Security Compliance
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.
As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.
Newton is compliant with FINTRAC regulations, ensuring its adherence to Canadian standards. They also provide daily site backups, offline third-party storage for digital assets, and allow direct bank account linking to minimize fraud. Notably, a clear breakdown of digital assets in cold storage is absent, and two-factor authentication via the Authy app is mandatory for user protection.
Bitcoin Well: Emphasizes its cutting-edge security features, including multi-factor authentication, cold storage solutions, and constant monitoring to safeguard users' assets and data.
Regulatory Compliance
Newton is fully compliant with FINTRAC regulations in Canada.
Bitcoin Well is registered with FINTRAC and fully legal in Canada.
Newton: Complies with FINTRAC regulations. This indicates a commitment to adhering to Canadian financial standards and regulations.
Bitcoin Well: Highlights its complete compliance with Canadian legal standards, further cementing its reputation as a trustworthy platform for its users.
Customer support
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.
Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good. If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus.
Newton: Offers a knowledge base for common queries, but direct contact requires navigating through the virtual assistant chat box to submit a support request. Responses, however, are impressively quick, often within a span of four hours. Bitcoin Well: Prioritizes top-tier customer service, ensuring users can get assistance for a range of queries. The emphasis on quick response times and expertise sets a high standard in user experience.
Conclusion
Both exchanges bring a lot to the table. Newton's no-fee stance and emphasis on beginner-friendly interfaces are commendable, as is Bitcoin Well's commitment to security and Canadian compliance. Winner: Newton - While Bitcoin Well is undoubtedly a strong contender in the Canadian crypto market, Newton's no-fee policy, coupled with its expansive coin offering and the impending launch of Newton Pro, gives it a slight edge for users seeking cost-effective and diverse trading options in Canada.
We recommend choosing Newton over Bitcoin Well for your cryptocurrency trading needs. By opting for Newton through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Newton nor Bitcoin Well 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.
