Newton vs. Shakepay: Crypto Trading Platforms Compared
So, you've decided to take the plunge into the exciting world of cryptocurrency trading. Congratulations! But with so many platforms to choose from, how can you decide which one is right for you?
In this article, we'll compare two of the most popular platforms for Canadian crypto traders: Newton vs. Shakepay. We'll cover everything from fees to features, so you can make an informed decision about which platform is best for your needs. But, first, let's look at these platforms and their strongest features.
Newton Overview
Newton is a Canadian-based cryptocurrency trading platform founded in 2018. The company's mission is to make crypto trading simple and safe for everyone. To do that, it has built a user-friendly platform packed with features, yet still easy to use. Newton charges no commission, and has no minimum deposit. It also offers a referral program and a mobile app.
Newton provides traders with a powerful toolkit that can help them to make more profitable trades. The platform's constantly improving algorithms and diversification features make it an essential tool for anyone serious about trading cryptocurrencies.
Shakepay Overview
Shakepay’s crypto trading platform is very popular among Canadian crypto enthusiasts, but also people just entering the crypto space. It was founded in 2015 and is one of the simplest platforms to use. Shakepay allows users to buy and sell Bitcoin and Ethereum with just a few clicks. The company also has a mobile app for iOS and Android.
Shakepay is a great choice for beginner investors who want to get into the cryptocurrency market, along with competitive rates and a wide selection of cryptocurrencies, making it a great choice for anyone looking to get started in crypto trading.
Newton vs. Shakepay: Features Comparison
Now that we've given you a brief overview of each platform, let's compare them side-by-side. We'll start with the feature overview of both companies.
Newton offers a wide range of cryptocurrencies for trading. It also streamlines the price checking process with a single-page overview of current prices and trends in the cryptocurrency world. Simplicity is key with this platform, in every part of the trading process.
Shakepay, on the other hand, offers a much more limited selection of investment options. However, it does offer additional ways to buy and earn Bitcoin, thanks to a collaboration with Visa.
By paying with your Visa card anywhere in the world, you will earn 1% in cash back that goes directly into your Shakepay account. You don’t have a Visa card yet? You can apply for one absolutely free through Shakepay.
Ease of Use
In the following section of our Shakepay and Newton comparison, we will take a quick look at how these trading platforms operate, i.e., how easy they are to get the hang of.
Both platforms are incredibly streamlined and without any “extra fat” in their respective UIs. It’s mostly just a couple of buttons and a list of all the cryptocurrencies the platforms are currently offering for trade. Newton’s site is a bit more detailed, as it has both portfolio and market sections, due to the sheer number of cryptos it operates with.
Generally speaking, going from sign-up to your first trade won’t take more than a few minutes on either platform.
Funding Options
At Newton, your crypto trading journey starts with either depositing some funds into the account, or transferring existing coins from your crypto wallet. As for the funding options, Newton currently supports wire transfers, Interac, and bank transfers via Plaid or Flinks.
Shakepay offers Interac, wire transfers, “Shakepay a friend,” Bitcoin, and Ether as both funding and withdrawal options. The last three options have no deposit minimum; Bitcoin has a withdrawal minimum of 0.0001, while you have to withdraw at least 0.1 in Ether.
The minimum for using Interac for either transaction type is $5, and the minimum deposit you can make with a wire transfer is $10,000, while the minimum withdrawal is $5,000.
Available Cryptocurrencies
Since these are cryptocurrency trading platforms, we were interested to see what you can trade at Newton compared to Shakepay. It was interesting to find out how widely different these platforms are, at least regarding the sheer number of supported currencies.
Newton offers a wide selection of assets - more than 70 of them. These include popular coins like Bitcoin, Ether, Litecoin, and Monero, as well as lesser-known options like Decred and Stellar. You can even trade with Axie and Decentraland tokens here.
Comparing Shakepay to Newton in this aspect, we found that Shakepay only lets you trade with Bitcoin and Ethereum through its platform. Therefore, in terms of the sheer variety of currencies on offer, Newton's got the upper hand in this duel.
