Security Compliance
Binance offers world-class security meaning your coins are in relatively safe hands. It offers two-factor authentication, so you can prevent unauthorized access to your account.
Keep in mind, Binance has been hacked before. Back in 2019, hackers stole 7,000 Bitcoin along with customers’ 2FA codes and API tokens. The hackers used phishing and viruses to gain access to the exchange. However, because Binance holds most of its digital assets in cold storage, the hackers only got away with what was in the hot wallet – about 2% of Binance’s Bitcoin holdings at the time.
As long as you take precautions, and transfer your crypto off the exchange to an external cryptocurrency wallet, you should be safe.
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.
Binance prioritizes security by implementing advanced measures, including two-factor authentication (2FA), cold storage for customer funds, and collaborations with renowned cybersecurity firms. It has a solid reputation and a track record of maintaining security.
Gate.io is considered reputable, with investments in security and law funds. It offers two-factor authentication for account security. However, Gate.io has received mixed reviews regarding customer support and user interface issues, which may impact overall security perception.
Regulatory Compliance
Binance has no restrictions for Canadians, except for Ontario residents. You can use it at full capacity whether it’s a simple buy order at market price or a more advanced order type.
Gate.io is not compliant crypto exchange in Canada.
Binance has faced regulatory scrutiny in some jurisdictions, but it has taken steps to comply with international anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. In terms of Canadian compliance, Binance has actively cooperated with regulatory authorities and implemented measures to meet legal requirements.
Gate.io's availability for Canadian users is restricted, as Canada is listed among the disallowed countries. Gate.io has not explicitly mentioned compliance with Canadian regulations, and its limitations for Canadian users raise concerns in terms of compliance.
Customer support
Binance offers 24/7 support and a live chat option. In addition, Binance also has helpful FAQs and online ticketing service for their customers. Binance replied to our concern within a day.
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.
Binance ensures excellent customer support with round-the-clock availability, featuring live chat functionality and a comprehensive help center. Users have access to a wealth of resources and assistance, allowing them to receive prompt resolution to their queries and concerns.
Gate.io offers customer support through a help center, live chat, and support ticket submission. However, it has received mixed reviews regarding support response times and effectiveness, with some users reporting difficulties in resolving their concerns.
Conclusion
While Binance and Gate.io are both popular cryptocurrency exchanges, Binance stands out as the preferred option for many users. Binance offers a user-friendly mobile app, advanced desktop trading tools, and robust security measures. With a strong track record of regulatory compliance and reliable customer support, Binance provides a comprehensive and trustworthy platform. However, it's crucial to consider personal preferences and specific requirements when selecting a crypto exchange.
Initially, we recommended choosing Binance over Gate.io for your cryptocurrency trading needs. However, Binance has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Binance over Gate.io.
If you find that neither Binance 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.
