Shakepay and Newton are two of the most popular cryptocurrency exchanges in Canada. In this guide, we will compare these exchanges in terms of fees, currencies they support, the trading experience they provide, and other key features. We will conclude our analysis of Newton vs. Shakepay by pointing out the strongest assets of both exchanges.
What Is Shakepay?
Shakepay is a digital platform that allows users to buy, sell, and hold cryptocurrencies. The company was founded in 2015 and is headquartered in Montreal, Canada.
There is a Shakepay mobile app and a web-based platform, both of which allow users to buy and sell Bitcoin and Ether. In addition, the platform allows users to convert their cryptocurrencies into CAD and vice versa.
Shakepay also offers a crypto Visa card and a referral program, which is a great way to earn some extra cash.
Moreover, the platform is an excellent choice for beginner investors who want to start buying and selling cryptocurrencies. Newcomers will love Shakepay as it’s user-friendly and easy to navigate.
What Is Newton?
Newton is a Canada-based cryptocurrency exchange that allows users to buy and sell Bitcoin, Ether, Litecoin, and Ripple. The company was founded in 2018 and is based in Toronto, Canada.
On Newton, users can buy, sell, and trade a variety of digital assets. The platform offers features such as margin trading, spot trading, and derivatives trading.
Newton also provides a mobile app for iOS and Android devices. The app allows users to access their accounts, view prices, and place trades on the go. In addition, Newton offers a set of tools and resources to help users make informed trading decisions. These include a newsfeed, market analysis, and educational materials.
Overall, Newton is a comprehensive cryptocurrency trading platform that boasts a wide range of features and tools for traders.
Newton and Shakepay 101: All You Should Know
Now that we have learned some basics about these two exchanges, let’s see what the differences between Newton and Shakepay are and how well they compare to each other.
Fees
Let’s start with the fees charged by these exchanges. Both Shakepay and Newton are commission-free trading platforms, meaning that they do not charge any fees for trades. However, there are some other fees to be aware of.
Traders can deposit or withdraw funds from their Shakepay accounts completely free of charge. Gas fees are also included in all Shakepay trades.
Newton also does not charge any fees for deposits or withdrawals and covers the first $5 in-network fees for every withdrawal, which is one of Newton’s many pros.
Since neither of these exchanges charges trading fees, you might wonder how they make money. The answer is simple: both Newton and Shakepay earn revenue from the spread. The spread is the difference between the buy and the sell price of an asset.
At the time of writing this article, the buying price of Ether was $1,607.71. On the other hand, the cost of selling it was $1,579.29. This means that the spread fee on this particular trade would be 0.87%, and that is the difference Newton would make on this trade.
Currencies Supported
Now, let’s see the contrasts between Shakepay and Newton, compared in terms of the currencies they support.
It is clear that this is a category in which Newton has a clear advantage over Shakepay. As we previously mentioned, Shakepay supports a limited number of cryptocurrencies, currently only Bitcoin and Ethereum. The company plans to add more assets but has not given any specific timeline.
Newton, on the other hand, supports a much wider range of digital assets, including popular ones such as Bitcoin, Ethereum, Litecoin, Cardano, Dogecoin, and Dash. At the time of writing, there are more than 50 assets listed on Newton.
This is not to say that Shakepay’s decision to focus on Bitcoin and Ethereum is a bad one. In fact, many experts believe that these two assets will continue to dominate the cryptocurrency market in the years to come. However, if we look at Newton vs. Shakepay solely in terms of the range of currencies, it is clear that Newton is the winner in this bracket.
Trading Experience
Now that we have covered the fees and types of assets supported by both exchanges, let’s move on to the trading experience offered by Newton and Shakepay.
Both of these platforms are really user-friendly, even for those who are new to the world of cryptocurrency trading.
Newton and Shakepay both allow their users to place limit orders. A limit order is an order to buy or sell a security at a specific price or better. This means that you can set the maximum price you are willing to pay for an asset or the minimum price at which you are willing to sell it.
The difference between Newton and Shakepay is that the latter allows users to set intervals through the recurring buys feature, which Newton does not currently have. With this feature, users can set automatic buying rules at regular intervals. For example, you could set up a recurring buy for every Monday at 9:00 a.m.
Newton does not currently offer a similar feature, but we hope to see it added in the future.
Trading Platforms
When it comes to trading platforms, Shakepay and Newton are pretty similar. Each offers a web-based platform that can be accessed from any internet browser.
