Summary: Newton and Coinsquare are two of Canada’s most popular cryptocurrency exchanges. Following a detailed examinations of both platforms and comparing their fees, features, security, and CAD deposit methods, we found Newton is the better option for Canadian investors. It offers significantly more cryptocurrencies and is one of the only zero-commission digital asset exchanges in the country.

Newton Review
Table of Contents

Newton vs Coinsquare Overview

Founded in 2018 by Dustin Walper, Newton is a cryptocurrency exchange based in Toronto that has quickly gained traction in the Canadian market. The platform offers a robust suite of features, including zero-commission trading, automatic verification, and instant funding options like Interac e-Transfers. With a selection of over 70 cryptocurrencies, Newton caters to a diverse range of trading interests. 

Founded in 2014 by Virgile Rostand, Coinsquare is an exchange based in Toronto focusing on security and compliance. One of its standout features is its proprietary trading platform, which is designed for high-speed trades and is fortified with encryption to ensure user security. Coinsquare offers features like QuickTrade for instant transactions between different tokens and WealthSimple Trade for users interested in stock trading.

Newton Exchange.
Newton Exchange.

Products and Services

Newton is one of Canada’s most popular trading platforms and boasts a wide selection of over 70 cryptocurrencies, which are available for both trading and staking purposes. For large-scale investors, such as institutions and wealthy individuals, the exchange offers a dedicated OTC desk for orders over $100,000 CAD.

Coinsquare offers over 40 cryptocurrencies to trade on spot markets with the simple trade feature or the advanced Coinsquare pro platform. It also provides personalized service through its OTC Desk and guarantees instant transactions and prices.

Winner: Newton has slightly more supported assets when compared to Coinsquare. Aside from that, the exchanges offer relatively the same features and services.

Supported Countries

Newton is available in both Canada and the United States, but Coinsquare is only available to Canadian investors. 

CAD Payment Methods

Newton supports Canadian dollar deposits through Interac e-Transfer and wire transfer. It also accepts cryptocurrency transfers in any of its supported assets.

Coinsquare accepts CAD deposits through Interac e-Transfer and wire transfer and supports crypto transfers in over 40 tokens.

Winner: Both exchanges support the same Canadian Dollar (CAD) payment methods.

Coinsquare: CAD Payment Methods.
Coinsquare: CAD Payment Methods.

Newton vs Coinsquare Fees

Newton has some of the most competitive fees in Canada and is one of three commission-free exchanges in the country. This means that the platform charges absolutely zero fees to deposit and withdraw CAD, plus 0% commissions to buy, sell, and trade cryptocurrency. The only fee applied on the platform is the spread, which is the price difference between what the exchange buys and sells an asset for; this ranges around 1%.

Coinsquare offers zero deposit fees but charges a 1.5% fee for all CAD withdrawals to Canadian banks. The trading fees begin from 0.5% and can get as low as 0.1% for users with a high monthly trading volume. The exchange also has a spread, which varies between 1.4% - 2.9%, depending on the asset being traded.

Winner: Newton has significantly lower fees with no trading costs and tight spreads.

Newton: Fees Schedule.
Newton: Fees Schedule.

Security and Regulation

Newton is registered with the Ontario Securities Commission (OSC) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) under #M19607029 in Canada. It is also regulated by the U.S. Securities and Exchange Commission (SEC) in the United States.

Coinsquare is also registered with the FINTRAC and was the first exchange to become an IIROC Investment dealer and marketplace member. All of its reserves are held in a trust with external custodians (coinbase custody) that has over 450 million in insurance. The platform also offers up to $1 million CAD insurance to each investor incase it becomes insolvent. 

Winner: Coinsquare is considered one of the most secure, reliable and trusted exchanges in Canada and insures all users assets up to $1 million.

Final Thoughts

After an in-depth analysis of these two leading cryptocurrency exchanges in Canada, we've determined that Newton holds a slight edge for Canadian investors. It offers a zero-commission trading model, a diverse selection of over 70 cryptocurrencies, and robust security measures. It is also regulated by both Canadian and U.S. financial authorities, making it a trustworthy choice for investors on both sides of the border.

Coinsquare, founded by Virgile Rostand in 2014, is no slouch either, especially when it comes to security features and compliance. It offers a proprietary trading platform designed for high-speed trades and provides up to $1 million CAD in insurance for each investor. However, its trading fees and limited selection of cryptocurrencies may deter some users.