Security Compliance
VirgoCX offers $1 Million in crime insurance coverage with Coinbase Custody. Should the exchange be compromised, VirgoCX could potentially refund any customers’ stolen coins.
VirgoCX’s crypto assets are held in cold storage with Coinbase Custody and only a small amount are kept on the platform for trading. All fiat assets are held with their Canadian banking partner, though it is not mentioned who the partner is. However, we always recommend transferring all the funds to your own Canadian crypto wallet.
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.
In terms of security, both exchanges prioritize user protection. VirgoCX utilizes advanced security measures like cold storage, multi-signature wallets, and SSL encryption to protect users' assets. Gate.io uses a combination of cold storage and hot wallets, two-factor authentication, and regular internal audits for enhanced security.
Regulatory Compliance
VirgoCX is registered with FINTRAC and PIPEDA. Therefore, it is fully compliant in Canada. VirgoCX also has regular audits which prove that its reserves exist.
Gate.io is not compliant crypto exchange in Canada.
On compliance in Canada, VirgoCX is a registered MSB with FINTRAC and adheres to the compliance standards set by Canadian regulators. Gate.io asserts its full compliance with international regulations, yet it lists Canada among the countries where its services are not permitted.
Customer support
If you need help, you can contact VirgoCX’s support team via email or live chat 24/7. They also offer multi-language support. Not many exchanges offer live chat.
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 it comes to client support, VirgoCX provides a localized approach with its 24/7 customer service via live chat, email, and phone, providing solutions for customers in English, French, and Chinese. Gate.io, on the other hand, provides customer support primarily via an online ticketing system and offers a comprehensive FAQ section on its website.
Conclusion
Overall, both crypto exchanges offer distinct advantages. However, for Canadian users, VirgoCX's local presence, adherence to Canadian regulations, and localized customer support might provide an extra level of comfort and security.
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.
VirgoCX now boasts support for over 60 cryptocurrencies, giving Canadian traders a wider variety of options. The exchange has also introduced a tiered rewards program, allowing users to enjoy up to 90% off on spreads, making trading more affordable. Furthermore, VirgoCX enhances security by utilizing Coinbase Custody for safeguarding assets and offering insurance coverage. These updates make it a strong contender in the Canadian market, appealing to both novice and experienced traders when compared to other exchanges.
We recommend choosing VirgoCX over Gate.io for your cryptocurrency trading needs. By opting for VirgoCX through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither VirgoCX 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.
