Comparison of Bybit vs Gate.Io [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bybit vs Gate.Io comparison!

Your expert: Alejandro Borja

Bybit

Your expert: Xavier Tarrasó

Gate.Io

Main points

Fees

≤0,10%

Earns

Yes

Customer service

4/5

0,20%

Fees

Earns

4/5

Customer service

Recommended for

Beginners

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Yes

Trading

Passive income

Yes

Buy and hold

Comparison of fees

Rating

4.1 – Low fees with a focus on derivatives trading.

4.0 – Competitive fees with additional benefits for token holders.

Level

≤0,10%

0,20%

Brief explanation

Bybit’s commission structure is designed to be competitive and appealing to both high-volume traders and occasional participants. The platform primarily charges two types of fees: maker fees and taker fees. The maker fee can reward users for adding liquidity to the market, typically set below the industry average, while the taker fee is slightly higher due to the nature of removing liquidity. For trading derivatives such as perpetual contracts, Bybit charges a taker fee of 0.075% and provides a maker rebate of 0.025%, which means makers actually earn a credit for executing trades. This fee structure is particularly attractive to those who trade frequently or utilize trading bots to maintain liquidity on the exchange. Overall, Bybit’s fee strategy supports a dynamic trading environment, encouraging both the provision and taking of liquidity while keeping costs transparent and manageable for traders of all levels.

Gate.io offers a competitive and transparent fee structure. The platform charges a flat trading fee of 0.2% for both makers and takers, which is slightly below the industry average of around 0.25%. This flat fee structure simplifies the cost calculation for users, regardless of their trading volume. For high-volume traders, Gate.io offers a tiered fee discount system. Users who hold the platform’s native token, GateToken (GT), and opt to pay fees with it can receive up to a 25% discount on trading fees. Additionally, purchasing GT points or reaching higher VIP levels through increased trading volumes can further reduce fees, with potential discounts ranging from 30% to 70%. Deposits on Gate.io are free of charge, which is a significant advantage for users. However, withdrawal fees vary depending on the cryptocurrency being withdrawn. For example, the fee for withdrawing Bitcoin is 0.0005 BTC, which is competitive compared to the industry average. While Gate.io does not support fiat withdrawals, it allows users to deposit fiat currencies through third-party services like Banxa, MoonPay, and Simplex. These services charge their own fees, which can be relatively high. Overall, Gate.io’s fee structure is designed to be fair and transparent, catering to both casual traders and high-volume users with various discount options and competitive withdrawal fees.

Bybit

Security Methods: Bybit employs robust security practices, including cold storage for digital assets, real-time risk audits, and two-factor authentication (2FA) to protect user accounts and funds. This comprehensive approach ensures a secure trading environment.
Reputation and Reviews: Since its inception, Bybit has maintained a strong reputation within the crypto community for its reliability, advanced trading features, and user-friendly interface. Positive reviews across various forums and its low incident of security breaches contribute to its credibility.
Trading Volume and Liquidity: Bybit is known for its deep liquidity and high trading volume, facilitating seamless execution of trades without significant slippage, even during volatile market conditions. This is crucial for traders looking to execute large orders.
Transparency: Bybit provides clear and detailed information on trading fees, funding rates, and insurance funds. It regularly publishes updates about system upgrades and security enhancements, demonstrating transparency in operations and communications with its users.
Customer Service: Bybit offers 24/7 customer support with a multilingual team accessible via live chat, email, and social media. This constant availability ensures that user queries and issues are resolved promptly, enhancing user trust and satisfaction.

Gate.Io

Year Founded: Gate.io was founded in 2013, making it one of the older cryptocurrency exchanges. Its longevity in the market indicates a level of stability and experience in handling crypto assets.
Customer Service: The platform offers 24/7 customer support via live chat, email, and support tickets. While there have been mixed reviews regarding response times, the availability of multiple support channels is a positive aspect for users needing assistance.
Number of Users: The exchange has a substantial user base, with millions of registered users. This large user base reflects the platform's popularity and trustworthiness among crypto traders.
Trading Volume and Liquidity: Gate.io is known for its high trading volume and liquidity, ranking among the top exchanges globally. This high volume ensures that users can easily buy and sell assets without significant price slippage.
Security Methods: Gate.io employs robust security measures, including cold storage for the majority of user funds, two-factor authentication, and SSL encryption. These measures are designed to protect user assets and personal information from potential breaches.

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Direct link to the website

Product selection

Native token

Token GT (GateToken)

Earns

Yes

NFT marketplace

Yes

Cripto/debit card

Yes

Full name

Bybit Fintech Limited

Gate Technology Inc.

