Gate.Io Vs Binance: Which Crypto Exchange Is Better For You in 2022

Gate.Io Vs Binance: Which Crypto Exchange Is Better For You in 2022

Gate.io and Binance are two of the most popular cryptocurrency exchanges. Gate is focused on providing an easy-to-use platform for both beginners and experienced traders, while Binance is geared more towards experienced traders and offers a wider range of features.

In this post, Cove Markets will compare two exchanges that are unquestionably industry leaders. Let’s examine the features and characteristics of both exchanges in depth so you can determine which one best suits you.

Overview

What is Binance?

What is Binance

Binance is an online cryptocurrency exchange where users may trade digital assets. It supports the majority of circulating coins. It offers a cryptocurrency wallet for traders to keep their digital assets.

Hong Kong’s Binance Exchange is a significant cryptocurrency exchange that was created in 2017.

What is Gate.io?

What is Gate.io

Since 2013, Gate.io is one of China’s earliest crypto-to-cryptocurrency exchanges. After rebranding in 2017 to Gate.io, it has become one of the fastest-growing crypto platforms with a prominent Initial Exchange Offering (IEO) platform, several cryptocurrencies, margin trading with leverage, and other advanced financial services like margin lending or borrowing.

Pros and Cons

Gate.io Binance
Pros
  • A diverse choice of cryptocurrencies.
  • Suitable safety characteristics.
  • Huge variety of available cryptocurrencies, albeit some may be inaccessible depending on location.
  • Discounts and advantages for GateToken, the native cryptocurrency of the app.
  • A very popular cryptocurrency exchange platform
  • Optional two-factor authentication for P2P transactions
  • The importance of security and KYC
  • Supports fiat-cryptocurrency transactions
  • More than fifty digital currencies are accessible.
  • Low transaction costs
Cons
  • Has had a security breach
  • Not licensed (unregulated)
  • Does not support fiat currencies
  • The team lacks transparency.
  • The exchange interface seems a little disorganized.
  • Inaccessible in seven American states.
  • Fewer crypto-to-cryptocurrency pairs than Binance’s worldwide website.
  • Perhaps somewhat hard for beginners.

Gate.io Vs Binance: Which is Better?

Gate.io Vs Binance Which is Better

Features

Binance

  • Binance Liquid Swap is an automated market-maker platform that helps stabilize prices and lower fees for large transactions.
  • Binance Smart Pool: enables miners to join forces and mine together as part of a larger group. By working together, they can earn rewards that are proportionate to their participation.
  • P2P Trading: For users who want to trade crypto amongst themselves, with no fees. Users set their own prices, and the amount of currency they want to buy or sell and wait for other users on the P2P platform to fulfill their orders.

Gate.io

Gate.io is loaded with features; you can trade in cryptocurrency markets, margin trade with 10x leverage, margin lend or borrow funds, participate in period investment plans, invest in IEOs through its Gate.io Startup platform, and enter into perpetual swap contracts, among others.

Features

Supported Currencies

  • Gate.io: Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Binance Coin (BNB), Terra (LUNA), Polkadot (DOT), Cardano (ADA), Litecoin (LTC), EOS (EOS) and others.  In addition, supported coins (as of June 2022): 1405 coins
  • Binance: BTC, ETH, ADA, USDT, USDC, SOL, NEO, LINK, XLM, NANO, SHIB, DOGE, VET, VTHO and others. It supports a total of 365 coins.

Staking, Credit Cards, Other Options

Binance

  • Binance Earn is a platform for staking stablecoins or earning interest through the exchange. The exchange gives investors several alternatives and interest rates for these coins, depending on the denomination and the term.
  • Supported Credit Cards and Payments: ACH Transfer, ADVcash, Banxa, Bitcoin Payments, Credit Card, Etana, Flutterwave, Google Pay, Mastercard, Paybis, PayID, PIX Payment, Samsung Pay, Simplex, Vietcombank Transfer, Visa, Wire Transfer
  • The Binance Visa Card is a credit card that enables users to convert their cryptocurrencies to fiat currency and spend it on goods and services. While there are no administrative fees associated with the conversion, payment network fees do apply.

Gate.io

Gate.io is trying to get as many coins as possible to the PoS staking list and offer users as high as possible staking interest.

Staking Coin List & APR :

Coin Min Qty APR When release interest
Algo 500 ALGO 16% Every 14 days
Cosmos 50 ATOM 16% Every 14 days
Tron 5000 TRX 6% Every 14 days
EOS 30 EOS 4% Every 14 days
Tezos,… 100 XTZ 8% Every 14 days

Supported Credit Cards and Payments: Banxa, Bitcoin Payments

Gate.io is collaborating with Legend Trading. You can now trade cryptocurrencies with several Fiat currencies, including USD / EUR / GBP / JPY / HKD / AUD / SGD / MXN, for as little as 0.08%.

Gate.io has recently announced a partnership with Simplex to enable credit card purchases of cryptocurrencies.

Security

Security

Both platforms pay careful attention to the security of their users and employ the most advanced safety algorithms and encryption technology. Even though Binance suffered a rather major hacking attack in 2019, management asserts that security breaches are no longer a concern.

Both Binance and Gate.io highly encourage their users to implement two-factor authentication to protect their financial and personal data from unauthorized access. Probably, we should highlight Binance as a safer platform, given that Gate.io’s withdrawal difficulties are not well resolved.

