Bitfinex vs. Gate.io: Which is Better to Trade and Grow Crypto Holdings On?
Bitfinex and Gate.io are some of the most sought-after crypto trading platforms. They provide different services to their clients to make crypto available. Here is more about how the two compare.
Crypto Exchanges Explained
Cryptocurrencies are the vanguard of a financial revolution, representing the birth of a new era in finance. For the first time, data and computational power have been valued. Anyone may join an exchange and begin trading cryptocurrency at any time. Most people who trade cryptocurrency maintain several accounts on different crypto exchanges.
That is why each crypto exchange has its features, and when you want to trade a certain cryptocurrency, all you have to do is register on the platform where it’s traded. Also, a cryptocurrency exchange must be liquid. There are two ways to purchase Bitcoin or other cryptocurrencies. The first way is by being a miner. The second way is by using an exchange, which is good for both beginners and experts.
An exchange is a crypto market that connects buyers and sellers of cryptocurrencies. Investors on an exchange are linked to one another, allowing transactions to occur. Users can buy or sell different cryptocurrencies at rates determined by supply and demand on an exchange.
Company Overview
When selecting an exchange to trade on, you should consider how long it has been operating in the market. Older exchanges tend to have a good reputation and are typically more trustworthy. This fact makes these two exchanges a must-have for crypto investors. Bitfinex was established in 2012 in the British Virgin Islands, while its founders created Gate.io in 2013 in the USA.
Bitfinex is a well-known cryptocurrency exchange with low fees. It’s also closely linked to the Tether stablecoin. The close relationship has gotten the firm into hot water with regulators. The cheap costs of Bitfinex are a plus, but its sketchy past may deter potential consumers.
Bitfinex is a cryptocurrency exchange founded in the early Bitcoin days. Since its inception, the company has continued to dominate the market. According to CoinMarketCap, it currently ranks ninth among the world’s largest cryptocurrency exchanges by volume.
Unlike other exchanges, Bitfinex charges relatively low transaction fees, with most trades costing just 0.20% or less. However, while it appears to be suitable for a wide range of users on the surface, this platform has a tarnished history. The entity’s distant obstacles include several fines and accusations of bitcoin market manipulation.
The New York Attorney General’s office discovered that Bitfinex and Tether misled clients and the markets by overstating Tether reserves and hiding losses. Bitfinex previously received a fine for operating an unlicensed exchange and assisting unlawful off-exchange trades. There are significant doubts about the honesty of this cryptocurrency exchange as a result of this.
Bitfinex is a significant cryptocurrency exchange that supports many crypto products and trading alternatives. Spot trading, margin accounts, derivatives, paper trading, and other services are available. Bitfinex may provide everything you need to handle your cryptocurrency in one location with a combination of simple features for beginners and sophisticated enough for experts.
Let’s have a closer look at Gate.io. Besides allowing investors to trade in digital currencies, Gate.io can also provide specific market information to its users. The site will enable you to examine the prices of various cryptocurrencies and four primary ones: Bitcoin, Ethereum, USDT, and QTUM.
Gate.io is a Chinese bitcoin exchange that was launched in 2013 by Lin Han, and it’s one of the most well-known. In 2015, hackers exploited Gate.io for 7,000 BTC.
The exchange was formerly known as Bter.com until it changed its name in 2017. The move came due to a government ban on fiat-to-crypto currency trading in China. It closed the old domain, removed fiat currency trading pairs, and refocused on crypto-to-crypto and Chinese yuan OTC trades after the Chinese government prohibited such transactions.
Gate.io, as of now, remains an unlicensed crypto exchange. In terms of volume and market liquidity, it has around 3500 BTC daily trading. Gate.io is a cryptocurrency exchange based in George Town, Cayman Islands. The platform offers several trading alternatives, including spot trading, derivative trading, and staking services.
