MEXC vs Gate.io: Who Has the Best Trading Experience?
Jack Moreau
Aug 2023
10 min read
Fact checked
Are you trying to decide between MEXC vs Gate.io? Great, we have thoroughly researched both exchanges and are ready to provide you with all the information you need. From fees to user experience, we break down every aspect of these exchanges so you can easily discover which one is the best to use. By the end of this comparison, you'll know which exchange is the right choice for your trading needs.
Mexc was founded in 2018 by John Chen and is a centralized exchange with over 5 million users in more than 70 countries around the world.
The exchange offers a wide range of trading pairs including major cryptocurrencies such as Bitcoin, Ethereum, Cardano as well as many lesser-known altcoins.
MEXC exchange
Mexc supports one of the biggest ranges of cryptocurrencies on the market with over 1000 cryptocurrencies and 2000 trading pairs available.
The platform is present in over 200 countries and has obtained key licenses in Canada, Australia, Estonia and the United States.
Mexc also offers a mobile app, which has been downloaded over 1 million times and has an average rating of 4.1 stars based on 25,000 reviews.
MEXC app
Gate.io which was founded in 2013 by Lin Han is also a global cryptocurrency exchange that offers a variety of services including spot trading, margin trading, futures and options trading.
The platform also supports an extensive range of over 1000 cryptocurrencies including Bitcoin, Ethereum and numerous altcoins.
Gate.io exchange
Gate.io has over 12 million users around the world with the majority being based in Europe and Asia. The Gate.io mobile app has been downloaded over 1 million times and has a solid rating of 4.4 stars with over 40,000 reviews.
Gate.io app
Mexc vs Gate.io Signup & KYC
There are a variety of factors to consider when it comes to signing up for a cryptocurrency exchange.
One important aspect is KYC (Know Your Customer) requirements as this impacts whether you have to share personal information or not. Let's take a closer look at the signup process and KYC requirements for Mexc and Gate.io.
First up is Mexc which offers a fast and easy signup process. Users simply need to enter their email and password and then enter the verification code sent to their email.
The good news is that KYC is not mandatory on Mexc so users can deposit cryptocurrencies and start trading right away without having to go through the hassle of verification.
KYC on MEXC
However, if users want to access higher withdrawal limits or buy crypto with fiat currencies, they will need to complete primary KYC which includes personal information.
To increase the withdrawal limit even further to 200 BTC per day, advanced KYC is required which means providing personal information and facial recognition.
Gate.io is a bit more strict with their KYC requirements. KYC is mandatory for both depositing and withdrawing crypto and fiat currencies.
Gate.io KYC
The signup process is quick and easy however taking less than a minute to complete. Users will need to wait a few hours to a day for their documents to be verified before they can start trading.
Mexc vs Gate.io Products & Services
Cryptocurrency exchanges have become increasingly popular in recent years, and two such exchanges that stand out are Mexc and Gate.io.
Let's start by taking a closer look at Mexc. This exchange is mainly known for its range of trading products which include spot trading, leveraged ETFs, margin trading, and quantitative trading.
MEXC spot trading
Mexc also offers futures products such as perpetual futures with USDT and cryptocurrencies as collateral, and they provide copy and demo trading for beginners. Additionally, users can stake their assets, earn interest through lending, and participate in token launches through the exchange's launchpad.
Staking on MEXC
While Mexc's user experience is average, the exchange makes up for it with its impressive liquidity. The daily spot trading volume frequently exceeds $1 billion, making it one of the most liquid exchanges on the market. Another notable feature of Mexc is its max futures leverage of up to 200X, which is significantly higher than most other exchanges.
Moving on to Gate.io, this platform offers a comprehensive suite of products and services that cater to different types of traders. Gate.io's offerings include spot and margin trading, derivatives such as futures, perps, options trading, copy trading, staking, and a token launchpad.
Gate.io copy trading
One of the drawbacks of Gate.io is the lower futures leverage available which is limited to 50X. This may not be ideal for traders looking to maximize risk. While Gate.io's user experience is quite basic, liquidity on the platform is impressive with daily spot trading volumes frequently exceeding $500-$900 million.
In conclusion, while Mexc offers higher futures leverage and a range of savings products, Gate.io offers a comprehensive suite of trading products and higher liquidity.
Let's take a closer look at what MexC and Gate.io compare when it comes to trading fees.
For MexC, the spot maker fee is 0.2% which is a little higher compared to the most competitive exchanges such as Binance, OKX and Bybit. However, they offer discounts for traders who use their MX token to trade.
For futures trading, MexC offers a very competitive 0% fee for makers and 0.02% for takers. This is one of the lowest fees in the market, making MexC a great choice for those who want to trade futures.
Gate.io also has a spot trading fee of 0.20% for both makers and takers and their futures maker fee is only 0.02% with a futures taker fee of 0.05%.
Gate.io spot fees
The trading fees on Gate.io can further be lowered if monthly trade volumes exceed $60,000 or if users hold enough GT tokens.
Now let's continue with a breakdown of the deposit methods offered by Mexc and Gate.io.
Unfortunately, if you're looking to deposit fiat currencies, Mexc isn't the exchange for you. They only offer the option to deposit cryptocurrencies or buy crypto via card or third-party providers like Banxa and MoonPay.
Buy crypto with card on MEXC
However, if you already have cryptocurrencies and are looking to trade them on Mexc, you're in luck! Deposits can be made with no deposit fees and the process is fast.
Moving on to Gate.io, like Mexc, Gate.io doesn't offer support for fiat deposits but they also offer instant purchases with credit/debit cards via MoonPay, Banxa, Advacash, and Simplex. However, be aware that these credit/debit card fees can range from 2-5%, which can add up quickly if you make frequent deposits.
If you're looking to withdraw your cryptocurrency from MEXC or Gate.io, you'll want to take note of the fees involved. While neither exchange allows for fiat currency withdrawals, you can withdraw a range of cryptocurrencies.
With MEXC, you'll pay a 0.0003 BTC fee to withdraw Bitcoin and a 0.0001 ETH fee for Ethereum. To withdraw Solana comes with a 0.01 SOL fee and a $4 fee for ERC-20 USDT withdrawals.
On the other hand, at Gate.io, the withdrawal fees are a bit higher. You'll pay a 0.001 BTC fee for Bitcoin withdrawals and a 0.0019 ETH fee for Ethereum withdrawals. In terms of crypto withdrawal fees, both MEXC and Gate.io charge higher fees than most other exchanges.
In conclusion, Mexc and Gate.io are two middle of the pack cryptocurrency exchanges that both offer a wide range of of cryptocurrencies and altcoins.
Mexc stands out for its exceptional range of over 1000 cryptocurrencies and 2000 trading pairs, making it one of the most comprehensive exchanges on the market. The platform also offers a robust mobile app that has been downloaded over 1 million times, making it a convenient choice for traders on the go.
Meanwhile Gate.io boasts impressive liquidity with daily spot trading volumes frequently exceeding $500-$900 million. The exchange also offers a comprehensive suite of trading products and services that cater to different types of traders.
When it comes to signing up for either exchange, Mexc offers a faster and easier signup process with optional KYC, while Gate.io enforces mandatory KYC for all users. When it comes to trading fees, MexC and Gate.io offer the same type of spot fees (0.2%) while MEXC is slighly more competitive on futures fees with 0% maker fees.
In terms of fiat deposit options, neither exchange supports fiat deposits but both exchanges gives users the option for instant credit/debit card purchases with higher fees.
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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.
