Kucoin vs Newton: What Works Better For Canadians in 2024

Security Compliance

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private 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.

Kucoin utilizes multiple security measures, including industry-level multilayer encryption, dynamic multifactor authentication, and dedicated internal risk control departments, which review and enforce platform security.

On the other hand, Newton complies with FINTRAC regulations in Canada, provides daily site backups, offline third-party storage for digital assets, and mandates two-factor authentication for users.

Regulatory Compliance

In June, 2021, the Ontario Securities Commission stated that Kucoin was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD.

Newton is fully compliant with FINTRAC regulations in Canada. 

In 2022, Kucoin was restricted from operating in Ontario by the OSC for failing to comply with local regulations. Nonetheless, some Canadian users still trade on it.

Newton, being a Canadian platform, abides by the regulations of the Canadian financial bodies, such as FINTRAC.

Customer support

Kucoin offers helpful FAQs and online ticketing service for their customers as well as 24/7 support and a live chat option.

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.

While Kucoin provides 24/7 customer support via multiple channels, including email, live chat, and a hotline, the support seems to struggle with delayed responses. In contrast, Newton has a solid support structure that responds impressively within four hours. However, contacting Newton's support might be less intuitive as it requires visiting the knowledge center and clicking the "submit a request" button.

Conclusion

Both exchanges have their advantages and features that appeal to different types of traders. However, considering the need for regulatory compliance, ease of use, customer support responsiveness, and zero-fee stance, Newton seems more favorable for Canadian users. Despite this, Kucoin remains a popular choice due to its wider user base, variety of available cryptocurrencies, and advanced trading features.

When comparing Newton to Kucoin, 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.

When comparing Kucoin to other exchanges, KuCoin stands out for its enhanced transparency through the Proof of Reserves (PoR) system, which verifies that the platform can fully cover all user assets, reinforcing trust in its financial stability. Additionally, KuCoin has stepped up its game in customer service by offering 24/7 support, making it easier for users to get timely assistance compared to many other exchanges. This level of transparency and customer care makes KuCoin a strong contender among its competitors.

We recommend choosing Kucoin over Newton for your cryptocurrency trading needs. By opting for Kucoin through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Kucoin 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.