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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    Shakepay vs Newton: Features, Fees and Security

    Shakepay Review
    1.8
    1.8/5

    Read Disclaimer

    Newton crypto review
    4.1
    4.1/5

    The emergence of numerous crypto exchanges in Canada has simplified cryptocurrency trading in the country.

    Shakepay and Newton are two of the popular exchanges offering cryptocurrency services to traders and investors in the Great White North. Both exchanges aim to make cryptocurrency trading easy for Canadians.

    Shakepay services over 1,000,000 Canadian customers, with over $7 billion worth of crypto traded on the platform.  Newton offers 70+ cryptocurrency assets to Canadians at a low cost on an intuitive platform.

    This Shakepay vs Newton review compares both platforms’ features, cryptocurrency options, and their pros and cons.

    Shakepay vs. Newton: Verdict

    Our pick in this comparison is Newton because it has more positive reviews and friendly interface.

    Shakepay Logo

    Pros

    Cons

    Newton Logo

    Pros

    Cons

    Shakepay vs Newton: Unique Features

    Trading Options

    The Shakepay exchange offers users a simple way to instantly purchase Bitcoin and Ethereum in Canada. However, the platform offers no advanced trading features besides limit orders.

    Similarly, Newton supports only spot trading. The platform does not offer advanced trading options like futures and margin trading.

    However, both exchanges seem to compensate for the advanced market limitation with over-the-counter (OTC) trading. Newton offers OTC trading for orders over CAD 30,000 through its affiliate; Newton OTC Inc. Shakepay also offers OTC trading for transactions above CAD 50,000 for high-volume traders.

    Shakepay and Newton offer very similar trading options. The platforms are designed for beginners and lack advanced trading features.  However, given that Shakepay only supports trading of BTC and ETH, Newton has an edge over Shakepay.

    Rewards and Promotions

    Experienced investors want to know the perks of using a cryptocurrency exchange over time.

    Both platforms have a referral program which can help their users earn money. Customers get referral codes they share with other people to join the platforms. When the referee signs up, Newton and Shakepay reward both parties.

    However, Shakepay offers more reward programs to its customers. Shakepay account owners can also enjoy Cash Rewards in the form of cashback on all Bitcoin purchases done with the Shakepay card.

    Other Shakepay reward programs include:

    • Boost Your Card Rewards.
    • ShakeSquads Bonus Rewards.
    • SecretSats Rewards Program.
    • ShakingSats Program

    These reward programs come with terms and conditions that users must meet to be eligible. These terms and conditions can be accessed on the platform’s website.

    In conclusion, Shakepay has a more extensive list of reward programs and benefits for its customers than Newton.

    shakepay card crypto

    Crypto Services

    Apart from crypto trading, crypto exchanges offer additional crypto-related services.

    For example, Shakepay’s additional crypto services include:

    • Bill payments via the Shakepay Card, which allows users to make crypto payments at millions of online or in-store merchants accepting Visacard payments worldwide. The card neither attracts annual fees nor requires credit checks. 
    • Crypto staking via Shakepay Earn (we’ll provide more information about this later).

    Winner in Unique Features

    Newton limits its users to only crypto trading. Shakepay also wins this category because of its additional crypto services.

    Shakepay vs Newton: Cryptocurrencies Available

    Shakepay offers only two cryptocurrencies. Users can only buy and sell Bitcoin and Ethereum.  That automatically limits the trading opportunities that the platform’s users have.

    In contrast, Newton supports 70+ crypto coins traders can buy, sell, and invest in. Some of the available crypto coins on Newton include:

    • Bitcoin
    • Bitcoin Cash
    • Ethereum
    • Cardano
    • Maker DAO
    • Aave

    Winner in Crypto Availability

    Newton wins this category because of its wider coin offering.

    Shakepay vs Newton: Fees

    Newton Fees

    According to Shakepay’s website, the exchange charges no crypto withdrawal fees, deposit or trading fees. The exchange claims to make money from the price differences between buy and sell orders, but the amount of profit isn’t stated. This implies that Shakepay could charge hidden fees to cover its no-fee services.

    As for Newton, it also doesn’t charge exchange trading fees, including deposits and withdrawals. However, the exchange charges a spread for transactions done on the exchange. During the research, we also found that traders pay between 0.50% – 2.20% on the platform’s sell and buy orders.

    Winner in Fees

    Regarding fees, it may be difficult to tell the cheaper option because of the uncertainty around Shakepay’s charges. Shakepay, however, appears cheaper due to the absence of fees for trading or payments.

    Shakepay vs Newton: Payment Methods

    Shakepay and Newton have Canadian-friendly payment methods for their users. Both exchanges support CAD payments via bank wire transfers, Interac e-Transfer and crypto payments. Users on both crypto trading platforms can also withdraw funds using the same options.

    Neither Shakepay nor Newton support card payments or e-wallets like PayPal, Skrill, and Neteller.

    However, Shakepay offers users an additional payment and withdrawal method via the “Shakepay a Friend” feature. The feature allows Shakepay users to send cash or crypto to other users using a @shaketag.

    Shakepay and Newton offer Canadian traders similar payment methods, including fiat, crypto, and Interac e-Transfer.

    Winner in Payment Methods

    Shakepay slightly edges Newton in this section because of its additional payment feature.

