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

Oleg Galeev

Last updated December 27, 2023

In the rapidly evolving world of cryptocurrency trading platforms, two contenders emerge for the Canadian audience: Netcoins and Gate.io. Both offer distinct features and benefits, with Netcoins tailoring its services for Canadian users, while Gate.io showcases a vast array of altcoins.

Description

Netcoins is a Canadian crypto exchange owned by a publicly-traded company called Bigg Digital Assets. Netcoins was founded by Mitchell Demeter who created the world’s first Bitcoin ATM in 2013.

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

Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, EOS, USDC, Algorand, XRP, Avalanche, Ethereum Classic, SHIB, DOGE, MATIC, AXS, Cardano, Solana, Polkadot

1000+

Fees

Free deposits
Free fiat withdrawals
0.5% trading fees

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

Free fiat and crypto deposits
Free fiat withdrawals
Interac e-Transfer available
Phone support
Instant verification
Licenced and regulated in Canada
Educational resources available
Great customer service

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

Few cryptocurrencies available
No credit/debit card purchases
CAD only
High trading fees

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

$10 min for Interac e-Transfer
$500 min for wire transfer
$50 min for online bill payment

No major limits

App

Methods to buy

Interac e-Transfer
Bank wire
Online bill payment

Credit/debit card using third-party service
USD bank transfer to OTC desk
Crypto deposits

Security

2FA available
Registered with FINTRAC

Hot and cold storage to keep customer funds safe
2FA

Mobile and Desktop Trading

Netcoins boasts an impressive mobile app, garnering a 4.0-star rating from the Apple App Store and many 4.0-star reviews on Google Play, although a specific rating wasn’t provided. The app is beginner-friendly and integrates all essential features, making it a smooth transition from desktop to mobile. Meanwhile, Gate.io lags slightly behind with its mobile offering, having only a 4.1-star rating on both the Apple App Store and 4.7 on Google Play. Users have reported challenges, from login issues to unresponsive 2FA. However, when it comes to desktop trading, both platforms shine with user-friendly interfaces and a plethora of trading tools.

Netcoins

Netcoins’ trading platform is simple to use with a sidecar offering all you need including options to buy, sell and trade. Your dashboard has two big options to either deposit funds or deposit crypto.

Buying crypto with Netcoins is easy thanks to its simple trade feature.

The Netcoins app has a 4.1-star rating from 171 reviews on the Apple App Store. It has a 3.6-star rating on Google from 127 reviews.

The app is easy to use and beginner-friendly. It is almost an exact copy of the desktop platform but optimized for mobile.

Netcoins Desktop App (trading screen)

Netcoins Desktop App (funding account)

Netcoins Mobile App (balances)

Netcoins Mobile App (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 data screen

Gate.io mobile app screenshot (main page)

Gate.io mobile interface

Security Compliance

Netcoins utilizes the services of Bitrank and QLUE to stay compliant by monitoring wallet addresses and transactions for fraud and connections to criminal enterprises.

Two-factor authentication is available to help keep your account secure.

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 platforms emphasize security, but there are key differences. Netcoins, being under the umbrella of BIGG Digital Assets, a publicly-traded company, offers transparency and is registered as a Money Services Business with FINTRAC in Canada. However, details about its storage practices for customers' funds remain ambiguous. Gate.io, a global entity, invests heavily in security and implements hot and cold storage solutions. It proudly claims its position as the first to invest millions in security and law funds.

Regulatory Compliance

Netcoins is fully regulated in Canada. It is registered as a Money Services Business (MSB) with FINTRAC. Since Netcoins is also owned by Bigg Digital Assets, a publicly traded company, you can be sure that Netcoins is a safe exchange.

Gate.io is not compliant crypto exchange in Canada.

Netcoins stands out in compliance, being fully regulated and compliant in Canada. It's registered with FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada, ensuring it abides by local financial regulations. Gate.io, on the other hand, has certain restrictions. Canada is listed among the countries disallowed in their terms of service, meaning Canadian users run the risk of account blocks.

Customer support

Netcoins has excellent customer support with an impressive 85% excellent customer service reviews on Trustpilot with a 4.5-star rating. Netcoins offers email support, live chat and phone support, which is rare for crypto exchanges.

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.

Netcoins sets a high bar for customer support, offering 24/7 live chat, email, and even phone support – a rarity in the crypto world. Their swift response times and attentiveness have been widely appreciated. Gate.io, in contrast, has faced some criticism. While they do offer a live chat feature and a help center, they have a history of negative reviews on Trustpilot, especially concerning withdrawal issues and slow customer service responses.

Conclusion

While both Netcoins and Gate.io offer valuable services to crypto enthusiasts, when it comes to serving the Canadian market, Netcoins emerges as the winner. With its tailored approach for Canadians, regulatory compliance, and exemplary customer service, it’s the obvious choice for those in the Great White North.

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

If you find that neither Netcoins 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 Galeev

Cryptocurrency Specialist

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.