Your choice of crypto exchange is one of the key determinants of the experience you get when trading these digital whether you are an experienced trader or a newbie. What’s more, it also determines whether your assets will be secure or not.
That said, you cannot go wrong by sticking with well-established exchanges like FTX and Gate.io that have managed to maintain a good reputation over the years. However, difficulties arise when choosing between these two top-tier platforms.
This guide aims to make choosing between the two companies easier with a detailed comparison of the two starting with an overview of each.
FTX Vs Gate.io: Introduction
|📖 AML & KYC||Yes||No (partially)|
|💰 Supported Coins||1422||284|
|🚀 Maximum Leverage||20x||20x|
|⚖️ Taker Fees (Futures Market)||0.05%||0.040%|
|⚖️ Maker Fees (Futures Market)||0.015%||0.020%|
|🔧 Withdrawal Fees||Yes, varies blockchain to blockchain||Yes, varies blockchain to blockchain|
|➡️ Deposit Fees||0||0|
|📱 Mobile App||Yes||Yes|
|📝 Demo Account||Yes||No|
|💳 Spot Trading||Yes||Yes|
|📈 Futures & Margin Trading||Yes||Yes|
|🎁 Joining Bonus||N/A||5% Off on Trading Fee|
FTX is a Bahamian-headquartered crypto exchange that has been live since 2017. The company is one of the largest crypto exchange platforms globally, with a daily trading volume that averages over $10 billion.
The exchange is crafted to suit all kinds of traders by offering various options for traders to make money using their digital assets.
They have both a spot and derivatives trading market and provide other products like staking, leveraged tokens, and prediction markets. Also, like many other exchanges, they now support NFTs.
- Gate.io Overview
Gate.io is s spot and derivatives exchange that has been active since 2013, making it one of the oldest crypto exchanges in the world.
Daily trading volume for the spot market averages over $1.4 billion, while the volume for futures is over $3 billion. The exchange also has one of the highest populations of traders among all exchanges, as there are over 10 million crypto traders registered on the platform.
Besides the spot and derivatives trading market, the exchange also supports leveraged tokens, copy trading, and has a flash swap market.
FTX vs. Gate.io Supported Cryptocurrencies
As the market continues to flood with more digital tokens and coins, it is always a good idea to use a crypto exchange that allows you to trade both the new and more traditional assets.
Both FTX and Gate.io have more than enough crypto offerings for most traders, and the chances are you will find all your favourite assets on either of them.
FTX supports over 200 digital assets that range from popular coins like BTC, ETH, and LTC to other less popular and relatively new ones like the Sun Token. Traders can create hundreds of trading pairs on the platform to ensure there is always something you can trade and leverage, no matter how the market moves.
Gate.io supports at least 400 different coins and tokens that will form close to 1,000 trading pairs. They have a broader coin offering than most exchanges out there, including some that have been around much longer and have even higher liquidity.
FTX vs. Gate.io: Trading Fees
FTX uses the maker and taker model to discourage liquidity takers from removing liquidity from the book and encourage market makers to add liquidity. Also, the exchange has a tiered fees structure meant to lower the fees as you use the exchange more and increase your monthly trading volume.
Trading fees at FTX start at 0.020% for the maker fees and 0.070% for taker fees for traders with $0 average 30-day trading volume. The fees will keep decreasing as you trade more, and once your 30-day average trading volume exceeds the $25 million mark, you will not pay any maker fees, and your taker fees will reduce to 0.045%. Here is an overview of their tiered fees structure.
Gate.io will also use the maker and taker model for their fees structure to reward market makers with lower fees and discourage market takers with relatively higher trading fees.
The exchange will also use a tiered system to calculate the trading fees for their traders. There are more than 15 categories on this system based on a 30-day trading volume. They range from traders with a volume under 1.5 BTC to those that trade over 7,500 BTC per month.
Their fees start at 0.2% for both maker and taker fees for the lower volume traders and will increase as you trade more on the exchange. For example, traders at VIP 6 will pay 0.135% and 0.145% in the standard maker and taker fees, respectively.
FTX vs. Gate.io: Account Funding Methods
Funding your account is a step you cannot skip when you join any exchange, including those that offer bonuses for new traders. The good news is that FTX and Gate.io make account funding easy by providing multiple methods of sending funds to your wallet.
FTX supports more deposit methods than many other platforms. Besides allowing you to send crypto directly from other wallets, the exchange also supports debit/credit cards, wire transfer, and SEN.
Gate.io seems a little restrictive when it comes to account funding as they do not support fiat deposits. Traders have to add the assets by sending them directly to their wallets from another wallet.
However, there are many ways of working around this if you want to fund your account with fiat, such as using third-party apps that accept fiat deposits to buy crypto before sending it to Gate.io.
FTX vs. Gate.io Liquidation Mechanism
Exchanges that support margin trading will have liquidation mechanisms to close the position when it reaches the maintenance margin level. Liquidation helps prevent massive losses and ensures pending debts are paid before the trader’s position gets to the bankruptcy level.
