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.
To secure your Uphold account, you can enable two-factor authentication.
Uphold trading platform utilizes cold storage for your safety.
Newton employs rigorous security measures, utilizing a combination of cold storage, encryption, and institutional-grade policies to ensure the safety of assets.
Uphold is also likely safe, with a focus on compliance. However, specifics on technological security measures such as cold storage or insurance coverage are not readily available on their site.
Regulatory Compliance
Newton is fully compliant with FINTRAC regulations in Canada.
Uphold is fully regulated in the USA. They are compliant with the Office of Foreign Assets Control (OFAC) and record keeping regulations with the Bank Secrecy Act (BSA). It's Canadian-friendly as well.
Both Newton and Uphold are fully registered as a Money Services Business with FINTRAC in Canada, ensuring that it complies with Canadian laws and regulations.
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.
Uphold has good reviews about their customer service teams. They offer help centres on their website and within the app.
You can contact Uphold’s customer support via their online ticketing system on their website.
Newton provides a dedicated support portal for clients, which includes an extensive FAQ section and an email support system that guarantees responses within 48 hours. Uphold, on the other hand, offers support via an online ticketing system. User reviews generally depict their support team as responsive and helpful.
Conclusion
While both Newton and Uphold offer impressive features and cater to a broad asset range, Newton takes the win for Canadian customers. Its focus on the Canadian market, better app ratings, clear security measures, and local compliance make it an ideal choice for Canadians looking to invest in cryptocurrencies.
When comparing Newton to Uphold, 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.
Uphold sets itself apart by offering an international debit card with cashback rewards and no foreign transaction fees, which is a big advantage for global traders. However, for Canadians, it's important to note that direct bank deposits and withdrawals aren't currently supported. Instead, Canadians can use credit or debit cards for trading, though credit card transactions come with a 3.99% fee. This limitation may make other exchanges more appealing for users who prefer traditional banking methods.
We recommend choosing Newton over Uphold 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 Uphold 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.
