Bitbuy vs Newton Crypto Exchange Comparison
Making Crypto Simple
It’s not always easy to put your money into cryptocurrencies as a Canadian. Namely, many popular cryptocurrency exchanges are unavailable in Canada or do not provide high starting transaction limits to overseas consumers.
Fortunately, there are several excellent native-Canadian platforms available, like Bitbuy and Newton. These two exchanges are some of the best-rated worldwide and offer excellent crypto trading services to Canadian citizens.
But which one is better, Bitbuy or Newton? Let us investigate the question.
- A heavily regulated exchange;
- Low fees;
- 95% of users’ funds are in cold (offline) storage;
- 24/7 customer support.
- Only a handful of cryptocurrencies supported for trading;
- No support for credit card/debit card payments;
- The exchange supports only CAD as a fiat currency.
- A beginner-friendly platform;
- A fast account registration process with an instant verification function;
- Third-party custody of users’ funds;
- Newton’s collection of digital currency assets is among the most extensive in the Canadian cryptocurrency space.
- Not many advanced trading tools;
- No debit/credit card payment option;
- This trading platform offers its financial services only to the residents of Canada.
Bitbuy vs Newton – How It All Started
Established in 2016, Bitbuy is the most popular place to buy and sell cryptocurrencies for Canadian crypto traders. Bitbuy was founded in 2016 with the goal of providing a simple, secure, and fast way to trade Bitcoin and other leading digital currencies.
The exchange is supervised by the Canadian government and complies with all relevant financial regulations of the country.
Furthermore, this Toronto-headquartered platform is largely considered Canada’s most safe and reputable cryptocurrency exchange, trading in a variety of prominent digital currencies for the local Canadian dollar (CAD).
Bitbuy also has some of the most competent and committed customer care representatives in the industry, as well as solid banking partnerships that enable secure fiat-to-crypto conversions.
This Toronto-based exchange, named after the Renaissance scientist Isaac Newton, began trading cryptos in 2018 to create a more open, egalitarian, and participatory environment for all participants in the international banking system.
Since it was first established, this exchange has experienced meteoric rises in both its size and level of participation in the crypto market.
If you are searching for a crypto exchange in Canada for beginners, Newton is a great pick to consider. This is because Newton’s UI has been created with careful consideration paid to the smallest of details, making it both simple and intuitive to use.
Moreover, the exchange enables you to quickly select your preferred cryptocurrency from a diverse selection of altcoins without requiring you to spend a lot of money.
Also, you are eligible to get a sign-up bonus of $25 for each individual you suggest and who subsequently registers an account with the platform through Newton’s referral program.
Bitbuy vs Newton: The Ultimate Crypto Exchange Comparison
Opening an Account
Before you are allowed to register for a trading account on Bitbuy.com, you will first need to go through an automated verification process.
The first step in creating an account is to complete the form with your personally identifiable information, followed by email and phone number verification. If your Bitbuy signup doesn’t pass the automatic identification or Express Verification procedures, you may be prompted to provide some additional form of identification, such as a government-issued photo ID, bank statement, or proof of residence.
On the other hand, starting up with the Newton exchange is a very straightforward process. You just need to sign up for an account with your email address and a strong password, get it promptly confirmed, fill your trading account with fiat currency or crypto, and then launch on your new quest into the world of cryptocurrencies.
This Toronto-located cryptocurrency exchange provides its users with an intuitive and secure trading platform. There are four ways to purchase and sell cryptocurrencies on Bitbuy: Pro Trade, Express Trade, crypto wallets, and over-the-counter (OTC) desk.
Whether they are novices in trading or seasoned crypto investors, the Bitbuy clients can instantly and effortlessly buy some of the most prominent coins and swap them for Canadian dollars (CAD).
In addition, the Bitbuy exchange supports two separate trading platforms: a beginner-friendly platform with simplified trading tools and an expert-level platform labelled Bitbuy Pro, which has a real-time order book and more advanced features.
The Newton exchange has several advantages, including a free crypto-to-CAD exchange service, low spreads between the prices of the supported coins, strong liquidity, providing third-party custody of users’ funds, and quick account authentication.
This trading platform caters to the need of novice traders or those who prefer a more straightforward approach to cryptocurrency trading by offering the essential buy and sell tools. If you’re a more skilled investor, you could profit from the limit order function by choosing the maximum price per token you’re willing to pay.
