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 regulations. They 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.
