Newton vs Shakepay: Which Is The Best Canadian Crypto Exchange?

With so many different crypto wallets and exchanges to choose from, it can be difficult to choose the best option on the market.

Luckily, I’m here to help you by comparing Newton vs Shakepay and revealing their benefits and drawbacks.

Let’s get into it!

Pros and Cons

Pros

• No withdrawal fees 
• Tight bid-ask spreads 
• Instant user verification
• High liquidity
• 70+ cryptocurrencies available
• Up to $1 million with a single withdrawal 

Cons

• No recurring buys option
• Fiat funding only in CAD
• No deposits are allowed until fiat currencies are cleared

Pros

• Authorized operations in all Canadian territories
• No commission fee
• Ideal for crypto-beginners
• Free Bitcoin portion with a single shake
• Automatic crypto purchase with the Recurring Buy feature
• Responsive customer service

Cons

• Only supports Bitcoin and Ethereum
• Higher bid-ask spreads
• No advanced trading options

Newton vs. Shakepay Highlights

Let’s take a quick look at the most notable features of these two popular Canadian cryptocurrency platforms before diving into a more in-depth review.

	Newton	Shakepay
Minimum deposit (in CAD)	None	$5
Accepted Cryptocurrencies	70+	Ethereum and Bitcoin
Commission Fee	None	None
Free Withdrawals	Yes	Yes
Bonus	25$ for Referrals	$30 for referrals / ShakingSats reward / Shakepay Card up to 2% in Bitcoin cashback
Access to Financial Advisors	No	No
Customer Support	Email and live-chat support	Email and live-chat support

Both platforms are free and allow free withdrawals. You can also start with low stakes since no minimum deposits are requested.

Shakepay vs. Newton Overview

Knowing a company’s background, roots, and mission allows clients to form a more personal relationship and gain a sense of security. That’s why I’ve prepared a quick rundown of each platform.

Newton Overview

Newton is a Canadian company founded in 2018, providing no-fee cryptocurrency trading to Canadians and permanent residents of Canada. Although the company is supported by many investors, DVX Capital Markets is by far the most significant.

The company provides one of the lowest trading spreads on the Canadian market, and over 70 popular crypto coins to trade. Namely, Newton offers BTC, Ethereum, Litecoin, and Dogecoin – as well as some less popular coins such as Gala, Stellar, Cardano, and many more.

When it comes to the security of its funds and transactions, Newton takes it very seriously, storing its cryptocurrency in cold storage and safeguarding it with daily off-site backups.

Furthermore, customer data is stored in a facility in Canada, separate from their headquarters in Toronto.

Though relatively new, the company is PIPEDA-compliant, MSB-registered, and FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) regulated, providing one of the safest platforms out there.

Finally, Newton has the support of PLAID (a Canadian security management company), which enables direct bank integrations, raising the security bar and reducing all potential fraud attempts.

Shakepay Overview

Shakepay, a Montreal-based company launched in 2015, is well-known for being the quickest and easiest platform for Canadians to trade Bitcoin.

The company focuses on acting as a brokerage for Canadians who want to enter the world of Bitcoin and Ethereum, offering them the potential benefits of zero-fee crypto trading.

They work with a variety of partners and investors, but some of the most well-known are QED Investors, Golden Ventures, and Broadheaven.

Their financial assets are kept in a cold storage facility, and they adhere to strict whitelisting in their daily work ethics.

Shakepay is bound to implement existing and updated protocols and regulations within its practices as a Money Service Business (MSB) by Canada’s financial authorities – AMF (Autorité des marchés financiers), FINTRAC, and Revenu Québec. Lastly, like Newton, Shakepay complies with PIPEDA.

It is important to note that their customer data is 256-bit AES encrypted and stored and every user must complete an additional 2-factor verification.

Newton Features

Breaking down the in-depth features and analyzing each platform separately is critical in order to make the right choice. Let’s begin with Newton’s essential features and their characteristics.

