Keeping cryptocurrencies safe should be the priority of anyone who is buying and trading these coins.
There are plenty of exchanges and wallets out there offering personalized service, so taking a look at them and deciding which one fits best for you matter more than you can imagine.
Today we will take a look at two exchanges that are also wallet providers: Newton and Binance. Let’s dig deep into each one’s specifics and why you should bother with one or another.
Why Transfer to Binance?
Binance is one of the biggest cryptocurrency digital exchanges (DCE) right now. There are plenty of them, and each offers support to a certain number of coins.
Binance is one of the platforms with the highest number of coins supported, making it the perfect place for many traders as well as stakers who want to participate in networks that work through Proof of Stake.
Not only do those features make Binance attractive, but also the fact that it is international.
It accepts members from many places around the world and has language support for a plentitude of countries that don’t speak English.
What is Newton good for?
Newton is a Canadian-based crypto exchange and gives support only to Canadian crypto holders.
This might already sound like a bummer for people who want to make international trades, and also for non-Canadians who are interested in the platform.
On the other hand, giving support to only one country allows Newton to offer a few perks which are rare if not impossible with global exchanges.
For one, they promise trades without any fees for Canadian citizens.
Plenty of smaller exchanges such as Newton only offers support to a few cryptocurrencies. Here on CoinWut we already covered one of those which only deals with ETH and BTC.
Newton, however, has been steadily expanding its support to become as good an option as possible for Canadian citizens interested in buying and trading crypto coins.
As of July 30th, 2021, these are all the coins Newton offers support to:
Is Binance Better?
For international users, it certainly is. Even though Newton lets you bring your crypto from other exchanges into it, as well as send your crypto to other accounts which might be on international platforms, it won’t allow non-Canadian citizens to create an account.
If they could, the whole service would probably work differently, with fees to fund a larger system and the servers holding your coins.
For Canadians, though, Newton is highly attractive. With a smaller network, they can do business slightly differently, allowing you to process your trades without fees.
If you are curious how then Newton makes any money, the platform gives you the answer:
“In any market, it’s common to see a small difference between the price at which you buy and sell, often called the “bid-ask spread”.
Unlike an exchange, we buy from and sell to our users directly, allowing us to capture this price difference.”
Non-Canadians, though, don’t have to worry about VPN, proving nationality, or anything else when they sign up for Binance.
There are fees, sure, but Binance offers tons of tools so that crypto holders can do plenty of things with their coins on the platform. Fees you will see on Binance are:
- Purchase fee: 2,24%
- Spread: 0,03%
- Trading fees: 0.05% – 0.10%
- Funding: 2%
- Withdrawal: 0.0005 BTC
Moreover, Binance supports over 300 cryptocurrencies, meaning that you can acquire plenty of different coins and invest in them, trade anytime you want, use them to buy things online, etc.
How to transfer crypto from Newton to Binance?
Transferring crypto from Newton to any other DCE is very easy. You can do it through the app or the website.
Since both are designed the same way, learning how to use one of them already makes you capable of making the same process on the other too.
When you are in the Newton app or website, go to “trading view”.
Now go to “withdraw”.
On this option, you will be asked if you want to transfer:
- Via Interac e-Transfer
- To Bank Account
- Crypto to wallet
The method to transfer to Binance or any other DCE is the last one, “crypto to wallet”.
On the next screen, you will be asked which crypto and how much of it you want to transfer.
Be sure to select correctly, especially if you are transferring to another person and not to your own Binance account.
If you are sending all your funds of a certain currency, you can just click on “max” rather than informing the amount.
To finish the transfer, you have two different options on how you would like to inform the address of the receiver.
You can either paste the alphanumeric address or scan the QR code. If you are sending it to yourself, scanning the QR code seems simpler.
If you are sending it to somebody else, ask them which is the alphanumeric address of their account.
Now you need to get the address or the QR code of your Binance account. First of all, log into your Binance account. If you don’t have one, create one here.
Find the “Fiat and Spot” option on the Wallet dropdown menu.
On the next page, you will click on the “Deposit” button.
On this page, you select “crypto”. Select your desired currency and network. Then you will see a QR code and your depositing address right under it.
Now go back to the Newton app or website and click on the option to inform the address. In case you are using the app, you can alternatively just scan the QR code.
After you do that, Newton will show a “review withdrawal” screen so that you can check if all is right.
Pay attention to this rather than just proceeding because you are in a hurry.
Check if the amount is right and if the address is correct. You don’t want to lose crypto coins, right?
How long does it take to transfer?
According to Newton, transfers of this nature should be instant. On the Binance app or website, you might have to wait for up to 20 minutes on regular days.
If the site is overloaded with transfers and requests of other sorts, you might have to wait a bit longer, but your coins should arrive anyway.
Your transfer won’t be instant only in the case that your request gets queued for manual review. Manual reviews can take as long as 48 hours.
If your request is being manually reviewed, you get notified of that and can rest assured of the status of the operation.
However, if your transfer doesn’t get queued for manual review but also doesn’t show up on Binance or any other DCE to which you transferred, you should get in touch with the support staff. The email for contact is email@example.com.
Can you send XRP to Binance?
Yes. Ripple (XRP) is one of the multiple supported cryptocurrencies in the Binance network. You can send it to its DCE or the Trust Wallet.
It also is supported by Newton, meaning that you can buy XRP in your Canadian account and send your coins to Binance to start making international transactions as well as other exciting things only Binance allows you to do.
In the end, Newton seems like a hot deal for Canadian users who want to store their cryptocurrencies safely on a national platform.
If you need to transfer from your Newton account to your new Binance account or a person using Binance, there is no worry.
To be sure, Newton’s transfer system works similarly to Shakepay and even other DCEs. Once you learn how to transfer with one DCE, you basically know how to transfer using other services too.