If you want to compare Bybit and Gate.io before signing up for the exchanges, you have come to the right place. We have thoroughly used Gate.io and Bybit to analyze all features. In this Gate.io vs Bybit comparison, we will show you everything that you need to know. We cover all key factors such as fees, trading options, features and services, deposit and withdrawal methods, security, customer support, and more. At the end of this Bybit and Gate.io comparison, you will know exactly which exchange is best for you.
We will start this side-by-side comparison with a table where you can compare all key facts about Gate.io and Bybit at a glance.
Bybit was launched by Ben Zhou in 2018 and is therefore a rather new crypto exchange. Yet, they gained 25 million users and are now the third largest crypto exchange in the world with over $10 billion in daily trading volume. With over 400 different cryptos, Bybit offers a variety of tradable assets.
Gate.io on the other side was launched in 2013, making it one of the oldest crypto exchanges in the world. With over $3 billion in daily trading volume, Gate.io is one of the larger exchanges but can’t quite compete with Bybit. Where Gate.io stands out most is its extensive amount of available cryptos. With over 1700 available cryptos for trading, Gate.io is leading the list of exchanges with the most cryptos.
The signup process on both exchanges is similar and fairly simple. All you need is an email or phone number and a strong password. Also in terms of KYC, the exchanges are quite similar.
Bybit and Gate.io are KYC exchanges.
That means, Bybit requires KYC verification for all users. Without KYC, you can not use any services on Bybit such as trading or withdrawing. In order to verify your identity on Bybit, you must submit your ID or Passport and a selfie. The verification process usually just takes a few minutes. If you need higher withdrawal limits, you can do the Level 2 KYC which requires proof of address through utility bills or bank statements. US customers can not use Bybit. Also, Bybit has a list of 10 blocked countries.
Gate.io also requires KYC for depositing, trading, and withdrawing. You must submit your ID or Passport for level 1 verification. Level 2 verification also requires proof of address, just like Bybit.
When comparing the features of Gate.io and Bybit, we noticed that the two exchanges have some of the largest offers in the crypto space. Only Binance has more services than Gate.io and Bybit.
Bybit supports a comprehensive spot, futures, options, and NFT trading market. The highest leverage on the futures market is 125x on inverse perpetual swaps. What made Bybit so popular is the smooth and user-friendly interface which ensures a great trading experience, not only for advanced traders but also for beginners.
Gate.io also offers spot, futures, and options trading. The highest leverage is 100x. The interface is very smooth, but not as user-friendly. Compared to Bybit, Gate.io is a bit harder to navigate through.
When comparing the liquidity, both exchanges perform well. However, Bybits liquidity is up to 100% higher on the sell side and 200% higher on the buy side for BTC. While this is only relevant for large crypto traders with a lot of capital, liquidity is still a relevant factor you should always consider. If you are a large trader, Bybit is definitely the best option. Below you will find our liquidity analysis.
Aside from trading, both exchanges offer a lot of finance products for passive income. But one exchange excels in this aspect.
Gate.io has a massive finance section where you can earn passive income with cryptocurrencies. You can participate in Lend & Earn, HODL & Earn, auto investment, dual investment, crypto loans, ETH 2.0 Staking, cloud mining, liquidity mining, and slot auctions for rewards. Furthermore, Gate.io has a crypto debit card called “Gate Card” which you can use on and offline.
Bybit also has great financial products, but the platform can not compete with Gate.io. Bybit users can access a savings account, liquidity mining, dual assets, eth 2.0 staking, and a launch pool for staking altcoins. Furthermore, Bybit also has a crypto debit card. While both exchanges have great passive income products, Gate.io clearly has the upper hand here.
Another great feature that Gate.io and Bybit offer is copy trading where you can automatically follow advanced traders. Which exchange has better copy trading? After testing the copy-trading feature, we came to the conclusion that Bybit has a better copy trading platform. Not only does Bybit have more traders, but the traders also seem to be more profitable and consistent. Furthermore, Bybit made the copy trading setup very simple.
On the spot market, bybit charges 0.1% for both makers and takers. Gate.io on the other hand charges 0.2% which means that Gate.io is two times more expensive than Bybit. On the spot trading market, Bybit offers the best value for money. Even though you can activate a 25% fee discount when holding the Gate Token, Gate.io can not compete with Bybits spot fees.