Crypto Coin Offer

Newton currently has one of Canada’s most extensive crypto offerings. As previously stated, they trade over 70 cryptocurrencies, and the list of digital coins is as follows:

Bitcoin	Ethereum	Cardano	Solana	USD Coin	Polkadot
Dodgecoin	ApeCoin	Uniswap	Holo	Serum	Bancor
Chainlink	Litecoin	Algorand	Bitcoin Cash	Polygon	Stellar Lumens
Dai	Axie Infinity	Tezos	Eos	Aave	Fantom
Maker DAO	Wrapped Bitcoin	Amp	Dash	Compound	OMG Network
ZCash	Sushiswap	Decentraland	Enjin	Synthetix	Yearn. Finance
Curve DAO	Basic Attention	Ren	Ox	1inch	Pax Gold
Kyber Network	Balancer	UMA	The Sandbox	Shiba Inu	Chiliz
The Graph	Chromia	Hedera	Avalanche	Loopring	Ankr
Gala	My Neighbor Alice	Harmony	Cosmos Network	Elrond	dYdX
Celo	Storj	Skale Network	Cartesi	Band Protocol	Quant
Mask Network	Render Token	ENS	QCAD	NEAR

Deposit and Withdrawal Methods

If you open an account at Newton, you’ll find three methods for depositing funds into your account:

• Interac e-Transfer
• Wire transfer
• External crypto wallet 

Even though Newton doesn’t charge a fee to deposit or withdraw funds, you should keep in mind the specific limits of each deposit method.

Deposit limits

Deposit Method	Amount
e-Transfer – Transaction	$10,000
e-Transfer – Weekly	$70,000
Wire Transfer	$1,000,000

Withdrawal limits

Withdrawal Method	Amount
e-Transfer – Transaction	$10,000
e-Transfer – Weekly	$50,000
EFT – Transaction	$50,000
EFT – Weekly	$50,000
Wire Transfer	$1,000,000

Note: Users can withdraw a combined maximum of $50,000 

Newton funds can be withdrawn in either cryptocurrency or CAD, usually taking one minute. Certain transactions, however, must be manually authorized. As a result, your withdrawal will be marked as pending (for a maximum of 48 hours), and you can track its status within the app.

Trading

Here are some of the popular crypto-trading types and their availability on the Newton platform. 

Beginner Trading	Yes
Advanced Trading	Newton PRO
Lending/ Borrowing	Not available
Margin Trading	No
Futures	No
OTC	No

Keep in mind that the daily trading limit is $5 million, with a maximum of 20 open orders.

Referral Program

Newton’s offer package does include referrals. If you share a referral link with a friend and they set up their account through this link and spend $100 in trading within 90 days of setting up the account, Newton will give you both $25.

Newton Pro

For all those who want to take the next step into crypto-trading and feel skilled enough, there is the Newton PRO. This API is only available to users who have previously signed up with Newton and been confirmed on their Newton Pro application.

With greater risks come greater opportunities, with Newton trading fees dropping to an insane 0.1% during beta. Spreads are four times smaller than competitors’ and even the spreads offered by the basic Newton App.

The Newton API is currently on hold as Newton announces plans for major changes.

Shakepay Features

Shakepay offers similar features and funding options, but some crucial differences, like the recurring buys feature, make Shakepay more compelling to beginners.

Crypto Coin Offer

Shakepay currently only accepts the most popular cryptocurrencies, Ethereum and Bitcoin.

This may appear disappointing to experienced traders, but it is a valuable tool for newcomers to the crypto world.

Deposit and Withdrawal Methods

When it comes to cashin and cashout, Shakepay offers 5 methods. Take a look at a more detailed overview of the limits, fees, and processing times.

