Security Compliance
CoinField is one of the safest crypto exchanges in Canada. It has never been hacked. While CoinField may receive bad reviews for their slow customer service, CoinField is certainly a safe and compliant exchange. With CoinField you can have peace of mind knowing you are dealing with an exchange that prides itself on its security and privacy. The exchange utilizes cold storage, secret vaults, multisignature wallets, encryption and isolated servers. Users can enable two-factor authentication on their accounts for extra protection, and users must confirm all withdrawals via email. Signing in on a new device or with a new IP address also triggers a verification email.
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.
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 used to be a FINTRAC-regulated crypto exchange in Canada but recently their registration status was ceased. It's hard to tell at this point how compliant it is but many Canadians still use it.
Gate.io is not compliant crypto exchange in Canada.
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
CoinField allows users to submit support tickets either online or via email. It does not offer phone support. Customer support is available on weekdays and weekends, but CoinField does not have the fastest customer support – in some cases it can take days for an answer. You can, however, also get in touch via Twitter if you need urgent support.
Unfortunately, CoinField has a poor 2.2-star rating on Trustpilot with 62% bad reviews.
A lot of customers say that they have been waiting weeks to receive their crypto withdrawals.
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.
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.
