Security Compliance
BitMEX is stating that it utilizes cold storage for all of the bitcoin funds. BitMEX also uses multi-signatures wallets and every bitcoin withdrawal is audited by hand by at least two BitMEX employees. All bitcoin deposit addresses sent by BitMEX are externally verified to ensure the keys match those of the founders. If they do not match, BitMEX will shut down and halt trading.
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 BitMEX and Gate.io take their security seriously. BitMEX employs multi-signature deposits and withdrawal schemes, and its security measures have proven robust over the years, as evidenced by the lack of major security breaches. Gate.io also emphasizes security, using hot and cold storage for customer funds and investing in security and law funds. Both platforms offer two-factor authentication.
Regulatory Compliance
BitMEX withdrew operations in Ontario, but was not officially named by the OSC. BitMEX is still operational in other Canadian provinces but it is facing legal trouble with the USA due to allegedly offering securities trading illegally.
While you can use BitMEX safely, trade at your own risk and be aware that they could cease trading in Canada due to regulations.
Gate.io is not compliant crypto exchange in Canada.
BitMEX, due to regulatory constraints, does not offer services to residents of Ontario and Quebec, while other parts of Canada may have access. Meanwhile, Gate.io lists Canada as one of the disallowed countries and reserves the right to block accounts from these regions randomly. For Canadians, neither of these platforms offers a comprehensive, unrestricted trading experience.
Customer support
BitMEX offers support via a contact form on their website and has a detailed FAQ section as well.
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.
BitMEX provides support via email with a ticketing system in place and also maintains a thorough FAQ section on its site. Gate.io, however, has a live chat feature and an extensive help center and blog. Yet, user feedback on Gate.io's customer support is mixed, with some complaints about slow responses or non-responses.
Conclusion
BitMEX, with its focus on cryptocurrency derivatives, advanced trading features, and high liquidity, is a platform designed for experienced traders. However, regulatory constraints limit its accessibility for some Canadians. Gate.io, despite its wide range of altcoins and tools, has user interface issues and poses potential regulatory risks for Canadian users. Ultimately, the choice between the two depends heavily on individual trading needs and the user's ability to navigate potential legal and regulatory challenges. Considering these factors, BitMEX comes out as a more suitable option primarily because of its security record, advanced features, and robust platform, despite its limited availability in certain parts of Canada.
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 BitMEX over Gate.io for your cryptocurrency trading needs. By opting for BitMEX through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither BitMEX 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.
