Every crypto exchange platform always seems to have something that sets it apart from the others in the industry. However, sometimes this difference is not always clear, so it can be hard to pick between somewhat similar exchanges like FTX and Gate.io.
FTX and Gate.io are top-rated exchanges with excellent liquidity and millions of active traders on their platforms. This guide highlights the difference between the two, from the supported crypto to customer support, making choosing between them easier.
Introduction: FTX vs. Gate.io
FTX was incorporated in 2019 in Antigua and Barbuda but had its headquarters in the Bahamas. The exchange operates the primary FTX platform for global traders and FTX.US for US traders.
With a daily trading volume of over $10 billion, FTX offers excellent liquidity, and this also makes it one of the largest crypto platforms in the world. What’s more, the exchange has more than a million registered traders and offers a wide variety of trading options.
The trading products include spot trading, crypto derivatives exchange, and leveraged tokens. Additionally, the platform also offers prediction markets and staking.
Gate.io is one of the oldest crypto exchange platforms globally and has been live since 2013. It is also one of the largest exchanges in the world, with a daily trading volume of over $12 billion.
The exchange has a global presence. According to information on the website, it has over 80 million users from more than 224 countries, giving it a wider reach than most exchanges.
Gate.io also has a broad product offering that includes spot trading, perpetual contracts, copy trading, leverage tokens, and options.
FTX vs. Gate.io Supported Cryptocurrencies
There are hundreds of tradeable digital coins and tokens out there, and new ones are coming into the market almost every day. The best crypto exchange for you is always one that allows you access to many of these assets, so you are not restricted to trading with the primary ones like BTC and ETH.
Gate.io understands this better than many other exchanges as they support at least 400 different coins and tokens that can form over 800 trading pairs. Therefore, whether you want to limit your trading to well-known crypto or want to try out a cheaper and less known trading pair, there is something for you on Gate.io.
FTX has more than 250 cryptocurrencies available on their platform, which is more than what you get on many other exchanges, including several top-tier ones. Like Gate.io, they have an excellent mix of digital assets that includes all the primary ones like BTC, XRP, and ETH and some rare ones that you will not get on many exchanges such as Storj Coin and Sun Token.
FTX vs. Gate.io: Trading Fees
FTX and Gate.io use the maker/taker fees model like many other top-tier crypto exchanges. This model rewards market makers, who add liquidity to the book by charging them lower fees and discourages liquidity takers from removing liquidity from the books with higher costs.
FTX employs a tiered fee structure where your trading fees will depend on your 30-day trading volume. Here beginner traders with a low trading volume will pay higher fees than the traders with large volumes.
For example, traders with 0 trading volume pay 0.020% and 0.070% in maker and taker fees, respectively. Those with over $50 million in trading volume do not pay any maker fees, and their taker fee is 0.040%.
Here is an overview of the maker and taker fees for the 6 tier levels on FTX.
Gate.io has 17 different tiers from VIP 0 to VIP 16. The VIP 0 traders have the lowest trading volume in the exchange and pay 0.2% in maker and taker fees. The high volume traders at VIP 16 with a 30-day trading volume of over 75,000 BTC pay 0.055% and 0.065% in maker and taker fees, respectively.
FTX vs. Gate.io: Account Funding Methods
You need to have funds in your FTX or Gate.io account before trading, whether buying or selling crypto. While this might sound obvious, knowing how easy it is to fund your account and the options available for both exchanges is vital.
FTX seems to have an edge here as they give traders more account funding options. Once you set up an account on the exchange, you can fund your wallet through wire transfer, where stablecoin transfers are free, and others will cost 1%.
The FTX exchange also supports debit and credit card deposits, and crypto traders can also use SEN (Silvergate Exchange Network).
Although Gate.io does not support direct fiat currency deposits, Traders can still send the crypto to their wallet directly. Therefore, FTX offers more alternatives than Gate.io when it comes to deposits.
FTX vs. Gate.io Liquidation Mechanism
Liquidation is often inevitable at some point, so the best you can do is to ensure you understand how the exchange does it and its implications on your positions and assets.
Gate.io uses the mark price as the criteria to determine whether a position is liquidated or not. Also, the effect of the forced liquidation will depend on the difference between isolated and cross leverages.
