Security Compliance
Bull Bitcoin is completely safe since you always take full custody of your bitcoin, you do not need to worry about hackers stealing your funds on the platform. However, there is still a level of trust needed because you do not buy the bitcoin yourself and must wait for it to be sent to your crypto wallet.
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.
Bull Bitcoin: Strongly focused on security with mandatory self-custody of Bitcoin, limiting the risk of exchange hacks affecting user funds. Additionally, it complies with Canadian regulations by registering with FINTRAC and enforcing KYC procedures.
Newton: Also compliant with FINTRAC and takes security seriously with daily backups, third-party cold storage, and mandatory two-factor authentication via Authy. However, it's less transparent about the percentage of assets held in cold storage.
Regulatory Compliance
Bull Bitcoin is registered with FINTRAC as a Money Services Business and there is a full KYC procedure meaning Bull Bitcoin is fully compliant with Canadian regulations.
Newton is fully compliant with FINTRAC regulations in Canada.
Both Bull Bitcoin and Newton are compliant with Canadian federal laws, specifically adhering to the guidelines set by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). This ensures they follow mandatory anti-money laundering (AML) and know your customer (KYC) procedures. However, the nature of Bull Bitcoin's service as a Bitcoin-centric platform sets it apart from Newton's broader cryptocurrency exchange offerings.
Customer support
Since it is a small company, it may take some time for them to get back to you. Their opening hours are from 9 AM to 8 PM Mon-Fri with sporadic ability on weekends.The platform has a 4.9-star rating on Trustpilot with almost 200 reviews, so it’s clear that customers are extremely satisfied with the service.
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.
Bull Bitcoin: Offers direct support via email with generally positive feedback regarding response times. Being a smaller operation, it might take longer to respond but aims for personalized assistance.
Newton: Also provides support through a knowledge base and a ticketing system, with a reputation for fast and helpful customer support. The mixed reviews on app platforms indicate some users face issues, particularly with the Android app.
Conclusion
Although both platforms have their merits, Bull Bitcoin edges out as the winner for users prioritizing Bitcoin transactions in Canada. Its focus on direct ownership, straightforward buying process, and commitment to security without the complexities of a broader exchange make it ideal for Bitcoin purists. Meanwhile, Newton's broader offerings and no-fee structure appeal to a different segment of the market. Ultimately, Bull Bitcoin's niche approach offers a unique value proposition for those dedicated to Bitcoin, making it our pick.
Bull Bitcoin is the most cost-effective platform for trading Bitcoin in Canada, offering a unique feature that allows users to pay bills, including phone, electricity, and even taxes to the Canada Revenue Agency (CRA).
