Coinex vs Gate.io: Product features & Overall fees
9 min read
When it comes to choosing between Coinex and Gate.io, it can be difficult to know which exchange is right for you. That's why we've done the research and compared them across a range of metrics, including trading fees, security features, deposit methods, and more. Read on to find out which exchange is the best fit for your needs.
Coinex, founded in 2017 by Haipo Yang and headquartered in Hong Kong and has over 2 million users worldwide.
The platform provides trading services for a wide range of over 600 cryptocurrencies including major ones such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Polkadot (DOT), Cardano (ADA), and stablecoins like Tether (USDT) and USD Coin (USDC).
Coinex is available in most countries around the world with noticeable exceptions being the United States, China, and Canada. Its trading services include spot trading, margin trading, and futures trading. Coinex's user-friendly interface caters to both beginners and experienced traders.
Coinex's app has seen over 1 million downloads and maintains a strong rating of 4.3 stars from over 80,000 reviews.
Gate.io was established in 2013 by Lin Han and is registered in the Cayman Islands. The exchange has grown a larger user base of over 12 million users primarily in Europe and Asia. It supports an extensive range of over 1500 cryptocurrencies, providing an even wider selection compared to Coinex.
Its services are available in 184 countries, although there are restrictions in the US and Canada, and limitations to only spot trading for users in the UK, France, Netherlands, Germany, and Italy.
The platform offers spot trading, margin trading, futures, options trading and more and like Coinex, is also available on Android and IOS where it has 1 million downloads and a solid rating of 4.4 stars based on over 40,000 reviews.
Coinex vs Gate.io Signup & KYC
When it comes to the signup process, both Coinex and Gate.io offer a quick and easy process.
However, when it comes to KYC requirements, there is a difference between the two exchanges. Coinex allows users to immediately deposit cryptocurrencies and begin trading without going through KYC.
Those who wish to access increased withdrawal and trading limits will need to go through the KYC process, which involves submitting personal information, uploading a valid ID and taking a selfie. It can take up to 1-3 working days to get the account KYC verified by the Coinex team.
On Gate.io KYC is mandatory for both depositing and withdrawing crypto and fiat currencies. Once users have deposited all the required information and documents to get KYC verified, Gate.io normally needs a few hours up to to 24 hours to verify (or not) a new account.
For users who would prefer not to upload all the documents associated with KYC, Coinex provides a more seamless answer than Gate.io
Coinex vs Gate.io Products & Services
Coinex, despite not having a wide range of products, covers the basics efficiently. The platform offers spot trading for over 600 cryptocurrencies, including both well-known large-cap cryptos and less known altcoins. In terms of leverage, Coinex Inverse contracts offer adjustable leverages from 3X to 100X.
It also provides margin trading with leverage up to 10X and futures trading with perps settled in stablecoins and cryptocurrencies. For users interested in automated trading, Coinex offers trading bots for recurring buys and auto buying and selling. Coinex's liquidity is not in the top 20, with daily trading volumes usually between $25-$75 million, suggesting wider spreads compared to larger exchanges.
Financially, users can earn on their assets by lending them to others. The user interface is beginner-friendly with a helpful newbie zone featuring easy-to-follow tutorials.
Gate.io is a more versatile exchange than Coinex with a wider range of services. These include spot and margin trading, derivatives products like futures, perpetual swaps (perps), and options trading for more advanced strategies.
Gate.io also offers financial products such as staking, lending, and borrowing services, along with a Gate card to facilitate crypto spending and an NFT marketplace for digital art and collectibles.
The user experience on Gate.io is quite basic but it caters to both professional traders and beginners with its wide variety of altcoins and futures products.
In terms of liquidity, Gate.io ranks within the top 20 exchanges, boasting daily spot trading volumes between $500-$900 million. The platform also provides futures leverage up to 50X and margin leverage up to 10X for more experienced traders who want to take on more risk.
When it comes to trading fees, let's take a closer look at both exchanges and their fee structures.
Coinex charges a spot trading fee of 0.2% for makers and takers, which is on the lower end across the industry. And for CET token holders, Coinex offer discounts based on the number of CET tokens users hold.
For example, if you hold more than 1,000 CET tokens (VIP 1), your spot fees will be reduced to 0.18% for makers and takers, and 0.14% if you buy and sell using the CET token. When it comes to trading futures on Coinex, the fees are competitive with makers and takers paying 0.03% and 0.05% respectively.
Similar to Coinex, Gate.io also charges a spot trading fee of 0.2% for both makers and takers. Gate.io however offers discounts based on monthly trade volumes or if users hold enough GT tokens.
For example, if your monthly trade volumes exceed $60,000, your fees will be reduced. Similarly, if you hold enough GT tokens, your fees will also be reduced.
For those that wish to deposit fiat currencies to begin trading, Coinex and Gate.io offer different deposit methods.
Fiat deposits are not supported on Coinex and users who wish to buy crypto with fiat currencies have to buy via third-party providers such as Banxa, Mercuryo, MoonPay and Advcash. Note however that the fees to buy cryptocurrencies in this way is expensive with fees ranging between 3-8% commissions.
Similar to Coinex, Gate.io also only allows for cryptocurrency deposits and supports instant purchases with credit/debit cards via MoonPay, Banxa, Advacash, and Simplex. However, these options come with expensive credit card fees ranging from 2-5% transaction fees.
When it comes to withdrawal methods, both Coinex and gate.io only allow for cryptocurrency withdrawals with no support for any fiat currencies.
Coinex users can thus withdraw their funds only in cryptocurrencies with fees ranging from 0.00014 BTC for Bitcoin withdrawals, for Ethereum it's 0.003 ETH, and for Solana it's 0.01 SOL.
Similar to Coinex, no fiat withdrawals are possible on Gate.io either. This means that all withdrawals will have to be in cryptocurrencies. The fees for these withdrawals are relatively low, with a fee of 0.001 BTC for Bitcoin, 0.0035 ETH for Ethereum, and 0.0046 SOL for Solana. However, if you're looking to withdraw USDT (ERC-20), the fee is higher at 5-10 USDT.
As such, neither Coinex or Gate.io are great options for those that would prefer to buy and sell cryptocurrencies by first depositing fiat currencies. Better alternatives for that are exchanges such as Binance, Bybit and Kraken.
When comparing Coinex and Gate.io, it's clear that both exchanges offer a quick and easy signup process.
While Coinex allows users to immediately deposit and trade without going through KYC, KYC is mandatory for both depositing and withdrawing crypto and fiat currencies on Gate.io.
Both exchanges offer equally competitive spot trading fees of 0.2% for makers and takers and both exchanges offer discounts for those that trade with their native tokens CET and GT.
Gate.io has the advantage of offering more cryptocurrencies (1500) compared to the 600 offers by Coinex while also offering a much wider product range. many products like options, perps, copy trading, trading bots and more can only be found on Gate.io and not available on Coinex.
Both exchanges offer decent interfaces that are designed to appeal to beginner and more senior traders alike. Overall, Gate.io is the more comprehensive exchange between the two which makes it the winner.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.