Security Compliance
Newton does daily backups to minimize risk and states on its website that customer data is stored in Canada. They also perform daily site backups, have offline third-party storage for digital assets, and they allow their customers to directly connect their bank account to reduce fraud.
Shakepay hold users’ funds in cold storage, though they do not publicize the percentage. Shakepay has existed since 2015, and so far, never has been hacked.
Shakepay states on its website that digital assets are backed by an insurance policy, though it does not mention any details.
Shakepay also offers two-factor authentication (2FA) for their customers, so you can be sure no one else is accessing your account. With Shakepay, you will also need to confirm via email when withdrawing funds. If you set up 2FA for your email account, you can be pretty sure no unauthorized person is withdrawing funds from your account.
Shakepay's security measures include the option to set up two-factor authentication, FaceID, and biometrics. They also send email notifications for transactions and claim to have an insurance policy for digital assets, although details about this policy and their offline storage aren't provided.
Newton, on the other hand, has extensive security measures, including mandatory two-factor authentication and the use of Ledger Vault for storing digital assets in cold storage.
Regulatory Compliance
Newton is fully compliant with FINTRAC regulations in Canada.
Shakepay is regulated as a Money Service Business (MSB) by FINTRAC. Shakepay is based in Montreal and is allowed to operate in every Canadian province.
Both Newton and Shakepay are fully compliant with Canadian regulations. They are registered as Money Service Businesses with FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada, which is responsible for monitoring these types of businesses to detect and prevent money laundering and terrorist financing.
Customer support
Newton has FAQs and a knowledge center on the website. Customers can message the support teams either online via their support pages or through email. Newton does not have a phone and live support.
Shakepay offers chat support, helpful FAQs and access to customer support via their website.
Shakepay claims it has “customer service that cares.” It offers a useful support section on its website that can answer some of the most common questions and you can contact support via email at help@shakepay.com. Shakepay claims that support tickets can be answered within hours, even on weekends. We reached out to the support team via email to see how quickly they would respond. We received a reply the next day, less than 24 hours later.
Newton provides email support and a comprehensive knowledge base on its website. Shakepay also provides email support, claiming that tickets can be answered within hours even on weekends. In a test, a response was received from Shakepay in less than 24 hours.
Conclusion
Both Newton and Shakepay are excellent choices for crypto exchanges in Canada. However, considering the broader range of cryptocurrencies, zero trading fees, and more extensive security measures, Newton takes the edge as the winner in this comparison.
When comparing Newton to Shakepay, one notable advantage is the Recurring Buys feature. This allows users to automate crypto purchases at regular intervals, making it easier to invest consistently over time. Additionally, Newton has partnered with Koinly, a leading crypto tax platform, simplifying tax reporting with seamless integration. These features are especially beneficial for users looking for a hands-off approach to crypto investing and tax management, giving Newton a distinct edge over many competitors that don’t offer these conveniences.
Shakepay distinguishes itself from other exchanges by emphasizing the security of its users' assets through cold storage backed by insurance. This secure offline storage method adds a significant layer of protection, particularly valuable for risk-conscious investors. While other exchanges may offer similar features, Shakepay's focus on insured cold storage ensures users can trust that their digital currencies are safeguarded against potential breaches, making it a solid choice for those prioritizing asset security
We recommend choosing Newton over Shakepay for your cryptocurrency trading needs. By opting for Newton through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Newton nor Shakepay meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
