Security Compliance
CoinSmart's wind-down was orderly and regulator-supervised, with no reported loss of customer funds, the same clean pattern as Coinberry and Bitvo, and the opposite of CoinField. Its legacy custody arrangement with BitGo and its OSC registration are what made the seamless handover possible.
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.
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 was registered with FINTRAC and was one of the first crypto platforms granted registration by the Ontario Securities Commission, a status that shaped its ending: rather than stranding users, its accounts were transferred to another registered platform under regulatory oversight. The full successor chain: CoinSmart into WonderFi (July 2023), client accounts to Bitbuy (September 2023), WonderFi to Robinhood (June 2026). Former CoinSmart users needing historical transaction records for taxes should log into Bitbuy and request their history from 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.
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
There is no CoinSmart support team anymore; former users should contact Bitbuy support ([email protected]) referencing their old CoinSmart account. Two practical warnings: anyone offering to "recover" CoinSmart funds for a fee is running a recovery scam, and any active website using the CoinSmart name to solicit deposits is an impostor.
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.
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.
