Security Compliance
Kraken keeps 95% of users’ funds in cold storage. All account information is encrypted, their servers are locked in cages under 24/7 surveillance by armed guards.
To help secure your Kraken account you can use two-factor authentication. You will receive an email notifying you of any withdrawal, and there is an account timeout for added protection.
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 Kraken and Gate.io prioritize user security. Kraken safeguards over 95% of digital assets in cold storage, encrypts all account information, and uses physical security measures. Gate.io also employs a combination of hot and cold storage for customer funds and touts significant investment in security and law funds. However, Kraken's robust security infrastructure, with additional features like two-factor authentication and account time locks, provides a slight edge.
Regulatory Compliance
Kraken is fully compliant with US regulations. The exchange is independently audited to show that customers’ funds are properly held. Canadians can use the platform as well.
Gate.io is not compliant crypto exchange in Canada.
Kraken is fully compliant with Canadian regulations, accepting deposits in CAD, among other currencies (except certain services in Ontario). Unfortunately, Gate.io lists Canada as a disallowed country, potentially leading to account restrictions or blocks. Canadian federal organizations like the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) monitor such platforms for compliance. In this aspect, Kraken’s operation is clearly more transparent and reliable for Canadian users.
Customer support
Kraken offers a 24/7 live chat and email support. It also offers a good amount of learning documentation and helpful articles on its website. Unfortunately, many people say Kraken has poor customer support with tickets taking a long time to be resolved if ever.
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.
Kraken provides round-the-clock support via live chat and email, with additional phone support in certain regions. Gate.io also offers live chat and a ticket-based support request system. Despite this, user reviews on Trustpilot suggest some dissatisfaction with Gate.io's customer service responsiveness.
Conclusion
While both Kraken and Gate.io are solid cryptocurrency exchanges, Kraken takes the crown for Canadian users. The platform's comprehensive features, robust security measures, superior mobile app, and, crucially, clear compliance with Canadian regulations make it the more reliable choice. Gate.io, despite its rich altcoin offerings and diverse trading options, falls short due to its lower mobile app ratings and ambiguous status for Canadian users.
Kraken stands out with its variety of flexible funding methods, including wire transfers and crypto funding options, giving users more convenience when moving their assets. Furthermore, Kraken’s 24/7 customer service is a significant advantage, ensuring that users can get support anytime, which is crucial for traders working across multiple time zones. This level of accessibility can be a key differentiator when compared to Gate.io, some of which may not offer round-the-clock support.
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 Kraken over Gate.io for your cryptocurrency trading needs. By opting for Kraken through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Kraken 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.
