Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    Bitbuy vs Newton: Fees, Security & Features

    Bitbuy Review
    3.0
    3/5

    Read Disclaimer

    Newton crypto review
    4.5
    4.5/5

    Bitbuy and Newton are two of Canada’s most popular cryptocurrency exchanges. They offer users a pathway to buy, sell, and exchange several crypto projects. In this Bitbuy vs Newton review, we will highlight the key features of both Canadian exchanges and choose the best platform for Canadian users.

    In creating this review, we undertook extensive research on both platforms and utilised both for more objective analysis. Let’s dive in.

    Bitbuy vs. Newton: Verdict

    Our pick in this comparison is Newton, due to its lineup of coins, low fees, and customer support services.

    Bitbuy Logo

    Pros

    Cons

    Newton Logo

    Pros

    Cons

    Based on their pros and cons, both platforms stand out in their unique ways. For instance, Bitbuy would be an ideal choice for Canadian investors searching for a more robust offering for cryptocurrency trading in terms of advanced tools. Newton lacks in this aspect, as it is more suited for beginners.

    However, Newton’s more extensive library of coins and tokens would be a major attraction to several users as they can easily trade a richer line of assets. Newton takes the top spot in this section due to its tax-compliance system and low minimum deposit.

    Bitbuy vs Newton: Unique Features of each crypto exchange

    While both Canadian crypto exchanges allow users to buy, sell, and easily swap their favourite assets, each has unique features. Below, we highlight different platform functionalities investors should look out for.

    Unique Features of Bitbuy

    bitbuy features comparison

    Bitbuy offers an extensive library of services and products. Below, we cover the top features investors can tap into when using the Bitbuy app and the web-based platform:

    Express Trade

    The first feature we’ll explore in this Bitbuy vs Newton review is Express Trade. This feature presents a quick and simple way to buy crypto without reviewing the charts or considering technical terms, like limit and market orders.

    An investor only needs to select the cryptocurrency they are interested in and click on the ‘Buy’ button. Immediately, the digital asset is deposited into their Bitbuy account. Express Trade is best suited for beginners who are looking for the best way to buy crypto with little to no hurdles.

    Pro Trade

    For those looking for a more advanced trading experience, the Pro Trade will meet their needs. This feature has advanced trading charts and indicators and market and limit orders.

    Pro Trade features market order books for each crypto asset and a rapid matching engine to execute trades almost instantaneously.

    The advanced trading platform directly integrates with TradingView, giving users extensive technical analysis for each asset. Also, there is a market depth chart and a time frame ranging from a minute to one week.

    Bitbuy Private Wealth (OTC)

    For deep-pocketed investors, the Bitbuy cryptocurrency exchange offers what it calls Bitbuy Private Wealth service. This feature operates like a traditional over-the-counter (OTC) service and enables investors to buy large quantities of their preferred digital currency. The OTC platform comes with a minimum investment threshold of 50,000 CAD. The best thing about the service is that it offers a more extensive lineup of cryptocurrencies. On the OTC platform, users can buy 100+ crypto assets on Bitbuy and have their taxes handled by leading tax and account professionals.

    Additionally, OTC customers are the first set of investors allowed to invest in new coin listings on the Bitbuy platform.

    Unique Features of Newton

    Newton Home Page

    Newton offers an impressive lineup of features, including 70+ assets, low trading fees, and a crypto tax integration. Below, we cover all the top platform functionalities in detail:

    70+ Lineup of Cryptocurrencies

    The most impressive aspect of the Newton exchange is its rich library of crypto lineups. The Canadian exchange offers over 70 top digital currencies, including Bitcoin, Ethereum, Bitcoin Cash, and several other projects. All crypto assets are pegged to the Canadian Dollar, making it much easier for users to trade with their native currency.

    Low-Fee Exchange

    Newton prides itself as the first no-fee Canadian exchange. The platform does not charge fees for trading and deposits and even offers up to 5 CAD rebates in network fees for withdrawals. Instead of fees, the platform works with a spread system, and each cryptocurrency is dynamically charged.