Trading Tools
Both platforms offer various trading tools to help you make the most of your experience.
Newton provides an extensive range of charts and indicators, as well as news and research reports from industry leaders. You can also set up price alerts, so you'll never miss a chance to buy or sell.
Shakepay also offers a selection of charts and indicators, although it doesn't have quite as many options as Newton. However, as we’ve mentioned earlier, Shakepay lets you earn Bitcoin through Visa payments, something Newton has yet to match.
Newton vs. Shakepay: Mobile Apps
As mentioned, both Newton and Shakepay offer mobile apps for trading on the go.
Newton's app has always been available for both iOS and Android, and it provides all the same features as the desktop platform.
Shakepay's mobile app was initially available just on iOS, but the platform can be accessed through Android, too, now. Like Newton’s, this app offers the same features as the desktop platform, including real-time quotes, charts, and market news.
Newton vs. Shakepay: Fees
One of the most important factors to consider when choosing a crypto trading platform is fees. After all, you don't want to lose all your profits to admin costs!
Newton doesn’t charge any commission. This company earns money like any other exchange - by capturing the price difference when selling and buying currencies. What’s more, it covers the first $5 of your network fees for every transaction, allowing you to save money.
Shakepay also has commission-free trading. Additionally, it covers expenses when you move your money off the platform. The only existing fee is a 3% foreign transaction fee if you use your Shakepay card abroad.
Shakepay vs. Newton: Security
In the world of cryptocurrency, you can never have enough security. Luckily both Newton and Shakepay take this seriously.
Newton uses two-factor authentication for user accounts, as well as email and SMS alerts for all activity. All data is encrypted, and the platform uses a variety of other security measures to keep your account safe.
Shakepay also employs two-factor authentication. It offers alerts over text and email, too. The data is stored offline in "cold storage," so it can't be hacked.
Both platforms adhere to the Personal Information Protection and Electronic Document Act (PIPEDA), meaning they use strong 256-bit encryption and extra measures to protect their customers’ personal information.
Newton vs. Shakepay: Customer Support
If you ever have any problems with your account or just have questions about using the platform, it's important to know that you can get help when you need it.
Newton offers customer support through email and live chat, 24 hours a day, seven days a week. You’ll also find a comprehensive knowledge section on its website.
Shakepay also offers customer support through email and live chat, although you might end up waiting a few hours for a response. Luckily, Shakepay has an extensive help section with lots of great articles to help you while you trade with crypto.
Conclusion
So, do we have a definitive winner in this Newton and Shakepay comparison? It depends on your needs. If you're looking for a wide range of investment options, Newton is the better choice. However, if you're looking for a more user-friendly interface and low fees, Shakepay might be better suited.
FAQ
What is better than Shakepay?
For some crypto traders, Newton and CoinSmart are better choices, especially if they’re interested in more exotic coins. However, Shakepay remains a great choice if you just want a clean, fast app to trade Bitcoin and Ether.
Is Shakepay trustworthy?
Shakepay is a well-established and reputable company. The platform is regulated by FINTRAC and has been operating since 2015. In addition, Shakepay has a strong customer service team known for being responsive and helpful. While we were comparing Newton to Shakepay, we found both platforms to be trustworthy and reliable.
What’s better: Coinbase or Shakepay?
This is a difficult question to answer, as both Coinbase and Shakepay are excellent platforms offering a lot to users. If we had to choose one, we would say that Shakepay is the better option, as it is a simpler platform with excellent customer service. However, ultimately, the best way to decide is to try out both platforms and see which one you prefer.
Is Shakepay Canadian only?
Yes, Shakepay accepts only Canadian customers at the moment. On the plus side, as we explained when talking about Newton vs. Shakepay, its card works worldwide, albeit with a 3% international transaction fee added.
I have always thought of myself as a writer, but I began my career as a data operator with a large fintech firm. This position proved invaluable for learning how banks and other financial institutions operate. Daily correspondence with banking experts gave me insight into the systems and policies that power the economy. When I got the chance to translate my experience into words, I gladly joined the smart, enthusiastic Fortunly team.
