Security Compliance
Netcoins utilizes the services of Bitrank and QLUE to stay compliant by monitoring wallet addresses and transactions for fraud and connections to criminal enterprises.
Two-factor authentication is available to help keep your account secure.
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 platforms emphasize security, but there are key differences. Netcoins, being under the umbrella of BIGG Digital Assets, a publicly-traded company, offers transparency and is registered as a Money Services Business with FINTRAC in Canada. However, details about its storage practices for customers' funds remain ambiguous. Gate.io, a global entity, invests heavily in security and implements hot and cold storage solutions. It proudly claims its position as the first to invest millions in security and law funds.
Regulatory Compliance
Netcoins is fully regulated in Canada. It is registered as a Money Services Business (MSB) with FINTRAC. Since Netcoins is also owned by Bigg Digital Assets, a publicly traded company, you can be sure that Netcoins is a safe exchange.
Gate.io is not compliant crypto exchange in Canada.
Netcoins stands out in compliance, being fully regulated and compliant in Canada. It's registered with FINTRAC, the Financial Transactions and Reports Analysis Centre of Canada, ensuring it abides by local financial regulations. Gate.io, on the other hand, has certain restrictions. Canada is listed among the countries disallowed in their terms of service, meaning Canadian users run the risk of account blocks.
Customer support
Netcoins has excellent customer support with an impressive 85% excellent customer service reviews on Trustpilot with a 4.5-star rating. Netcoins offers email support, live chat and phone support, which is rare for crypto exchanges.
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.
Netcoins sets a high bar for customer support, offering 24/7 live chat, email, and even phone support – a rarity in the crypto world. Their swift response times and attentiveness have been widely appreciated. Gate.io, in contrast, has faced some criticism. While they do offer a live chat feature and a help center, they have a history of negative reviews on Trustpilot, especially concerning withdrawal issues and slow customer service responses.
Conclusion
While both Netcoins and Gate.io offer valuable services to crypto enthusiasts, when it comes to serving the Canadian market, Netcoins emerges as the winner. With its tailored approach for Canadians, regulatory compliance, and exemplary customer service, it’s the obvious choice for those in the Great White North.
Netcoins stands out with its 24/7 uninterrupted trading availability, ensuring users can access the market anytime without delays. This is particularly useful compared to Gate.io that may experience downtime or maintenance. Additionally, Netcoins offers limit orders, which give traders more control over their buy/sell strategies—something not all platforms provide. Personalized price alerts are another feature that keeps users ahead of market shifts, offering a competitive edge when compared to exchanges with fewer notification options.
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.
We recommend choosing Netcoins over Gate.io for your cryptocurrency trading needs. By opting for Netcoins through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Netcoins 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.
