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

Oleg Galeev

Last updated May 25, 2024

In this comparison, we will examine Coinsmart and Gate.io, two popular cryptocurrency exchanges with different offerings. We will discuss key differences, including user-friendliness and suitability for Canadian users, to help you decide which platform best suits your needs.

CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!

Description

CoinSmart is a Toronto-based Canadian crypto exchange that offers same-day deposits in CAD, EUR and USD. CoinSmart offers crypto trading for both beginners and advanced users.

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, Litecoin, Bitcoin Cash, Stellar, EOS, USDC, Cardano, Dogecoin, Polkadot, Shiba Inu, Chainlink, Uniswap, Solana and more

1000+

Fees

  • Interac deposit fee of 1% for deposits between $100 - $1999 
  • Free Interac deposits for deposits of $2000+
  • Free wire and bank draft deposits 
  • Withdrawal fees are 1% 
  • Various crypto withdrawal fees
  • Trading fees are 0.20% for a single trade or 0.30% for a double trade
  • Up to 6% fee for credit/debit card purchases
  • 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
  • Free deposits over $2000
  • Suitable for beginners
  • Advanced trading options
  • Interac e-Transfer available
  • $50 bonus
  • Trade crypto to crypto (no trading pairs needed)
  • Same-day verification
  • CAD, USD, EUR deposits
  • 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

  • There is a 1% fee for Interac deposits less than $2000
  • 1% withdrawal fee
  • 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

  • $100 min to $10,000 max for Interac deposits
  • $100 min to $5,000 max for credit/debit card buys
  • $10,000 bank wire min to $5M max

No major limits

Methods to buy

  • Credit/debit cards
  • Interac e-Transfer
  • Bank wire
  • SEPA (for EUR)
  • Credit/debit card using third-party service
  • USD bank transfer to OTC desk
  • Crypto deposits

Security

CoinSmart is partnered with BitGo to keep customers’ crypto safe in cold storage. BitGo is insured by Lloyds of London for $100 million, so if something were to happen to CoinSmart, your funds might be insured.

CoinSmart offers two-factor authentication to help protect your account.

  • Hot and cold storage to keep customer funds safe
  • 2FA

Mobile and Desktop Trading

In terms of mobile and desktop trading, Coinsmart and Gate.io offer different experiences to their users. Coinsmart's desktop platform has a user-friendly interface with a modern and appealing design. Their iOS app, while recently improved, still has some limitations compared to the desktop app, and users might face issues during the onboarding process. It is recommended to use Coinsmart's desktop app for the best trading experience.

On the other hand, Gate.io provides a more advanced and feature-rich desktop trading platform, making it suitable for experienced traders. Its mobile app has received high ratings on both iOS and Android platforms

Coinsmart

CoinSmart has a fun look with bright colours and cartoons. It is enjoyable to use. The dashboard shows everything you need to trade including options to buy, sell, and trade. You can also view your wallets, activity and simple market information. 

To use CoinSmart’s advanced features such as limit orders, you can use their advanced trading platform, which is accessible within your user dashboard. 

CoinSmart’s iOS app has a 3.4-star rating with 309 reviews. Its Android app has a 2.6-star rating from 94 reviews. Users of the app say the app crashes, is slow, and often freezes. This is why we would recommend using their desktop version.

accessing Coinsmart app

Coinsmart App

Cool usability and design of Coinsmart cryptoexchange

Coinsmart App trading screen

Coinsmart app mobile view

Coinsmart mobile app interface

Coinsmart mobile app interface while trading

Coinsmart mobile app interface while trading

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

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.

When comparing the security of Coinsmart and Gate.io, both exchanges implement measures to protect user data and funds. Coinsmart employs SSL, and two-factor authentication (2FA) to safeguard user information and assets. The exchange also complies with Canadian regulations, being registered with FINTRAC as a Money Services Business, further ensuring the security of its users' funds. Gate.io, on the other hand, is a reputable exchange that has received high ratings for its security, such as a 4.5-star rating from Forbes Advisor. The exchange uses hot and cold storage to secure customer funds and claims to be the first to invest millions in security and law funds. To protect user accounts, Gate.io offers two-factor authentication as well.

Regulatory Compliance

Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).

Gate.io is not compliant crypto exchange in Canada.

Coinsmart strictly adheres to Canadian regulations and holds registration with FINTRAC as a MSB. By following the stringent guidelines and legal requirements set forth by the Canadian authorities, such as anti-money laundering (AML) and know-your-customer (KYC) policies, Coinsmart ensures a secure and transparent trading environment for its users.

By following these regulations, Coinsmart maintains a secure and transparent environment for its users in Canada.

On the other hand, Gate.io faces some challenges with compliance in Canada. The exchange is on the list of disallowed countries, which includes Canada, the US, and several others. While Gate.io claims to be fully compliant and restricts certain features like futures trading for Canadian users due to regulations, the fact that Canada is on the list of disallowed countries poses a risk for Canadian users. Their accounts can be blocked at any time, making Gate.io less favorable for Canadians seeking a compliant and secure exchange.

Customer support

CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.

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. 

When comparing customer service between Coinsmart and Gate.io, Coinsmart offers a more responsive and efficient support system tailored for Canadians. They provide email support, a comprehensive help center, and a live chat function to promptly address user concerns. Conversely, Gate.io's customer service has garnered mixed feedback, as some users have expressed concerns about delayed response times or insufficient assistance. While they do offer a help center, live chat, and support request submission, the overall experience may not be as satisfactory as Coinsmart's customer support.

Conclusion

While both Coinsmart and Gate.io have their strengths, Coinsmart emerges as the winner for Canadian users. It provides a user-friendly platform, better customer support, and full compliance with Canadian regulations, making it a safer and more accessible choice for Canadian traders.

We recommend choosing Coinsmart over Gate.io for your cryptocurrency trading needs. By opting for Coinsmart through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!

If you find that neither Coinsmart 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 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.