Poloniex vs Gate.io | Pick This Exchange For Lowest Fees
Jack Moreau
Feb 2024
9 min read
Fact checked
Poloniex vs Gate.io: Our team has done the research so that you can determine which exchange is better. We analyzed factors such as signup and KYC requirements, available countries, trading fees, product range, user experience, and much more!
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.
Poloniex and Gate.io are two popular cryptocurrency exchanges that cater to traders looking for a range of trading options and a wide variety of supported cryptocurrencies.
Founded in 2014, Poloniex is a US-based exchange that offers a vast selection of over 350 supported cryptocurrencies, including Bitcoin, Ethereum, TRON, and many others.
The platform facilitates spot, margin, and futures trading with up to 100X leverage making it a relevant choice for experienced traders.
Poloniex has over 1 million users with over 500,000 app downloads that have received an average 3.8 rating based on 9,000 reviews. This is not a great rating by any means but nonetheless, the option is there.
Founded in 2013, Gate.io is a global cryptocurrency exchange offering a wider variety of services, including spot trading, margin trading, futures, and options trading.
The platform supports an extensive range of over 1000 cryptocurrencies including Bitcoin, Ethereum, and numerous altcoins along with various trading pairs.
With over 12 million users around the world and over 1 million app downloads, Gate.io has grown rapidly and is highly regarded for its wide range of products and coins and tokens.
Both Poloniex and Gate are available in most countries around the world with Gate.io facing restrictions in places like the US, Canada, and a few European countries.
Poloniex vs Gate.io Signup & KYC
While both offer a range of features and benefits to traders, there are some key differences in their signup and KYC processes.
One of the standout features of Poloniex is that KYC is not required for users to deposit crypto, trade futures, and withdraw assets.
This makes it a great option for those who value anonymity and privacy in their trading activities. However, if you want to access more advanced features or deposit fiat currencies, you will need to complete KYC.
The signup process for Poloniex is quick and easy, taking less than a minute to complete. All you need to do is fill in your full name, email, date of birth, and country of residence. Once you have created your account, you can start depositing and trading right away.
In contrast, Gate.io requires KYC verification for both depositing and withdrawing crypto and fiat currencies. This means that if you want to access all the features and capabilities of the exchange, you will need to complete the KYC process.
However, the good news is that the verification process on Gate.io is relatively fast taking just a few hours in most cases.
The signup process for Gate.io is also quick and easy, taking less than a minute to complete. All you need to do is enter your email or phone number and create a password.
Overall, both Poloniex and Gate.io have their pros and cons when it comes to signup and KYC processes.
Poloniex is a great option for those who value anonymity and privacy in their trading activities while Gate.io offers a range of advanced features for those willing to complete their KYC process.
Poloniex vs Gate.io Crypto Products
When it comes to Poloniex and Gate.io, Gate.io is clearly the more versatile exchange by offering many more products than Poloniex.
Poloniex offers spot and futures trading, grid trading, the ability to buy crypto with a card via Simplex, a launchpad, earn products, and NFTs. Despite not having the most polished user experience, Poloniex is relatively easy to navigate and offers a decent range of features.
The exchange's average daily spot trading volume is over $80 million and offers futures leverage of up to 100X. For cross margin trading, Poloniex supports a maximum leverage of 3X.
In contrast to Poloniex, Gate.io has established itself as a significant player in the exchange landscape by consistently expanding its range of services.
A primary attraction for many users to Gate.io has been its spot trading feature which offers an impressive variety of over 1700 cryptocurrencies.
This extensive selection includes many elusive altcoins, making Gate.io a preferred choice for beginners eager to explore new and potentially lucrative digital assets.
For traders who are interested in leveraging their investments, Gate.io provides margin trading where users can trade with up to 10X leverage on hundreds of cryptocurrencies.
In addition to traditional margin trading, Gate.io offers ETF leveraged tokens that enable users to take long or short positions with up to 5X leverage, but without liquidation risk.
Instead of typical margin requirements, a nominal daily fee of 0.1% is charged to cover the costs associated with this product.
Gate.io also steps into the realm of futures trading, a common feature among offshore exchanges where users can trade with hundreds of perpetual contracts.
Traders can choose between isolated or cross margin modes, with the option of leveraging up to 125X. This provides a high level of flexibility and the potential for significant returns for those who understand the risks.
For options trading enthusiasts, Gate.io also offers European-style Vanilla Options for major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
Gate.io has also implemented copy trading that lets beginners replicate the trades of experienced traders, gaining insights and potential profits from established trading strategies.
