Security Compliance
Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication.
In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available.
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 place a strong emphasis on security. Wealthsimple Crypto's client accounts are CIPF protected, and it implements strong encryption practices to secure client data. Similarly, Gate.io employs a mix of hot and cold storage solutions to secure customer funds and encourages users to set up two-factor authentication.
Regulatory Compliance
Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform in Canada.
Gate.io is not compliant crypto exchange in Canada.
Both platforms comply with regulatory standards. Wealthsimple Crypto is regulated by the Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). However, while Gate.io services are accessible to Canadians, the platform lists Canada as a disallowed country, suggesting potential compliance issues or risks for Canadian users.
Customer support
Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly.
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.
Wealthsimple Crypto has customer support available through email and live chat. However, some users find response times to be slow. Gate.io also provides a help centre and live chat function, but it's also plagued by user complaints about slow responses and withdrawal issues.
Conclusion
Despite Gate.io's extensive range of features and altcoin offerings, its complexity, low app ratings, and the fact that Canada is listed as a disallowed country, raises concerns. Wealthsimple Crypto, on the other hand, provides a user-friendly platform, is fully compliant with Canadian regulations, and offers better customer support, which makes it the preferable option for Canadians, especially beginners.
Wealthsimple Crypto has recently enhanced its platform to better compete with Gate.io. The introduction of crypto swaps allows users to exchange one cryptocurrency for another directly, reducing trading fees and streamlining the process. With support now extended to over 60 different coins, investors have a broader selection to choose from. Additionally, Wealthsimple offers staking options with potential annual yields of up to 11%, providing an opportunity for passive income that may surpass offerings from other exchanges. The platform has also addressed past limitations by enabling users to send and receive cryptocurrencies to and from external wallets, significantly improving flexibility and aligning with features commonly found on other leading platforms.
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 Wealthsimple Crypto over Gate.io for your cryptocurrency trading needs. By opting for Wealthsimple Crypto through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Wealthsimple Crypto 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.
