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

Gate.io
Binance
Uphold
Founded
2013
2013
2013
Registered
Cayman Islands
Cayman Islands
London
Countries N/A
US, China, Canada, Singapore, Malaysia
China, Malaysia, Japan, UK, Ontario
Australia, Austria, Belgium, Germany, Netherlands
Users
12M
120M
10M
Cryptos
1500
+350
+300
Spot Fees
0.20%
0.1%
0.9-1.2%
KYC Required
No
Yes
Yes
Best for
Altcoin hunters
Great All Around
Beginner Crypto Investors
Rating

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
Binance
Uphold
Spot Trading
Yes
Yes
Yes
Futures
Yes
Yes
-
Perps
Yes
Yes
-
Margin
Yes
Yes
-
Options
Yes
Yes
-
OTC Desk
Yes
Yes
-
Copy Trading
Yes
Yes
-
Trading Bots
Yes
-
-
Staking
Yes
Yes
Yes
Lend & Borrow
Yes
Yes
-
NFTs
Yes
Yes
-
Web 3 Wallet
-
Yes
-
Debit Card
-
Yes
-

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
Binance
Uphold
Spot (mkr)
0.20%
0.1%
0.9-1.2%
Spot (tkr)
0.20%
0.1%
0.9-1.2%
Futures (mkr)
0.015%
0.02%
-
Futures (tkr)
0.05%
0.04%
-

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.

Gate.io
Binance
Uphold
USD
-
Bank Transfer, SWIFT
ACH, Wire, Debit/Credit Card
EUR
-
VISA, MC, SEPA
SEPA
GBP
-
VISA, MC
Faster Payments (FSP)

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.

Gate.io
Binance
Uphold
USD
-
Bank Transfer, SWIFT
ACH, Wire, Debit/Credit Card
EUR
-
Sepa, Bank Card
SEPA
GBP
-
Bank Card
Faster Payments (FSP)
Gate.io
Binance
Uphold
Bitcoin
0.001 BTC
0.0002 BTC
Ethereum
0.0019 ETH
0.00077 ETH
Solana
USDT (ERC-20)
3 USDT
3.2 USDT

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
Gate.io

+1500 cryptocurrencies

100X futures leverage

Available in 185 countries

Wide range of products

Visit Gate.io
eToro USA LLC: Investments are subject to market risk.
Including the possible loss of principal.
Binance

+350 cryptocurrencies

Low trading fees (0.1%)

Wide range of products

$5 billion daily volume

Visit Binance
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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