Security Compliance
Bitget uses two-factor authentication for security and emails you about logins or withdrawals. They offer an anti-phishing code for genuine emails and have a $300 million insurance for lost assets, which you can claim if not at fault.
Newton does daily backups to minimize risk and states on its website that customer data is stored in Canada. They also perform daily site backups, have offline third-party storage for digital assets, and they allow their customers to directly connect their bank account to reduce fraud.
Safety is paramount in the world of crypto. Bitget emphasizes this with its two-factor authentication, email notifications for account activity, anti-phishing code, and an impressive emergency insurance coverage of $300 million. Newton, staying compliant with Canadian FINTRAC regulations, provides mandatory two-factor authentication through the Authy app and has offline third-party storage for digital assets. However, Newton could improve in terms of transparency regarding the percentage of assets in cold storage.
Regulatory Compliance
Not regulated by Canadian financial institutions.
Newton is fully compliant with FINTRAC regulations in Canada.
When it comes to Canadian regulations, Newton stands ahead, being compliant with FINTRAC regulations. While the information regarding Bitget's compliance with Canadian federal organizations is not explicitly mentioned, it's crucial for traders to ensure any platform they engage with adheres to local regulations.
Customer support
Reviewers say customer support is unhelpful but most of them are beginners. Bitget is not a crypto exchange for beginners and if you do not know how copy trading or futures trading works, then it is not a good idea to use them, as this customer points out.
Newton has FAQs and a knowledge center on the website. Customers can message the support teams either online via their support pages or through email. Newton does not have a phone and live support.
Customer support can make or break a user's experience. Bitget has faced criticism here with a 2.2-star rating on Trustpilot. Despite a few allegations of a "scammy" copy trading feature, many complaints might be from users unfamiliar with advanced trading concepts. Newton shines in this area with a 4.4-star Trustpilot rating and a swift response time, typically within four hours.
Conclusion
Both Bitget and Newton cater to different segments of the crypto trading population in Canada. Newton, with its beginner-friendly approach, fee-less structure, and strong customer support, is an excellent choice for newcomers. Bitget, with its vast array of features and tools, caters more to the advanced trader. However, given its diverse trading tools, low fees, and robust security features, Bitget emerges as the winner for those ready to delve deep into the world of crypto trading.
When comparing Newton to Bitget, one notable advantage is the Recurring Buys feature. This allows users to automate crypto purchases at regular intervals, making it easier to invest consistently over time. Additionally, Newton has partnered with Koinly, a leading crypto tax platform, simplifying tax reporting with seamless integration. These features are especially beneficial for users looking for a hands-off approach to crypto investing and tax management, giving Newton a distinct edge over many competitors that don’t offer these conveniences.
Bitget has recently launched the Bitget Card, enabling users to spend cryptocurrency globally, enhancing accessibility and convenience. Furthermore, the platform now features zero transaction fees for USDC/USDT spot trading, positioning itself as a cost-effective option for Canadian users aiming to optimize their trading strategies. These updates further distinguish Bitget from other exchanges, offering both advanced features and financial advantages that are especially beneficial for traders focused on minimizing costs while maximizing efficiency.
We recommend choosing Bitget over Newton for your cryptocurrency trading needs. By opting for Bitget through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitget nor Newton meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
