When choosing between Bitbuy and Newton, we recommend Bitbuy as it has proven its credibility and succeeded in gaining the trust of hundreds of thousands of Canadian investors. Also, it offers some of the most advanced crypto trading tools like live charting and the Bitbuy API that can help investors make successful trades. Additionally, you won't be able to get live chat support and credit or debit card deposits with Newton, which can be frustrating.
Newton, founded in 2018, is well-known for its zero trading fees, while Bitbuy, on the other hand, has been in the game for much longer and counts over 400,000 Canadian users. After testing both platforms, I have concluded that Newton can be an excellent exchange for beginners looking to start their crypto-investing journey because of its beginner-friendly interface and zero trading commission. But if you're looking for the whole package, then Bitbuy is the answer.
Newton's main drawback is that it's still untested, as it's only been around for a few years. I recommend Bitbuy over Newton because of its transparency, low trading fees and spreads, high security, and advanced trading tools that are hard to get with any other Canadian crypto exchange. However, for Canadians looking for the best crypto-trading experience overall, I recommend Kraken, our top-rated Canadian exchange.
Newton Vs. Bitbuy: Pros & Cons
Seeing the pros and cons of both Newton and Bitbuy will help you choose what suits your needs.
Pros of Bitbuy
- 25+ available cryptocurrencies.
- Highly transparent.
- OTC Desk available.
- Express Mode and Pro Mode.
- All popular payment modes are available, including wire transfer.
- 95% of digital assets held in offline wallets.
- Backed by 1:1 Knox insurance policy.
- Approved by OSC and CSA, and registered with FINTRAC.
Pros of Newton
- Easy-to-use interface.
- Zero trading commission.
- 70+ cryptocurrencies available.
- Users can export a T5 statement.
- High trading limit.
- $25 signup bonus.
- $1 minimum investment.
Cons of Bitbuy
- 0.10%-1.50 trading fees.
- $50 minimum investment.
- Deposits can take a few minutes.
- Advanced trading tools can confuse beginners.
- Only supports CAD.
Cons of Newton
- High spread.
- Low security.
- No live chat support.
- No advanced trading tools.
- No debit or credit card deposits.
- Relatively new to the market.
- Low mobile app rating.
Bitbuy Vs. Newton: Complete Breakdown
Fees Structure
Both Newton and Bitbuy have different fee structures. On one side, Bitbuy is entirely transparent about its trading commissions, while Newton hides them from their users. At first glance, you might think that Newton is a zero-trading fee platform, but they make their profits from high spreads. Traders on Newton can expect to be charged a spread from 0.5% to 1% on all trades they make.
With Bitbuy, you'll know exactly how much you'll pay so you can make your trading strategy accordingly.
Security
When it comes to security, Bitbuy is clearly ahead of Newton. It's not only the first Canadian crypto exchange to be approved by the OSC as a regulated crypto marketplace, but it's also regulated under FINTRAC, registered as a Money Services Business (MSB). Bitbuy has also stated that it keeps over 95% of the digital assets in cold wallets, while Newton uses third-party custody of its digital assets, which is far less safe compared to Bitbuy.
Both Bitbuy and Newton have two-factor authentication, but Newton uses the Authy app to support 2FA, which means you have to go through the Authy app every time to login into your account. As a new market competitor, Newton clearly has some growing up to do.
| Security | Bitbuy | Newton |
| 2FA | Yes | Yes, but it uses the Authy app for support |
| Cold storage | 95% of digital assets are stored in cold wallets | Third-party custody of digital assets |
| Insurance | 1:1 by Knox | Covered by Balance’s crypto crime insurance policy |
| Codebase Platform | Yes | Not stated |
| Secure Servers | Yes | Not stated |
| Audit | Regularly | Regularly |
| Regulated | Approved by OSC and CSA, and registered with FINTRAC | Registered with FINTRAC |
Mobile App
These two crypto exchanges are well-known for their beginner-friendly interface, but I have to say, Newton gets the lead on this one. Compared to Bitbuy, their user interface is very easy to use and appealing, especially for the modern generation. Newton may not have advanced trading tools or automated trading bots, but they sure have made their interface clean and sleek. According to user reviews, Newton's android app is a bit “laggy,” but their iOS app has a fantastic look with bold colours.
