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Shakepay vs Newton 2023: Compare Crypto Platforms in Canada

Buying cryptocurrencies in Canada is easier than ever with the advent of crypto exchanges and crypto brokerage platforms like Newton and Shakepay.

While the crypto world has had a shaky year, the crypto market is still worth almost $1 trillion, and new coins are being minted daily.

Shakepay and Newton are among the top crypto exchanges in Canada that allow you to buy, sell, trade, and withdraw your crypto to external wallets as needed.

This Shakepay vs. Newton comparison covers their top features, supported cryptocurrencies, trading fees, and pros & cons.

What is Shakepay?

Based in Montreal, Shakepay is a crypto brokerage platform that allows Canadians to trade Bitcoin and Ethereum instantly with no trading fee.

Since its launch in 2015,  Shakepay has served 1,000,000+ Canadians, with over $7 billion worth of crypto traded on the platform.

It also offers one of the best crypto trading apps, with a review rating of 4.5/5 on the App Store and 4.6/5 on Google Play.

If you want to buy Bitcoin instantly with Interac e-Transfer, Shakepay is a great place to own it in minutes.

Shakepay

ShakepayLogo

Trade Bitcoin & Ethereum fast

Works for new & advanced traders

1-3% trading fee, free withdrawals

Get a $30 bonus when you trade $100

What is Newton?

Based in Toronto, Newton is one of the best crypto exchanges in Canada that allows Canadians to trade a wide selection of cryptocurrencies.

It was founded in 2018 and has grown to become a low-cost platform that offers instant verification, 0% deposit and withdrawal fees, and network fee coverage up to CAD 5.

Users can trade 70+ cryptocurrencies on the platform with no trading fees. Overall, Newton is a great place to buy crypto with Canadian dollars.

Newton

newtonlogo

Trade several popular coins

Excellent crypto broker for newbies

Up to 2.20% trading fee

Get a $25 bonus when you trade $100

Shakepay vs. Newton: Top Features

Instant Account Verification

Both Shakepay and Newton offer instant account verification by running an automatic identity check to verify your phone number and identity.

You may also be required to provide your government-issued photo ID and a quick selfie video for further verification.

The verification process takes minutes on both platforms, making it easy for new users to open an account.

Funding Options

Both Shakepay and Newton allow you to fund your account using several methods. Newton supports Interac e-Transfer, wire transfers, pre-authorized debit, and crypto.

Shakepay supports Interac e-Transfer, Bank wire transfer, and ETH/BTC deposits.

Wire transfers take 1-2 business days, while Interac e-Transfer and crypto deposits post almost instantly.

Trading Platforms

Both Shakepay and Newton are available on all devices. You can access your account via their iOS and Android mobile apps or online via their web interfaces.  

Unlike Shakepay, Newton also offers Newton Pro, where institutional and active traders can trade over 100 crypto pairs at competitive spreads of 0.1% (note that the Pro service is currently paused).

Recurring Buy Feature

Shakepay allows you to set a pre-defined timetable to allow automatic crypto purchases on a daily, weekly, or monthly basis. This dollar-cost-averaging method helps you save time and money.

Currently, Newton doesn’t seem to have the recurring buy feature.

Crypto Visa Card

Shakepay pay offers a crypto Visa card to allow you to spend your crypto hassle-free from your Shakepay balance. The card can be used to shop and earn bitcoin cash back on all purchases wherever Visa is accepted.

The Shakepay card is in beta and only available on an invite-only basis —you have to join a waitlist to get the card.

Newton doesn’t currently offer a crypto card.

Security

Both are registered as Money Service Businesses in Canada and are regulated by FINTRAC. On both platforms, most digital assets are stored offline in cold storage to prevent fraud.

Your account is further protected with 2FA and SSL encryption.

The two platforms also allow you to transfer fiat and crypto assets and hold them securely in the bank or external crypto wallets.

Shakepay vs Newton Compare Crypto Trading Platforms in Canada

Shakepay vs. Newton: Supported Cryptocurrencies

Newton supports more cryptocurrencies than Shakepay.  While Shakepay supports only two cryptocurrencies, Newton allows users to trade 70+ crypto tokens and coins.

Shakepay-supported cryptocurrencies include:

  • Bitcoin
  • Ethereum

Newton-supported cryptocurrencies include:

  • Bitcoin
  • Ethereum
  • Litecoins
  • Cardano
  • Solana
  • Algorand
  • Dogecoin
  • Terra
  • Stellar
  • Bitcoin Cash
  • Fantom
  • Polkadot
  • Dai and several others

Shakepay vs. Newton: Trading Fees

Shakepay and Newton offer commission-free trading, and you won’t incur any trading fees when buying and selling crypto on both platforms. There are also no deposit or withdrawal fees.

So how do Shakepay and Newton make money?

The two platforms make money through spreads when you place buy and sell orders. These are in-built transaction fees due to the difference between the bid and ask prices when you trade cryptocurrencies.

Newton spreads are up to 2.00% per trade, depending on the coin you are trading, while Shakepay spreads vary from 1-3%.

Shakepay vs. Newton: Pros and Cons

Pros

Both Shakepay and Newton have zero deposit and withdrawal fees.

Also, Newton has a wide selection of 70+ cryptocurrencies, making it a great place to trade altcoins and stablecoins.

Cons

The main downside of Shakepay is that it only supports Bitcoin and Ethereum, which is a turnoff for traders looking to trade a selection of low-cost altcoins or stablecoins.

Spreads on both platforms can also run high, up to 2.00% on Newton and up to 3% on Shakepay.

Also, both platforms don’t offer a full-fledged crypto exchange for advanced order types (unlike CoinSmart).

Shakepay vs. Newton: Best for

Shakepay is a great platform for newbies looking for a simple and easy way to buy Bitcoin and Ethereum. You can easily transfer these assets to other exchanges or your hardware wallet.

Newton works well for new and professional traders who want to trade a wide selection of cryptocurrencies, including lesser-known altcoins and stablecoins.

Shakepay vs. Newton: Breakdown

 Shakepay Newton
Coins offeredBitcoin and Ethereum70+ coins, including Bitcoin, Ethereum, Litecoin, Cardano, Solana, Terra, Stellar, Mana, Dai, and more
Trading feesFreeFree
Spreads1-3%Up to 2.00%
Withdrawal feesFreeFree
Deposit feesFreeFree
Funding optionsInterac e-Transfer, wire transfer, electronic fund transfer, and cryptoInterac e-Transfer, Bank Wire, and crypto
Security2FA and cold storage2FA and cold storage
PromotionsGet a $30 bonus when you deposit and trade $100+Get a $25 bonus after trading $100+

Related:

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

Low trading fees at 0.20% and multiple fiat currencies supported.

$50 instant bonus when you deposit $200.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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