As a Canadian looking to invest in cryptocurrencies, you have a few options. Two of the most popular platforms are Newton and Coinbase. But which one is better? In this article, we’ll compare the two platforms and help you decide which one is right for you.
Background
Newton is a Canadian-based cryptocurrency exchange that was founded in 2018. It’s known for its low fees and user-friendly interface. Coinbase, on the other hand, is a US-based exchange that was founded in 2012. It’s one of the largest cryptocurrency exchanges in the world and is known for its security and reliability.
User Interface
One of the biggest differences between Newton and Coinbase is their user interface. Newton has a simple and clean interface that’s easy to navigate. It’s designed for beginners and is perfect for those who are new to cryptocurrencies. Coinbase, on the other hand, has a more complex interface that’s designed for more experienced traders. It has a lot of features and can be overwhelming for beginners.
Winner: Newton
While Coinbase has more features, Newton’s simple and user-friendly interface makes it the winner in this category.
Fees
Fees are an important consideration when choosing a cryptocurrency exchange. Newton charges a flat fee of 0.5% for all trades, which is lower than most other exchanges. Coinbase, on the other hand, charges a variable fee based on the amount of the transaction. The fee can range from 1.49% to 3.99%.
Winner: Newton
Newton’s flat fee of 0.5% is much lower than Coinbase’s variable fee, making it the winner in this category.
Cryptocurrency Offerings
Both Newton and Coinbase offer a wide range of cryptocurrencies. Newton offers 20 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Coinbase offers over 50 cryptocurrencies, including some that are not available on Newton, such as Ripple and Stellar Lumens.
Winner: Coinbase
While Newton offers a good selection of cryptocurrencies, Coinbase’s offering is much larger and includes some unique options.
Security
Security is a top priority when it comes to cryptocurrency exchanges. Both Newton and Coinbase take security seriously and have measures in place to protect their users. Newton uses two-factor authentication and stores the majority of its cryptocurrency offline in cold storage. Coinbase also uses two-factor authentication and stores 98% of its cryptocurrency in cold storage.
Winner: Tie
Both Newton and Coinbase have strong security measures in place, making it a tie in this category.
Customer Support
Customer support is important when it comes to any financial platform. Newton offers customer support via email and chat, while Coinbase offers email and phone support. Both platforms have a help center with articles and FAQs to help users troubleshoot issues on their own.
Winner: Coinbase
While both platforms offer support, Coinbase’s phone support gives it the edge in this category.
Conclusion
Both Newton and Coinbase are good options for Canadians looking to invest in cryptocurrencies. Newton’s simple interface and low fees make it a great choice for beginners, while Coinbase’s larger selection of cryptocurrencies and phone support make it a good choice for more experienced traders. Ultimately, the platform you choose will depend on your individual needs and preferences.
FAQs
1. Is Newton available in all Canadian provinces?
Yes, Newton is available in all Canadian provinces.
2. Can I use Coinbase in Canada?
Yes, Coinbase is available in Canada.
3. Does Newton offer a mobile app?
Yes, Newton has a mobile app for both iOS and Android.
4. Does Coinbase offer a demo account?
No, Coinbase does not offer a demo account.
5. Can I transfer cryptocurrency from Newton to Coinbase?
Yes, you can transfer cryptocurrency from Newton to Coinbase, but you will need to pay fees on both platforms.
