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.
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.
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
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.
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.
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.
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: 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:
Newton-supported cryptocurrencies include:
- Bitcoin Cash
- 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
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.
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
|Coins offered||Bitcoin and Ethereum||70+ coins, including Bitcoin, Ethereum, Litecoin, Cardano, Solana, Terra, Stellar, Mana, Dai, and more|
|Spreads||1-3%||Up to 2.00%|
|Funding options||Interac e-Transfer, wire transfer, electronic fund transfer, and crypto||Interac e-Transfer, Bank Wire, and crypto|
|Security||2FA and cold storage||2FA and cold storage|
|Promotions||Get a $30 bonus when you deposit and trade $100+||Get a $25 bonus after trading $100+|
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.