For futures traders, Bybit charges 0.02% maker and 0.055% taker fees which is a great rate.
Gate.io on the other hand charges 0.015% maker and 0.05% taker fees, which means for futures traders, Gate.io is slightly cheaper than Bybit. While the fees on Gate.io are slightly better, keep in mind that the liquidity on Gate.io is 3 times worse, meaning that entry prices for large orders are worse too.
Crypto deposits are free of charge on Bybit and Gate.io.
For FIAT deposits, Bybit supports 15 different FIAT currencies. Those include all major currencies such as USD, GBP, EUR, TRY, RUB, BRL, and more. In terms of payment methods, Bybit supports Advcash which has 0% fees and instantly clears your transactions. Other alternatives are ZEN with 0.92% fees and Bank Transfers with 0.30€ – 3% based on your currency.
Unfortunately, Gate.io does not support FIAT onramps. If you do not own any cryptos yet, you can purchase them on Gate.io directly with your credit card, bank transfer, or on the P2P marketplace. For direct crypto payments, Gate.io supports Mercuryo, MoonPay, and BANXA. The fees range from 1% to 6% based on your currency and payment method
Bybit also offers crypto direct purchases, however, we recommend depositing FIAT as it is a lot cheaper. In the deposit section, Bybit clearly takes the lead as Gate.io has no FIAT support.
Crypto withdrawals are available for all coins and networks on both exchanges. That means you can withdraw over 400 coins from Bybit and 1700 coins from Gate.io. It is important to understand that crypto withdrawal fees are different based on your coin and network. The Bitcoin and Ethereum networks are more expensive, while cheaper options like TRC20, BUSD, or XRP cost less than $1.
For FIAT withdrawals, Bybit supports 13 different currencies. The FIAT withdrawal methods are similar to the FIAT deposit methods. The options are Advcash, ZEN, and Bank or SEPA Transfers. The cheapest options are Advcash and ZEN with 0% fees and instant clearance on top.
Unfortunately, Gate.io does not support FIAT withdrawals. That means you can not cash out any profits from Gate.io to your Bank account. You can use third-party providers or try using the P2P marketplace.
For withdrawals, Bybit takes the point home yet again as Gate.io lacks FIAT support.
Security is always a main concern in the crypto industry. You will be pleased to hear that Bybit has a clean track record without any hacks or other incidents. Gate.io on the other hand was hacked in 2018 for $230 million of customer funds. What is even worse is the fact that Gate.io tried to keep quiet about it. While we do consider Gate.io to be a good exchange with a lot of great features, this is a key factor to keep in mind.
Another thing to look at is proof of reserves. Both exchanges provide proof of reserves. That means that customer funds are backed 1:1 by the exchange. Lastly, the funds are stored in multisig cold storage, making it impossible to hack them.
What we don’t like about Gate.io’s proof of reserves is that they only provide them for BTC. There is no data for other coins. Bybit on the other hand provides proof of reserves for the 20 most held cryptos and even backs up more than 100% of customers in most cases.
For security, Bybit is without a doubt the winner.
So now who is the clear winner of this, Bybit vs Gate.io comparison?
First of all, the security on Bybit seems to be higher as the platform was never hacked and the customer funds remain safe. Furthermore, Bybit has the best trading platform with more advanced features, a more user-friendly interface, and better liquidity. And if you are interested in copy trading, Bybit is also the superior choice compared to Gate.io. Lastly, FIAT support is a key factor to consider when choosing a crypto exchange. Bybit offers FIAT on and offramps for over 10 cryptos and is therefore the best choice for convenience.
Where Gate.io stands out most is its finance section with various passive income products. Only Binance has more options than Gate.io in this section. Another thing where Gate.io excels is the amount of cryptos. With 1700 available digital assets, Gate.io is the exchange with the most cryptocurrencies. Our key critique points for Gate.io are the security, high spot fees, complicated and not user-friendly interface, and lacking FIAT support.
Bybit is best for:
- Derivatives and spot trading
- Copy trading
- User experience
Gate.io is best for:
- Buy and hold altcoins on the spot market
- Financial products
- Passive income products