Shakepay vs Newton 2022: Which Is The Better Crypto Platform?

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In this post, we’ll provide a detailed Shakepay vs Newton comparison covering how the 2 top Canadian cryptocurrency platforms fare.

Cryptocurrency trading and investment is all the rage right now, and for good reason. They promise the potential for high returns in a short amount of time – but they are also highly volatile and risky.

To get started, you’ll need a crypto platform or app to exchange your fiat currencies (CAD) to cryptocurrencies. But with so many different cryptocurrency platforms available, it can be tough to decide which one is the best for you.

If you’re looking for a way to buy and sell cryptocurrencies in Canada, you’ll likely come across both Shakepay and Newton. So, which one is the best for you? 

In this article, we will compare the two platforms by looking at their features to help you decide which one is right for your needs.

We’ll start with a brief summary of the differences and similarities between Newton and Shakepay. Next, we’ll provide a brief overview of both crypto platforms, then conclude with a detailed overview of Shakepay vs Newton features

Let’s begin.


Shakepay vs Newton Summary

Here’s an overview of Newton and Shakepay features

FeaturesShakepayNewton
# of supported crypto2 – Bitcoin and Ethereum60+: Bitcoin, Ether, Dogecoin, Cardano, Litecoin etc
Trading Fees$0$0
Spread1.25%0.70%
Funding Optionse-Transfer, Wire Transfer, Bank Account & Cryptoe-Transfer, Wire Transfer & Crypto
Withdrawal FeesCAD: Free; Crypto: FreeCAD: Free; Crypto: Varies*
Sign-up Bonus$30 after trading $100$25 after trading $100
Learn MoreVisit ShakepayVisit Newton

Note: Newton covers the first $5 in network fees for crypto withdrawals


Shakepay Overview

Shakepay is a Canadian cryptocurrency platform that allows users to buy, sell, and trade cryptocurrencies. 

It also offers a debit card that can be used to make purchases wherever Visa is accepted and earn bitcoin as cash back. 

Shakepay is one of the simplest platforms available – it’s easy to use and has a user-friendly interface that is easy to navigate. 

With more than 900,000 users, Shakepay is one of the largest crypto apps in Canada with $6 billion+ traded on the platform since inception.

Shakepay

Rating 4/5

Beginner-friendly crypto platform

No trading commissions, but spread included in prices

Earn free satoshis daily with ShakingSats

Bitcoin cash back with the Shakepay Card

MIN. OPENING BAL $5 CRYPTOCURRENCIES 2

SIGN-UP BONUS $30 after trading a minimum of $100


Newton Overview

Newton is a cryptocurrency platform that allows users to buy and sell a large selection of digital countries’ currencies. 

Founded in 2018, Newton offers a wide variety of features, including some trading tools for traders and the highest number of cryptocurrencies available to trade among the Canadian crypto platforms. 

Like Shakepay, Newton also has an intuitive interface that is easy to navigate even for beginners.

Newton

Rating 4.2/5

Beginner-friendly crypto platform

No trading commissions, but spread included in prices

Large selection of crypto supported

One of the lowest spreads in Canada

MIN. OPENING BAL $0 CRYPTOCURRENCIES 60+

SIGN-UP BONUS $25 after trading a minimum of $100


Shakepay vs Newton Comparison

Next, we’ll take a closer look at how Shakepay and Newton compare across their main features.

Shakepay vs Newton – Cryptocurrencies Supported

When it comes to the selection of currencies, Shakepay does not even come close to competing with Newton’s supported digital currencies.

As of the time of writing, Newton has more than 60 cryptocurrencies supported on its platform – far ahead of other crypto platforms in Canada.

On the other hand, Shakepay only supports Bitcoin and Ethereum trading with no indication that it’ll be rolling out any other currencies any time soon. 

So if you’re looking for a platform that provides access to both the popular and emerging coins, then Newton is the clear winner in Canada. 

Winner: Newton

Related:

Shakepay vs Newton – Fees

There are no separate trading fees or commissions to buy and sell crypto on Newton and Shakepay.

The price presented to you on their apps is the final all in cost you’ll pay.

But both Shakepay and Newton make their money through the spread added to the crypto prices on their platform. They are both brokers and not exchanges, so when you trade on either platform, your counterparty is not another user but Shakepay or Newton themselves.

That means, the quoted prices already include a small percentage to cover their operational costs and a profit margin.

Usually, you can expect a spread of 0.70% on Newton and up to 1.25% on Shakepay per trade.

What of the other fees and charges?

Both platforms have the same $0 fees for cash and crypto deposits. CAD withdrawals are also free on both Newton and Shakepay.

