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Coinfield vs. Gate.io: What Works Better For Canadians in 2024

Oleg Galeev

Last updated March 12, 2024

As of July 15th, 2023, Coinfield's website stopped operating properly for Canadians. Also, their registration status of MSB has been ceased by FINTRAC. As a result, we would recommend avoiding this crypto exchange at the moment. Feel free to check alternatives e.g. Bitget or BitBuy. The comparison below is outdated, but we have retained it in the event that the crypto exchange resumes proper operations in Canada. More information here. The comparison below is outdated and kept for educational purposes. Apparently, if you pick between Gate.io and Coinfield, go ahead with Gate.io.

Coinfield and Gate.io are two robust cryptocurrency exchanges that cater to the global market, offering numerous features including advanced trading options and access to a variety of cryptocurrencies. However, they differ in terms of user-friendliness, security, regulation compliance, and customer support.

Description

CoinField is an EU-based cryptocurrency exchange that is Canada-friendly. It was a secure crypto exchange with a robust verification process.

Unfortunately, CoinField is no longer active in Canada. The Ontario Securities Commission (OSC) has stated that the exchange does not have adequate assets to satisfy withdrawal requests.

Launched in 2013, Gate.io is one of the top cryptocurrency exchanges in the world with $12 billion+ daily trading volume. However, Canada is on the list of disallowed countries under Gate.io terms same as the US and many other counties. Because of this, they can randomly block your account at any time so we WOULD NOT recommend using it. If you are looking for a similar exchange, we would recommend using Bitget instead or checking our list of the best crypto exchanges in Canada

Coins

While it offers the usual digital currencies such as bitcoinEthereum and Litecoin, it does not offer popular coins such CardanoSolana, or Dogecoin. The full list of coins available are: Bitcoin, Ethereum, XRP, Stellar, EOS, TRON, Sologenic, BAT, Mimblewimble, USDT, USDC, Bitcoin Cash, Bitcoin Gold, DigiByte, Golem, OMG, Augur, 0x, Zilliqa, Civic, and Loom.

1000+

Fees

When it comes to fees, CoinField has many. It charges a 2% deposit fee for Interac e-Transfers with a minimum deposit of $100. US dollar wire transfers are free. CoinField charges a 2.5% withdrawal fee using Interac and its maker/taker trading fees are 0.15%/0.25% if your trading volume is less than $50,000 over 30 days. 

  • Free crypto deposits 
  • Some free crypto withdrawals minus network fees
  • Other various crypto withdrawal fees
  • 0.2%/0.2% maker/taker fees
  • 0.15%/1.5% maker/taker fees when paid in GT
  • Lower trading fees when holding 100+ GT or 0.05+ BTC
  • $30 + 3.5% bank transfer for up to $2,000 (USD only)
  • Various third-party fees for card payments

Pros

  • Secure and compliant exchange
  • CAD Interac e-Transfers available
  • Advanced trading features available
  • Easy-to-use app
  • Accepts many fiat currencies and deposit methods
  • Staking rewards and referral program
  • Thousands of altcoins available to trade
  • Advanced trading features and tools
  • Unique features
  • Comprehensive help and data available
  • Low trading fees
  • Get additional benefits by holding GateToken
  • OTC Desk
  • NFT marketplace

Cons

  • High deposit and withdrawal fees
  • Desktop platform can be confusing for beginners
  • Some of the most popular coins not available 
  • Slow customer service 
  • Not allowed in Canada
  • CAD bank accounts not supported
  • Must use third-party for card purchases
  • Some trading options not available to Canadians
  • Not beginner-friendly
  • Bad app reviews

Account Limits

Only limits at your local financial institution may apply

No major limits

Methods to buy

CoinField accepts six fiat currencies including CAD, USD, EUR, GBP, AED, and JPY.

  • Interac e-Transfer
  • Credit/debit where accepted
  • Bank transfer
  • Credit/debit card using third-party service
  • USD bank transfer to OTC desk
  • Crypto deposits

Security

  • Cold storage
  • Secret vaults
  • Multi-signature wallets
  • Encryption and isolated servers
  • 2FA
  • Hot and cold storage to keep customer funds safe
  • 2FA

Mobile and Desktop Trading

Gate.io has a highly functional yet complicated interface that can be a hurdle for beginners. Its desktop version offers advanced charts and trading features but is not straightforward to use. However, it provides the 'Flash Swap' option for quick crypto-to-crypto exchanges. The mobile app ratings are high on both the Apple App Store (4.2-star rating from 1000 reviews) and Google Play Store (4.4-star rating from 44,000 reviews). On the other hand, Coinfield provides a seamless trading experience with intuitive user interfaces. The mobile app holds a 4.3/5 rating on the Apple App Store and a 4.3/5 rating on Google Play Store, indicating greater user satisfaction.

