Security Compliance
To secure your Uphold account, you can enable two-factor authentication.
Uphold trading platform utilizes cold storage for your safety.
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 exchanges prioritize user security. Uphold uses 2FA and encryption while Gate.io also enables two-factor authentication and employs a combination of hot and cold storage to secure user funds. However, Gate.io's compliance with Canadian regulations can be an issue, as it has the potential to randomly block accounts from certain disallowed countries, including Canada.
Regulatory Compliance
Uphold is fully regulated in the USA. They are compliant with the Office of Foreign Assets Control (OFAC) and record keeping regulations with the Bank Secrecy Act (BSA). It's Canadian-friendly as well.
Gate.io is not compliant crypto exchange in Canada.
Uphold is globally compliant and maintains transparency about its operations, making it a reliable platform for Canadian users. On the other hand, Gate.io lists Canada as a disallowed country under its terms, which means it could block Canadian accounts at any time. This lack of clarity about compliance makes Gate.io less suitable for Canadians.
Customer support
Uphold has good reviews about their customer service teams. They offer help centres on their website and within the app.
You can contact Uphold’s customer support via their online ticketing system on their website.
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.
Uphold provides robust support with 24/7 customer service, whereas Gate.io has received some criticism for slow response times and issues with withdrawals. However, Gate.io does have a helpful help center and blog, along with a live chat function.
Conclusion
While Gate.io offers a wider array of altcoins and interesting features, its user interface and compliance issues can make it a less appealing option for Canadians. Uphold, with its strong customer support, compliance transparency, and user-friendly interface, is the recommended choice for Canadian users.
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.
Uphold sets itself apart by offering an international debit card with cashback rewards and no foreign transaction fees, which is a big advantage for global traders. However, for Canadians, it's important to note that direct bank deposits and withdrawals aren't currently supported. Instead, Canadians can use credit or debit cards for trading, though credit card transactions come with a 3.99% fee. This limitation may make other exchanges more appealing for users who prefer traditional banking methods.
We recommend choosing Uphold over Gate.io for your cryptocurrency trading needs. By opting for Uphold through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Uphold 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.
