Are you having trouble deciding between Lbank and Gate.io for your cryptocurrency trading? Welcome, our comprehensive comparison takes a deep dive into the features, fees, and user experience of both exchanges to help you decide. By the end of this breakdown you'll have a clear idea of which exchange aligns best with your trading needs. Read on to discover the right exchange for you!
Lbank and Gate.Io are both global cryptocurrency exchanges that offer a variety of trading options to users in various countries around the world.
Lbank was founded in 2015 and is headquartered in Indonesia. The exchange has over 5 million registered users and is available in over 200 countries. Gate.Io, established in 2013 and based in the Cayman Islands, boasts over 12 million users in 184 countries.
Lbank exchange
Both exchanges offer numerous cryptocurrencies for trading with Lbank supporting over 450 cryptocurrencies and Gate.io offering over 1000. Lbank provides a range of digital assets including spot, futures, and ETF trading, while Gate.Io offers spot trading, margin trading, futures, and options trading.
When it comes to mobile apps, both Lbank and Gate.Io offer apps for both Android and IOS devices. Lbank's app has over 1 million downloads with an average 3.2-star rating based on 20,000 reviews. Meanwhile, Gate.Io's app has been downloaded over 1 million times and has a solid 4.4-star rating with over 40,000 reviews.
Gate.io app
Lbank vs Gate.Io Signup & KYC
When it comes to cryptocurrency exchanges, Lbank and Gate.io are two popular options for traders. While they both offer unique features and benefits, there are some notable differences in their signup process and KYC requirements.
Starting with Lbank, one of the standout features of the exchange is that KYC verification is not mandatory for all users. This means that users can deposit and trade cryptocurrencies without having to go through the verification process.
However, if users want to increase their withdrawal limits or access other features, they will need to complete KYC verification by uploading an ID such as a passport or driver's license. The verification process can take up to 1-2 business days to complete depending on how busy the support team is.
lbank KYC process
Gate.io requires KYC verification for both deposits and withdrawals of crypto and fiat currencies. The signup process is quick and takes less than a minute, but users will need to complete the verification process before they can start trading. The processing time for KYC verification may be a few hours to 24 hours in most cases.
Lbank vs Gate.Io Products & Services
Lbank and Gate.io are two exchanges that offer a wide range of trading products and services to their users. Lbank offers spot trading, futures, ETFs, and earn products with flexible or locked time periods for USDT, USDC, and other cryptocurrencies.
Spot trading on Lbank
The daily spot trading volume on LBank often exceeds volumes of $1 billion, making it a highly liquid exchange. Lbank offers leverage on futures up to 125X which is higher than most other exchanges. However, the user experience on Lbank is not that great, with a slow and slightly buggy platform that can be confusing to use at times.
Gate.io offers a slightly wider range of products such as spot and margin trading and derivatives products such as futures, perps, and options trading. It also offers grid trading, earn products, and an NFT marketplace. The user experience on Gate.io is quite basic while offering a solid variety of products and services.
Gate.io products and services
The exchange satisfies the needs of both professional traders and beginners with a wide range of altcoins and futures products. Liquidity on Gate.io is in the top 20 category with daily spot trading volumes in the range of $500-$900 million. Futures leverage of 50X is available on Gate.io with 5X margin leverage.
While both Lbank and Gate.io offer a wide range of trading products and services, they differ in terms of their user experience and leverage options. Lbank offers higher leverage on futures than Gate.io, but the user experience is not as good. Gate.io, on the other hand, offers a better user experience and a wider range of altcoins and futures products.
When it comes to trading fees between Lbank and Gate.io, both exchanges offer identical trading fees for both spot trading. For spot trading, Lbank charges a flat 0.2% fee for both makers and takers which is the same as Gate.io.
Gate.io spot fees
And for futures trading, Lbank charges a mere 0.02% fee for makers and 0.06% fee for takers, while Gate.io charges 0.02% for makers and a lower 0.05% for takers. Trading fees on Gate.io can be lowered if monthly trade volumes exceed $60,000 or if users hold enough GT tokens. While both exchanges offer competitive trading fees, they are not in the same league as alternatives such as Binance, OKX and Phemex.
When it comes to depositing fiat currencies, both Lbank and Gate.io fall short as that is not an option with either exchange. Lbank does not support fiat deposits directly, meaning users have to deposit cryptocurrencies to trade or purchase crypto via third-party providers that Lbank works with.
Gate.io also does not support fiat deposits but it does provide instant purchase with credit/debit cards via MoonPay, Banxa, Advacash, and Simplex. However, these instant purchases come with expensive credit card fees ranging from 2-5% transaction fees.
When it comes to withdrawing from funds from Lbank and Gate.io, once again, neither of these exchanges have support for fiat currencies.
Starting with Lbank, you'll only be able to withdraw your coins with different withdrawal fees depending on which blockchain you are using. The fees for withdrawing your Bitcoin are 0.0005 BTC and 0.0001 ETH for Ethereum. To withdraw Solana and ERC-20 USDT the fees are 0.02 SOL and a hefty $20 USDT fee.
The fees for withdrawing your cryptocurrencies with Gate.io are 0.001 BTC for Bitcoin, 0.0019 ETH for Ethereum, 0.003 SOL for Solana and 3 USDT for Tether. In both cases, Lbank and Gate.io disappoint overall with a lack of fiat withdrawals and high fees to withdraw your cryptocurrencies from their respective exchange.
In conclusion, Lbank and Gate.io are both global cryptocurrency exchanges that offer a variety of trading options to users around the world. However, each exchange has its own unique offerings that cater to different types of users.
For those who prioritize flexibility and more privacy, Lbank is the better option with its lack of mandatory KYC verification for all users. On the other hand, Gate.io prioritizes security and offers a better user experience and offers a wider range of both altcoins and trading products.
In terms of trading fees, the exchanges are even when it comes to spot trading and differ only slightly in terms of the fees for futures trading.
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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.
