Introduction: Are you trying to decide between Gate.io vs Kucoin to purchase digital coins but feel stuck? This article will provide you with a breakdown and comparison of the two exchanges. We will look at how simple they are to use, deposit methods, fees and more to help you in your decision.
Gate.io is a globally recognized cryptocurrency exchange that was founded in 2013 by Lin Han.
Based in the Cayman Islands, Gate.io has established itself as a reputable platform offering a wide range of services to cryptocurrency traders. With a workforce of over 350 dedicated employees, the exchange operates in 184 countries, catering to a vast international user base.
The platform supports various trading functionalities, including spot trading, margin trading, futures, and options trading. Gate.io also offers an extensive array of over 1500 cryptocurrencies, making it an altcoin heaven.
With over 12 million users globally, Gate.io has garnered a significant user base, primarily concentrated in Europe and Asia.
While it is available in a vast number of countries, there are restrictions in place for users from the United States and Canada. Additionally, users in the United Kingdom, France, Netherlands, Germany, and Italy are limited to utilizing only spot trading services on the platform.
The exchange's popularity is further reinforced by its availability on both Android and iOS platforms, with the Gate.io app being downloaded over 1 million times. The app has received positive ratings, boasting a solid 4.4-star rating based on over 40,000 user reviews.
Kucoin is also a globally recognized cryptocurrency exchange that was established in 2017 by Michael Gan. As a subsidiary of Seychelles registered MEK Global Limited, the exchange boasts a global workforce of over 600 employees. Kucoin operates in over 200 countries with restrictions in place for users from the United States and China, due to regulatory considerations.
As a comprehensive cryptocurrency exchange, Kucoin offers a diverse range of services to its users. These include spot trading, margin trading, futures, staking, and lending. The platform supports +700 cryptocurrencies, including popular ones like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cosmos (ATOM) and many others.
Kucoin has successfully amassed an impressive user base of over 20 million users. The availability of the Kucoin app on both Android and iOS platforms further enhances its accessibility. The app has been downloaded over 5 million times and has a favorable rating of 4.3 stars based on more than 120,000 user reviews.
Gate.io vs Kucoin: Signup & KYC
Gate.io and Kucoin both make it easy for users to sign up for an account.
It takes less than a minute to sign up for Gate.io and Kucoin, and the KYC verification process is relatively straightforward. However, Gate.io requires users to verify their identity via KYC, whereas Kucoin does not.
As such, no trading can occur on Gate.io unless users provide all the necessary information and documents for the KYC verification.
Signing up only takes less than a minute as only basic email signup is required. KYC verification is not mandatory on KuCoin and unverified accounts can buy and sell the same cryptocurrencies that verified accounts can.
Basic verification can be approved in hours and KYC verification can take up to 2-3 business days.
Gate.io vs Kucoin: Products & Services
With a comprehensive selection of financial products and services, Gate.io has established itself as a go-to platform for both experienced professionals and newcomers to the cryptocurrency market.
One of the key strengths of Gate.io is its extensive array of trading options. The exchange facilitates spot trading and margin trading, enabling users to trade with borrowed funds with a leverage of up to 10X.
For those seeking more advanced trading strategies, Gate.io provides a range of derivatives products. Futures trading is available on the platform with up to 50X leverage. Moreover, Gate.io offers perpetual swaps (perps), which are perpetual contracts tied to the underlying cryptocurrency.
By participating in staking on Gate.io, users can also passively generate additional income while supporting the network of their chosen cryptocurrencies. Lending and borrowing is also available Gate.io which enables Users to lend their cryptocurrencies to earn interest.
The platform has also launched it's own Gate card, which enables users to conveniently spend their cryptocurrencies in the real world. Recognizing the surging interest in non-fungible tokens (NFTs), Gate.io also operates an NFT marketplace. This marketplace caters to the growing demand for digital art, collectibles, and other unique digital assets.
In terms of liquidity, Gate.io boasts a commendable standing, consistently ranking within the top 20 exchanges in terms of trading volumes. With daily spot trading volumes ranging from $500 million to $900 million, Gate.io provides ample liquidity for users to execute their trades swiftly and efficiently.
Kucoin is also a well-established and globally recognised cryptocurrency exchange that offers a wide range of services and features to cater to the needs of both professional traders and beginners.
With 700 cryptocurrencies and altcoins available for trading, users can easily buy and sell a wide range of digital assets. In addition to spot trading, Kucoin also provides it's users to borrow funds in order to margin trade and bet on the future via futures trading.
Leveraged tokens are also available, providing users with exposure to leveraged positions without the complexity of managing margin trading directly. Moreover, the exchange offers trading bots that allow users to automate their trading strategies.
In addition to trading services, Kucoin offers various financial services to its users. These include lending and borrowing, and staking opportunities for a wide range of coins and tokens.
Kucoin has expanded its offerings by introducing an NFT marketplace called Windvane. This marketplace caters to the growing demand for digital art and collectibles, allowing users to buy, sell, and trade non-fungible tokens.
To enhance security and control, Kucoin offers its own Web 3 wallet, which allows users to store their digital assets securely while maintaining control over their private keys. This feature provides users with greater peace of mind and aligns with the principles of decentralization and self-custody.
Kucoin consistently demonstrates strong liquidity, frequently ranking in the top 10 exchanges in terms of trading volume. The daily spot trading volumes on Kucoin typically range from $600 to $900 million, indicating the platform's ability to provide sufficient liquidity for traders to execute their orders efficiently.
When it comes to trading fees, both Kucoin and Gate.io have an advantage over the other in different categories.
Kucoin offers lower spot trading fees of 0.1% for makers and takers compared to the 0.2% offered by Gate.io. Trading fees on Kucoin can be lowered for both spot and futures trading once monthly trade volumes exceed 50 Bitcoins or if the user holds at least 1000 KCS tokens.
Gate.io however offers lower futures trading fees for makers (0.015%) and takers (0.05%) compared to the 0.02% and 0.06% offered by Kucoin. Similar to Kucoin, the trading fees on Gate.io can be lowered if monthly trade volumes exceed $60,000 or if users hold enough GT tokens.
When it comes to deposit options, Kucoin and Gate.io have distinct differences. Kucoin offers a wide range of fiat deposit options, including support for 28 different currencies via Visa and Mastercard, which makes it the better choice for those looking to deposit fiat. However, it's important to note that these deposits come with a high 3.8% fee.
Gate.io, on the other hand, does not support fiat deposits, but provides instant crypto purchases with credit/debit card via MoonPay, Banxa, Advacash and Simplex. Despite this convenience, the transaction fees for these options range from 2-5%.
When it comes to fiat withdrawals, Gate.io does not offer any while Kucoin currently only offers SEPA withdrawals for EUR. Kucoin charges a 5 EUR fee for SEPA withdrawals. While Kucoin is obviously better than Gate.io when it comes to fiat withdrawals, this is not a strength for either exchange.
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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.