Deposit limits

Deposit Method	Fee	Minimum amount	Maximum amount	Processing time
Interac e-Transfer	Free	$5	$10,000	A few minutes
Wire Transfer	Free	$10,000	None	1-2 working days
Bitcoin	Free	None	None	Around 20 minutes
Ethereum	Free	None	None	Around 20 minutes
Shakepay a Friend	Free	None	$999	Instant

Withdrawal limits

Withdrawal Method	Fee	Minimum amount	Maximum amount	Processing time
Interac e-Transfer	Free	$5	$10,000	A few minutes
Wire Transfer	Free	$5,000	None	1-2 working days
Bitcoin	Free	0.0001 BTC	None	No delay
Ethereum	Free	0.1 ETH	None	No delay
Shakepay a Friend	Free	None	$999	Instant

Recurring Buys

The recurring buys feature is one the most favourable among beginners. Thanks to this feature, users can automate their daily, weekly, and monthly purchases. Namely, you can select:

• The frequency (day, week, month);
• The amount in CAD you wish to spend;
• The range of currency you are willing to pay for crypto.

After creating multiple orders with your preferred options, you can track them all from your app.

Trading

Shakepay launched OTC trading in 2018, allowing buyers and sellers of digital currency to conduct large-value transactions worth more than $50,000. Let’s look at some of the other options this platform provides: 

Beginner Trading	Yes
Advanced Trading	Not Available
Lending/Borrowing	Yes
Margin Trading	No
Futures	No
OTC	Yes

Noticeably, Shakepay provides a bit more freedom on trading methods, borrowing, and transferring funds among users, when compared to Newton.

Referral Program

Similar to other Canadian trading platforms, Shakepay has a referee program with a $30 bonus. However, in order to receive this reward, your referee must spend $100 in trading within 30 days of opening an account using your referral code.  

ShakingSats Program

The ShakingSats Program allows you to earn satoshis (portions of BTC) with a simple shake of your mobile device. To activate the ShakingSats program, you must first have at least one referee who has signed up for Shakepay using your referral link.

Shakepay Card

The Shakepay Card is a Visa debit card accepted by Apple and Google Pay. The card is linked to your Shakepay account, through which you can buy and sell Bitcoin. Every purchase also earns you 1% in Bitcoin cashback.

Using your Shakepay Card rno monthly fees or minimum balance requirements, and you can get the card with a simple online application or the Shakepay mobile App.

Moreover, this card will additionally open the doors for further networking, rewards and bonuses, like the ShakeSquads Bonus Rewards, which allows you to form ‘squads’ with other Shakepay card holders and compete for a bonus.

Fees and Rates

Next, I’ll go over the fees and rates that both platforms charge for the most popular cryptocurrency, Bitcoin, as well as the current spreads and difference in the reference price rate on the CME global market. 

	Newton	Shakepay
Total BTC Purchase Fee	No fee	No fee
Total BTC Selling Fee	No fee	No fee
CAD Deposit Fee	No fee	No fee
CAD Withdrawal Fee	No fee / Newton covers the first $5 of network fees	No fee
Trading Fee	No fee	No fee
Spread (BTC)	0.92%*	Between 1-3%
Ref. Price Difference	$6,997.08*	$6,752.04*
BTC Buy Price	$29,703.11*	$29,458.07*

* Disclaimer: Given the nature of the subject discussed in this table, keep in mind that these prices change every second, so this table can only be used for orientation. Visit the official pages of Shakepay and Newton for the most up-to-date price information, and keep an eye on the BTC reference price, as it fluctuates daily. 

Application Requirements

To begin reaping the benefits of trading crypto, you must first open an account. However, certain requirements must be met.

What Do You Need To Create a Newton Account?

After visiting Newton’s official webpage at and clicking on Get Started, you will be directed to a signup page, where you can create an account by entering your credentials. 

Starting off on Newton acquires some basic standards for all users:

• At least 18 years of age
• Be a resident of Canada
• Having a North American phone number
• Government-issued photo ID, passport, driving license or resident’s permit

Following that, you will be asked to perform identity verifications as part of Newton’s obligations to FINTRAC. You will receive a link from their support team via Persona to upload a photo of a government ID and take a selfie.

The verification process can take anywhere from a few minutes to up to 48 hours.