Through the Bitbuy trading platform, you can trade only a handful of coins. While the selection of cryptocurrencies is not vast, Bitbuy ensures the supported currencies are some of the most liquid ones.
On this platform, you can find Bitcoin (BTC), Ethereum (ETH), Eos (EOS), Solana (SOL), Bitcoin Cash (BCH), Aave (AAVE), Cardano (ADA), Litecoin (LTC), Stellar Lumens (XLM), Ripple (XRP), Chainlink (LINK), Dogecoin (DOGE), and several more.
There may not be a huge selection of cryptocurrencies available on this marketplace, but Bitbuy is constantly adding new ones, so be sure to check back the freshly updated list of the exchange.
In comparison, Newton prioritizes highly liquid cryptocurrency with a solid development framework for the future and a thriving community that supports the coin. The exchange has arguably the most robust listings of digital assets among all Canadian marketplaces, with more than 60 supported coins for trade.
Some of the coins you can trade on Newton include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), USD Coin (USDC), Ripple (XRP), Stellar Lumens (XLM), Dogecoin (DOGE), Polkadot (DOT), SushiSwap (SUSHI), Tether (USDT), Litecoin (LTC), Synthetix (SNX), Axie Infinity (AXS), Monero (XMR), etc.
Bitbuy users can fund their accounts using various methods, including digital currencies and Interac e-Transfers. Don’t forget that you can only add money to your account using Canadian dollars (CAD) or cryptocurrency, as no other fiat currencies are supported on Bitbuy.
You can make a deposit to your Newton trading account using several different methods, such as Interac e-Transfers, wire transfers, pre-authorized bank transfers (requires Plaid), external wallet transfers, or by linking your existing bank account to the exchange’s account you’re using to trade crypto.
Since Newton does not handle debit or credit cards, users who like to use this payment method will need to utilize an alternative platform such as Coinbase. Coinbase is a well-known beginner-friendly exchange that offers low trading fees and an easy-to-use interface.
Trading Fees and Limits
Bitbuy’s trading costs are competitive with those of other Canadian exchanges. To be more precise, if you want to do a simple crypto exchange utilizing Bitbuy, you’ll incur a 0.2% fee per transaction.
The trading costs of the professional crypto investors are calculated using the maker/taker fee structure, which charges market makers with 0.1% and liquidity takers with 0.2% of the deal.
Apart from the low trading expenses, Bitbuy charges a 1.5% fee when the users make a deposit or withdrawal through the Interac e-Transfers service. Traders tend to use this payment service for their deposits since they are often processed within several hours.
There are no limits on how much cryptocurrency you can deposit on your Bitbuy account, while the minimum amounts are also not too high. The minimum and maximum thresholds for fiat currency deposits vary based on the payment type you choose.
One of the best things about Newton is that you will not be charged any deposit or withdrawal fees on this platform. Instead of imposing a transaction fee, the platform earns revenue from the bid-ask spread. The exchange will even pay the first 5 CAD of the network fee for moving the cryptos from and to another blockchain for you.
When you establish a Newton account, you get a trading limit of $10,00. Later, you’ll be able to make transfers of over 50,000 CAD every day, and as your trading volume grows, so will your access to higher levels.
How Safe are Bitbuy and Newton?
Bitbuy is a registered MSB (Money Services Business) with FINTRAC, which means that Bitbuy must be regularly audited and investigated for fraud or misconduct. The platform must comply with the KYC/AML protocols, requiring identification verification.
In terms of asset security, Bitbuy stores 95% of users’ assets in cold storage and employs industry-leading protection mechanisms. The exchange also conducts daily anonymized and dispersed backups of its infrastructure as a further measure to ward off DDoS assaults that could potentially destroy the exchange’s operational capabilities.
When it comes to the trading platform Newton, this Canadian exchange complies with all relevant crypto trading regulations in Canada. Newton is recognized as a Money Services Business (MSB) compliant with the Financial Transactions and Reporting Act (FINTRAC) provisions.
In addition, the marketplace offers tax reports that can be exported in accordance with the Personal Information Protection and Electronic Documents Act (PIPEDA) guidelines.
In addition to daily off-site backups, bank-level safekeeping mechanisms for all virtual currencies, and two-factor authentication (2FA) as an additional layer of safety for the trading accounts, the platform also features direct bank connectivity, which can help the prevention of any fraudulent behaviour or scams.
Moreover, Newton stores all customer data within the borders of Canada for added safety measures.
