Security Compliance
Newton does daily backups to minimize risk and states on its website that customer data is stored in Canada. They also perform daily site backups, have offline third-party storage for digital assets, and they allow their customers to directly connect their bank account to reduce fraud.
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 Newton and Gate.io take the security of their users seriously. Newton uses 2FA, end-to-end encryption, and stores 95-98% of digital assets in cold storage. Gate.io also utilizes 2FA and a mix of hot and cold storage for funds security. However, Gate.io has been known to block accounts from disallowed countries, which includes Canada.
Regulatory Compliance
Newton is fully compliant with FINTRAC regulations in Canada.
Gate.io is not compliant crypto exchange in Canada.
Newton is fully compliant with Canadian regulations and works closely with Canadian financial institutions. It's registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB). In contrast, Gate.io has restrictions for Canadian users, and it's not entirely clear how they navigate compliance with Canadian regulations. It is important to note that Gate.io reserves the right to block Canadian accounts.
Customer support
Newton has FAQs and a knowledge center on the website. Customers can message the support teams either online via their support pages or through email. Newton does not have a phone and live support.
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.
Newton offers strong customer support with prompt email response and a comprehensive help center. Gate.io also has a help center and live chat function, but there have been complaints about slow response times and difficulty with withdrawal issues.
Conclusion
While both Newton and Gate.io offer unique features and benefits, for Canadian users, Newton appears to be the better choice. It provides a user-friendly platform, has robust security measures in place, is fully compliant with Canadian regulations, and offers reliable customer support. On the other hand, Gate.io, despite having a rich feature set and a wide variety of altcoins, doesn't fully support Canadian users and may pose potential compliance and account access issues.
We recommend choosing Newton over Gate.io for your cryptocurrency trading needs. By opting for Newton through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Newton 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.