Once you receive an email with your verification code, simply sign in with your credentials or click on the verification link in your email.

What Does It Take To Create a Shakepay Account?

Shakepay’s registration process includes in a more in-depth background personality check. Take a look at their eligibility requirements:

• Be at least 18 years of age
• Be a Canadian resident, physically located on Canadian territory
• Not be listed on the sanctions list in Canada or any other country
• Not be a ‘Politically Exposed Person’, as defined in Canada’s anti-money laundering and anti-terrorist legislation
• Use the platform on your own behalf, instead of acting as a third-party agent
• Meet Shakepay’s anti-laundering standards

Next, you will be asked to enter your shaketag, which is your personal account name visible to other platform users, as well as a valid email address. The automated identity check will begin once you confirm the verification link sent to that email. You will be required to submit a photo of your photo ID as well as a short selfie video.

When you register through the mobile app, you will be asked to provide your current and existing Canadian phone number, where you’ll receive a verification code.

Given the additional document review, the verification process on Shakepay can take up to four days, which is twice as long as on Newton. 

Customer Support and Ease of Use

With prices that can fluctuate in a matter of minutes, crypto brokerage companies must provide quick and approachable customer support. So, how do these platforms respond to this challenge?

Newton

Here are the Newton customer support options that are currently available:

• Newton has a knowledge-base section on their official website where you can navigate to a variety of different clusters for issues that can be classified as general:  how the platform works, how to get started, and FAQ about their trading fees, withdrawal options, and much more.
• Newton provides help via an automated chatbot, which can be found on their official website. Isaac, their VA, will direct you to a specific inquiry about your problem and point you in the right direction to find the answer you’re looking for.

• There is an in-app help chat feature on their official app. The Newton Success Team specializes in account-specific inquiries.

What’s more, the user interface of the official webpage, as well as the Newton App is intuitive and easy to navigate.

The detailed features are tailored to Canada and its region, making easier to calculate and manage your funds.

Shakepay

When you compare Newton and Shakepay in terms of customer service, you’ll notice both lack direct phone support and instead rely on live chat and email.

That said, Shakepay’s live chat is available both through their mobile app and their official website. If the chat is not currently active, a chatbot will take your message and respond within 24 hours. Alternatively, you can send an email and expect a response within 24 hours during business days.

However, you should check out their Help Centre, which contains a plethora of short articles that walk you through common questions on the most popular topics, such as transaction and trading fees, account authorization and additional documentation uploads, Shakepay Card information, and much more.

Moving on to the platform’s ease of use, Shakepay’s app and website have a simple user interface that guides you through the process and acts as a smart system to help you find your desired option.

If you use the mobile version of the Shakepay app, there are even fewer on-screen features, eliminating any confusion when selling or buying.

It is fairly simple and suitable for beginners, given that you can only trade BTC and ETH with your CAD, as no other currencies are available.

Reviewlution Advice: What to Choose?

Whether you’re a beginner looking to learn about crypto trading or a seasoned trader, Shakepay is the place to be. Based on your account settings, their automatic trading options and Recurring Buys will trade at the best time of day or week.

Unfortunately, when we compare Shakepay to Newton, it lacks the advanced trading options that the Newton Pro version provides.

This is why if you’re planning to go deeper with crypto trading, Newton should be your preferred choice.

All in all, both platforms offer high-quality services and features setting them apart from competitors, so it’s best to go with the one that fits your specific needs.

Finishing Thoughts

We compared two powerhouses in the Canadian crypto-trading field and discovered that each has its own set of advantages and disadvantages, and thus each suits a different demographic.

While Newton and its pro version may benefit more experienced crypto traders, Shakepay provides excellent trading options that can even be automated.

There is a place for everyone in the crypto trading industry. Even for those looking for a way to earn a passive income without having to work too hard, and especially for those eager to learn and work their way through investing one day at a time.

But one thing is certain: they both provide excellent services with no commission fees, as well as high-rated security regulations to protect your irreversible crypto transactions.