- >Best Crypto Exchanges 2024
- >Bitbuy vs. Newton
In a race between Bitbuy vs. Newton, two of Canada’s best exchanges, it’s easy to see how Canadian Bitcoin enthusiasts who are looking to trade crypto-currency may get confused wondering which among the two is the best for their needs.
Bitbuy and Newton are two of Canada’s most popular trading platforms, and for a good reason. The two platforms come with a unique blend of features as well as pros and cons that will appeal to a specific crowd of investors. For instance, while Newton is famously known for charging traders zero fees, it’s still an untested platform as it has only been around since 2018.
Bitbuy on the other hand has been in-game much longer as it was founded in 2016. Plus, it boasts of over 400,000 Canadian clients, with 25 cryptocurrencies on its platform.
Here is an in-depth look at what these two exchanges have to offer.
Bitbuy Pros & Cons
Pros
Up to 95% cold storage
Competitively low trading fees
FINTRAC regulation
Comes with a mobile app on both Android and iOS devices
Offers multiple technical analysis tools and order types
Cons
Only available in Canada
Features only one fiat currency
The list of supported coins is decent but not huge
Newton Overview
Compared to Bitbuy, the Newton cryptocurrency exchange is a new kid on the block as it was launched in October 2018 with its head office in Vancouver, Canada. Since then, the platform has continued to grow in popularity adding new coins and features regularly. Currently, there are over 40 cryptocurrencies listed on Newton, and the team behind the platform claims that their focus is on listing high-quality projects with a strong team and community. The company now has offices in Toronto, Montreal and Victoria.
While Newton is a well-regulated crypto exchange platform with PIPEDA as well as FINTRAC compliance, its most popular feature is its zero percent fees on trades as well as funding and withdrawal. This makes Newton one of Canada’s most trusted and low-cost crypto trading platforms. The exchange platform is accessible through a mobile app that is compatible with both Android and iOS devices. Traders on Newton mostly have an easy time setting up an account as the verification process only takes minutes.
In terms of security, Newton conducts daily off-site backups as well as implements institutional-grade storage for all digital assets on its platform. Newton also claims to have bank integration into its exchange to minimize cases of fraud.
- Bills itself as the “No-Fee Cryptocurrency Exchange”
- Partnership with Plaid gives high-level of security
- Excellent on-ramp for Canadian cryptocurrency users
- Offers cryptocurrencies that are sometimes hard to find in Canada
Newton Pros & Cons
Pros
Institutional grade storage of digital assets
Supports a wide variety of coins
Intuitive user interface
Regulated and licensed for the Canadian market
Cons
Withdrawal requires fiat payments to clear
Only available in Canada
Very new exchange with relatively low volume
Beginner Friendliness
It is quite common nowadays for crypto exchange platforms to prioritize beginner friendliness as a top feature given the mass adoption of crypto among a mainstream audience. Newton and Bitbuy are no exception.
Both platforms have a good number of beginner-friendly features including tutorials and useful graphics to guide users when they are navigating the exchanges. In addition, both platforms are accessible through a mobile app that is novice-friendly.
Bitbuy gets the edge here thanks to its legacy as a Bitcoin broker in Canada while Newton stands out for its zero percent fees on trades and funding along with its wide range of supported altcoins and tokens which is a must-have for beginners.
Fee Structure
When it comes to fees, Bitbuy takes the win even though Newton might seem like the people’s choice with its zero trading fee model which is quite attractive for traders and investors looking to use the platform.
For the 40 plus cryptocurrencies listed on the Newton exchange, traders will have an easy time using the platform, however, Newton makes its money by charging a spread on all buy and sell orders. Traders on Newton can expect to be charged a spread ranging between 0.5% to 0.7% on all buy and sell orders.
While Bitbuy charges a fee on all crypto trades, its rates are much more competitive even compared to Newton’s zero-fee trading model. Bitbuy charges a 0.1% fee for placing limit trade and a paltry 0.2% fee for market orders. This rate is much more affordable especially compared to Newton’s 0.5% to 0.7% spread.
Trust and Security
Newton might be new on the market but it has already established its reputation as a trusted player in Canada especially following its recent efforts to become PIPEDA (Personal Information Protection and Electronic Documents Act) and FINTRAC (Financial Transactions And Reports Analysis Centre of Canada) compliant. Over the years, Bitbuy has been known as Canada’s first crypto exchange platform to be regulated under FINTRAC as a money service.
Bitbuy was also the first Canadian crypto exchange to be accredited by the OSC as a regulated marketplace.
Also, while there are no security breach reports about Bitbuy over the time of its existence, Newton does have some growing up to do given that it is the younger of the two exchanges. For added peace of mind, Newton uses institutional-grade custody of its digital assets. Bitbuy also offers cold storage of funds up to 95%.
Supported Cryptocurrencies
As mentioned earlier, Newton currently supports over 40 cryptocurrencies and altcoins including Ripple (XRP), Litecoin (LTC), and Ethereum (ETH). Bitbuy is catching up fast, however, with 25 different cryptocurrencies and more being added frequently.
Here is a breakdown of some popular coins you will find on Newton apart from the ones mentioned above.
- Bitcoin
- Stellar Lumens
- USD Coin
- QCAD
- Tether USDT
- Monero
- Bitcoin Cash
- Aaave
- Dogecoin
- Chainlink
Bitbuy supports the following coins:
- Bitcoin
- Litecoin
- EOS
- Stellar Lumens
- Bitcoin Cash
- Cardano
- Polkadot
Customer Support
Regardless of the market, the best way to win customer confidence is through great customer support. Bitbuy has been around for some time now and many of its customers will vouch that they have always received quick responses to their inquiries. However, new players like Newton are also doing well in this department especially with the level of transparency it strives to maintain.
Users on both platforms have access to customer support through live chat support, email, or social media sites such as Telegram and Twitter.
Standout Features
For Canadians looking to get a bit of exposure to cryptocurrency trading without the additional risks of managing private keys and staying away from scams, both Bitbuy and Newton stand out for their capacity to offer simplicity and security.
Newton, in particular, stands out for its easy on-boarding process, clean interface, and support for institutional-grade custody. While DeFi features like yield farming are attracting many investors to platforms like Uniswap, Newton helps beginners cut through the noise with an intuitive user interface with affordable trading fees.
The story is the same for Bitbuy. Apart from its reputation as Canada’s first crypto platform to be licensed as a financial service, Bitbuy boasts of a straightforward sign-up process as well as an affordable fee structure.
CryptoVantage Verdict: More Coins on Newton, Better Fees on Bitbuy
So there you have it. Bitbuy and Newton provide a great platform for beginner traders looking to get their feet wet in the world of cryptocurrency without getting too overwhelmed by technicalities. However, while Bitbuy is slightly older than Newton, both platforms are well regulated and licensed for the Canadian market.
From cold storage features to affordable fees both platforms have seemingly similar features even though Bitbuy offers more in terms of affordability while Newton features a more versatile list of supported coins.