    Streamlined for Beginners

    Newton is especially streamlined for beginners as it has a user-friendly interface, making it easy for crypto newbies to buy, sell, and exchange digital assets. While it features market and limit orders, Newton may not be a top choice for seasoned traders as it lacks the advanced tools needed for trading.

    Crypto Tax Integration

    Crypto trades are taxable under Canadian law, and Newton offers a way around this. The exchange has partnered with Koinly to streamline the crypto tax situation for Canadian users. With Koinly, Newton customers can easily track their crypto trades and calculate their taxes simultaneously. The tax report can be directly downloaded and forwarded to the Canada Revenue Agency (CRA).

    Winner in Unique Features

    In the aspect of features, Bitbuy wins as it offers features suitable for all users. Instead of focusing on only a user segment, Bitbuy offers Express Trade for beginners and Pro Trade for seasoned traders. Bitbuy also offers an OTC service which can be highly useful for high-networth investors in the crypto space.

    Bitbuy vs Newton: Cryptocurrencies Available

    Both Bitbuy and Newton boast an amazing lineup of digital currencies investors can trade. However, the amount of cryptocurrencies available differs across the two exchanges. Bitbuy, for instance, offers 25+ crypto assets, allowing users to trade Bitcoin, Ethereum, Chainlink, Stellar Lumens, and Decentraland, amongst others. Its OTC service offers a healthier offering spanning 100+ coins. Newton, on the other hand, takes its crypto library to the next level. Besides popular names like Bitcoin and Bitcoin Cash, Canadian investors have access to ZRX, 1Inch, Aave, Apecoin, Axie Infinity and 70 others.

    Winner in Crypto Availability

    In our Bitbuy vs Newton comparison on crypto availability, Newton wins with its more extensive crypto lineups.

    Bitbuy vs Newton: Can You Buy and Sell NFTs on (Exchange)?

    Non-fungible tokens (NFTs) are blockchain-based digital arts that are unique and rare. They are called non-fungible because they cannot be split or divided,  as there is only a limited copy of them. Several crypto exchanges offer access to trading NFTs, given its recent rise to popular crypto culture. However, our Bitbuy vs Newton review found that both exchanges do not currently offer NFT services.

    Bitbuy only offers an educational series on the topic, while Newton does not feature any reference to the digital collectible ecosystem.

    Winner in NFTs Availability

    In this regard, there is no clear winner from both exchanges.

    Bitbuy vs Newton: Fees

    Newton Fees

    Fees are a predominant topic in the crypto trading space due to their potential to either aid or impair investors’ success. Both platforms charge reasonable fees; however, their approach is quite distinct.

    Bitbuy has a zero deposit fee system but charges 1.5% for withdrawals using Interac e-transfer and wire transfer. For crypto withdrawals, the underlying network largely determines this. Meanwhile, there is a 6.25% withdrawal fee for credit card transactions using the third-party payment service Simplex. This is not credited to the Bitbuy cryptocurrency exchange.

    Regarding its trading fees, Bitbuy fees are segmented into a tiered system spanning from Tier 1 through 4. The highest trading fee is charged in Tier 1, which stands at 1.5% for both maker and taker, but it tapers down 0% for the maker and 0.1% for takers. This is largely based on the 90-day trading volume of the user.

    In the case of Newton, the Canadian exchange also offers a zero-fee deposit.  Also, Newton does not charge investors any form of withdrawal fee. In addition, the exchange covers up to 5 CAD in network transaction costs, making it a top choice for fee-conscious Canadian investors. Regarding its trade execution fees, Newton charges spread between 0.75% to 2.1% depending on the selected cryptocurrency.

    Winner in Fees

    In terms of fees, Newton wins due to its less intensive billing system. Also, its 5 CAD waiver would be handy for low-value withdrawals to a user’s wallet.

    Bitbuy vs Newton: Payment Methods

    Like all top crypto exchanges, both Bitbuy and Newton support multiple payment methods. For Bitbuy, users can directly fund their trading account from their bank account using a bank wire transfer. This would take about 3 to 5 business days for processing. Also, the minimum amount is 10,000 CAD, and there is no maximum figure. Another option is using Interac e-transfers. This comes with a lower minimum of 50 CAD and a near-instant processing time. Crypto deposits are also supported, and there are no minimums or maximums for using this method.

