.
  • No account minimums: Newton has zero account minimum requirement. As a result, you can start trading with as low as $1.
  • 70+ cryptocurrencies: With over 70 cryptocurrencies, you can trade all your favourite coins on Newton. 
  • No fees: The exchange doesn’t have trading fees, deposit fees, and withdrawal fees. This makes it easier to save costs while trading your favourite coins.
  • Safety: Your cryptos on Newton are stored in an institutional-grade cold storage wallet.
  • Pre-authorized deposits: You can make pre-authorized deposits on Newton through bank transfer. This option is not available in other crypto exchanges.  

Cons of Newton

  • High spreads: Compared to other Canadian crypto exchanges, Newton spreads are relatively high. But it makes up for it with no trading, deposit and withdrawal fees.

Wealthsimple Crypto Overview

Wealthsimple Crypto is a crypto app that provides Canadians with an easy way to invest in the cryptocurrency market. Its goal is to make it easy for you to get started investing in digital currencies.

It is not an crypto exchange. Rather, it is a brokerage firm that allows you to purchase cryptocurrencies through its platform.

Though relatively new, Wealthsimple Crypto has rapidly gained a lot of publicity in Canada as one of the best crypto trading platforms.

Wealthsimple Crypto is a part of Wealthsimple Inc., which is a registered Canadian financial company that has been operating since 2014. It has been approved by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and registered with the OSC to provide cryptocurrency investment services in Canada.

One of the most exciting features of Wealthsimple Crypto is the ability to invest in a diversified investment portfolio within the same app. That is, the crypto trading service is housed within the same Wealthsimple Trade app that allows commission-free trading of stocks and ETFs.

Additionally, the company provides an investment dashboard where you can track your portfolio performance over time as well as alerts so that you know when something important happens with your investments.

Learn more: Wealthsimple Crypto Review

Pros of Wealthsimple Crypto

  • No account minimums: With no minimum investment requirement, Wealthsimple Crypto gives you access to trade with any amount without pressure. 
  • No deposit or withdrawal fees: You can save on deposit, withdrawal and trading fees on Wealthsimple Crypto because it doesn’t charge those. The exchange only charges between 1.5 to 2% spreads.
  • Good crypto coins option: As  Wealthsimple Crypto supports 60+ crypto coins, you can invest in all your favourite coins in one place.
  • Safety: Wealthsimple Crypto is a secure platform for crypto trading because it partners with Gemini to store your coins cold storage wallet. With this, your investment will remain safe against hackers giving you peace of mind. 

Cons of Wealthsimple Crypto

  • Limited tools: If you’re an intermediate or experienced crypto trader, you may find Wealthsimple Crypto unsuitable because of its limited advanced tools.
  • Wider Spread: With a spread of 1.5-2%, Wealthsimple Crypto has one of the highest trading fees among the Canadian crypto platforms.
  • Limited funding options: You can only deposit funds on Wealthsimple Crypto through a bank account and crypto deposits. It has one of the most limited funding options out there as other exchanges allow you to fund your account through Interac e-Transfer, wire transfer, credit and debit card.

Newton vs Wealthsimple Crypto Key Features Compared

Now that you know a little bit about the two crypto brokers, how do you know which one is best for your crypto trading needs? 

Let’s compare the key features of each trading platform and see so that you can figure out which one is right for you:

Newton vs Wealthsimple Crypto: Beginner Friendly

For beginners and pros alike, both Newton and Wealthsimple Crypto have made it easy to get into Cryptocurrency. Both platforms have an intuitive user-friendly interface.

With easy-to-use interfaces and intuitive navigation, it will be easy for you to find your way around either of the platforms. However, Wealthsimple Crypto has a more beginner-friendly app and you’ll be able to buy your first crypto withing a few seconds on the app.

Newton vs Wealthsimple Crypto: Minimum Investment

Both Newton and Wealthsimple Crypto don’t require a particular minimum deposit amount before you can start trading your crypto on their platform.

This means they allow investors to start investing with as little as $1 which makes them a great choice for beginners who want to try investing with a little amount.

Newton vs Wealthsimple Crypto: Number of Supported Coins

Both Newton and Wealthsimple Crypto allow users to invest in a wide range of cryptocurrencies on a single platform instead of opening several accounts with different crypto exchanges.

While both platforms offer a vast amount of cryptocurrencies, Newton supports more coins. At the moment, you can trade 71 cryptocurrencies on Newton compared to the 60+ coins on Wealthsimple Crypto.

So if you want more choice in the coins available to trade, Newton outshines Wealthsimple Crypto.

