Security Compliance
NDAX keeps its digital assets in cold storage using Ledger Vault, although they do not state the percentage. Ledger is a big name in the cryptocurrency space, known for making secure hardware wallets.
When signing up to NDAX, you are forced to enable two-factor authentication. Most crypto exchanges will leave this optional, but we think everybody should do it, so we like this mandatory policy.
Additionally, when you wish to change your details such as your email, address, phone number etc, NDAX requires you to submit a selfie with a handwritten note outlining the request.
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.
NDAX is well-regarded for its security measures, using 95% cold storage for assets, having insurance coverage, and ensuring all transactions are monitored. Gate.io also highlights its security measures, which include hot and cold storage for customer funds. However, despite these measures, the fact that Gate.io can randomly block accounts of users from disallowed countries, including Canada, raises serious security concerns for Canadian users.
Regulatory Compliance
NDAX is registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations.
Gate.io is not compliant crypto exchange in Canada.
NDAX, being a Canadian company, complies with all local regulations. It is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Autorité des marchés financiers (AMF). Gate.io, on the other hand, despite claiming full compliance with regulations, includes Canada in its list of disallowed countries under its terms. Thus, using Gate.io for Canadians is not recommended due to regulatory concerns.
Customer support
NDAX provides a knowledge centre on its website. Articles here answer some of the most common questions. They also have a live chat function, which is handy when you need a quick answer. You can also email them for support. Confusingly, NDAX lists its phone number on its contact page, which is rare for a crypto exchange to do. We weren’t sure if this meant they had phone support, so we reached out via email to ask. They got back to us a very impressive 20 minutes later to let us know that they only have email support. So that’s that. Still, that’s the fastest response we’ve seen.
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.
NDAX offers a variety of support options, including live chat, email, and phone support, which are generally well-reviewed. Gate.io's customer support has mixed reviews. While they have a help centre and a live chat function, users on Trustpilot have complained about slow responses and withdrawal issues.
Conclusion
While both NDAX and Gate.io offer robust features for cryptocurrency trading, NDAX emerges as the winner for Canadian users due to its regulatory compliance, security measures, and user-friendly platforms. Gate.io, despite its array of features and a vast array of altcoins, has potential regulatory and account security issues for Canadian users.
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 NDAX over Gate.io for your cryptocurrency trading needs. By opting for NDAX through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither NDAX 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.
