Gate.io vs Binance: Is Gate.io Better Than Binance? 🧐

gate io vs binance image
Jack Moreau
Nov 2023
8 min read
Fact checked

Introduction: Are you looking to buy cryptocurrencies but not sure which exchange to use? In this article, we compare two of the most popular cryptocurrency exchanges, Gate.io vs Binance. We have compared their product offering, cryptocurrency support, deposit methods, fees, ease of use and more to help you make an informed decision!

Binance

+350 cryptocurrencies

0.1.% Spot Fees & 125X Leverage

Spot, Futures, Perps, Margin

Cheap Deposits/Withdrawals

Visit Binance
eToro USA LLC: Investments are subject to market risk.
Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Gate.io

+1700 Cryptocurrencies

Spot, Perps, Margin, Options

+185 countries

100X Futures Leverage

Visit Gate.io
eToro USA LLC: Investments are subject to market risk.
Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.

Gate.io vs Binance Comparison

Gate.io
Binance
OKX
Founded
2013
2013
2017
Registered
Cayman Islands
Cayman Islands
Hong Kong
Countries N/A
US, CH, CA, SG, MY
US, CA, UK, CN, ML, JP
US, CA
Users
12M
150M
20M
Cryptos
+1700
+350
+350
Spot Fees
0.2%
0.1%
0.08%
KYC Required
Yes
Yes
Yes
Best for
Altcoins & 100X Leverage
Great All Around
Spot & Futures trading
Rating
Signup
Gate.io
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk

Founded in 2017 by Changpeng Zhao and registered as Binance Holdings Ltd in the Cayman Islands, Binance stands as one of the world's most prominent cryptocurrency trading platforms.

Binance exchange
Binance exchange

With a robust workforce of over 6,400 employees, Binance offers its services in 186 countries, excluding places like the United States, Canada, the UK, China and OFAC countries.  

The platform is known for its wide-ranging services such as spot trading, futures trading, staking, earn products, and its own BNB blockchain.

Supporting over 350 cryptocurrencies, Binance is globally recognized for its liquidity making it a preferred choice for traders. This popularity is evident with its user base exceeding 120 million worldwide.

Moreover, its Android app, reflecting the platform's trusted reputation, boasts over 50 million downloads with a 4.4 rating from over a million reviews.

Binance app
Binance app

Founded in 2013 by Lin Han in the Cayman Islands, Gate.io stands as a leading global cryptocurrency exchange with a workforce of over 350 employees.

Gate.io exchange
Gate.io exchange

Gate.io serves users in 184 countries and offers a comprehensive range of services, including spot trading, margin trading, futures, and options trading.

The exchange supports a vast portfolio of over 1,500 cryptocurrencies including major ones like Bitcoin and Ethereum. With its significant user base of over 12 million, the majority hail from Europe and Asia.

While users in the United States and Canada face restrictions, countries like the UK, France, Netherlands, Germany, and Italy have specific product limitations such as only using spot trading.

Gate.io app
Gate.io app

Moreover, the Gate.io mobile application, available on both Android and IOS, has been downloaded over a million times, securing a commendable 4.4-star rating from over 40,000 reviews.

Gate.io vs Binance: Signup & KYC

Registering for a Binance account is a swift process that takes less than a minute. However, to access full account features, users are obligated to undergo a Know Your Customer (KYC) verification.

Binance KYC verification
Binance KYC verification

This entails providing details such as country of residence, address, and government ID, a procedure that usually takes only a few minutes to complete.

It's essential to note that users are prohibited from trading until the KYC verification is completed. While the verification often concludes in as little as 15 minutes, certain cases might require 1-2 business days to complete.

Opening an account on Gate.io is a also quick procedure, with the signup process typically taking under a minute. However, to deposit or withdraw both crypto and fiat currencies, users must complete a mandatory Know Your Customer (KYC) verification.

Gate.io KYC verification
Gate.io KYC verification

While many users experience KYC verification times ranging from a few hours, it can extend up to 24 hours in certain cases. Similar to Binance, the KYC verification on Gate.io have three KYC levels including Basic, Advanced and KYC-3 verification.

The most basic require basic personal information while advanced requires ID and Facial Recognition. The final step in the KYC process for those that wish even higher withdrawal limits involves provide address verification.

Gate.io vs Binance: Products & Services

Binance is the largest cryptocurrency exchange globally with a massive user base of over 150 million people. It's tailored to suit everyone, whether you're just starting in crypto, an experienced trader, or a large institution.

The platform is designed with ease of use in mind with both its website and mobile apps being user-friendly.

At the heart of Binance is its spot trading platform which supports the trading of more than 350 different cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), Osmosis (OSMO), Arbitrum (ARB) and many others.

Binance Spot Trading
Binance Spot Trading

For those interested in margin trading (borrow money to trade), Binance offers leverage between 3X to 10X depending on the cryptocurrency.