For isolated margin, the position is liquidated when the margin gets to the maintenance level. If the position utilizes cross margin, other balances in the account can help raise the margin back to the maintenance level to prevent liquidation. Also, when liquidation is triggered, the liquidation system will rely on the market, insurance fund, and ADL system in that order.
FTX uses a 3-tiered liquidation model that involves carefully closing the position using the rate-limited liquidation orders. Next, the unique backstop liquidity provider program comes in to shield accounts at risk of going bankrupt. The last tier is the insurance funds that help prevent trader losses.
Opening Account & Account Limits
You can have an account set up and ready to start using in both FTX and Gate.io in just a few minutes. The process is simple for both, and even beginners can easily figure things out.
Once you have the account set up and ready to trade, the limits will depend on your verification levels, as both platforms have various KYC verification levels.
FTX has three tiers of traders, with the first being unverified ones. Since KYC verification is mandatory on the exchange, unverified traders cannot deposit or withdraw. The other tiers are those with level 1 verification who can withdraw up to $2,000 per day and the level 2 traders with unlimited crypto and fiat withdrawals.
Gate.io has three levels of traders. The first level is for new traders on the platform that have yet to do any verification, and they will have an initial withdrawal limit of $100,000. The others are KYC 1 traders that can withdraw up to $2 million and KYC 2 traders with a $5 million limit.
How to Open an Account on FTX
- Go to https://ftx.com/ and click “Register”
- Add email and password
- Click to verify
- Set up 2FA and complete KYC
How to Open an Account on Gate.io
- Go to https://www.gate.io/ and click “Sign Up”
- Enter your county, email, username, and password
- Add a fund password for extra security layer
- Complete CAPTCHA
- Check your email for the verification link to complete the process
FTX vs Gate.io: Ease of Use & Interface
When it comes to the ease of use and the user interface, FTX seems to outperform many other exchanges out there. The company pays a lot of attention to user experience rather than having the most sophisticated interface.
Overall the FTX interface is very appealing visually. Also, the interface gives traders the freedom to customize their interface by moving things around. What’s more, it has many options on the trading interface that make trading quicker and easier.
Gate.io is a multifaceted crypto exchange with ease of use at the center of its design. The exchange allows for easy navigation through the different sections of the interface. The many functionalities can be a little overwhelming at first, but most traders can figure things out within a short time.
Gate.io makes it easy to locate markets through the search function. Also, the trading charts are in the middle of the screen for easy viewing, and you also get to choose whether to use simple or the more advanced professional charts.
FTX vs. Gate.io: Security Features
Both FTX and Gate.io use some of the most advanced security features and protocols in the industry to ensure maximum safety for traders and their assets.
FTX employs security features like allowing traders to set up 2FA, IPs whitelisting, wallet address whitelisting, and Chainalysis support. Additionally, the platform has more than $200 million in a backstop liquidity fund that ensures protection for traders in case something goes wrong.
Gate.io aims to be the safest crypto exchange platform, and besides typical security features like 2FA and KYC verification, they also employ other more advanced ones. The security features include encrypted transport layer, cloud security service by third party, WAF protection system, and DNS security.
FTX vs. Gate.io: Customer Support
FTX and Gate.io have put mechanisms in place to ensure speedy resolution when you have issues with your account or any other challenge.
FTX provides a help center with many resources. The help center is often enough for many users as it provides all the answers and solutions for most of their queries. Traders can also contact support via an email ticket, and the company also has several active Telegram communities that can help traders resolve issues.
Gate.io has live chat support that is always the best for quick query resolution. Additionally, traders can contact the company via an email ticket, and in many instances, the company responds in under a day. Also, there is a support knowledge base with many helpful materials and active communities across most social media platforms.
Is FTX a safe exchange?
FTX has never been hacked before, which is a good indication that the platform is highly secure. This and the fact that the company enforces mandatory KYC verification makes it one of the safest places to trade your digital assets.
Is Gate.io a safe exchange?
Gate.io has also never been hacked, but it is important to note that it had some security issues back in 2015 when it was still operating as Bter.com. However, there has never been an issue since then, as the company has prioritized security.
Both FTX and Gate.io are fantastic cryptocurrency exchanges with a lot to offer, and you can be sure of a good trading experience with either. However, when comparing the two side by side, FTX is the overall winner.
FTX outperforms Gate.io in several aspects, from having more account funding methods to being an easy-to-use and more secure platform that has never been hacked.
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