Security Compliance
Coinbase uses its own digital wallet for storing your cryptocurrency.
Coinbase keeps 98% of its cryptocurrency in cold storage. This makes it hard for thieves to steal crypto assets if the exchange is hacked. Cold storage is the most secure way to store cryptocurrency, so the fact that Coinbase does this is a huge plus.
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.
Coinbase is considered one of the safest crypto exchanges, holding 98% of assets in cold storage. Gate.io also maintains a high level of security, utilizing a combination of hot and cold storage for customer funds.
Regulatory Compliance
Coinbase is a US-based cryptocurrency exchange, however, no restrictions for Canadians. Canadian residents can use Coinbase to their full capacity.
Gate.io is not compliant crypto exchange in Canada.
Coinbase, as a public company, is heavily regulated, fully compliant with US laws, and registered as a Money Services Business with FinCEN. However, it's not explicitly stated how they comply with Canadian regulations. Gate.io claims to be fully compliant but has a list of disallowed countries that includes Canada.
Customer support
Coinbase customer support is very slow. It took them 4 days to address our request to a real person. Even though they offer 24/7 support and a live chat option, the quality of the support is bad due to a very high volume.
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 exchanges have customer support, including live chat and email. Coinbase also offers 24/7 phone support. However, Coinbase's customer support has received several complaints about slow response times. Similarly, Gate.io has been criticized for slow or unresponsive customer service.
Conclusion
While both exchanges offer valuable features, Coinbase emerges as the preferred choice for Canadian users due to its user-friendly interface, strong security measures, and greater reputation. Gate.io, although it has a vast array of altcoins and interesting features, suffers from lower user ratings, a more complicated interface, and potential compliance issues in Canada.
When comparing Coinbase to Gate.io, it's worth noting that Coinbase One introduces several new features that make it more competitive. These include zero trading fees, boosted rewards, and priority customer support. Additionally, the platform has increased its focus on staking, allowing users to earn rewards, such as 5.10% APY on USDC. While Coinbase’s fees remain high outside of Coinbase One, these added benefits can make the platform more attractive for users looking to maximize earnings while minimizing transaction costs, especially compared to exchanges with lower fees but fewer reward opportunities.
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 Coinbase over Gate.io for your cryptocurrency trading needs. By opting for Coinbase through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Coinbase 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.