Additionally, for beginners who want to automate their trading, Binance provides thousands of strategies through trading bots. These bots can execute trades on your behalf, following strategies like spot trading, Dollar-Cost Averaging (DCA), auto-investing, and rebalancing.

Binance Trading Bots
Binance Trading Bots

Binance goes beyond standard trading by offering advanced futures trading products. These include perpetual contracts and options trading with leverage up to 125X.

The platform offers a wide range of futures contracts including hundreds of USD-Margined futures contracts, which let you trade and settle in stablecoins like USDT or BUSD.

Binance Perpetual Trading
Binance Perpetual Trading

There are also hundreds of coin-margined futures contracts, settled directly in cryptocurrencies, for those who prefer this approach.

Binance's Options Platform is another popular product that includes built-in leverage, allowing traders to hedge their investments. The platform offers options on five different assets including BTC, ETH, BNB, XRP, and DOGE and over 700 contracts in total.

Binance Options Trading
Binance Options Trading

Binance’s trading platform is packed with features. It includes advanced tools for analyzing market trends, various order types to manage risk, and high liquidity.

This high liquidity means that large trades can be made without significantly impacting the market. At the time of writing, Binance has a trading volume of over $60 billion in a single day.

Binance Markets & Trading Volumes
Binance Markets & Trading Volumes

Apart from trading, Binance also offers ways to earn interest on your digital assets. The Binance Earn platform is a comprehensive area for savings, staking, and liquidity farming, where you can earn interest on assets like BTC, ETH, USDT, and USDC with different time commitments.

Binance Earn
Binance Earn

For those interested in early-stage investments, Binance’s Launchpad gives access to new cryptocurrency projects. Additionally, the platform has a section dedicated to NFTs (non-fungible tokens), allowing users to buy and sell NFTs on popular blockchains like Bitcoin, Ethereum, and BNB.

Binance Launchpad
Binance Launchpad

Binance also caters to large-scale traders through its Over-The-Counter (OTC) Trading service. This allows for large transactions to be made privately, without impacting the overall market.

Binance OTC Products
Binance OTC Products

On the technological front, Binance has developed its own blockchain called the Binance Smart Chain. Here, developers can build decentralized finance (DeFi) applications and users can use non-custodial wallets.

Binance Smart Chain
Binance Smart Chain

For those without a Web 3 wallet, Binance offers the Trust Wallet which has grown to one of the most popular wallets in the world.

Binance Web 3 Wallet
Binance Web 3 Wallet

Security is a top priority for Binance which led them to launch the Secure Asset Fund for Users (SAFU), acting as an emergency insurance fund. Additionally, they have a proof of reserves system, ensuring clients that their assets are secure and accounted for.

Binance Proof of Reserves
Binance Proof of Reserves

Gate.io also stands as a multifaceted cryptocurrency exchange catering to a diverse user base. The platform offers a spectrum of trading services, ranging from spot and margin trading to advanced derivatives products, including futures, perpetual swaps, and options.

Gate.io spot trading
Gate.io spot trading

Additionally, Gate.io caters to users seeking financial growth opportunities with features like staking, lending, and borrowing, allowing them to earn rewards, interest, or secure loans.

Gate.io earn
Gate.io earn

To bridge the gap between the crypto and physical world, the exchange offers the Gate card, simplifying cryptocurrency expenditures. Keeping pace with contemporary trends, Gate.io has introduced an NFT marketplace, capturing the burgeoning interest in digital art and collectibles.

Gate.io NFTs
Gate.io NFTs

The platform's interface, though basic, adeptly accommodates both novice traders and seasoned professionals, offering a vast altcoin selection and futures products.

Gate.io derivatives
Gate.io derivatives

With daily spot trading volumes typically hovering between $500-$900 million, Gate.io ranks among the top 20 exchanges in terms of liquidity. It also offers up to 50X leverage on futures and 10X on margin trades.

Gate.io
Binance
OKX
Spot Trading
Yes
Yes
Yes
Futures
Yes
Yes
Yes
Perps
Yes
Yes
Yes
Margin
Yes
Yes
Yes
Options
Yes
Yes
Yes
OTC Desk
Yes
Yes
-
Copy Trading
Yes
Yes
Yes
Trading Bots
Yes
Yes
Yes
Staking
Yes
Yes
Yes
Lend & Borrow
Yes
Yes
Yes
NFTs
Yes
Yes
Yes
Web 3 Wallet
Yes
Yes
Yes
Debit Card
Yes
Yes
-
Signup
Gate.io
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk

Gate.io Fees vs Binance

Trading fees are a crucial consideration when choosing a cryptocurrency exchange. In this area, Binance has a clear advantage over Gate.io when it comes to both spot and futures trading fees.

