Newton vs Binance: Fees, Pros & Cons
There are other crypto platforms available to cryptocurrency investors in the Great White North. However, Binance is the world’s largest crypto exchange by trading volume, with 350+ cryptocurrencies available and the lowest market fees.
Newton is one of the best cryptocurrency exchanges in Canada. The leading Canadian exchange offers an easy-to-use trading platform with over 70+ cryptocurrencies available to traders.
This Newton vs Binance review will help Canadian investors decide which of the two platforms best suits their needs.
Newton vs. Binance: Verdict
Our pick in this comparison is Binance due to the platform’s additional features and benefits on the exchange.
Newton vs Binance: Unique Features
Newton and Binance have different but equally effective security measures to ensure that customers’ data and assets are safe.
First, the Know Your Customer (KYC) and Anti-money Laundering (AML) procedures are enabled on both platforms. These protocols are required as part of the KYC/AML policy of the Canadian government. The policy requires that account owners on crypto exchanges disclose and verify the identities of their customers.
Besides the KYC/AML procedure, both platforms store a significant percentage of users’ assets in an offline cold storage. Newton claims to store 80%, while Binance stores most assets to secure against hacks and other cyber threats.
Binance users can also deploy address whitelisting to protect funds from hackers or theft. In addition, Binance incorporates a risk management system that monitors and analyses activities on a user’s account. This real-time monitoring triggers suspended withdrawals that are valid for a minimum of 24-48 hours.
Newton has spot trading available. There are no trading options like crypto derivatives & futures, margin trading, or peer-to-peer (P2P) trading.
Binance, on the other hand, offers users spot trading and more advanced features. Investors can trade futures, execute margin trades, and use stop orders and limit orders to manage investments.
Newton offers a basic trading platform where users can initiate express buy and sell orders. Newton has a few advanced options, but it’s limited to creating market and limit orders. Newton is perfect for new and beginner Canadian investors who want to trade crypto without hassles.
Binance has a more complicated interface because of its advanced features and charting tools. The platform is highly recommended as the best exchange for advanced traders.
As stated earlier, Newton only offers spot trading services to its clients.
However, Binance offers other crypto-related services apart from trading. Investors can monetize their crypto holdings on Binance using the following services:
- Crypto staking
- Derivatives trading
- Crypto loans
- Binance Pay
- Binance Card
- Liquidity farming
- Crypto savings account, etc.
Newton vs Binance: Cryptocurrencies Available
Binance supports 350+ crypto coins and utility tokens that users can trade and invest in. Some of the available cryptocurrencies on Binance include:
- Ethereum (ETH)
- Bitcoin (BTC)
- Cardano (ADA)
- Solana (SOL)
- Binance Coin (BNB)
- Bitcoin Cash (BCH)
- Tether (USDT)
- Binance USD (BUSD)
- USD Coin (USDC)
- Yearn Finance (YFI) and more
On the other hand, Newton has a limited number of cryptocurrencies available. The platform lists 70+ crypto coins investors can buy, sell, and trade. However, account owners can buy Bitcoin and other less-popular cryptocurrencies on the crypto exchange. Some of the available crypto coins options include:
- Bitcoin (BTC)
- Aave (AAVE)
- Axie Infinity (AXS)
- Cardano (ADA)
- Chainlink (LINK)
- Compound (COMP)
- Curve DAO Token (CRV)
- Dai (DAI)
- Enijin Coin (ENJ)
- Maker DAO (MKR)
- Polkadot (DOT)
- Polygon (MATIC)
- PAX Gold (PAXG)
- QCAD (QCAD)
- OMG Network (OMG)
- Tezos (XTZ)
- 1inch (1INCH)
- EOS (EOS) and more.
Newton vs Binance: NFT Offerings
Binance has a marketplace where investors can mint, buy, sell, and trade non-fungible tokens (NFTs). The Binance NFT marketplace is also one of the popular NFT marketplaces today, allowing users to buy, sell, mint, and unlock mystery boxes.
In contrast, Newton doesn’t offer NFT trading or investing.
Newton vs Binance: Fees
Binance charges one of the lowest trading fees in the market. Spot trading fees on Binance start from 0.1%. Maker and Taker Fees also start from 0.1% but can reduce to 0.02% and 0.04%, respectively, for high-volume traders or VIPs.
Crypto traders on Binance also enjoy a 25% discount when they use the exchange’s token, Binance Coin (BNB), as a settlement currency. However, deposits and withdrawals are levied separately depending on the payment option chosen.
The Newton exchange doesn’t charge a trading fee on its platform. The platform uses a spread model instead. Newton applies a spread of 0.50% – 2.20% between bid-ask prices on the platform’s sell and buy orders. In addition, Newton charges zero fees on deposits and withdrawals on the platform.