    Shakepay vs Newton: Security

    Shakepay Security Features

    Shakepay and Newton are reputable Canadian crypto exchanges with standard security measures to safeguard users’ data and funds. The two platforms use similar security measures, like storing many users’ assets in offline cold storage to protect against hacks and thefts.

    They also adhere to the Canadian government’s industry-standard Know-Your-Customer (KYC) and anti-money laundering (AML) regulations. The KYC/AML measures require users to undergo an identity verification process to ensure customers transact with only verified traders.

    In addition, both platforms offer users personal security options like two-factor authentication (2FA), biometric login, mobile notifications, one-time passwords (OTPs), etc., to safeguard their accounts.

    However, Shakepay has additional cold wallet insurance to protect customers’ funds further. The insurance fund is secured with Lloyd’s of London, a European insurance giant, to reduce the risk of customers’ funds being stolen should the exchange be compromised. Shakepay also allows users to whitelist crypto accounts to prevent unauthorized withdrawals to unknown accounts.

    Winner in Security

    With the additional security features available on Shakepay, the exchange is a more secure option for crypto trading and investing in Canada.

    Shakepay vs Newton: Earn/Staking Rewards

    As stated earlier, both Shakepay and Newton allow users to stake cryptocurrencies on their platforms. With crypto staking, investors earn periodic profits by locking up a portion of their crypto holdings.

    However, during our review, we discovered that the Newton staking feature is not live yet as of November 2022. The platform recently launched the Newton Earn feature, and users can only join the waiting list for now.

    In contrast, Shakepay provides information about crypto staking and rewards. Users can earn Bitcoin rewards on their first $1,000 held in their Shakepay wallet through the Shakepay Earn feature. Investors can earn a 4% annual yield (APR) on their accounts’ first CAD 1,000 balance. Rewards are calculated daily on customers’ lowest balance and paid out weekly.

    Besides staking, Shakepay users can also earn free Bitcoin rewards when they shop with the Shakepay Visa Card at any accepted pay point. They also stand to earn an additional 1% on the first $5,000 spent using the card.

    Winner in Earn/Staking

    Having distinct earning and staking features with diverse customer rewards, Shakepay wins this category.

    Shakepay vs Newton: Usability

    Shakepay and Newton are suitable options for Canadians seeking an easy way to enter the cryptocurrency world.

    Shakepay’s website and mobile app platforms are intuitive and straightforward. The user-friendly platforms allow traders to buy and sell cryptocurrencies easily. The platforms also offer limit orders for investors to manage their crypto assets further and reduce risks when trading.

    Like Shakepay, Newton’s mobile and desktop platforms are easy-to-use. They allow users instantly initiate buy and sell orders in a few clicks. The ease of use makes up for the missing advanced trading features on both exchanges.

    Winner in Usability

    Again, Shakepay and Newton are suitable for beginner Canadian investors who want to buy and sell crypto without complications. Because of this, both exchanges tie in terms of usability.

    Shakepay vs Newton: Customer Service

    Shakepay Customer Support

    Shakepay and Newton support their customers through multiple customer channels. The exchanges’ customer support teams are available 24/7 via phone, email, and live support channels. Both exchanges also have FAQ sections users can find answers to the common challenges or questions related to the platforms.

    However, numerous online reviews suggest that Shakepay can improve its customer service. The exchange has a 1.8-star rating from a possible five on TrustPilot, with 78% negative feedback about the customer support team being unable to solve fund-related problems. Other reviewers also claim they were scammed when using the platform.

    On the other hand, Newton has its users commending the exchange’s support team for its patience and swift ticket resolutions. The platform has a 4.1-star rating from a possible five on TrustPilot, with 66% being positive reviews.

    Winner in Customer Service

    Newton wins this category because of its overall rating and quality customer service experience.

    Conclusion: Final Verdict

    Shakepay and Newton are some of the best cryptocurrency exchanges for Canadian traders. Both platforms offer a simple way to buy, sell, trade, and invest in cryptocurrencies.

    Newton is suitable for traders investing in a wide range of cryptocurrencies, while Shakepay is a great platform for inexperienced investors looking to buy and trade Bitcoin or Ethereum easily.

    Overall Winner

    Both platforms offer similar features highlighted in this Shakepay vs Newton review. However, Newton is the overall winner because it has more positive reviews and meets customers’ needs more.

    FAQ

    Most frequent questions and answers

    Users can deposit and withdraw money from Shakepay using the Interac e-Transfer. Traders can also send money to other Shakepay accounts directly from the app.

    Shakepay rewards users with Bitcoin in cash-back on every purchase made with the Shakepay card. The exchange also offers users rewards in the form of Bitcoin when they stake the digital asset. 

    Using the Shakepay Card does not affect customers’ credit scores. Shakepay also doesn’t require credit scores to issue the card.

    Shakepay doesn’t charge any trading fee. However, it has limited coin offerings. Binance has a low trading fee with 350+ crypto assets. Newbie traders looking for a simple trading platform with low fees may prefer Shakepay, while savvy investors may choose Binance to diversify their investments.

    Coinbase offers 9,000+ cryptocurrencies, while Shakepay offers only Bitcoin and Ethereum. Investors looking to trade more cryptocurrencies may fancy Coinbase.

    Newton has a simple trading platform that is suitable for crypto beginners. NDAX offers simple and advanced trading platforms suitable for beginner and savvy traders.