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

Oleg Galeev

Last updated December 27, 2023

This comparison delves into two prominent cryptocurrency exchanges in Canada: Binance and Gate.io. These platforms are widely recognized and offer various features for crypto trading. Let’s examine their similarities and differences in detail.

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.

Description

Binance was founded in 2017 and is based in Malta. It averages $2 billion in daily volume and executes 1.4 million transactions per second. Canadians can purchase and trade hundreds of different coins with advanced order types.

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

400+ including BTC, ETH, XRP, DOGE, USDT

1000+

Fees

Low
0.1% to 0.02% buy fee depending on VIP level

  • 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

  • Good for Canadians looking to buy and trade altcoins
  • DEX/P2P trading
  • Advanced order types
  • Margin trading
  • Derivatives and futures trading
  • Stock token trading
  • 400+ coins
  • Low fees
  • Simple or advanced interface
  • 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

  • No Interac e-Transfer
  • Not available in Ontario at the moment
  • 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

N/A

No major limits

Methods to buy

Credit/debit, SWIFT bank transfer with USD

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

Security

2FA, coins held in cold storage with multi-signature wallets, KYC verification process

  • Hot and cold storage to keep customer funds safe
  • 2FA

Mobile and Desktop Trading

Binance offers a mobile app available on the App Store and Google Play, with a high rating and positive user reviews. Its mobile app provides a user-friendly interface for trading and managing cryptocurrencies. The desktop platform of Binance is known for its advanced trading tools and features, catering to both novice and experienced traders.

Gate.io also offers a mobile app on the App Store and Google Play, although it has a lower rating compared to Binance. The app provides access to a wide range of altcoins. Gate.io's desktop platform is feature-rich but not beginner-friendly, making it more suitable for experienced traders.

Binance Canada

Binance has a rating of 4.6 stars on the Apple App Store with 22,000 ratings. On Google Play, it has 4.5 stars with 271,000 ratings.

Binance’s app allows its users to switch between the Lite and Pro interfaces making it suitable for both beginners and experienced traders.

Binance’s app interface also closely resembles its desktop counterpart, though, at first glance, it does not seem as user-friendly and intuitive as Coinbase. Binance offers its users multiple ways to purchase crypto depending on the type of trade you want. On its desktop platform, you can select “Convert” for a quick debit or credit purchase, or “Classic” or “Advanced” for more trading types.

Binance desktop platform (Convert)

Binance Convert

Binance desktop platform for advanced users

Binance Advanced

Binance Lite App for beginner users view

Binance Lite App for beginner users

Binance Advanced mobile view for Canadians

Binance App for advanced users

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 desktop app interface

Screenshot of “big data” market tracker on Gate.io

Gate.io data screen

Gate.io mobile app screenshot (main page)

Gate.io mobile app screenshot (main page)

Gate.io mobile interface

Gate.io mobile interface

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 regulationsThey 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.

Author

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.