Are you having trouble deciding between Lbank vs Gate.io for your cryptocurrency trading? Our comprehensive comparison takes a deep dive into their features, trading fees, and user experience to help you decide. By the end of this breakdown you'll have a clear idea of which exchange aligns best with your trading needs!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
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eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Lbank and Gate.Io are both global cryptocurrency exchanges that offer a variety of trading options to users in various countries around the world.
Lbank was founded in 2015 and is headquartered in Indonesia. The exchange has over 5 million registered users and is available in over 200 countries. Gate.Io, established in 2013 and based in the Cayman Islands, boasts over 12 million users in 184 countries.
Lbank exchange
Both exchanges offer numerous cryptocurrencies for trading with Lbank supporting over 450 cryptocurrencies and Gate.io offering over 1000.
Lbank provides a range of digital assets including spot, futures, and ETF trading, while Gate.Io offers spot trading, margin trading, futures, and options trading.
When it comes to mobile apps, both Lbank and Gate.Io offer apps for both Android and IOS devices.
Lbank's app has over 1 million downloads with an average 3.2-star rating based on 20,000 reviews. Meanwhile, Gate.Io's app has been downloaded over 1 million times and has a solid 4.4-star rating with over 40,000 reviews.
Gate.io app
Lbank vs Gate.Io Signup & KYC
When it comes to cryptocurrency exchanges, Lbank and Gate.io are two popular options for traders. While they both offer unique features and benefits, there are some notable differences in their signup process and KYC requirements.
Starting with Lbank, one of the standout features of the exchange is that KYC verification is not mandatory for all users. This means that users can deposit and trade cryptocurrencies without having to go through the verification process.
However, if users want to increase their withdrawal limits or access other features, they will need to complete KYC verification by uploading an ID such as a passport or driver's license.
The verification process can take up to 1-2 business days to complete depending on how busy the support team is.
lbank KYC process
Gate.io requires KYC verification for both deposits and withdrawals of crypto and fiat currencies. The signup process is quick and takes less than a minute, but users will need to complete the verification process before they can start trading. The processing time for KYC verification may be a few hours to 24 hours in most cases.
Lbank vs Gate.Io Products & Services
At the core of Lbank's services are trading options that include spot trading, futures, and Exchange-Traded Funds (ETFs).
Lbank Spot Trading
These services cater to a range of trading strategies and risk appetites, from traditional spot trading to more advanced and leveraged futures trading with up to 125X in leverage.
Lbank's commitment to variety is evident in its inclusion of grid trading for automating buying and selling orders across a predetermined price range.
Apart from trading, Lbank has expanded into offering earn products. These products allow users to earn interest on their digital assets like USDT, USDC, and other coins.
The platform provides options for both flexible and locked time periods, catering to the varying liquidity needs of its users.
Lbank has also ventured into NFTs by providing users with a platform to buy and sell Non-Fungible Tokens (NFTs).
Lbank NFTs
However, despite the broad spectrum of services, users have reported that the exchange can sometimes be slow and encounter bugs, which can detract from the overall experience.
While the platform offers a wide range of cryptocurrencies for trading, these technical issues can make the platform less user-friendly and reliable.
In terms of product accessibility, Lbank displays a range of options such as Peer-to-Peer (P2P) deposits and bank transfers.
However, some users have found these services to be less than fully functional or challenging to use.
This inconsistency in the usability of different services is an area where Lbank could improve to enhance the overall user experience.
Gate.io on the other hand is a more well-established cryptocurrency exchange that has seen significant growth and improvements in its offerings over the years.
The exchange is particularly known for its spot trading feature, which attracts a large user base that can buy and sell 1700 cryptocurrencies.
Gate.io Spot Trading
Gate.io is especially proactive in adding new and hard-to-find altcoins, making it a popular place for beginners eager to discover and invest in emerging cryptocurrencies.
Gate.io Crypto Markets
For those interested in margin trading, Gate.io provides the opportunity to trade with up to 10X leverage on hundreds of cryptocurrencies. This offers traders the potential to amplify their trading positions and thus their potential gains (or losses).
In addition, Gate.io offers ETF leveraged tokens, which allow users to take long or short positions with up to 5X leverage.
Gate.io Leveraged Tokens
Unlike traditional margin trading, these tokens do not require margin and thus do not carry the risk of liquidation. Users are charged a 0.1% daily fee to cover the costs associated with the ETF leveraged tokens.
Gate.io also ventures into futures trading, a common feature among offshore exchanges. Here, users can trade hundreds of perpetual contracts with options for either isolated or cross margin modes and leverage of up to 125X.
