Quick Summary: Why Bitbuy is the Best
Let's start with trading fees. Bitbuy charges a 0.2% fee on their 'Instant Buy' feature but that fee is reduced to 0.1% when utilising their Pro Trade product. Newton does not charge any trading fees to their users, however, they have wider spreads than Bitbuy. In turn making Bitbuy more affordable as they have much tighter spreads in comparison.
Additional to lower fees, they are a higher security exchange and have never been subjected to a cyber attack.
Fees: Deposits & Withdrawal
Deposit and withdrawal fees are also important to consider. Bitbuy charges no fees for deposits or withdrawals, while Newton charges between C$2 and C$20 depending on the method used. This again makes Bitbuy the better choice, especially for those who are looking to trade frequently.
Security, Regulation & Licensing
Security is always a major concern when it comes to cryptocurrency exchanges. Bitbuy has never been hacked and employs a number of security measures, including 2-factor authentication and they store all user funds offline in cold storage. They were the first cryptocurrency exchange in Canada to obtain their licensnig with FINTRAC.
Newton also has a good reputation in this area, but has been subject to a few hacks in the past. This is a major incident that you should consider when making your decision on which exchange you want your funds stored in.
Bitbuy and Newton both do not offer cryptocurrency staking services on their platform. This is because the Canadian regulators and FINTRAC have given guidance that digital asset trading platforms cannot provide staking services for Canadian investors.
Finally, let's look at customer support. Both Bitbuy and Newton do not currently offer a 24/7 Live Support option on their respective platforms. However, Bitbuy's team is generally considered to be more responsive and helpful than Newton's and users receive responses back via email within hours.
Final Verdict: Bitbuy vs Newton
So, which exchange is the best? For most people, Bitbuy is the stand out winner. It has lower fees, better customer support, and extremely high security measures set in place.
For a comprehensive review of the cryptocurrency exchange Bitbuy, please visit our Bitbuy Canada Review page.