Newton vs Wealthsimple Crypto: Funding Options

Newton offers a variety of funding options, including Interac e-Transfer, wire transfer and Pre-authorized bank transfers. You can also fund your new account using crypto deposits.

Wealthsimple Crypto on the other hand only accepts crypto deposits and bank accounts as funding methods for its funding options. Both crypto brokers don’t charge for any other supported funding options.

Therefore, if you want a crypto trading platform that offers multiple funding options, then Newton might be the better option for you.

Newton vs Wealthsimple Crypto: Trading Fees

When you trade crypto on some platforms, you pay a trading commission to your broker or exchange each time you buy or sell.

However, both Wealthsimple and Newton don’t charge such fees. You can buy as many cryptocurrencies as you like without paying any trading fees allowing you to keep more of your profits.

This makes both platforms great options for Canadians who want to invest in cryptocurrency without paying trading fees. That said, they both include a spread on the quoted prices – which is how they make money to support their platforms.

Newton vs Wealthsimple Crypto: Spread

Both Newton and Wealthsimple Crypto charge a spread fee but Wealthsimple crypto charges a higher spread.

The spread is the difference between the buying price and the selling price of an investment. The spread is usually small, but it can make a big difference over time.

Wealthsimple Crypto charges a 1.5-2% spread fee, which is much higher than the 0.5 – 0.7% spread fee charged by Newton.

This means that when you buy or sell crypto with Wealthsimple Crypto, you will be charged more than with Newton.

Newton vs Wealthsimple Crypto: Deposit Fees

Newton and Wealthsimple Crypto are among the crypto trading platforms in Canada that do not charge a fee for depositing funds into your account. 

Therefore, you can deposit money into your Newton and Wealthsimple Crypto accounts without incurring a fee.

Newton vs Wealthsimple Crypto: Withdrawal Fees

Withdrawing money from your Newton or Wealthsimple Crypto account does not cost you anything. You can withdraw your funds at any time, and there will be no fees associated with doing so.

However, this is not the case for all exchanges. Some cryptocurrency exchanges have withdrawal fees that are charged to users who withdraw their funds from the platform.

Newton vs Wealthsimple Crypto: Regulation

Both Newton and Wealthsimple Crypto are regulated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada), which means they are subject to strict reporting requirements. 

This also means that both platforms must ensure compliance with government regulations on money laundering and fraud prevention.

However, Wealthsimple Crypto is also registered with the OSC as a Restricted Dealer and it is one of the few Canadian crypto platforms that are registered with the Securities regulator.

Newton vs Wealthsimple Crypto: Sign-up Bonus

Both Newton and Wealthsimple Crypto offer a welcome bonus to new users who sign up and make their first deposit or first trade.

Newton offers a welcome bonus of $25 and Wealthsimple Crypto also offers a welcome bonus of up to $25.

Although Newton offers the same welcome bonus with Wealthsimple Crypto, the requirement to earn the bonus on Newton is lower.

To earn the welcome bonus on Wealthsimple Crypto, you must create an account and trade at least to $150 to qualify. Learn more about the Wealthsimple crypto bonus here. 

On the other hand, to earn the welcome bonus on Newton, you are required to create an account and trade just $100.

Update: Wealthsimple Crypto bonus has expired.

Newton vs Wealthsimple Crypto: Overall Winner

From the above comparison, both platforms are commission-free, so you don’t pay fees when you buy or sell your cryptocurrency. 

However, there are a few differences between Newton vs Wealthsimple Crypto that may make one more suitable for your needs than the other.

Ultimately, it still comes down to your circumstances and preferences as a crypto investor. 

All in all, Newton is currently a more robust crypto trading platform than Wealthsimple Crypto. With Newton, you get access to more crypto coins and much lower spreads than what is available on Wealthsimple Crypto.

But if you want the flexibility to trade crypto, stocks and ETFs within the same app, Wealthsimple Crypto is currently the only app that allows that in Canada. You can even buy and sell crypto ETFs through the Trade app if you’ll rather invest in crypto through a managed vehicle like ETFs.

Overall, if you are an investor looking to diversify your portfolio with digital assets, both of these platforms have the potential to make your cryptocurrency investment goals easy.

Newton vs Wealthsimple Crypto: Final Thoughts

Newton and Wealthsimple Crypto are both highly capable crypto trading platforms that aim to make it easier for investors to trade and store cryptocurrencies in Canada.

But as you can see, each of them has its pros and cons. The best way to decide which of these two platforms is the better choice for you is to examine your needs and determine exactly what features you need from a crypto platform. 

Only after weighing all of your options in this way will you be able to decide which one offers the solution that works best for you.

Whether you go with Newton or Wealthsimple Crypto, you can’t make the wrong decision.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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