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.
It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.
Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.
Both Newton and Bitvo are compliant with FINTRAC regulations in Canada, a crucial factor when considering the safety of a crypto exchange. Newton provides daily site backups, offline third-party storage for digital assets, and allows users to directly connect their bank accounts for enhanced security. However, they do not disclose the percentage of digital assets kept in cold storage, a detail some users may find concerning.
Bitvo, on the other hand, holds 95% to 100% of assets in cold storage, with customer fiat funds held in segregated bank accounts, a multi-layered firewall infrastructure for exchange protection, and third-party screening for any cryptocurrencies looking to be listed
Regulatory Compliance
Newton is fully compliant with FINTRAC regulations in Canada.
Bitvo is registered with FINTRAC and is compliant with Canadian regulations.
As previously mentioned, both Newton and Bitvo are compliant with FINTRAC regulations, Canada's financial intelligence unit. This means both exchanges have implemented the necessary measures to identify, mitigate, and report potential money laundering and terrorist financing activities.
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.
Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.
Newton offers a knowledge base on its website for commonly asked questions. To contact support directly, users have to navigate to the knowledge center and submit a support ticket. Despite this seemingly roundabout method, Newton's support team has been reported to respond impressively within four hours.
In contrast, Bitvo guarantees 24/7 customer support including live chat, email, and even a phone support option, a feature not commonly found in cryptocurrency exchanges.
Conclusion
Both Newton and Bitvo are reputable Canadian crypto exchanges with distinct advantages. While Newton offers a wider variety of cryptocurrencies, Bitvo's standout features include a customer satisfaction guarantee and their unique cash card. However, Newton's robust security measures, user-friendly interface, responsive customer service, and its no-fee trading policy make it the winner of this comparison.
We recommend choosing Newton over Bitvo 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 Bitvo 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.
