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Bull Bitcoin vs Gate.io: What Works Better For Canadians in 2024?

Oleg Galeev

Last updated March 14, 2024

Comparing Bull Bitcoin and Gate.io offers insights into two distinct realms of the cryptocurrency world. Bull Bitcoin, a Canadian-based platform, emphasizes direct bitcoin purchases and self-custody, targeting a niche of users focusing on simplicity and security. In contrast, Gate.io, with its vast array of altcoins and advanced trading features, caters to a global audience seeking depth in trading options but faces regulatory constraints in Canada.

Description

Bull Bitcoin is a unique Canadian Bitcoin trading platform with ability to pay bills with bitcoin (cellphone, electricity even taxes to CRA) and that allows you to take self-custody immediately. 

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

BTC only

1000+

Fees

Bull Bitcoin sends the BTC directly to your wallet so you avoid typical withdrawal and network fees that exchanges often have which is a money saver. Bull Bitcoin does not charge fees for buying bitcoin either. Instead, you’ll get exactly what their “We sell” price is. When paying via debit or cash at Canada Post, you’ll pay a 2% fee. 

  • 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

  • Immediate self-custody of assets
  • Send funds via e-Transfer or wire
  • Pay anonymously with cash
  • No withdrawal fees or wait times
  • Recurring buys directly from your bank account
  • Pay bills with bitcoin
  • 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

Only bitcoin available 

  • 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

  • $10,000,000.00 CAD deposit / day via wire trasnfer
  • $10,000.00 CAD deposit / day via Interac E-transfer
  •  $1,000.00 CAD deposit / day via Cash or Debit at Canada Post
  • Buy & Sell transfer are almost unlimited ( $1,000,000.00 CAD a day)

No major limits

Methods to buy

When buying cryptocurrency with Bull Bitcoin, you can deposit Canadian dollars via an Interac e-Transfer, wire transfer or cash or debit at Canada Post. With the first two options, you will have to KYC and verify your Bull Bitcoin account. 

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

Security

  • Full custody of your bitcoin.
  • Hot and cold storage to keep customer funds safe
  • 2FA

Mobile and Desktop Trading

Bull Bitcoin maintains a straightforward interface suitable for beginners, prioritizing direct transactions without the clutter of advanced trading options. There's no specific app rating available for Bull Bitcoin, as it emphasizes web-based transactions. In contrast, Gate.io features both a mobile app and an advanced desktop platform, catering to experienced traders with a wide array of tools. However, the Gate.io app has received mixed reviews on both the App Store and Google Play, citing login issues and a complex user interface.

Bull Bitcoin

Bull Bitcoin has a simple website since all of the transactions happen via your bank. There aren’t many features to get you confused, however, we think their website could be designed a little better.

UI of Bull Bitcoin platform

Major Screen

Buying bitcoin with interac e-transfer on Bull Bitcoin platform

Buying Bitcoin via Bull Bitcoin

Transaction screen on the mobile app

Transaction screen on the mobile app

Bull Bitcoin app screenshot

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

Bull Bitcoin is completely safe since you always take full custody of your bitcoin, you do not need to worry about hackers stealing your funds on the platform. However, there is still a level of trust needed because you do not buy the bitcoin yourself and must wait for it to be sent to your crypto wallet

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.

Bull Bitcoin offers a secure trading environment, with a focus on immediate self-custody of assets, minimizing the risk of platform-related security breaches. It requires KYC verification for Canadian users, aligning with local regulations. Gate.io boasts robust security measures, including cold storage for the vast majority of assets and multiple layers of encryption, but its global focus dilutes its commitment to specific Canadian compliance and security standards.

Regulatory Compliance

Bull Bitcoin is registered with FINTRAC as a Money Services Business and there is a full KYC procedure meaning Bull Bitcoin is fully compliant with Canadian regulations. 

Gate.io is not compliant crypto exchange in Canada.

Bull Bitcoin is fully compliant with Canadian regulations, registered with FINTRAC, and adheres to KYC protocols. It operates within the legal framework for Canadian users, ensuring a secure and regulated trading environment. Gate.io, while offering extensive services globally, does not specifically tailor its compliance to Canadian regulations and has noted restrictions for Canadian users due to its international regulatory commitments.

Customer support

Since it is a small company, it may take some time for them to get back to you. Their opening hours are from 9 AM to 8 PM Mon-Fri with sporadic ability on weekends.The platform has a 4.9-star rating on Trustpilot with almost 200 reviews, so it’s clear that customers are extremely satisfied with the service. 

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. 

Bull Bitcoin provides dedicated support via email, with a strong reputation for customer satisfaction within the Canadian crypto community. Gate.io offers a comprehensive help center, live chat, and support tickets, though feedback on their responsiveness varies, with some users reporting slow or inadequate support responses.

Conclusion

Both Bull Bitcoin and Gate.io offer valuable services to their respective audiences. However, for Canadian users valuing security, simplicity, and regulatory compliance, Bull Bitcoin emerges as the clear winner. Its direct approach to bitcoin trading, emphasis on self-custody, and alignment with Canadian financial regulations provide a secure and straightforward platform for those focusing on bitcoin as their primary cryptocurrency interest.

Bull Bitcoin is the most cost-effective platform for trading Bitcoin in Canada, offering a unique feature that allows users to pay bills, including phone, electricity, and even taxes to the Canada Revenue Agency (CRA).

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.