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Bitbuy vs Gate.io: What Works Better For Canadians in 2024

Oleg Galeev

Last updated October 9, 2024

In the evolving landscape of cryptocurrency exchanges, Bitbuy and Gate.io have both established substantial user bases and offer an extensive range of services. Bitbuy, a Canadian platform, provides a user-friendly environment, particularly catering to beginners and intermediate traders. In contrast, Gate.io, while possessing a wide array of altcoins and low fees, is not as beginner-friendly and is listed as a disallowed country for Canada, limiting its usability for Canadian users.

Description

Bitbuy was founded in 2016 and it offers nine of the most popular cryptocurrencies. It has an Express platform for beginners and a Pro platform for more experienced traders.

Launched in 2013, Gate.io is one of the top cryptocurrency exchanges in the world with $12 billion+ daily trading volume. However, Canada is on the list of disallowed countries under Gate.io terms same as the US and many other counties. Because of this, they can randomly block your account at any time so we WOULD NOT recommend using it. If you are looking for a similar exchange, we would recommend using Bitget instead or checking our list of the best crypto exchanges in Canada

Coins

Bitcoin, Bitcoin Cash, Ethereum, Litecoin, EOS, Stellar, LINK, AAVE, Solana (SOL)Cardano (ADA)Polkadot (DOT), Dogecoin (DOGE), Uniswap (UNI), Sushiswap (SUSHI), Polygon (MATIC), MANA and USDC

1000+

Fees

  • 1.5% CAD withdrawal fees for e-Transfer
  • 0.5% fee for wire transfer
  • 0.79% spread
  • 0.1% Maker 0.2% Taker fees
  • Wire transfer 0.50% ($20k min)
  • 0.00025 BTC crypto withdrawal fee
  • Free crypto deposits 
  • Some free crypto withdrawals minus network fees
  • Other various crypto withdrawal fees
  • 0.2%/0.2% maker/taker fees
  • 0.15%/1.5% maker/taker fees when paid in GT
  • Lower trading fees when holding 100+ GT or 0.05+ BTC
  • $30 + 3.5% bank transfer for up to $2,000 (USD only)
  • Various third-party fees for card payments

Pros

  • Offers seven of the world’s most popular cryptocurrencies
  • Express Trade and Pro Trade makes it suitable for beginners and advanced traders
  • OTC Desk available
  • Digital assets held in cold storage
  • $20 referral bonus
  • Interac e-Transfer available
  • Industry leader in compliance and security
  • Thousands of altcoins available to trade
  • Advanced trading features and tools
  • Unique features
  • Comprehensive help and data available
  • Low trading fees
  • Get additional benefits by holding GateToken
  • OTC Desk
  • NFT marketplace

Cons

  • Deposits can take a few hours
  • 1.5% Interac e-Transfer fee (both in and out)
  • Low Android app rating
  • Low rating on Trust Pilot
  • Not allowed in Canada
  • CAD bank accounts not supported
  • Must use third-party for card purchases
  • Some trading options not available to Canadians
  • Not beginner-friendly
  • Bad app reviews

Account Limits

  • Deposit $100 - $10,000 via Interac daily
  • $50 minimum e-Transfer withdrawal
  • $20,000 minimum for wire transfers

No major limits

Methods to buy

  • Debit card
  • Interac e-Transfer
  • Wire transfer
  • Credit/debit card using third-party service
  • USD bank transfer to OTC desk
  • Crypto deposits

Security

  • Up to 98% of digital assets are held in cold storage
  • Users can withdraw crypto to private wallets
  • Bitcoin backed 1:1 with Knox insurance policy
  • Hot and cold storage to keep customer funds safe
  • 2FA

Mobile and Desktop Trading

Bitbuy and Gate.io both offer mobile and desktop applications for trading. Bitbuy's mobile app holds a strong 4.6-star rating from 6,500 reviews on the App Store.

On the other hand, Gate.io's mobile app has a 3.6-star rating from 2000 reviews on Apple App Store and a 4.4-star rating from 47.3K reviews on Google Play. Bitbuy's desktop platform is clear, intuitive and suits traders of all skill levels, while Gate.io's desktop interface offers advanced features, but it can be complex for beginners to navigate.

Bitbuy

The Bitbuy app has a 4.6-star rating and 6,000 ratings on the Apple App Store. It has a 2-star rating with 1,000 ratings on Google Play. According to reviewers, the Android app has bugs that prevent them from logging in and verifying their account. They also claim customer support is poor. 

The iOS app is easy to use and offers a modern interface like the desktop platform. There is live charting where you can find volume and order book data. Easily deposit funds to your account, and click on your profile tab for your referral details. 

Bitbuy’s Express Trade is suitable for beginners or anyone seeking a quick market trade. The Pro Trade platform is geared toward more experienced traders who wish to place advanced order types.