However, when it comes to withdrawing your cryptocurrencies from the platform, Shakepay is the apparent winner because it is also free to withdraw your crypto holdings.

On the other hand, Newton covers the first $5 in-network fees – meaning you may actually not have to pay any withdrawal fees depending on the cryptocurrency you’re withdrawing and how the market is doing at the time.

If you factor in the spreads and crypto withdrawal fees into the total cost, it may still be cheaper to trade with Newton depending on how much you’re trading and withdrawing.

Winner: Newton

Shakepay vs Newton – Trading Tools

When it comes to trading tools, both platforms are pretty basic – but that’s not necessarily a bad thing.

Both Newton and Shakepay support market orders and limit orders to help you buy or sell crypto at your desired prices.

In addition, Shakepay users can automatically buy crypto at set intervals through the recurring buys feature. This is a great way to gradually build a crypto portfolio with small amounts be it daily, weekly or monthly.

For intermediate or experienced crypto traders, both crypto platforms don’t have advanced research and charting tools yet.

However, Newton Pro API offers professional tools with tighter spreads, lower fees and third-party custody.

Winner: Newton

Shakepay vs Newton – Extras

For now, Newton is only focused on cryptocurrencies trading. You won’t get the other products like staking, bitcoin cards etc on the platform.

But Shakepay offers extra products to its users such as: In addition to crypto trading, Shakepay also supports:

  • Shakepay Card: A Virtual Visa prepaid card that pays a 1% cash back in bitcoin on all purchases by the cardholders
  • Shakepay a friend: A p2p transfer feature that allows its users to send cash or crypto to other Shakepay users for free.
  • ShakingSats: a daily rewards feature available to referred users that give out free satoshis just for signing into the app and shaking their phone daily.

Winner: Shakepay

Shakepay vs Newton – Security Features

Cryptocurrencies are a hot target for hackers and theft, so it’s important that any crypto platform you use has strong security features in place. 

Shakepay and Newton are both equally safe when it comes to security with both using two-factor authentication and cold storage through 3rd-party providers with extra insurance policies.

But note that your CAD deposits are not insured by CDIC. Therefore, you should not be keeping your funds on either platform. Only transfer your funds to the platform when you’re ready to trade.

And once you buy the crypto, remember to move it out to your own private wallet. Check here for the best crypto wallets for Canadians.

In terms of regulation, both platforms are regulated and registered by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Winner: Tie

Newton vs Shakepay – Customer Service

Both Shakepay and Newton boast of their customer service, but they can’t be reached over the phone. 

Rather, users will need to contact their support teams through chat – with mixed results and some issues taking days to resolve.

For general questions, the quickest and easiest way to get answers is through the Help and FAQ sections of both platforms. Both Shakepay and Newton have done a great job of documenting most of the questions their users may have.

Check here for Shakepay or here for Newton.

Winner: Tie

Shakepay vs Newton – Bonus & Promotions

The crypto trading space is quite competitive so it’s an industry practice to offer new users a bonus to attract them to the platform. 

Shakepay and Newton are no exception with both offering their own referral programs. 

New Shakepay users that sign up using a referral link get a cash bonus of $30 after trading at least $100. In addition, they unlock the ShakingSats feature for the chance to earn free satoshis daily.

On the other hand, Newton pays a slightly lower welcome bonus of $25 after new clients trade at least $100.

Overall, the bonus requirements are the same for Newton and Shakepay, but you can earn a slightly higher bonus on Shakepay.

Winner: Shakepay

Shakepay vs Newton – Ease of Use

Most crypto platforms have complex interfaces that can be difficult and intimidating for beginners to navigate.

But Shakepay and Newton are two of the exceptions.

Shakepay is one of the simplest platforms to use – its easy-to-use interface makes it perfect for first-timers. Newton is also user-friendly but it is slightly edged out by Shakepay.

Overall, when it comes to ease of use, Shakepay is the clear winner. 

Winner: Shakepay


Shakepay vs Newton – Overall Winner

So which platform is better for you – Shakepay or Newton? It really depends on your needs and what you are looking for in a crypto platform. 

If you are looking for a simple, user-friendly platform to buy bitcoin and Ethereum and earn bitcoin as cash back then Shakepay is a better option than Newton. 

However, if you are looking for a crypto platform with a large selection of cryptocurrencies, more features and lower spreads, then Newton is the better choice between the two. 

For beginners just looking to buy their first bitcoin or Ether, Shakepay provides an easier and less intimidating experience. But as your needs change and you want access to more coin options, you’ll find Newton provides a better experience.

Even better, you can sign up for both Shakepay and Newton to get the best of both worlds. Use Shakepay for its extra features and trade on Newton for the lower spreads.

Whichever option you go with, both platforms offer a great experience and are worth checking out!

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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