Coinfield

On the Apple App Store, the CoinField app has a 4.3-star rating with almost 500 reviews. On Google Play it has a 3.4-star rating with over 1000 reviews. Some of the worst reviews are people lamenting the high fees and slow processing times. 

Reviewing CoinField's features

Coinfield trading view

Reviewing CoinField's usability from desktop version

Coinfield view with selecting coins

One of the pages on CoinField's app

Coinfield app main screeen

Reviewing CoinField's mobile app interface

App view while trading

Gate.io App

Gate.io’s iOS app has a 2.5-star rating from 700 reviews and a 2.5-star rating from 10,000 reviews on Google Play. It is quite low, we would recommend using a desktop app. Many reviewers have said that they cannot log in, that the 2FA does not work, you are often sent to blank pages and overall a bad user interface. We never had such issues though. 

Gate.io desktop app interface

Gate.io desktop app interface

Screenshot of “big data” market tracker on Gate.io

Gate.io data screen

Gate.io mobile app screenshot (main page)

Gate.io mobile app screenshot (main page)

Gate.io mobile interface

Gate.io mobile interface

Security Compliance

CoinField is one of the safest crypto exchanges in Canada. It has never been hacked. While CoinField may receive bad reviews for their slow customer service, CoinField is certainly a safe and compliant exchange. With CoinField you can have peace of mind knowing you are dealing with an exchange that prides itself on its security and privacy. The exchange utilizes cold storage, secret vaults, multisignature wallets, encryption and isolated servers. Users can enable two-factor authentication on their accounts for extra protection, and users must confirm all withdrawals via email. Signing in on a new device or with a new IP address also triggers a verification email. 

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 regulationsThey can block your account at any time.

Gate.io uses a mix of hot and cold storage for customer funds and encourages users to enable two-factor authentication for added security. It also claims to be the first exchange to invest significantly in security and law funds. However, due to regulations, Gate.io can block accounts randomly.

Coinfield, on the other hand, also uses cold storage for the majority of its assets. It implements strict AML and KYC procedures, contributing to its overall security measures.

Regulatory Compliance

Coinfield used to be a FINTRAC-regulated crypto exchange in Canada but recently their registration status was ceased. It's hard to tell at this point how compliant it is but many Canadians still use it.

Gate.io is not compliant crypto exchange in Canada.

Coinfield is compliant with Canadian regulations and is registered as an MSB (Money Services Business) with FINTRAC. This means it follows Canadian federal laws, and its activities are monitored.

On the other hand, Gate.io, although it has a significant international presence, has listed Canada as one of the disallowed countries under its terms. This implies that it may not be fully compliant with Canadian regulations, and users from Canada could have their accounts blocked randomly.

Customer support

CoinField allows users to submit support tickets either online or via email. It does not offer phone support. Customer support is available on weekdays and weekends, but CoinField does not have the fastest customer support – in some cases it can take days for an answer. You can, however, also get in touch via Twitter if you need urgent support.

Unfortunately, CoinField has a poor 2.2-star rating on Trustpilot with 62% bad reviews.

A lot of customers say that they have been waiting weeks to receive their crypto withdrawals.

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. 

Coinfield offers a comprehensive FAQ section and a responsive customer support team that's available 24/7. This contributes to a positive user experience. Gate.io also has a help center and a blog that provide informative content. However, the exchange has received numerous negative reviews on Trustpilot, with users citing issues with withdrawals and slow or unresponsive customer service.

Conclusion

As of July 15th, 2023, Coinfield's website stopped operating properly for Canadians. Also, their registration status of MSB has been ceased by FINTRAC. As a result, we would recommend avoiding this crypto exchange at the moment. Feel free to check alternatives e.g. Bitget or BitBuy. The comparison below is outdated, but we have retained it in the event that the crypto exchange resumes proper operations in Canada. More information here. The comparison below is outdated and kept for educational purposes. Apparently, if you pick between Gate.io and Coinfield, go ahead with Gate.io.

While both Coinfield and Gate.io are well-established cryptocurrency exchanges, for users based in Canada, Coinfield seems to be the better choice. It offers a more user-friendly interface, has higher security measures, complies with Canadian regulations, and provides better customer support. Moreover, the risk of having accounts randomly blocked on Gate.io is a significant concern for Canadian users. Remember, it's crucial to always conduct your research and due diligence when choosing a cryptocurrency exchange, considering factors such as your location, trading experience, and the specific features you need.

We recommend choosing Coinfield over Gate.io for your cryptocurrency trading needs. By opting for Coinfield through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Coinfield 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.

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.