Security Compliance
As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.
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 the digital currency world, security reigns supreme. Bitcoin Well impressively checks off most boxes: multi-factor authentication, cold storage solutions, and ongoing monitoring are part of its robust security suite. Gate.io isn’t lagging either. Garnering praise from reputable entities like Forbes Advisor, it employs both hot and cold storage solutions for fund protection and recommends two-factor authentication. Both exchanges prioritize user asset protection, making it a tight race in terms of security.
Regulatory Compliance
Bitcoin Well is registered with FINTRAC and fully legal in Canada.
Gate.io is not compliant crypto exchange in Canada.
Bitcoin Well stands tall when it comes to adhering to Canadian regulations, ensuring its users remain within the bounds of the law. Meanwhile, Gate.io treads a trickier path. While it acknowledges Canadian regulations and sometimes limits certain features, its inclusion of Canada in its list of restricted countries casts a shadow of uncertainty, posing potential inconveniences for Canadian users.
Customer support
Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good. If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus.
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.
Bitcoin Well champions user support with its quick response times and a team adept at handling user concerns. Gate.io, while offering an array of support avenues including a comprehensive help center and live chat, faces mixed reviews. Some users cite slow responses and withdrawal challenges, which could cause hesitancy among potential Canadian clients.
Conclusion
Both Bitcoin Well and Gate.io possess merits that make them viable choices for cryptocurrency enthusiasts. Gate.io, with its broad altcoin offerings and global reputation, is certainly enticing for advanced traders. However, Bitcoin Well, with its clear commitment to the Canadian market, its robust security features, and exemplary user support, takes the crown. It offers a sense of reliability and trust, especially for Canadians who desire an uninterrupted trading experience without regulatory grey areas.
Bitcoin Well stands out from Gate.io with its Recurring Buy feature, allowing users to automate Bitcoin purchases at set intervals. This is especially helpful for those wanting to invest gradually over time without manually handling each transaction. In addition, Bitcoin Well has expanded its services to cater not only to Canadian customers but also to the USA, broadening its reach across North America. These developments set it apart, especially for users focused solely on Bitcoin and long-term investment strategies.
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.
We recommend choosing Bitcoin Well over Gate.io for your cryptocurrency trading needs. By opting for Bitcoin Well through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitcoin Well 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.