Bitfinex vs. Gate.io Summary
| Feature/ Service | Bitfinex | Gate.io |
| Supported Cryptocurrencies | Over 170 | Over 1,400 |
| Trading Features | Advanced charting tools An order depth chart Order book view Automated algorithmic trading A robust API for developers Historical pricing data through Bitfinex Terminal Margin trading Derivatives trading. | Derivatives trading Spot Trading NFT trading Margin trading Crypto lending Crypto trading Easy-to-use interface |
| Mobile App | Yes. For Android and iOS | Yes. For Android and iOS |
| Payment Methods | Debit CardCredit CardWire Transfers, | CryptocurrenciesCrypto wallets |
| Fees | They vary depending on the kind of transaction e.g Deposit and withdrawal fees are different .It has a Taker-Maker fee structure that calculates trading amounts. | No charges for deposits 0.2% trading fees No withdrawal Fees |
| Wallets | Yes | Yes |
| Security Features | Two-factor authentication Advanced APIs for connecting third-party services, withdrawal protection features Cold storage of customer assets. DDoS protection for securing the server’s IP addresses whitelist. | SSL encryption technology Two-factor authentication Cold Storage Anti-phishing code Blind IP address logins SMS notifications, etc. |
| Supported Transactions | Buy order Sell order Receive order Convert order Limit order Market order | Buy order Sell order Receive order Convert order Exchange crypto Margin trading Limit order |
| Bank Account Fees | Available | N/A |
| Minimum Trade | $10 to $25 | $10 |
| Demo Account | Yes | Yes |
Key Features
Supported currencies
Unlike traditional brokerages, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Users’ terms, however, might state differently. Unless user agreements specify otherwise, investors with crypto assets combined on a custodial crypto exchange as unsecured creditors may lose their money.
Bitfinex provides trading in over 170 cryptocurrencies through its live platform, including Bitcoin and top-tier altcoins. There are too many to list. Overall, Bitfinex does a wonderful job supporting popular cryptos on its platform.
Bitfinex is closely related to Tether, always valued at $1. However, past concerns about reserve transparency may make you reconsider keeping too much Tether in your account if you’re willing to store it. Although Tether still maintains that the currency is fully supported, it’s up to you to decide whether or not you believe it.
Gate.io provides one of the most comprehensive crypto-asset selections in the world. It supports the trading of over 1400 digital assets, considerably more than other centralized exchanges (CEXs). Users may also use it to make transactions in almost 50 fiat currencies. This clause makes it a global currency exchange platform.
The crypto exchange also offers spot trade and margin trading. It now services a variety of additional asset classes, including ETFs, options, futures, and derivatives for investors. Notably, professional traders primarily use this platform. Beginners with little trading experience will find this helpful website nevertheless.
Bitfinex offers trade support in five languages: English, Russian, Traditional Chinese, Simplified Chinese, and Turkish. Gate.io provides trade support in 13 different languages, including English, Portuguese, German, French, Spanish, Italian, Korean, Russian, Traditional Chinese, Simplified Chinese, Vietnamese, Turkish, and Thai.
Trading experience
The trading environment on Bitfinex is simple to use. Furthermore, seasoned traders will appreciate this platform’s features and choices. You may create a free paper trading account right away. This feature allows investors to play with pretend money, like a stock market game, before putting real cash into the market.
Standard features include
- Sophisticated charting tools.
- An order depth chart and order book view.
- Fast access to buy and sell supported currencies on Bitfinex’s active trading platform.
The mobile app is an excellent place to start if you’re a beginner. However, there are several expert-level solutions, including comprehensive and sophisticated order support.
Bitfinex’s margin trading and derivatives trading services allow investors to leverage positions they don’t own but have the right to use. Other options and features include automated algorithmic trading, a robust API for developers, and historical pricing data through Bitfinex Terminal.
The Gate.io crypto trading features a variety of crypto trading capabilities. Users can trade in various market types, including derivatives and spot trading. Its derivative markets also let traders make greater profits from their transactions. It also allows users to trade NFTs, one of the most recent trends in cryptocurrency investing.
Gate.io has several features that allow traders to study the cryptocurrency markets in greater depth. Intermediate and expert traders can profit more from the crypto market thanks to advanced possibilities like derivative trading, allowing them to do so. It also provides leverage on trading derivatives for increased profits.