    Newton also offers an extensive lineup of payment methods, including Interac e-transfers, wire transfers, pre-authorized bank transfers through Plaid, and crypto deposits. However, the stated minimum for all payment methods is not retail-friendly. For instance, the minimum deposit for an e-transfer is 10,000 CAD, while wire transfers stand at 1,000,000 CAD. This makes it more suited for high-volume traders and not regular Canadian investors.

    Winner in Payment Methods

    In the aspect of payment methods, Bitbuy wins due to its more retail-friendly trading minimums.

    Bitbuy vs Newton Security

    Bitbuy Security

    Both digital asset trading platforms are regulated by the Financial Transaction Report and Analysis Centre (FINTRAC) as money services businesses (MSB), but they operate substantially different security protocols for safeguarding customer data and funds.

    In the aspect of security, Bitbuy uses advanced security measures to secure users’ funds. This includes two-factor authentication (2FA), servers across several cloud service providers, custodied service with BitGo, and routine security audits. It also stores 98% of all crypto assets in cold storage and is regulated by the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA).

    Newton offers 80% cold storage, penetration testing, and offsite data backups. The OSC and the CSA also supervise the exchange.

    Winner in Security

    In terms of security, Bitbuy seems to have the upper hand due to its higher cold storage capabilities and 2FA.

    Bitbuy vs Newton: Earn/Staking Rewards

    In our Bitbuy vs Newton review, we discovered that both exchanges do not currently support staking services or offer any yield-generating service. In this aspect, both exchanges tie.

    Bitbuy vs Newton: Usability

    Bitbuy’s user interface is easy to use and dynamically suited for different kinds of investors. The Express Trade option allows crypto novices to directly buy and sell their preferred digital assets without being bogged down by technical details and analysis. For more detail-oriented or technical users, the Pro trading platform offers extensive advanced indicators, charts, and order books.

    Meanwhile, Newton is more beginner-oriented and offers an intuitive trading layout for users. This lets them directly trade their favourite digital assets with minimal platform tweaks.

    Winner in Usability

    In the area of usability, Bitbuy wins since it offers services suited to each investor type.

    Bitbuy vs Newton: Customer Service

    Customer reviews are a core component of grading a business or company. This metric largely demonstrates how responsive the business is to customer complaints. For Bitbuy, customers can directly reach out to the team via a support ticket or use the Support Centre for more detailed FAQs. Also, the crypto exchange claims that the support team is always on hand 24/7 and 365 days a year.

    Newton also offers a Support Centre but also adds a Knowledge Base for detailed answers to queries. Customers can contact the support team via a support ticket. There is also an FAQ section.

    Bitbuy Customer Support

    Winner in Customer Service

    Regarding customer service, Newton is the superior due to its more extensive support system.

    Conclusion: Final Verdict

    Bitbuy and Newton provide an easy means for Canadian investors to buy cryptocurrencies. While both are great, they appeal to different investor bases.

    Overall Winner

    Our overall winner in this Bitbuy vs Newton review is Newton, largely due to its more extensive lineup of coins, beginner-friendly pathway to crypto trading, low fees, and strong customer support services.

    FAQ

    Most frequent questions and answers

    Bitbuy does not currently support the Shiba Inu asset. However, investors can trade the most popular meme coin, DOGE, on the platform.

    Bitbuy does not offer a standalone crypto wallet but offers an exchange wallet for storing all assets. Users interested in a more personalised storage facility can use an external wallet for their needs.

    This largely depends on what an investor is looking for. For a more extensive service offering, Bitbuy takes the top spot. The trading platform offers crypto traders a feature-rich platform incorporating Express, Pro Trade platforms and the OTC service. Newton is, however, renowned for its richer crypto library and low cost of trading.

    While both platforms are duly registered and regulated by top agencies in Canada, we recommend Bitbuy when it comes to security. Bitbuy offers a 98% cold storage facility coupled with 2FA. This largely makes it a safer option for Canadian investors.

    Newton has a zero withdrawal fee system in place. It also covers up the investor’s withdrawal up to 5 CAD in network costs.

    Neither Bitbuy nor Newton charges crypto wallet fees as they don’t offer a standalone wallet service.