Bitbuy's mobile app is not that far behind. Their android app has some bugs, but the iOS app is highly rated. Like the desktop version, Bitbuy's mobile app also has live charting and allows you to deposit funds directly from your bank account. It might not look as good as Newton's mobile app, but it has more features that can benefit experienced traders.
Regulatory Compliance
Bitbuy and Newton are fully regulated and allowed to operate in every province of Canada. Both these exchanges are registered as Money Service Businesses with FINTRAC, but Bitbuy is also the first Canadian crypto exchange to be approved by the OSC and CSA.
The most crucial part is that Bitbuy's leadership team is a member of the IIROC Crypto-Asset Working Group. It helps to set top-notch regulatory standards that strengthen Canadian markets. You could say that Bitbuy is a safe spot regarding regulatory compliance while Newton is still trying to make its way to the top.
Supported Cryptocurrencies
Variety is one of the few aspects in which Newton excels over Bitbuy. As mentioned above, Newton offers 70 cryptocurrencies, including Bitcoin and Ethereum, while Bitbuy currently offers 25 different digital currencies. Although, it's catching up fast by adding more from time to time.
Customer Support
Problems can occur at any time when trading crypto, so having 24/7 customer support is critical. As a new competitor in the market, Newton's users are facing some issues regarding customer support. They don't offer live chat support, and the only way to solve your problem is to read out their FAQs or send an email and wait for a reply. For newbies, customer support might not be a big deal, but bad customer support can be a deal breaker for serious investors. That said, Newton's customer support isn't as bad as Wealthsimple Crypto's, which has some of the worst support I've seen on any company.
Bitbuy has the upper hand in customer support, as it's been around for a long time. Not only do they offer live chat support, but they also respond quickly on social media such as Twitter. They are well-known for quickly responding to queries and resolving most issues within 24 hours.
| Customer Support | Bitbuy | Newton |
| Live Chat | Yes | No |
| Email Support | Yes | Yes |
| Social Media Support | Yes | No |
| FAQs | Yes | Yes |
Bitbuy Vs. Newton: Pricing
Bitbuy is highly transparent about its fee structure, while Newton, a zero-commission platform, makes a profit from high spreads hidden within every trade. Spreads are a little hard to understand for new traders, which is why most beginners think they won't be paying any charges on the Newton platform, but that's not the case.
Compared to the traditional market, Newton keeps the buying price (of cryptocurrencies) high and the selling price low to make revenue. Bitbuy has a low spread of 0.46%, while Newton's spread can range from 0.5% to 1%. This might not make much of a difference for small traders, but a high spread can significantly hurt profits for serious investors.
| Pricing | Bitbuy | Newton |
| Deposit | Free | Free |
| Withdrawals | 1.5% for Interac e-transfer & wire transfer | Free |
| Trading Fees | 0.10%-1.5% (depending on tier level) | Free |
| Spread | 0.46% | 0.5% to 1% |
Similarities Between Bitbuy And Newton
Both Bitbuy and Newton were founded by Canadians and provide their services to Canadian investors. Apart from the differences, they have a few similarities as well that you should know before making a final decision:
- Supported Cryptocurrencies: Both Newton and Bitbuy offer cryptocurrencies to Canadian investors.
- Security: These two exchanges support two-factor authentication for securing users' accounts and hold most of the digital assets in cold storage.
- Desktop and Mobile App: They both offer a desktop and a mobile phone app.
- Regulatory Compliance: Bitbuy and Newton are both registered with FINTRAC.
- Customer Support: For solving account problems, these two exchanges have customer support available 24/7.
- Easy-to-use Interface: Newton and Bitbuy have a beginner-friendly interface so new traders can easily buy and sell cryptocurrencies.
