Security Compliance
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.
When comparing the security of Coinsmart and Gate.io, both exchanges implement measures to protect user data and funds. Coinsmart employs SSL, and two-factor authentication (2FA) to safeguard user information and assets. The exchange also complies with Canadian regulations, being registered with FINTRAC as a Money Services Business, further ensuring the security of its users' funds. Gate.io, on the other hand, is a reputable exchange that has received high ratings for its security, such as a 4.5-star rating from Forbes Advisor. The exchange uses hot and cold storage to secure customer funds and claims to be the first to invest millions in security and law funds. To protect user accounts, Gate.io offers two-factor authentication as well.
Regulatory Compliance
Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).
Gate.io is not compliant crypto exchange in Canada.
Coinsmart strictly adheres to Canadian regulations and holds registration with FINTRAC as a MSB. By following the stringent guidelines and legal requirements set forth by the Canadian authorities, such as anti-money laundering (AML) and know-your-customer (KYC) policies, Coinsmart ensures a secure and transparent trading environment for its users.
By following these regulations, Coinsmart maintains a secure and transparent environment for its users in Canada.
On the other hand, Gate.io faces some challenges with compliance in Canada. The exchange is on the list of disallowed countries, which includes Canada, the US, and several others. While Gate.io claims to be fully compliant and restricts certain features like futures trading for Canadian users due to regulations, the fact that Canada is on the list of disallowed countries poses a risk for Canadian users. Their accounts can be blocked at any time, making Gate.io less favorable for Canadians seeking a compliant and secure exchange.
Customer support
CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.
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.
When comparing customer service between Coinsmart and Gate.io, Coinsmart offers a more responsive and efficient support system tailored for Canadians. They provide email support, a comprehensive help center, and a live chat function to promptly address user concerns. Conversely, Gate.io's customer service has garnered mixed feedback, as some users have expressed concerns about delayed response times or insufficient assistance. While they do offer a help center, live chat, and support request submission, the overall experience may not be as satisfactory as Coinsmart's customer support.
Conclusion
While both Coinsmart and Gate.io have their strengths, Coinsmart emerges as the winner for Canadian users. It provides a user-friendly platform, better customer support, and full compliance with Canadian regulations, making it a safer and more accessible choice for Canadian traders.
We recommend choosing Coinsmart over Gate.io for your cryptocurrency trading needs. By opting for Coinsmart through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!
If you find that neither Coinsmart 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.