In addition, both Newton and Shakepay have developed mobile apps for iOS and Android devices. Users can download the apps from the App Store or Google Play and trade on the go. So, if we compare Shakepay and Newton in terms of the trading platforms, we can say that they are even.
The mobile apps offered by these two exchanges are well-designed and offer a great trading experience. They are also quite similar in the features they offer.
Security Features
Both Newton and Shakepay place a great emphasis on the security of their platforms.
Shakepay uses industry-standard SSL encryption to protect the data of its users. In addition, all Shakepay accounts are protected by two-factor authentication.
This means that in order to log into your account, you will need to enter your password as well as a code that is sent to your phone. This is one of Shakepay’s pros we appreciate the most, as it makes the platform highly secure.
Newton also uses SSL encryption and offers two-factor authentication to its users. In addition, Newton has implemented multiple tiers of firewalling to minimize the risks of any DDoS attacks and protect its users’ data. It also uses something called “device attestation” to ensure that only authorized devices can access Newton’s servers.
All things considered, both Shakepay and Newton are extremely secure exchanges, as they implement multiple layers of security to ensure their users’ safety.
Customer Support
Last but not least, let’s talk about customer support and see how things stand when we weigh up Shakepay vs. Newton.
Shakepay offers excellent customer support that is always available to assist users with any issues they might have. You can contact Shakepay’s customer support team via email, live chat, or through the company’s social media accounts. Its support teams are prompt, friendly, and always willing to help.
Newton also boasts reliable customer support. For general information, traders can check out the comprehensive knowledge base on the website. If they have specific account issues, they can use the in-app help chat to get in touch with the support team. And if they wish to learn about system updates, they can check the status page on Newton’s Twitter feed.
Who Is Shakepay For?
Shakepay is an excellent option for those looking for a convenient way to buy and sell Bitcoin. The exchange has a user-friendly interface, making it a great choice for beginners.
Moreover, Shakepay offers a sleek mobile app, allowing users to trade on the go. Overall, Shakepay is a great choice for those who are looking for an easy-to-use exchange.
Who Is Newton For?
Newton is a great option for those who want a more advanced trading experience. The exchange offers a wide range of features, including margin trading and OTC trading. Overall, Newton is excellent for those seeking a more advanced trading experience.
Conclusion
Both Shakepay and Newton are excellent cryptocurrency exchanges with a lot to offer their users. As you can see from our Newton vs. Shakepay comparison, they both have low fees, support the most popular currencies, and provide a great trading experience. However, each exchange has unique features that different types of users should opt for.
While Shakepay is a better choice for those who want to buy and sell Bitcoin and Ether with fiat currency, Newton is better for those who want to trade a variety of altcoins.
So, which is better, Newton or Shakepay? The answer to this question depends on what you are looking for in a cryptocurrency exchange. And if neither seems quite right for you, don’t worry! There are plenty of other great exchanges to choose from.
FAQ
Is it safe to keep Bitcoin on Shakepay?
Yes, it is safe to keep Bitcoin on Shakepay. The company uses state-of-the-art security measures to protect its customers’ funds. It uses HTTPS for all connections between the app and the server and SMS-based two-factor authentication to ensure that only the account holder can access their funds.
In addition, Shakepay stores the majority of its customers’ cryptocurrency funds in cold storage, meaning that they are not accessible from the internet and are therefore much less vulnerable to hacks.
Does Newton offer a demo account?
One of Newton’s cons is that it does not offer a demo account. If you wish to try the platform, you will have to create a real account and deposit funds. However, the process is simple and takes just a few minutes. Once you verify your identity, you can start trading and enjoy low trading fees and high withdrawal limits.
Is cryptocurrency illegal in Canada?
According to the Financial Consumer Agency of Canada (FCAC), cryptocurrency is not considered legal tender in Canada. However, cryptocurrency is not illegal in Canada.
You can buy, hold, and sell cryptocurrency without worrying about breaking the law. Additionally, you can use it to buy goods and services online or in stores that accept this type of payment.
Do I need a crypto wallet with Newton?
When we compared Newton vs. Shakepay, we saw that neither of these platforms offers a crypto wallet. So, you will need a cryptocurrency wallet to store your digital assets when you are not trading them on Newton. As the company does not offer a wallet service, you will have to find one yourself.
We recommend you find a reputable and secure wallet that supports the assets you want to trade on Newton before creating an account. This way, you’ll be certain that your funds are safe and that no one else can access them except you.
