Security Compliance
CoinField marketed itself as a highly secure exchange using cold storage, multi-signature wallets and encryption. The regulatory record tells a different story: the OSC found the platform did not have sufficient crypto assets in custody to satisfy investor withdrawal requests and misled both investors and the regulator about why withdrawals were delayed. Whatever its technical security, customer funds were not safe. This is a textbook example of why we recommend holding your own coins in your own crypto wallet rather than leaving them on any exchange.
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.
Gate.io uses a mix of hot and cold storage for customer funds and encourages users to enable two-factor authentication for added security. It also claims to be the first exchange to invest significantly in security and law funds. However, due to regulations, Gate.io can block accounts randomly.
Coinfield, on the other hand, also uses cold storage for the majority of its assets. It implements strict AML and KYC procedures, contributing to its overall security measures.
Regulatory Compliance
CoinField's FINTRAC registration was ceased, and the company was never registered with Canadian securities regulators. In August 2024, Ontario's Capital Markets Tribunal found it violated securities law through unregistered trading, illegal distribution and misleading investors, and in 2025 it was permanently banned from Ontario's capital markets with over $3 million in combined penalties, disgorgement and costs. CoinField did not participate in the proceedings.
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.
Coinfield is compliant with Canadian regulations and is registered as an MSB (Money Services Business) with FINTRAC. This means it follows Canadian federal laws, and its activities are monitored.
On the other hand, Gate.io, although it has a significant international presence, has listed Canada as one of the disallowed countries under its terms. This implies that it may not be fully compliant with Canadian regulations, and users from Canada could have their accounts blocked randomly.
Customer support
There is no customer support because there is no company left to contact. Former customers with unfulfilled withdrawals were harmed when the platform collapsed, and the tribunal noted the total harm to investors remains uncertain. If you were affected, you can report your experience to the OSC. If anyone contacts you claiming to recover your lost CoinField funds for a fee, that is a recovery scam, a common second-wave fraud targeting victims of collapsed exchanges.
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.
Coinfield offers a comprehensive FAQ section and a responsive customer support team that's available 24/7. This contributes to a positive user experience. Gate.io also has a help center and a blog that provide informative content. However, the exchange has received numerous negative reviews on Trustpilot, with users citing issues with withdrawals and slow or unresponsive customer service.
Conclusion
As of July 15th, 2023, Coinfield's website stopped operating properly for Canadians. Also, their registration status of MSB has been ceased by FINTRAC. As a result, we would recommend avoiding this crypto exchange at the moment. Feel free to check alternatives e.g. Bitget or BitBuy. The comparison below is outdated, but we have retained it in the event that the crypto exchange resumes proper operations in Canada. More information here. The comparison below is outdated and kept for educational purposes. Apparently, if you pick between Gate.io and Coinfield, go ahead with Gate.io.
While both Coinfield and Gate.io are well-established cryptocurrency exchanges, for users based in Canada, Coinfield seems to be the better choice. It offers a more user-friendly interface, has higher security measures, complies with Canadian regulations, and provides better customer support. Moreover, the risk of having accounts randomly blocked on Gate.io is a significant concern for Canadian users. Remember, it's crucial to always conduct your research and due diligence when choosing a cryptocurrency exchange, considering factors such as your location, trading experience, and the specific features you need.
We recommend choosing Coinfield over Gate.io for your cryptocurrency trading needs. By opting for Coinfield through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Coinfield 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.
