Security Compliance
Bull Bitcoin is completely safe since you always take full custody of your bitcoin, you do not need to worry about hackers stealing your funds on the platform. However, there is still a level of trust needed because you do not buy the bitcoin yourself and must wait for it to be sent to your crypto wallet.
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.
Bull Bitcoin offers a secure trading environment, with a focus on immediate self-custody of assets, minimizing the risk of platform-related security breaches. It requires KYC verification for Canadian users, aligning with local regulations. Gate.io boasts robust security measures, including cold storage for the vast majority of assets and multiple layers of encryption, but its global focus dilutes its commitment to specific Canadian compliance and security standards.
Regulatory Compliance
Bull Bitcoin is registered with FINTRAC as a Money Services Business and there is a full KYC procedure meaning Bull Bitcoin is fully compliant with Canadian regulations.
Gate.io is not compliant crypto exchange in Canada.
Bull Bitcoin is fully compliant with Canadian regulations, registered with FINTRAC, and adheres to KYC protocols. It operates within the legal framework for Canadian users, ensuring a secure and regulated trading environment. Gate.io, while offering extensive services globally, does not specifically tailor its compliance to Canadian regulations and has noted restrictions for Canadian users due to its international regulatory commitments.
Customer support
Since it is a small company, it may take some time for them to get back to you. Their opening hours are from 9 AM to 8 PM Mon-Fri with sporadic ability on weekends.The platform has a 4.9-star rating on Trustpilot with almost 200 reviews, so it’s clear that customers are extremely satisfied with the service.
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.
Bull Bitcoin provides dedicated support via email, with a strong reputation for customer satisfaction within the Canadian crypto community. Gate.io offers a comprehensive help center, live chat, and support tickets, though feedback on their responsiveness varies, with some users reporting slow or inadequate support responses.
Conclusion
Both Bull Bitcoin and Gate.io offer valuable services to their respective audiences. However, for Canadian users valuing security, simplicity, and regulatory compliance, Bull Bitcoin emerges as the clear winner. Its direct approach to bitcoin trading, emphasis on self-custody, and alignment with Canadian financial regulations provide a secure and straightforward platform for those focusing on bitcoin as their primary cryptocurrency interest.
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.
Bull Bitcoin is the most cost-effective platform for trading Bitcoin in Canada, offering a unique feature that allows users to pay bills, including phone, electricity, and even taxes to the Canada Revenue Agency (CRA).