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.
Coinbase uses its own digital wallet for storing your cryptocurrency.
Coinbase keeps 98% of its cryptocurrency in cold storage. This makes it hard for thieves to steal crypto assets if the exchange is hacked. Cold storage is the most secure way to store cryptocurrency, so the fact that Coinbase does this is a huge plus.
Safety is paramount in both Newton and Coinbase. Newton leverages military-grade encryption protocols to safeguard user data and funds, storing 95-98% of digital assets offline in cold storage.
Coinbase also takes stringent security measures, holding 98% of cryptocurrencies in cold storage and mandating two-factor authentication on all accounts. In terms of safety, both platforms stand on equal ground.
Regulatory Compliance
Newton is fully compliant with FINTRAC regulations in Canada.
Coinbase is a US-based cryptocurrency exchange, however, no restrictions for Canadians. Canadian residents can use Coinbase to their full capacity.
Newton and Coinbase are compliant with Canadian regulations. Newton is a registered Money Service Business (MSB) under FINTRAC, Canada's financial intelligence unit, which regulates anti-money laundering and counter-terrorist financing.
Coinbase, though US-based, also adheres to Canadian laws and guidelines, operating as a MSB in compliance with FINTRAC.
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.
Coinbase customer support is very slow. It took them 4 days to address our request to a real person. Even though they offer 24/7 support and a live chat option, the quality of the support is bad due to a very high volume.
Newton's customer support team is available 24/7 via email and live chat, providing timely assistance for user queries and concerns.
Coinbase, while offering live chat, email, and recently implemented 24/7 phone support, has faced criticism for slow response times, making Newton's support services the more reliable option.
Conclusion
While both Newton and Coinbase have proven to be efficient platforms for cryptocurrency trading, Newton edges out as the winner for Canadian users in 2024. With zero-fee trading, robust security measures, and superior customer support, Newton offers a more tailored and cost-effective trading experience for Canadians compared to Coinbase.
When comparing Newton to Coinbase, 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 Coinbase to other exchanges, it's worth noting that Coinbase One introduces several new features that make it more competitive. These include zero trading fees, boosted rewards, and priority customer support. Additionally, the platform has increased its focus on staking, allowing users to earn rewards, such as 5.10% APY on USDC. While Coinbase’s fees remain high outside of Coinbase One, these added benefits can make the platform more attractive for users looking to maximize earnings while minimizing transaction costs, especially compared to exchanges with lower fees but fewer reward opportunities.
We recommend choosing Newton over Coinbase 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 Coinbase 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.
