Security Compliance
ByBit is lacking in information about its security. ByBit uses cold storage for assets but it’s not clear what percentage of funds are held in cold storage.
For users that want to secure their account, they can set up two-factor authentication using Google Authenticator. Users will need to open this app and enter the code whenever they wish to withdraw from their ByBit account.
This year the Ontario Securities commission (OSC) accused ByBit of selling unlicensed securities to residents of Ontario. ByBit paid a $2.5M fine and has since restricted new account sign-ups from residents of Ontario.
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.
ByBit maintains a tight security setup including two-factor authentication, secure cold storage for digital assets, and solid encryption protocols, all aimed at safeguarding users' funds and personal data.
Newton also complies with FINTRAC regulations, performs daily site backups, uses offline third-party storage for digital assets, and requires mandatory two-factor authentication. However, Newton does not provide transparency about the percentage of assets held in cold storage.
Regulatory Compliance
In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.
Newton is fully compliant with FINTRAC regulations in Canada.
Both ByBit and Newton are in compliance with the required regulations in Canada. Newton, being a Canadian-based exchange, is more targeted towards Canadian residents. However, Canadians can access ByBit's platform outside Canada.
Customer support
ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange. You can also create a ticket on the website if you need to contact support. The chat support helped me within an hour and I had an issue with the withdrawal of TONCOIN.
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.
ByBit provides customer support around the clock, seven days a week.
Support can be reached through live chat and email channels, while the ByBit Help Center serves as a comprehensive resource for frequently asked questions.
Newton offers a knowledge base on its website to answer common questions. They also provide support via a ticketing system. Their customer support team is available on weekdays and weekends, and they typically respond within four hours.
Conclusion
Both ByBit and Newton provide a solid platform for cryptocurrency trading with robust security measures and good customer support. However, when considering the user experience on the mobile platform, transparency in security protocols, and overall platform features, ByBit appears to have an edge over Newton. Though Newton offers an attractive no-fee trading environment, ByBit's superior security protocols, and better-rated mobile application make it a more favorable option. It's important to note that the choice of an exchange should be based on individual trading needs, preferences, and risk tolerance. Both platforms offer unique features that cater to different types of users. So, it's advisable for users to try both platforms and decide which one suits their needs better.
When comparing Newton to ByBit, 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.
Initially, we recommended choosing ByBit over Newton for your cryptocurrency trading needs. However, Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Bybit over Newton.
If you find that neither ByBit 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.