Binance spot fees
Binance spot fees

Gate.io charges a 0.2% spot trading fee for makers and takers whereas Binance only charges 0.1%. Binance also has a distinct advantage with it's low futures fees of 0.02% for makers and a taker fee of 0.04%. In contrast, Gate.io charges a slightly higher maker fee of 0.02% and a taker fee of 0.05%.

Gate.io spot fees
Gate.io spot fees

Gate.io
Binance
OKX
Spot (mkr)
0.20%
0.1%
0.08%
Spot (tkr)
0.20%
0.1%
0.10%
Futures (mkr)
0.015%
0.02%
0.02%
Futures (tkr)
0.05%
0.04%
0.05%
Signup
Gate.io
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk

Gate.io vs Binance: Deposit Methods

Binance accommodates fiat deposits in an impressive 26 fiat currencies, including but not limited to USD, EUR, AUD, GBP, SEK, DKK, and PLN. For those seeking to deposit fiat onto the platform, Binance extends multiple avenues.

Binance fiat deposits
Binance fiat deposits

Traditional bank transfers are facilitated through renowned mechanisms such as Swift, Signet, SEPA, and Faster Payments (FSP).

Additionally, Binance ensures ease of access for users by accepting deposits via major credit cards like Visa and Mastercard. The platform also integrates with payment systems like PayID and Advacash to offer greater flexibility.

Binance exercises a fee of 1.8% for fiat deposits made using Visa and Mastercard. Bank transfers facilitated through SEPA attract a nominal charge of 1 EUR. Moreover, users leveraging their Advacash accounts for deposits are subject to a 1.5% fee.

Gate.io has abstained from integrating fiat deposit methods directly. This means that users looking to fund their Gate.io accounts cannot directly deposit traditional currencies such as USD, EUR, or GBP.

Gate.io buy crypto with card
Gate.io buy crypto with card

Users can however buy cryptocurrencies instantly using their credit or debit cards. But instead of offering this service directly, Gate.io utilizes third-party service providers: MoonPay, Banxa, Advacash, and Simplex.

While these third-party integrations provide an undeniable level of convenience, they come with a cost component that users must be aware of. Credit card transactions on Gate.io come with fees that can vary between 2-5% of the transaction amount.

Gate.io
Binance
OKX
USD
-
Bank Transfer, SWIFT
-
EUR
-
VISA, MC, SEPA
-
GBP
-
VISA, MC
-
Signup
Gate.io
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk

Gate.io vs Binance: Withdrawal Methods

When it comes to fiat withdrawals, once again Binance has a big advantage over Gate.io as it supports fiat withdrawals with multiple withdrawal options while Gate.io only supports cryptocurrency withdrawals.

Binance fiat withdrawals
Binance fiat withdrawals

Binance supports USD (Bank via SWIFT), EUR (SEPA, Bank Card), and GBP (FSP, Bank Card), with withdrawal fees ranging from 1.8% with Visa and MasterCard, 1 EUR with SEPA, and free bank withdrawals with many other fiat currencies.

Gate.io
Binance
OKX
USD
-
Bank Transfer, SWIFT
-
EUR
-
Sepa, Bank Card
-
GBP
-
Bank Card
-
Signup
Gate.io
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk
Gate.io
Binance
OKX
Bitcoin
0.001 BTC
0.0002 BTC
0.0002 BTC
Ethereum
0.0035 ETH
0.0008 ETH
0.0014 ETH
Solana
0.0046 SOL
0.008 SOL
0.008 SOL
USDT (ERC-20)
5 USDT
3.2 USDT
3.8 USDT
Signup
Gate.io
Your Capital is at risk.
Binance
Your Capital is at risk.
OKX
Your Capital is at risk

Is Gate.io better than Binance?

Gate.io and Binance are both popular cryptocurrency exchanges that offer a variety of trading options and features.

Gate.io has a larger selection of coins and tokens, while Binance has a wider range of trading pairs and a more user-friendly interface.

Binance also offers a wider range of products than Gate.io in addition to more fiat deposit and withdrawal options.

Binance also has a much larger user base, lower trading fees overall and better liquidity which leads to smaller spreads.

You should go with Gate.io if:

  • If you want to buy hard to find altcoins.
  • You don't mind paying slightly higher trading fees
  • You have cryptocurrencies to deposit (no fiat deposits)

You should go with Binance if:

  • You want to pay very low trading fees (0.1%)
  • You want to access deep liquidity
  • You want to trade spot, futures with high leverage
Binance

+350 cryptocurrencies

0.1.% Spot Fees & 125X Leverage

Spot, Futures, Perps, Margin

Cheap Deposits/Withdrawals

Visit Binance
eToro USA LLC: Investments are subject to market risk.
Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Gate.io

+1700 Cryptocurrencies

Spot, Perps, Margin, Options

+185 countries

100X Futures Leverage

Visit Gate.io
eToro USA LLC: Investments are subject to market risk.
Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
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.

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