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

Oleg Galeev

Last updated September 20, 2024

BitMEX and Gate.io are two prominent cryptocurrency exchanges with distinct offerings. BitMEX, a cryptocurrency derivatives trading platform, is well-known for its advanced features and high liquidity, especially for Bitcoin. In contrast, Gate.io, established in 2013, offers a comprehensive range of altcoins and boasts a substantial daily trading volume.

Description

BitMEX is a crypto derivatives exchange that offers futures trading, and perpetual contracts. BitMEX aims to become the world’s largest regulated derivatives exchange. You cannot deposit fiat on BitMEX, only BTC and USDT. The exchange is aimed at experienced traders.

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

Bitcoin, Ethereum, Terra, Solana, XRP, EOS, Stellar, Tron, Litecoin, Chainlink, Polkadot, Dogecoin, Binance Coin, Bitcoin Cash, Axie Infinity, Avalanche, Cardano

1000+

Fees

  • Free USDT or BTC deposits
  • Free BTC withdrawals
  • Variable USDT withdrawal fees
  • 0.01%/0.05% maker/taker fees
  • 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

  • Low trading fees
  • Advanced order types
  • No BTC deposit/withdrawal fees
  • Futures/perpetual trading
  • 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

  • Not suitable for buying crypto
  • USDT withdrawal fees
  • Only suitable for traders who understand contracts trading
  • No fiat deposits
  • 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

Low

No major limits

App

Methods to buy

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

Security

  • All BTC held in cold storage
  • Two employees audit all BTC withdrawals
  • BTC deposit addresses externally verified
  • Multisignature wallets
  • Hot and cold storage to keep customer funds safe
  • 2FA

Mobile and Desktop Trading

BitMEX offers a comprehensive trading platform on both desktop and mobile. Its application, though complex for beginners, is a full-feature trading platform that mirrors its desktop counterpart. On the other hand, Gate.io's mobile application has received low ratings on both the App Store and Google Play due to issues like login problems, 2FA difficulties, and a generally poor user interface. Although some users report no such issues, the overall feedback is less positive than for BitMEX. The Gate.io desktop platform offers an array of features but could prove daunting for newcomers.

BitMEX

BitMEX’s exchange is confusing, but that’s because it is aimed at experienced traders who understand perpetual and futures contracts trading. BitMEX has a more outdated interface than Kucoin, making it seem clunky and old. However, the lighter colour scheme makes it easier to see the different menus and tabs.

There is a tab for each cryptocurrency market available, which makes it somewhat easy to navigate, view charts and order books.

To start trading contracts, you will need to sign up but you only need to provide an email address to do so. Once you have deposited your Bitcoin or USDT, you can use that to trade for the other cryptocurrencies available.

Leverage is one of the main features of BitMEX and the platform offers a handy leverage slider that can be adjusted to your risk when you trade.

BitMEX is only available as a desktop platform.

Bitmex desktop app

Bitmex desktop app

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

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.

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.

Author

Oleg Galeev

Cryptocurrency Specialist

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. 

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