Security Compliance
Bitget uses two-factor authentication for security and emails you about logins or withdrawals. They offer an anti-phishing code for genuine emails and have a $300 million insurance for lost assets, which you can claim if not at fault.
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.
Prioritizing its users' safety, Bitget has put in place two-factor authentication and sends notification emails for activities like logins or withdrawals. Additionally, the platform promises to safeguard customer funds through an emergency insurance coverage worth $300 million.
Gate.io doesn't lag behind when it comes to security. Recognized by Forbes Advisor with a 4.5-star rating, the platform utilizes both hot and cold storage solutions for customer funds. They are also the first to invest significantly in security and law funds, a testament to their commitment to safety.
Regulatory Compliance
Not regulated by Canadian financial institutions.
Gate.io is not compliant crypto exchange in Canada.
When it comes to operating in Canada, compliance with federal regulations is paramount. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is the primary organization overseeing such operations. Bitget, albeit not allowing direct CAD deposits, does offer alternatives to Canadian users, making it somewhat compliant. On the other hand, Gate.io has several restrictions for Canadians, with the country being on its list of disallowed nations. This means Canadian users are at risk of account suspensions, making it a less favorable choice in terms of compliance.
Customer support
Reviewers say customer support is unhelpful but most of them are beginners. Bitget is not a crypto exchange for beginners and if you do not know how copy trading or futures trading works, then it is not a good idea to use them, as this customer points out.
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.
While its Trustpilot score of 2.8 stars might be worrisome, Bitget's essential to consider the platform's broader clientele. The main issue most users have is with the copy trading feature, which could be attributed to misunderstandings.
Gate.io offers an extensive help center and blog, along with a live chat feature. However, its Trustpilot reviews are less than stellar, with common grievances around withdrawal issues and unresponsive customer service.
Conclusion
Both Bitget and Gate.io have their merits. With extensive trading tools, favorable fees, and diverse crypto offerings, they cater to a broad audience. However, considering the context of Canadian traders, Bitget emerges as the more favorable option. Its compliance, user experience, and security measures make it a more reliable choice for Canadians in 2024.
Bitget has recently launched the Bitget Card, enabling users to spend cryptocurrency globally, enhancing accessibility and convenience. Furthermore, the platform now features zero transaction fees for USDC/USDT spot trading, positioning itself as a cost-effective option for Canadian users aiming to optimize their trading strategies. These updates further distinguish Bitget from Gate.io, offering both advanced features and financial advantages that are especially beneficial for traders focused on minimizing costs while maximizing efficiency.
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 Bitget over Gate.io for your cryptocurrency trading needs. By opting for Bitget through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitget 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.
