Gate.io vs Binance: Fees, Cryptos, KYC Difference in 2023
Binance is a well-known exchange with many years of experience, while Gate.io is its competitor who has been gaining popularity recently. In this article, we will compare the two exchanges in these respects: Gate.io vs Binance by evaluating the company's performance, customer service and security measures.
Binance | GATE.io | |
|---|---|---|
Type of exchange | Сentralized | Сentralized |
Year founded | 2017 | 2013 |
Registration country | Cayman Islands | China |
Trust Score (Coingecko) | 10 | 10 |
Cryptocurrencies / trading pairs | 1458 | 2758 |
Trading types | Spot, Futures, Margin trading, P2P | Spot, Futures, Margin trading, P2P |
Fees | 0.1% (0.075% option for BNB holder) | 0.20% |
2FA | Yes | Yes |
Mobile application | IOS, Android | IOS, Android |
Daily trading volume on Spot market | $14 488 360 308 | $1 066 912 483 |
Advantages and disadvantages of Gate.io
Pros:
Cons:
Gate.io Review Summary
We have analyzed key features of Gate.io based on 3 important criteria for choosing crypto exchange:
- Trustworthy
- Usability
- Fees
Based on researches and our own tests, we have made an independent rating.
Advantages and disadvantages of Binance
Pros:
Cons:
Binance Review Summary
We have analyzed key features of Binance based on 3 important criteria for choosing crypto exchange:
- Trustworthy
- Usability
- Fees
Based on researches and our own tests, we have made an independent rating.
About Gate.io exchange
The Gate io exchange is a multifunctional trading floor featuring spot and margin trading in cryptocurrencies, as well as futures and ETF trading. The exchange trades Bitcoin, Ethereum, Litecoin, Ripple, dozens of other cryptocurrencies and tokenized assets, including the exchange's own GateToken (GT) coin. Gate io offers cloud mining, cryptocurrency borrowing and lending capabilities. There is a smart strategy base with the ability to customize your own strategy or adjust one of the available strategies to suit you. The site holds monthly votes on the introduction of new assets. It has its own live news portal with analytics.
About Binance Exchange
Binance is a centralized cryptocurrency exchange founded in 2017. The exchange quickly gained popularity due to the right decisions of the management, and it hasn't let go of its leading position since.
Comparative analysis of Gate.io and Binance exchanges
Available features
Both crypto-exchanges focus on cryptocurrency trading.
Gate.io offers:
Binance offers:
Available countries
Gate.io and Bianance exchanges are available in more than 100 countries. These exchanges do not provide trading services in sanctioned countries.
Payment methods
You can fund your Gate.io and Bianance account with a bank card, PayPal or cryptocurrency.
Card Support
All types of bank cards from supported countries are available on Gate.io and Bianance.
Available Cryptos and Tokens
Gate.io currently supports 2758 trading pairs and 1502 coins.
While Binance supports 1464 trading pairs.
Verification (KYC)
Verification at Gate.io exchange is not mandatory. But the exchange is increasingly asking users to confirm their identity when withdrawing amounts over $1,000 in cryptocurrency equivalent.
To verify yourself, click on your profile and go to the KYC section in your personal cabinet. The exchange asks to send a photo of the user holding a sheet with the user's internal ID and unfolded passport. Both national and foreign passports are acceptable. Verification takes from 20 minutes to several days. After verification, withdrawal restrictions are removed.
All Binance users are required to have verification. It is possible to pass the KYC with a driver's license or passport.
Account deposit
Exchanges offer the following options for funding the account:
Comparison of Trading Fees
Gate.io:
Binance:
Account security
The Gate.io uses an SSL certificate, cold wallets to store cryptocurrencies and offers users additional security tools: Two-factor authentication via Google Authenticator; SMS confirmations; Sending alerts to emails; Keeping session history with login IP addresses, session duration.
Binance offers users Two Factor Authentication (2FA), hardware key, email and phone confirmations, whitelisting for withdrawals, anti-phishing code, monitoring of devices used and account activity.
Passive earn on exchanges
HODL & Earn is a versatile platform from Gate.io that offers a variety of investment products, including flexible or term savings.
Binance Earn is popular for its many investment plans and tools. It includes bicurrency investments, fixed and flexible deposits, stacking, and farming. It periodically offers new features as the crypto market evolves.
Which to choose - Gate.io or Binance
Gate.io is actively developing and adding new features, but Binance has been at the top of the game for a while now and has shown no signs of giving up its lead. While Gate.io could be a good option for you, you're probably better off going with Binance in this case.
Disclaimer:
Crypto trading entails a high level of risk and is not suited for all investors. You should carefully evaluate your investment objectives, degree of experience, and risk appetite before deciding to trade cryptocurrencies. You should not invest money that you cannot afford to lose because there is a chance that you will lose some or all of your initial investment.
You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.
FAQs
Is Gate.io trustworthy?
Yes! Gate IO has been operating since 2015 and has over 2 million users worldwide including individual traders as well as institutional investors such as hedge funds, investment banks or other financial institutions who trade with high volumes.
Is Bybit better than Binance?
Bybit is not better or worse than Binance. They are both excellent platforms that offer a wide range of features.
The main difference between the two platforms is that Bybit offers margin trading, while Binance does not. Margin trading can be a great way to increase your profits, but it also carries a higher risk. So if you're new to cryptocurrency trading, it's probably best to start out with Binance and then move on to margin trading once you've gained some experience.
Which is best Gate.io or Binance?
Gate.io is a cryptocurrency exchange that offers trading in a variety of cryptocurrencies. Gate.io has been in operation since 2013 and is registered in the US, Japan, and Hong Kong. Gate.io is owned by Gate Technology Inc., which was founded by the CEO, Mr Zhao Hongyi. The company provides crypto-to-crypto trading services and does not accept fiat currencies or offer margin trading or lending products to its clients.
Binance was founded in 2017 by Changpeng Zhao with an ICO that raised $15 million dollars for the company’s development and marketing efforts. Binance has been operating since July 2017 and has quickly become one of the most popular cryptocurrency exchanges on the internet because of its low fees, fast transaction times, wide variety of coins available for trade, and user-friendly interface on both desktop browsers and mobile devices
Gate IO provides a wide range of cryptocurrencies to trade with while Binance only offers Bitcoin (BTC) pairs.
Where is gate io server located?
Gate io is a blockchain platform that provides an open and transparent protocol for trading cryptocurrencies. The Gate io server is located in the United States of America.
Conclusion
Researching exchanges is key to a successful trading experience. It is important to ensure that they are reliable, the cryptocurrency you want to trade on the platform, and if you can use it. One attribute might be the deciding factor for you but there will be more factors with high importance too. We are happy to review these two exchanges and allow you to make the right decision for your business. They both have been around for awhile, which is an important factor in considering any company.
Disclaimer:
You should be aware of all the dangers connected with cryptocurrency trading and seek counsel from a financial expert who is not affiliated with any cryptocurrency exchange. This website's opinions, news, research, analysis, pricing, and other information are offered as general market commentary and do not represent investment advice.
