Gate.io vs Binance: Where Does Gate.io Have An Edge?
Jack Moreau
Mar 2023
5 min to 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 and Binance. Both exchanges offer a wide range of cryptocurrencies, low fees, and a wide range of trading options, so it can be hard to decide. We have compared their deposit methods, fees, ease of use and more to help you make a decision.
Gate.io vs Binance: Overview
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Beginner Crypto Investors
Gate.io and Binance are two heavyweights in the world of cryptocurrency exchanges. Founded in 2013, Gate.io has established itself as a prominent player with 350 employees, while Binance, founded in 2017, is a giant in the industry with 6,400 employees.
Both exchanges are based in offshore territories, with Gate.io located in the Cayman Islands and Binance in the British Virgin Islands. While Gate.io is available in 184 countries, Binance operates in 186 countries, making it slightly more accessible.
Binance's user base of 120 million dwarfs Gate.io's 12 million and this difference is also eflected in the number of app downloads: Binance has over 50 million downloads while Gate.io has 1 million.
It's clear that Binance is the bigger of the two exchanges, with a massive user base and more than 18 times as many app downloads.
Gate.io vs Binance: Signup & KYC
When it comes to signing up for cryptocurrency exchanges such as Gate.io and Binance, the process is quick and straightforward. Both exchanges take less than a minute to sign up, but their KYC verification (required by both) processes times may differ.
In terms of processing time, Binance's verification process can be as short as 15 minutes but may take up to 2-3 business days in some cases. Meanwhile, the processing time for KYC verification on Gate.io is usually within a few hours to 24 hours.
Gate.io vs Binance: Products & Services
Gate.io and Binance are evenly matched when it comes to the number of products and services that they offer. Both offer the full suite of trading services including spot, futures, perp, margin and options trading. In addition to this, they both offer copy trading with Gate.io also offering trading bots.
Binance, similar to Gate.io also offer staking services, borrowing and lending and an NFT marketplace. Where Binance has an advantage is that it also offers a Web 3 wallet and debit cards that allows its users to earn cashback on purchases.
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.
Gate.io charges a 0.2% spot trading fee 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%.
If you are looking for lower fees for futures trading, Binance is clearly the better option.
Gate.io vs Binance: Deposit Methods
In terms of deposit methods, there are clear differences between Gate.io and Binance. While Binance supports a wider range of fiat currencies, including EUR, AUD, GBP, and PLN, it does not offer support for USD. Binance also offers multiple deposit options, including bank transfer, credit/debit card, and PayID/Advacash. Binance charges a 1.8% fee for credit/debit card deposits and a 1 EUR fee for SEPA deposits.
Gate.io on the other hand does not offer fiat deposits at all and only allows instant purchase of crypto through a credit/debit card or third-party payment provider, with high fees ranging from 2-5%. Ultimately, Binance offers more fiat deposit options and a more cost-effective solution for those looking to deposit fiat currencies.
ACH, Wire, Debit/Credit Card
Gate.io vs Binance: Withdrawal Methods
Binance and Gate.io both offer fiat withdrawal options, but they differ in the currencies they support and the fees charged. 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, on the other hand, charges no fee for fiat withdrawals, but only supports USD via wire transfer.
ACH, Wire, Debit/Credit Card
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. Both platforms are reliable and secure, so it really comes down to personal preference when choosing between the two.
You should go with Gate.io if:
- If you want to buy hard to buy 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
