Newton vs. Kraken: What Works Better For Canadians in 2024

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.

Kraken keeps 95% of users’ funds in cold storage. All account information is encrypted, their servers are locked in cages under 24/7 surveillance by armed guards. 

To help secure your Kraken account you can use two-factor authentication. You will receive an email notifying you of any withdrawal, and there is an account timeout for added protection.

Both Newton and Kraken have robust security measures in place. Newton uses cold storage for 95-98% of its digital assets, applies two-factor authentication (2FA), and holds ISO 27001 certification. Kraken also stores 95% of digital assets in cold storage, uses 2FA, and employs several other security measures such as account timeout, withdrawal notifications, and the option for account time lock. They also run a bug bounty program that rewards people for finding vulnerabilities in their system.

Regulatory Compliance

Newton is fully compliant with FINTRAC regulations in Canada. 

Kraken is fully compliant with US regulations. The exchange is independently audited to show that customers’ funds are properly held. Canadians can use the platform as well.

Both Newton and Kraken are compliant with Canadian federal laws. Newton is registered as a money service business with FINTRAC in Canada and follows all the necessary compliances and regulations. Kraken also complies with the rules set by FINTRAC and other regulatory bodies. However, not all services offered by Kraken are available in Ontario due to the regulations by the Ontario Securities Commission.

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.

Kraken offers a 24/7 live chat and email support. It also offers a good amount of learning documentation and helpful articles on its website. Unfortunately, many people say Kraken has poor customer support with tickets taking a long time to be resolved if ever.

Newton provides its clients with email support and a comprehensive help center, but it lacks phone or live chat support. Their customer service is known for its responsiveness.

Kraken offers 24/7 live chat and email support, with phone support available in the USA, UK, and European Union. It also has a detailed help center on its website.

Conclusion

While both Newton and Kraken offer a range of features and have robust security measures, Newton comes out as the winner in this comparison. The zero-fee policy and its tailored services for Canadians make Newton an excellent choice for those based in Canada. Kraken, with its more advanced trading features and worldwide reach, might be more suited for experienced traders seeking complex trading options.

When comparing Newton to Kraken, 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.

Kraken stands out with its variety of flexible funding methods, including wire transfers and crypto funding options, giving users more convenience when moving their assets. Furthermore, Kraken’s 24/7 customer service is a significant advantage, ensuring that users can get support anytime, which is crucial for traders working across multiple time zones. This level of accessibility can be a key differentiator when compared to other exchanges, some of which may not offer round-the-clock support.

We recommend choosing Newton over Kraken 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 Kraken 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.