Express trade view for Bitbuy crypto exchange

Express trade view

Bitbuy's Pro trade

Pro trade view

Bitbuy app interface

Bitbuy app interface

Bitbuy app interface while trading

Gate.io App

Gate.io’s iOS app has a 2.5-star rating from 700 reviews and a 2.5-star rating from 10,000 reviews on Google Play. It is quite low, we would recommend using a desktop app. Many reviewers have said that they cannot log in, that the 2FA does not work, you are often sent to blank pages and overall a bad user interface. We never had such issues though. 

Gate.io desktop app interface

Gate.io desktop app interface

Screenshot of “big data” market tracker on Gate.io

Gate.io data screen

Gate.io mobile app screenshot (main page)

Gate.io mobile app screenshot (main page)

Gate.io mobile interface

Gate.io mobile interface

Security Compliance

Bitbuy is one of the safest crypto exchanges for Canadians. The Blockchain Intelligence Group has completed its third annual proof of reserves and due diligence report confirming that Bitbuy exceeds its mandate requiring 95% of customer funds to be held in cold storage. Bitbuy keeps 98% of Bitcoin, Litecoin, and Ethereum funds in cold storage, which is one of the highest percentages we’ve seen.

Gate.io is quite a reputable exchange. Forbes Advisor gave it a 4.5-star rating and named it one of the best crypto exchanges. Gate.io utilizes hot and cold storage to keep customer funds safe. On its website, Gate.io says it is the first exchange to invest millions in security and law funds. They also claim to be fully compliant and certain features such as futures trading is not available to Canadians because of regulationsThey can block your account at any time.

Both Bitbuy and Gate.io prioritize the security of their users' funds. Bitbuy uses a combination of hot and cold storage and holds a majority of the digital assets offline.

Gate.io also utilizes a mix of hot and cold storage, and claims to be the first exchange to invest millions in security and law funds. However, Gate.io has had mixed reviews regarding its security, particularly due to its policy of potentially blocking users from certain disallowed countries, including Canada.

Regulatory Compliance

Bitbuy is an industry leader in Canadian regulatory adherence and compliance. In addition to being a Virtual Asset Service Provider and registered Money Service Business with FINTRAC, Bitbuy’s leadership team is a member of the IIROC Crypto-Asset Working Group, which helps to set high-quality regulatory standards and strengthen Canadian markets. 

Gate.io is not compliant crypto exchange in Canada.

Bitbuy is a fully registered and compliant platform within Canada. It is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB) and operates under the guidelines set out by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

Gate.io, on the other hand, includes Canada on its list of disallowed countries, which means it can block users from Canada at any time.

Customer support

Binance has FAQs and a knowledge centre on their website. They make it easy to submit a support ticket but the reply might take a while.

There is a helpful help centre and blog on the Gate.io website which teaches you how to use their many features. They also have a live chat function and you can submit a support request when you’re logged in. Unfortunately, Gate.io has many bad reviews on Trustpilot with people complaining that they are unable to withdraw or that customer service is slow or does not respond. 

Both Bitbuy and Gate.io offer support services to their users. Bitbuy provides a comprehensive knowledge base and responsive customer support, earning it a good reputation among its user base.

Gate.io, in contrast, does not seem to have a strong emphasis on customer support, and its complicated interface may create additional hurdles for users.

Conclusion

While Gate.io offers an extensive range of cryptocurrencies and low fees, its complicated interface and disallowed status for Canadians makes it less suitable for Canadian users. Bitbuy, on the other hand, offers a user-friendly interface, robust security measures, and compliance with Canadian regulations, making it a clear winner in this comparison. Despite its fewer cryptocurrency offerings compared to Gate.io, Bitbuy's focus on usability, security, and regulatory compliance make it a more reliable choice for Canadians.

When comparing Bitbuy to other exchanges, it stands out with new staking options, allowing users to earn rewards, which not all exchanges offer. Bitbuy maintains its strong focus on security by keeping 90% of assets in cold storage, which is an improvement over the older claim of 95%. Moreover, the platform has revamped its fee structure to be more transparent and competitive, addressing past concerns about high fees. These updates solidify Bitbuy’s position as a reliable, feature-rich exchange, especially appealing to Canadian users seeking both security and earning potential.

When comparing Gate.io to other exchanges, it’s important to note that Gate.io supports a vast range of over 2,600 cryptocurrencies, making it one of the most versatile platforms. It also provides financial products like staking, crypto loans, and Web3 services, including NFTs and decentralized finance (DeFi). However, unlike some exchanges, CAD support for bank transfers is still unavailable. While Gate.io offers advanced trading options, it's not the most beginner-friendly platform. Mobile app reviews are mixed, with user experiences ranging from positive to critical.

We recommend choosing Bitbuy over Gate.io for your cryptocurrency trading needs. By opting for Bitbuy through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Bitbuy nor Gate.io 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.

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.