FTX has a unique liquidation mechanism that utilizes a 3-tier system. The first tier in the liquidation mechanism will carefully use rate-limited liquidation orders to close down the position.
FTX utilizes a backstop liquidity provider program at the second tier to shield the accounts at the risk of going bankrupt. The last tier is the insurance funds that protect traders with liquidated positions from incurring massive losses.
With Gate.io, the mark price determines if your position will get liquidated. Also, it depends on whether the position utilizes isolated or cross margin. For isolated margin positions, liquidation is inevitable once you get to the maintenance margin position.
However, for cross margin position, the liquidation engines will utilize balances from the account balance to raise the margin to the maintenance level and prevent liquidation.
Gate.io also has an insurance fund and ADL mechanism that will kick in if there are no funds in the account to prevent liquidation.
Opening Account & Account Limits
Account opening is always the most straightforward part when getting into a crypto exchange. However, it is still essential to know the exact process a particular exchange uses and other things like the account limits you will be subjected to once you join the platform.
FTX account limits will depend on your verification status and level. If you are new to the platform and are yet to complete the KYC verification, the exchange will not allow you to deposit or withdraw as verification is mandatory.
The exchange has two tiers of KYC verification. The first tier includes traders who have completed basic KYC verification and can withdraw a maximum of $2,000. However, traders with tier 2 verification will have unlimited withdrawal and deposit limits.
How to create an account?
- Hit the register button at the top right of the FTX homepage, https://ftx.com/
- Add your email and password
- Set up 2FA to secure your account
- Complete KYC verification so you can deposit and withdraw
Gate.io does not have mandatory KYC verification, but your verification level will determine the account limits you will get.
New traders on the platform yet to complete verification will have a withdrawal limit of $100,000. Those that get level 1 verification will increase their limit to $2 million, while traders with a KYC 2 verification can withdraw up to $5 million.
How to create an account?
- Click “Sign Up” on https://www.gate.io/
- Choose your country and enter your email, username, and password
- Create a fund password for an extra security layer
- Complete the mandatory CAPTCHA
- Verify your email to finish the process
FTX vs Gate.io: Ease of Use & Interface
FTX is one of the most straightforward exchanges to use. They seem to pay more attention to enhancing the user experience instead of creating a highly sophisticated trading interface that can be intimidating.
The FTX interface is still very appealing to look at, and it allows for increased customization as traders can move different panels around to create an interface that suits them. What’s more, there are several buttons on the interface to speed up trading.
Gate.io also has a relatively simple interface, and it should be easy enough to use even for beginner traders. One of the key highlights of the interface is the search function that makes it easy to locate all the functionalities. However, the interface can seem a little complicated if you are a new trader.
FTX vs. Gate.io: Security Features
Security is a top priority for both FTX and Gate.io. There have not been any significant security issues with either of the exchanges.
FTX provides multiple security features for securing the platform and trader accounts. These features include enforcing KYC verification, allowing traders to set up multifactor authentication, and IP whitelisting.
Gate.io also uses a combination of industry-standard security features to secure their platform and a few other more advanced ones. Their security features include 2FA, IP whitelisting, third-party cloud security service, and an encrypted transport layer.
FTX vs. Gate.io: Customer Support
FTX provides support through multiple channels. The first is a dedicated help center with dozens of helpful articles and other helpful materials like Q&A. Additionally, traders can also submit a ticket for email support or contact customer support through their social media handles and even get help in their official telegram communities.
Gate.io beats FTX when it comes to customer support because they have live chat support that will allow for a speedy resolution of your issues. Additionally, the exchange provides support through email ticketing, and there is also a handy knowledge base.
- Is FTX a safe exchange?
FTX is a highly secure platform that employs advanced security protocols for its global and US trading platforms. The exchange has never been hacked, and they also enforce mandatory KYC verification, which are good indications that it is safe.
- Is Gate.io a safe exchange?
Gate.io has not faced any significant security issues since it changed its name from Bter.com. This and its use of highly advanced security features make it safe enough.
You can be sure of getting many products and features on both FTX and Gate.io. Also, your assets will be secure enough with both platforms.
However, FTX seems to have the edge over Gate.io as it has an easy-to-use interface and is a more secure platform that has never been hacked. Also, FTX has better liquidity, and many traders will find their sign-up process even more straightforward.
- 1 FTX Vs Gate.io: Introduction
- 1.1 FTX vs. Gate.io Supported Cryptocurrencies
- 1.2 FTX vs. Gate.io: Trading Fees
- 1.3 FTX vs. Gate.io: Account Funding Methods
- 1.4 FTX vs. Gate.io Liquidation Mechanism
- 1.5 Opening Account & Account Limits
- 1.6 FTX
- 1.7 How to create an account?
- 1.8 Gate.io
- 1.9 How to create an account?
- 1.10 FTX vs Gate.io: Ease of Use & Interface
- 1.11 FTX vs. Gate.io: Security Features
- 1.12 FTX vs. Gate.io: Customer Support