Security Compliance
Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more.
Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft.
Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication - such as FaceID - to
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.
Both Crypto.com and Gate.io prioritize the safety of their users' assets. Crypto.com holds 100% of its user assets in cold storage and has obtained an ISO/IEC 27001:2013 certification, demonstrating their commitment to security. Gate.io, on the other hand, uses a combination of hot and cold storage for asset protection. They are also reportedly the first exchange to invest millions in security and law funds.
Regulatory Compliance
Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.
Gate.io is not compliant crypto exchange in Canada.
Both exchanges comply with Canadian regulations. Crypto.com is registered as a Money Services Business (MSB) with FINTRAC in Canada, implying its operations are within the legal framework. Gate.io, however, does mention Canada as one of the disallowed countries under their terms, suggesting potential regulatory issues for Canadian users.
Customer support
The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down.
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.
Crypto.com has a solid customer support system that operates 24/7, offering both live chat and email support. They also have a comprehensive Help Centre with FAQs and educational resources. Gate.io also offers customer support through live chat and email but has received mixed reviews about its responsiveness and support quality on platforms like Trustpilot.
Conclusion
While both Crypto.com and Gate.io have their strengths, considering factors like user interface, security, compliance with Canadian regulations, and customer support, Crypto.com emerges as the preferable choice. Its comprehensive services, coupled with user-friendly interfaces and strong security measures, make it an excellent option for cryptocurrency traders in Canada.
When comparing Gate.io to other exchanges, it’s important to note that Gate.io supports a vast range of over 2,600 cryptocurrencies, making it one of the most versatile platforms. It also provides financial products like staking, crypto loans, and Web3 services, including NFTs and decentralized finance (DeFi). However, unlike some exchanges, CAD support for bank transfers is still unavailable. While Gate.io offers advanced trading options, it's not the most beginner-friendly platform. Mobile app reviews are mixed, with user experiences ranging from positive to critical.
When comparing Crypto.com to other exchanges, it's essential to note that Crypto.com stands out by offering over 350 cryptocurrencies, making it one of the most comprehensive platforms available. It also provides a Visa card with customizable cashback rates and different card types to suit user preferences. Additionally, Crypto.com’s robust DeFi services and competitive staking options, with regularly updated APY rates, make it a versatile choice for investors. Furthermore, its security certifications, such as SOC2 and ISO standards, further enhance its appeal by ensuring a high level of safety and trustworthiness.
We recommend choosing Crypto.com over Gate.io for your cryptocurrency trading needs. By opting for Crypto.com through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Crypto.com 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.