Furthermore, Gate.io provides a variety of trading bots, including strategies like spot and futures grid, infinity and margin grid, martingale, and rebalancing to automate trading processes.
In terms of trading volume, Gate.io is a powerhouse that ranks in the top 3 for 24-hour spot trading with nearly $8 billion in volumes, and in the top 30 for derivatives volumes with $3 billion.
Beyond trading, Gate.io's Finance section offers a variety of ways to earn yield on digital assets. Products available include lend & earn, hodl & earn, dual investments, and staking.
Users can earn interest on their digital assets held on Gate.io under flexible terms depending on the asset. Additionally, users have the option to stake their ETH and earn up to 4.4% in ETH rewards APR.
For those looking to use their cryptocurrencies for everyday transactions, Gate.io offers the Gate.io Visa card, which provides up to 1% cashback on spending.
Gate.io has also entered the Web 3.0 space by launching its own Web 3 Wallet with non-custodial support for over 29 blockchains, including Bitcoin, Ethereum, Solana, and others.
Gate.io also caters to wealthier individuals and institutional clients with more sophisticated services such as custody solutions, Over-The-Counter (OTC) trading, VIP loans, and broker programs.
Poloniex and Gate.io are two popular cryptocurrency exchanges with varying trading fees. When it comes to spot trading, Poloniex charges a 0.145% maker fee and a 0.16% taker fee, while Gate.io charges a higher 0.20% for both maker and taker fees.
With futures trading, Poloniex charges a 0.02% maker fee and a 0.05% taker fee which are the identical futures fees that Gate.io also offers. Both exchanges also offer the ability for users to lower the trading fees further based on certain criteria.
If monthly trade volumes exceed $50,000 or if a user's TRX balance exceeds $49 dollars, the fees on Poloniex can be further lowered.
Similarly, Gate.io offers fee discounts if monthly trade volumes exceed $60,000 or if users hold enough GT tokens. But for most users, the most relevant fact here is that Poloniex offers lower spot trading fees than Gate.io.
When it comes to fiat deposits and withdrawals, this is not a strenght for either Poloniex or Gate.io.
On Poloniex, fiat deposits are not supported which means that users can only make deposits with cryptocurrencies.
While Poloniex offers only crypto deposits and buying options via credit cards through Simplex, Gate.io offers instant purchase with credit/debit cards via MoonPay, Banxa, Advacash, and Simplex. These are however expensive options and we don't recommend using them.
In contrast, users on Gate.io can deposit 28 different fiat currencies such as EUR, AUD, CHF, GBP, RUB, and SEK, but almost all of their options are limited to Visa and Mastercard deposits.
Gate.io's credit card fees for deposits range from 2-5% making it quite expensive when compared to other exchanges.
When it comes to withdrawing funds from exchanges, Poloniex for instance doesn't offer any fiat withdrawals so users can only withdraw cryptocurrencies.
However, withdrawing Bitcoin and Ethereum comes with a relatively low fee of 0.0005 BTC and 0.0032 ETH. The fees for withdrawing other cryptocurrencies vary with a 0.01 SOL fee for Solana and a 5 USDT fee for Tether USD.
Similar to Poloniex, Gate.io doesn't offer fiat withdrawals either, but it does offer a wider variety of cryptocurrencies to withdraw. Withdrawing Bitcoin comes with a slightly higher fee of 0.0004 BTC while withdrawing Ethereum comes with a fee of 0.0019 ETH.
While both exchanges have limitations in terms of fiat withdrawals, Poloniex overall does a better job of not adding unnecessary fees for withdrawing cryptocurrencies while Gate.io in many cases does just that.
In conclusion, Poloniex and Gate.io are two popular cryptocurrency exchanges that offer a range of services to millions of users around the world.
Poloniex supports over 350 cryptocurrencies and offers spot, margin, and futures trading with up to 100X leverage.
In comparison, Gate.io supports over 1000 cryptocurrencies and offers spot, margin, futures, and options trading, along with finance products such as staking, lending, and borrowing. It has over 12 million users worldwide and over 1 million app downloads.
Both exchanges have varying trading fees with Poloniex charging a lower maker and taker fee for spot trading that Gate.io, while their futures fees are identical.
Poloniex only allows crypto deposits, while Gate.io allows deposits in 28 different fiat currencies, albeit with high card deposit fees. Neither Poloniex nor Gate.io probide users with the option to withdrawal fiat currencies.
Poloniex is a better option for those who value anonymity and privacy with their lack of KYC, while Gate.io offers a wider range of products and coins for those who don't mind completing KYC.
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.