Additionally, the platform provides other sophisticated trading features such as monitoring NFT asset purchases and sales. The exchange also has crypto interest-earning instruments away from an NFT marketplace. Anybody can use these to secure their assets while earning interest.
However, not all sophisticated features are available to everyone, with most users located in the United States. Gate.io has a wealth of options. Investors may trade in cryptocurrency markets using 10x leverage, margin lending, or borrowing money and participate in yearly investment plans. The gate.io platform, both simple and sophisticated, includes an intuitive user interface suited for both novices and experts.
Trading fees
Another interesting aspect of Bitfinex is its trading fees. This exchange charges most trades a maker fee of 0.10 percent or a taker fee of 0.20%. It applies to crypto, stablecoin, and fiat transactions. High-volume traders with more than $500,000 in monthly activity may also be eligible for reduced rates.
The Bitfinex crypto exchange charges a fixed fee of $ 0.10 for bank transfers into the account. It levies a minimal charge on cryptocurrency deposits. The currency used to fill the traders’ accounts determines the fees.
If traders want to withdraw funds via bank transfers, they will be charged a fixed rate of 0.1%, as with all other financial services. However, if clients want their money out fast (for example, within 24 hours), they will have to pay a fee of up to 1%.
Bitfinex charges a withdrawal fee of 0.0004 BTC to traders who withdraw bitcoin from the exchange. Bitfinex announced in November 2018 that it would hike fiat currency withdrawal fees to 3%.
On Bitfinex, taker-maker fees are utilized. Traders who fulfill existing orders are referred to as market makers, while traders placing new limit orders are known as market makers. The trading expenses for takers at Bitfinex start at 0.2%. When compared to other exchanges like Coinbase, this is rather significant.
The maker fee on Bitfinex is 0.10 percent, slightly lower than the industry average of 0.25%. However, there are also incentives for frequent crypto traders, such as reduced trade fees. But to take advantage of the savings, traders must conduct transactions with a total value of more than $500,000 for 30 days.
Gate.io, like many crypto-to-crypto exchanges, has competitive fees. You will pay no deposits or trading fees on the platform, 0.2% spot, margin trading fees, and a modest withdrawal fee depending on the withdrawal cryptocurrency if you trade there.
Gate.io has a small trading fee of 0.2%, and this rate is one of the industry’s lowest fees. Gate.io requires a minimum buy quantity of $10 in value. As your trading volume rises, the exchange offers you a discount on your trading fee. As for deposit and withdrawal costs, Gate.io does not charge any fees on your deposits or withdrawals.
Payment Methods
Bitfinex allows you to deposit USD, EUR, JPY, GBP, and cryptocurrencies. The exchange only accepts cryptocurrency deposits through wire transfers at the moment. USDT- Tether is a cryptocurrency linked to the US dollar price and may be deposited on Bitfinex.
Bitfinex offers free and fee-based trading, with over 180 different cryptocurrencies available for trade. Free deposits are also accessible for Bitcoin, Litecoin, Zcash, Monero, Ethereum, Dash, Ripple, EOS, and many other assets. Bitfinex does not accept debit or credit card deposits.
Bitfinex requires a 12-hour minimum waiting period for withdrawals. However, everything is in order and typically takes less than 2 hours. Bitfinex demands transaction verification when using USDT for fast cryptocurrency withdrawals.
Gate.io does not support fiat currencies, so cryptocurrency wallets are the only way to fund or withdraw. Gate.io’s wallets are accessible to all account holders on the platform. Click Wallet at the top of the page to deposit.
After completing that, you’ll see the “Deposit” button on the right side of the coin you wish to deposit. To generate the address, you’ll need to deposit the currency; simply click the deposit button. The platform will utilize both hot and cold wallets.
It implies that the sending address will not be the same as your deposit address. Furthermore, if you try to deposit using a digital currency that Gate.io does not support, you will lose the money because the exchange will be unable to start a refund. The procedure for withdrawals is similar to that of deposits, except it happens in reverse.