Gate.io Perpetual Trading
For options traders, Gate.io has European-style Vanilla Options available for major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
Recognizing the varying needs and expertise levels of its users, Gate.io offers copy trading. This feature is particularly useful for beginners, as it allows them to replicate the trades of experienced traders.
Gate.io Copy Trading
Additionally, the platform provides various trading bots, including strategies like spot and futures grid, infinity and margin grid, martingale, and rebalancing, catering to users who prefer automated trading.
Gate.io Trading Bots
In terms of trading volume, Gate.io ranks in the top 3 for 24-hour spot trading with almost $8 billion in trading volumes, and in the top 30 for derivatives volumes with $3 billion in trading volumes.
Moving beyond trading, Gate.io's Finance section provides a variety of ways for users to earn yield on their digital assets. This includes options such as lend & earn, hodl & earn, dual investments, and staking.
Gate.io Earn
Users can earn interest on the digital assets they hold on Gate.io under flexible terms depending on the asset.
The hodl & earn feature allows users to lock assets like BTC, ETH, and USDT, earning attractive Annual Percentage Rates (APRs) over different lockup periods. Users also have the option to stake their ETH and earn up to 4.4% in ETH rewards APR.
Gate.io Staking
Gate.io caters to users who wish to use their cryptocurrencies for real-world transactions through the Gate.io Visa card, which offers up to 1% cashback on spending.
In line with the growing trend towards decentralized finance (DeFi), Gate.io has launched its own Web 3 Wallet.
Gate.io Web 3 Wallet
This wallet offers non-custodial DeFi access and supports 29 blockchains, including Bitcoin, Ethereum, Solana, and more.
For wealthier individuals and institutional clients, Gate.io offers sophisticated services such as custody solutions, Over-The-Counter (OTC) trading, VIP loans, and broker programs.
Gate.io VIP products
While both Lbank and Gate.io offer a wide range of trading products and services, they differ in terms of their user experience and leverage options.
Lbank offers higher leverage on futures than Gate.io, but the user experience is not as good. Gate.io, on the other hand, offers a better user experience and a wider range of altcoins and futures products.
When it comes to trading fees between Lbank and Gate.io, both exchanges offer identical trading fees for both spot trading. For spot trading, Lbank charges a flat 0.2% fee for both makers and takers which is the same as Gate.io.
Gate.io spot fees
And for futures trading, Lbank charges a mere 0.02% fee for makers and 0.06% fee for takers, while Gate.io charges 0.02% for makers and a lower 0.05% for takers. Trading fees on Gate.io can be lowered if monthly trade volumes exceed $60,000 or if users hold enough GT tokens. While both exchanges offer competitive trading fees, they are not in the same league as alternatives such as Binance, OKX and Phemex.
When it comes to depositing fiat currencies, both Lbank and Gate.io fall short as that is not an option with either exchange. Lbank does not support fiat deposits directly, meaning users have to deposit cryptocurrencies to trade or purchase crypto via third-party providers that Lbank works with.
Gate.io also does not support fiat deposits but it does provide instant purchase with credit/debit cards via MoonPay, Banxa, Advacash, and Simplex. However, these instant purchases come with expensive credit card fees ranging from 2-5% transaction fees.
When it comes to withdrawing from funds from Lbank and Gate.io, once again, neither of these exchanges have support for fiat currencies.
Starting with Lbank, you'll only be able to withdraw your coins with different withdrawal fees depending on which blockchain you are using. The fees for withdrawing your Bitcoin are 0.0005 BTC and 0.0001 ETH for Ethereum. To withdraw Solana and ERC-20 USDT the fees are 0.02 SOL and a hefty $20 USDT fee.
The fees for withdrawing your cryptocurrencies with Gate.io are 0.001 BTC for Bitcoin, 0.0019 ETH for Ethereum, 0.003 SOL for Solana and 3 USDT for Tether. In both cases, Lbank and Gate.io disappoint overall with a lack of fiat withdrawals and high fees to withdraw your cryptocurrencies from their respective exchange.
In conclusion, Lbank and Gate.io are both global cryptocurrency exchanges that offer a variety of trading options to users around the world. However, each exchange has its own unique offerings that cater to different types of users.
For those who prioritize flexibility and more privacy, Lbank is the better option with its lack of mandatory KYC verification for all users. On the other hand, Gate.io prioritizes security and offers a better user experience and offers a wider range of both altcoins and trading products.
In terms of trading fees, the exchanges are even when it comes to spot trading and differ only slightly in terms of the fees for futures trading.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