Newton also collaborates with the independent custodian Balance to offer its clients dispersed cold storage of their funds through complex and strategically developed security mechanisms, offline private key maintenance, and transaction authentication by signature.
Bitbuy’s support center is well-stocked with materials that could be helpful to all traders in learning the ropes of the exchange. The support team is available 24/7 to answer any issues you may have. Contacting Bitbuy’s support staff is as easy as filling up a ticket, sending it out through email, or engaging with them through the chatbot.
Bitbuy also maintains active social media engagement, with most users reporting their inquiries have been resolved. The exchange’s team is also actively involved with its user base to learn what types of features users want to see implemented on this platform.
Newton’s dedicated customer support team is responsible for ensuring that you can effectively execute any cryptocurrency trades that you initiate using this platform.
You can ask for their assistance using the in-app help chat and inform them of the day, hour, amount, and cryptocurrency involved in your transaction. This information will allow them to locate your problem at its source and fix it successfully.
You can also explore Newton’s knowledge base and find the answer to your trading dilemmas yourself, or get in touch with the support team by email to obtain your desired response.
When it comes to crypto investors who want to trade while they are on the go, the Bitbuy mobile app is one of the handiest fintech solutions they can utilize for their trading activities.
Namely, you can conveniently carry out all of the exchange operations that are available on its web-based platform using the mobile app.
The app is supported by a comprehensive security system so that you can safely fund your account or withdraw Canadian dollars through Interac e-Transfer or a bank transfer. Also, the app enables you to swap the supported coins easily and in no time.
With the Newton cryptocurrency exchange’s mobile app, you can trade cryptocurrencies from your Android or iOS smartphone, using all the same features as the platform’s desktop version. The app’s user interface is intuitive, modern and easy to use.
Bitbuy and Newton vs Other Exchanges
For those of you who enjoy having a wide variety of choices available to you, here are two additional exchanges to take into consideration:
Binance is a cryptocurrency exchange platform launched in 2017 that enables users to buy, sell, and trade over 600 different cryptocurrencies.
This globally recognized and popular platform enables professional traders and beginners to efficiently carry out their investment strategy using this platform for some of the lowest trading costs available in the sector.
Binance was essentially a crypto-to-crypto exchange until very recently, which means that the platform did not support depositing or withdrawing fiat money. Now the platform provides some support for credit card and bank account deposits, but on a more restricted scale.
In comparison to Bitbuy and Newton, Binance is a real powerhouse when it comes to the offer of altcoins, fiat currencies, payment methods, and trading tools. But, unlike these two Canadian exchanges who strictly adhere to the financial regulations, Binance is not a regulated platform.
Shakepay is a fintech solution provider that was founded in Montreal in 2015 and focused on the development of financial application software. You can instantly purchase or sell cryptocurrencies using the user-friendly interface provided by this platform.
In addition, you can effortlessly send crypto to your contacts, earn additional income in bitcoins, etc. This cryptocurrency exchange also allows Canadians to instantaneously transfer their Bitcoins to their bank account for free.
The reward program, which enables you to earn satoshis simply by shaking your smartphone, is Shakepay’s most remarkable feature.
On the other hand, the fact that this platform solely operates with Bitcoin (BTC) and Ethereum (ETH) could discourage the crypto traders looking for more diverse trading options from looking for a platform with a more varied coin offer.
Also, Bitbuy and Newton are more versatile platforms than Shakepay when it comes to the financial tools they offer.
Bitbuy is an excellent crypto trading platform for beginners, yet it also has several advanced capabilities enticing for seasoned traders. Compared to other marketplaces established at about the same time, this one does not provide access to as many coins or as many ways to generate revenue.
Nonetheless, Bitbuy is a highly secure option for traders, primarily because of the emphasis on regulatory compliance.
As for Newton, this fee-free platform guarantees a risk-free trading environment for all cryptocurrency traders who wish to enter the market merely by purchasing or selling digital currencies.
Moreover, Newton guarantees risk-free ways to invest in crypto for all cryptocurrency investors willing to enter the market merely by purchasing or selling coins by strictly adhering to several crypto trading regulations imposed by the top financial officials in Canada.
To finish up, selecting the most trustworthy cryptocurrency exchange entails many various aspects, all of which must be in accordance with the needs of the crypto investor. As a result, you should always select a trading platform that is consistent with the trading requirements you have set for yourself.