Security and insurance
Bitfinex utilizes a variety of standard cryptocurrency industry practices to secure user accounts and funds. These include two-factor authentication, sophisticated APIs for integrating third-party services, withdrawal protection features, and customer asset cold storage.
However, despite this, Bitfinex has not always done an outstanding job in terms of security. In addition to the aforementioned regulatory issues, hackers have infiltrated the firm numerous times, resulting in customer assets and trust loss.
The most important issues for Bitfinex’s security and safety are its robustness, reliability, and transparency. Because the company places a high value on customer safety, it has not suffered another hacking attack in recent history. To secure user funds, Bitfinex keeps 99.5 percent of its customers’ money in a cold storage system.
In terms of verification standards, Gate.io does not define any. Since the exchange only deals in cryptocurrency, it is assumed that account holders do not need to have their accounts verified.
The Gate.io exchange protects its customers’ money with cold wallets. The platform’s transactions are secured using SSL encryption technology. Customers have the choice of enabling two-factor authentication on their end.
Gate.io is one of the most secure cryptocurrency exchanges. It has a variety of security measures in place to safeguard user funds. The use of cold storage for reserves, anti-phishing software, blind IP address login checks, and SMS alerts are just a few examples of this.
Customer Service
Your Bitfinex account is self-service mainly, just like most cryptocurrency exchanges. To get answers to your queries, look up the exchange’s FAQ and assistance sections. The same applies to Gate.io. Gate.io’s customer service is lacking, put it nicely. The majority of support comes from a FAQ and a support ticket system.
These crypto exchanges have a support ticket system that you can use to get help by email. No phone or live chat support is available, so you might not get help immediately if you have a problem.
The Positive reviews concentrate on the platform and automated trading system. Customers are dissatisfied with slow customer service responses and delayed deposits. Bitfinex’s ratings are better than some competitors, but overall, most cryptocurrency firms don’t do well in customer feedback.
There is a separate Telegram group for the admin team to respond to general regulatory issues. Any account-specific inquiries must be submitted using the official support ticket system at Bitfinex to avoid any security concerns. Bitfinex does not accept private messages, so traders should not share their passwords with anybody asking for them.
The Gate.io customer care feature is a step in the right direction, but it still has room for improvement. The company continues to work on improving its client service support to maintain the industry-leading services it has ever provided.
Which Exchange is Better to Trade on?
Bitfinex is a significant player in the crypto industry, but if you’re looking for a place to trade cryptocurrencies, there are other leading exchanges to explore. One of these exchanges is Gate.io. Taking a choice may be difficult due to the amount of information flooding over the investors. However, these exchanges excel at several levels compared to their level and type of trade.
Overall, Bitfinex has a mixed reputation among consumers, and its regulatory problems are concerning. You can’t use it in the United States, so you’re better off with Gate.io. If you’re outside of the United States, you’ll have to choose between a decent platform with low fees and a spotty history that includes breaches of customer trust.
It is primarily the domain of seasoned traders skilled in using top-of-the-line charting tools with enormous liquidity volumes. Bitfinex may not be the best choice for novices. For that reason, Gate.io serves as the best platform for beginners.
Gate.io is one of the most popular alternatives for crypto investors who wish to invest their money in cryptocurrency. It has several features that make it attractive to intermediate to expert traders. Its basic user interface is also beneficial for novices.
Final Verdict
Bitfinex and Gate.io do not assure that your money will be entirely safe. These exchanges provide a lot of advantageous trading opportunities. If you’re anxious to take a chance, both exchanges have hybrid exchanges. Before you begin trading, remember to exercise caution and do your homework. Notably, you might want to skip Bitfinex if you’re worried about Bitfinex’s past hacks, fines, and infractions. However, if you’re willing to risk a little money on the platform, you may have a positive experience at Bitfinex.
Meanwhile, some CEXs and DEXs, for example, provide services with no fees. Other platforms, most of which are DEXs, offer more passive income opportunities in the form of trading techniques with higher ROIs than Gate.io. That necessitates users to broaden their search by actively seeking them from sites offering authoritative information, such as Crypto.news.
