Security Compliance
It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.
Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.
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 Bitvo and Gate.io take the security of user funds seriously. Bitvo utilizes state-of-the-art security protocols, including cold storage for the majority of the cryptocurrencies. Gate.io also employs a combination of hot and cold storage solutions. While both exchanges offer two-factor authentication, users need to be aware that Gate.io can block accounts from certain regions, including Canada, at any time.
Regulatory Compliance
Bitvo is registered with FINTRAC and is compliant with Canadian regulations.
Gate.io is not compliant crypto exchange in Canada.
Bitvo is a Canadian-based exchange that operates under the laws and regulations of the country, making it fully compliant with Canadian federal organizations. On the other hand, Gate.io is not recommended for Canadians due to a lack of clear regulatory oversight and its policy of potentially blocking accounts from the country.
Customer support
Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.
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.
Bitvo provides 24/7 customer support through multiple channels including phone, email, and live chat. Gate.io also offers a help center and blog, and users can submit support requests when logged in. However, there are complaints about slow response times and difficulty withdrawing funds on Gate.io.
Conclusion
Both Bitvo and Gate.io are competitive in the cryptocurrency trading space, offering a wide range of features to their users. However, considering the user experience, security, compliance, and support provided for Canadian users, Bitvo comes out as the winner. Gate.io, although featuring a vast selection of altcoins and several advanced features, falls short due to its unfriendly user interface and uncertain standing with Canadian regulations.
We recommend choosing Bitvo over Gate.io for your cryptocurrency trading needs. By opting for Bitvo through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitvo 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.