- Well-known: These two crypto exchanges are popular and have a large customer base.
Differences Between Bitbuy And Newton
Similarities aside, these two platforms also have several features that make them different from one another.
- Transparency: Unlike Newton, Bitbuy is highly transparent about its trading fees, security, and insurance.
- Cold Storage: Bitbuy has stated that it keeps 95% of its digital assets in cold wallets, while Newton uses third-party custody of its digital assets.
- Live Chat: Bitbuy offers live chat support, while Newton only provides email support.
- Spread: Newton's spreads can be as high as 1%, whereas Bitbuy only has a low spread of 0.46%.
- Number of Cryptocurrencies: Newton offers 70 cryptocurrencies, while Bitbuy offers 25.
- Advanced Trading Tools: On Bitbuy, you'll get Pro Trade mode and Bitbuy API that will help you take your trading strategies to the next level, while Newton doesn't have any advanced features that stand out.
- Codebase: Bitbuy is one of the few crypto exchanges in Canada with a codebase platform that provides high security to users.
Who Wins: Newton Or Bitbuy?
| Feature | Bitbuy | Newton |
| Top Feature | Advanced trading tools like live charting | High trading limit |
| Pros | Transparency about security and insurance | No trading fees |
| Cons | Trading Fees | High spread |
| Signup Bonus | $20 | $25 |
| Security | High | Medium |
| Best For | All Categories | Beginners |
| Regulatory Compliance | Approved by OSC and CSA, and registered with FINTRAC | Registered with FINTRAC |
| Customer Support | Live chat, email support, and social media support | Email support |
| Fees | 0.10%-1.50 | Zero fees but a high spread of 1.5% to 4%+ |
| Beginner-Friendly | Yes | Yes |
| Years Established | 2016 | 2018 |
| Secure Servers | Yes | Not stated |
| Insurance | 1:1 by Knox | Covered by Balance’s crypto crime insurance policy |
It's important to note here that Newton, just like Shakepay, poses as a no-commission crypto exchange, but it makes up for that by putting very wide bid/ask spreads on cryptos. These spreads are essentially the same as trading fees in the sense that they represent money you pay to Newton for buying or selling crypto on your behalf.
Why Bitbuy Is Better Than Newton
The only good thing about the Newton crypto exchange is its zero-fee trading, but this pro is cancelled out by its high spread.
Whether you're a beginner looking to dive into cryptocurrency trading or an advanced trader who needs live charting and automated tools, Bitbuy is the right option for you. Due to the high transparency, low trading fees, advanced security, and live chat support, I highly recommend that Canadian crypto investors use Bitbuy instead of Newton. It has also been operating for quite some time and has successfully gained more than 400,000 users across Canada.
Bitbuy has publicly stated that it is insured 1:1 by Knox and stores more than 95% of its digital assets in offline wallets so you can have peace of mind that your hard-earned money will be safe. Additionally, Bitbuy also offers a referral program for both current and future users to profit from.
With this in mind, you may also want to consider looking at CoinSmart, which is slightly more secure than Bitbuy and offers a better signup bonus.
Why You May Still Want To Choose Newton Over Bitbuy
Bitbuy offers high transparency and low trading fees, but for beginners who want to spend a few hundred bucks, Newton can be a great exchange to start your cryptocurrency investment journey.
Newton doesn't have any advanced trading tools, avoiding confusion for new investors who'll be able to buy/sell crypto directly in a few simple clicks.
Newton also offers more cryptocurrencies, so if you want to explore some new digital currencies, Newton might be a good option for you.
But remember, Newton has low security and no live chat support, so we don't recommend it to advanced traders.
In Summary
After months of testing and getting feedback from various Canadian crypto investors, I highly recommend Bitbuy because of its transparency and advanced trading tools. Its live chat support is also highly responsive, so you don't have to wait for hours just to solve a minor issue. Bitbuy works best for all kinds of traders, from beginners to advance.