Despite Gate.io’s 2019 hack, Cryptocurrency Exchange Ranking (CER), a third-party organization that reviews crypto exchange cyber security, ranked the platform as the best exchange in terms of cybersecurity in August 2020. However, the platform’s ranking has subsequently dropped.

Binance Gate.io
The majority of assets are stored offline, with live monitoring, end-to-end data encryption, two-factor authentication, IP and wallet whitelisting, and security alerts. Third-party security audits, data encryption, firewall, anti-DDoS mechanism, IP and wallet whitelisting, two-factor authentication, and anti-phishing software

Geographic Availability

  • Binance: It offers its services internationally in more than 140 countries globally; excluding Ontario (Canada), the United States, China, Europe (derivatives), Malaysia, Japan, the United Kingdom, and Thailand. In other nations, Binance is subject to stringent usage restrictions.
  • Gate.io: is available to almost all the countries in the world except for the following; Washington, New York, United Kingdom, Cuba, Sudan, Syria, Iran, North Korea, Venezuela, Pakistan, and Crimea.

Fees

Fees

Binance has the lowest fees in the industry. Binance collects cheaper trading and withdrawal fees than many other centralized exchanges, both large and small. Moreover, the more frequently you trade, the less you spend in fees. The fees collected by Gate.io are two times more expensive. We cannot defend the Gate.io fee structure in any way.

  • Regarding Binance, it boasts the cheapest trading fees. Additionally, you receive a 25% discount on trading fees when you pay with BNB, the native cryptocurrency of Binance. If you do not pay with BNB, a 0.1% trade fee will apply.
  • Gate.io, like Binance, features a straightforward tiered fee structure. The tiers are determined by the 30-day average trading volume or GT holdings. Gate.io has 17 layers in all. For spot trading, the market maker and taker charge ranges from 0.2% to 0.15 %, which is the highest, to 0.065% to 0.02 %, which is the lowest.

Ease of Use

Binance

Binance is a user-friendly exchange with a large number of simply accessible features for both novice and expert retail investors. Aside from that, it is noteworthy that Binance’s worldwide trading community is frequently awarded with numerous events and competitions involving rich prizes.

Binance is also one of the few cryptocurrency exchanges with desktop trading software for both macOS and Windows. The performance of both apps is superior, although they have less integrated functionality than the web platform.

Gate.io

The gate.io platform’s user interface is designed to be intuitive for both rookie and experienced traders. Allows up to 100x leverage for margin, futures, crypto loan, or derivatives trading (spot exchange), except crypto trading.

Along with a thorough FAQ section and other tutorials, efficient customer support services are available 24/7.

Interest Rates

Interest Rates

Binance

Binance Margin has launched an offer that reduces the platform’s interest rates for BTC, ETH, BUSD, and USDT. During the campaign, users can receive yearly interest rates as low as 0.8% on the assets in question. The margin account interest rate on Binance is calculated hourly.

If funds are borrowed for less than one hour, the interest rate will remain the same as for one-hour loans.

If the daily interest rate is 0.02%, then the hourly rate is derived by dividing 0.02% by 24.

Gate.io

Flexible Interest Rate. Users can set the lending rate. The daily interest rate ranges from 0.01% to 1%. Users can earn a stable profit with an annual interest rate of up to 365% by placing orders to lend. (with BTC, ETH, USDT, etc.).

At a Glance

Binance Gate.io
Launched 2017 2013
Geographic Availability 140 Globally, except Washington, New York, United Kingdom, Cuba, Sudan, Syria, Iran, North Korea,…
Interest rate 0.02% – 0.8% 0.01% to 1%
Exchange Fees Maker: 0.1%

Taker: 0.1%

Maker: 0.2%

Taker: 0.2%

Circulating Supply 161,337,261.09 BNB 78,486,479.01 GT
Market Cap $46,366,409,191 $343,419,746
Total Supply 161,337,261 300,000,000
Visa Card Yes Yes

FAQs

FAQs

How Do Binance and Gate.io Work?

Binance and Gate.io are both cryptocurrency exchanges that allow users to buy, sell, and trade a variety of digital assets. Binance is one of the largest cryptocurrency exchanges in the world, while Gate.io is a smaller exchange with a focus on altcoins.

Is It Safe to Hold Cryptocurrency in the Binance or Gate.io Exchanges?

It depends on a number of factors, including the security measures taken by the exchange, the level of experience of the user, and the amount of cryptocurrency being held. However, as with any online service, there is always some risk involved, and users should exercise caution when storing any large amount of cryptocurrency on an exchange.

Who Should Use Binance or Gate.io?

Binance is a great choice for those looking for a safe and secure platform to trade cryptocurrencies. Gate.io is a good choice for those who are looking for a more user-friendly platform with a wider range of currencies available.

Which One Should You Choose?

It depends on your needs and preferences.

If you want a more powerful computer, you should choose the laptop. If you want a cheaper computer, you should choose the desktop. If you want a computer that is easy to carry around, you should choose the laptop.

Conclusion

Both Gate.Io and Binance are great cryptocurrency exchanges with much to offer users. However, some key differences between the two may make one more appealing to you than the other.

Whichever platform you choose, make sure to do your research and always practice safe trading!

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