Security Compliance
Bitvo's exit was orderly and its record clean. It was a CSA-registered restricted dealer that operated on a full reserve basis, meaning it never lent customer funds, and held client assets with third-party custodians BitGo, with over 80% in cold storage. No customer funds were lost in the wind-down, and its refusal to close the FTX deal after the collapse protected its clients from being dragged into the largest fraud in crypto history.
Gate has invested heavily in security in recent years, publishing monthly Proof of Reserves with coverage around 125% and holding licenses in Malta (MiCA), Dubai, Japan and elsewhere. That said, its track record includes past security incidents, and none of its licensing footprint extends to Canada. Since KYC is mandatory and tied to your ID country, Canadians who slip through via VPN risk having accounts frozen with funds inside.
Both Bitvo and Gate.io take the security of user funds seriously. Bitvo utilizes state-of-the-art security protocols, including cold storage for the majority of the cryptocurrencies. Gate.io also employs a combination of hot and cold storage solutions. While both exchanges offer two-factor authentication, users need to be aware that Gate.io can block accounts from certain regions, including Canada, at any time.
Regulatory Compliance
Bitvo was registered with FINTRAC and as a restricted dealer with Canadian securities regulators, and that registration shaped its ending: rather than collapsing, its client accounts were transferred to another registered platform under regulatory oversight. Its successor chain: Bitvo clients to Bitbuy (November 2023), Bitbuy's parent WonderFi to Robinhood (2025). Former Bitvo customers with account questions should contact Bitbuy support.
Gate is not a compliant crypto exchange in Canada. Canada sits on its restricted locations list, Canadian accounts were closed in April 2022, and while Gate has since obtained licenses in the EU, Dubai, Japan and even launched a US entity in 2025, it has shown no sign of registering with Canadian regulators.
Bitvo is a Canadian-based exchange that operates under the laws and regulations of the country, making it fully compliant with Canadian federal organizations. On the other hand, Gate.io is not recommended for Canadians due to a lack of clear regulatory oversight and its policy of potentially blocking accounts from the country.
Customer support
There is no Bitvo support team anymore. Former customers should reach out to Bitbuy, which assumed servicing of migrated accounts. If anyone contacts you offering to recover Bitvo funds for a fee, treat it as a recovery scam.
Gate offers a help centre, blog and live chat for users in supported countries. Reviews remain mixed, with recurring complaints on Trustpilot about slow support and withdrawal difficulties. For Canadians this is academic, since the platform is off-limits entirely.
Bitvo provides 24/7 customer support through multiple channels including phone, email, and live chat. Gate.io also offers a help center and blog, and users can submit support requests when logged in. However, there are complaints about slow response times and difficulty withdrawing funds on Gate.io.
Conclusion
Both Bitvo and Gate.io are competitive in the cryptocurrency trading space, offering a wide range of features to their users. However, considering the user experience, security, compliance, and support provided for Canadian users, Bitvo comes out as the winner. Gate.io, although featuring a vast selection of altcoins and several advanced features, falls short due to its unfriendly user interface and uncertain standing with Canadian regulations.
We recommend choosing Bitvo over Gate.io for your cryptocurrency trading needs. By opting for Bitvo through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitvo 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.