Though Newton charges zero fees on trading, deposit and withdrawal, account owners may need to pay network fees, depending on the coin chosen for payment. The platform also charges a spread of up to 2.20%.
Newton vs Binance: Payment Methods
Newton and Binance offer diverse payment methods suitable for Canadians. Newton enables fiat service via a financial company, Plaid. This feature allows customers to fund their Newton accounts using Interac e transfer, bank wire or crypto deposits into their Newton wallet.
Deposits and withdrawals are free on Newton. However, since Newton is only available in the US and Canada, all payment options are denominated in US Dollars (USD) or Canadian Dollars (CAD).
For Binance, Canadian customers can fund their Binance wallet with CAD via credit and debit cards. Customers can deposit and withdraw USD via their local bank accounts through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) transfers. Furthermore, crypto deposits and withdrawals are also available for users who prefer that option.
Newton vs Binance: Security
Newton and Binance adopt similar security measures to safeguard their clients and funds. Both platforms store customers’ assets in secure storage to shield them against hacks and thefts.
Similarly, both platforms have KYC/AML policies in place to ensure customers transact in a safe environment.
In addition, Newton and Binance offer a series of security features that caters to the security and safety of customer data and funds. These include two-factor authentication (2FA), login alerts and cold storage to keep customers’ funds offline. 2FA is especially important as it creates a second line of defence and helps customers protect their accounts from third-party access or theft.
However, Binance offers additional security measures like address whitelisting and ensuring users’ assets via its emergency insurance fund, Secure Asset Fund for Users (SAFU). SAFU was created in 2018 to protect users’ interests and serve as a form of insurance against potential security breaches on the platform. Binance’s SAFU is valued at $1 billion in funds.
Newton vs Binance: Earn/Staking Rewards
Another area of concern for savvy crypto users is on staking. Crypto staking allows investors to earn passive income from idle assets while securing the network. This Newton vs Binance review did not discover any form of crypto staking on the platform.
On the other hand, Binance users can stake crypto and earn periodic interest of up to 8.7% APY. This feature allows investors to earn interest on over 70 cryptocurrencies.
Typically, the period is medium to long-term, such as fixed 30, 60, or 90 days. Investors can also participate in ‘Simple Earn’ – a savings product, BNB vault – a BNB yield aggregator, and many more.
Newton vs Binance: Usability
Binance has a simple user interface, but with its advanced trading features and multiple trading services, new account owners and inexperienced traders may find it challenging and confusing to navigate the platform. Binance makes up for these issues by providing an extensive learning resource via articles and videos.
On the other hand, Newton offers an easy-to-use interface on its mobile and desktop channels. Because Newton has limited service offerings, it’s easier for the platform to articulate its unique selling point to a first-time visitor.
We feel that Newton’s setup, services and navigation options make it easy for anyone to sign up, fund and transact on the exchange.
Newton vs Binance: Customer Service
While Binance has a dedicated customer support team, the crypto exchange can improve customer satisfaction. According to third-party review sites, Binance has a questionable customer support service with negative feedback.
The platform has a 2-star rating of a possible 5 on TrustPilot. The most prevalent complaint from users is that they have experienced issues with withdrawals and deposits. Users also claim that the platform’s support team hasn’t been helpful or proactive in resolving these issues quickly.
Newton’s dedicated customer support team reportedly offers unbeatable customer service to its users. The platform has a 4.1-star rating from a possible 5 on TrustPilot. Existing customers laud the customer support team’s patience and swift actions when handling issues.
Conclusion: Final Verdict
Binance and Newton are two popular cryptocurrency exchanges for Canadians to buy, sell, trade, and invest in digital assets. These two platforms’ distinct features and offerings are highlighted in this Newton vs Binance review.
Binance offers a secure and safe platform with over 350 cryptocurrencies, while Newton provides a reliable and secure platform with 70+ coins and low exchange fees. Binance also offers investors advanced trading features and the ability to earn passive income through staking rewards.
However, Newton’s simpler interface makes signing up, trading, and investing easy. Newton also has numerous positive reviews and feedback from customers who commend the exchange’s customer support team.
Binance comes out on top in this review because of the additional offerings and benefits investors can enjoy on the exchange.
Most frequent questions and answers
Yes, investors can transfer their crypto funds from Binance to Newton exchange for all supported crypto assets on Newton. However, Newton doesn’t allow transfers from the Binance Chain (BEP 2) and Binance Smart Chain (BEP 20).
Due to legal and regulatory reasons in the US (one of the markets where Newton operates), Newton suspended the trading of Ripple (XRP) on January 15, 2022. XRP has an ongoing lawsuit with the Securities and Exchange Commission (SEC).
Traders can buy crypto on Binance anywhere in Canada besides Ontario. The Ontario Securities Commission (OSC) reportedly took aggressive measures against exchanges that didn’t comply with its securities Law back in 2021, and Binance quit the city.