Regulation

Not regulated

Year founded

2018

2013

Founder

Ben Zhou

Lin Han

Payment methods

Transfers

Mastercard

Yes

Wire transfer

Card

Yes

Comparative table

Bybit	FEATURES	Gate.Io
Bybit allows for a relatively low minimum trade size, making it accessible for traders starting with smaller amounts.	Minimum Trade	Minimum trade size is $10, making it accessible for small investors.
Bybit is known for its competitive fee structure, which is lower than many other exchanges, benefiting frequent traders.	Trading and Transaction Fees	Flat fee of 0.2% for both makers and takers, competitive in the industry.
Offers a diverse range of over 100 cryptocurrencies, providing good options for traders looking to diversify their portfolios.	Number of Cryptocurrencies	Over 1,400 cryptocurrencies available, providing extensive trading options.
Provides a wide array of trading pairs, allowing users to trade various combinations of cryptocurrencies efficiently.	Crypto-to-Crypto Trading Pairs	Supports a wide range of trading pairs, enhancing trading flexibility.
The website provides clear and detailed information about trading conditions, fees, and security measures.	Website Transparency	Good security measures but lacks full transparency in some areas.
Bybit does not offer a branded exchange card for in-store purchases or benefits, limiting its functionality in terms of everyday financial transactions.	Credit/Debit Card	Gate.io does not currently offer its own exchange card for customers to use for in-store purchases and receive benefits.
Offers secure storage solutions with a majority of funds kept in cold storage, though it lacks some advanced features found in specialized wallets.	Storage Offering	Utilizes both hot and cold storage, with the majority of funds kept offline.
Offers basic staking features but is not as competitive as other platforms that provide higher yields and more variety in staking options.	Staking and Rewards	Offers various staking and earning opportunities with competitive returns.
Both the mobile app and desktop platform are highly rated for user interface design and functionality, catering well to both beginner and advanced traders.	Mobile App and Desktop	Robust mobile app available on iOS and Android, well-rated for Android users but mixed reviews for iOS.
Provides 24/7 customer support with multiple channels, though response times can vary depending on the channel and query complexity.	Customer Service	Provides 24/7 support via live chat and email, though response times and quality vary.
Offers efficient deposit and withdrawal processes, though limited by the lack of direct fiat currency transaction support.	Deposit and Withdraw	Crypto deposits are free; withdrawal fees vary by asset, no fiat withdrawals supported.

Key features

Analysis tools

Advanced charting, technical analysis tools, and derivatives trading features

Advanced charting tools, technical indicators

Mobile APP

Yes

Security

High 4,9/5

Additional features

Futures trading, perpetual contracts, staking, Bybit Earn program

Margin trading, futures trading, staking, Gate.io Earn

Anonymity

Yes

Key points

Available cryptocurrencies

Primarily derivatives, but around 100 cryptocurrencies

800+

User-friendliness

Bybit offers a user-friendly platform that is easy to navigate, with a focus on derivatives trading. The interface is designed to be accessible to both beginners and experienced traders.

Features a user-friendly interface that is easy to navigate, making it suitable for beginners. The platform provides a seamless trading experience with essential features easily accessible.

Value for money

Offers good value for money with low trading fees and advanced trading features, suitable for both retail and institutional traders.

Delivers good value for money with competitive fees and a wide range of supported cryptocurrencies, making it an affordable option for traders.

Countries of operation

Singapore, Japan, South Korea, United States, Canada

Global, including United States, Canada, United Kingdom, Australia, Germany

Best for

Great for both retail and institutional traders interested in derivatives trading with low fees and advanced features.

Suitable for traders of all experience levels looking for a platform with a wide range of cryptocurrencies and competitive fees.

Base currencies available

USD, USDT, BTC

USD, BTC, USDT

Account

Trading

Bybit is known for its derivatives trading and leverage options. It offers advanced trading tools and high liquidity but is not suitable for beginners due to its complexity and risk.

Gate.io offers a wide range of cryptocurrencies and advanced trading tools. It has competitive fees but can be complex for beginners.

Deposit and withdrawal

Bybit supports cryptocurrency deposits and withdrawals, with no support for fiat currencies. Withdrawals are processed efficiently, usually within a few hours, with low fees.

Gate.io supports a wide range of deposit and withdrawal methods, including bank transfers and crypto. Withdrawals are processed quickly, usually within a day, with competitive fees.

Account opening process

Bybit offers a seamless and fully digital account opening process. Users need to fill out personal information and verify their identity. The process is quick, typically taking less than a day to complete.

Gate.io provides a seamless account registration process. Users need to fill out personal details and verify their identity. The process is fully digital and usually completed within a day.

KYC required?

Yes

Customer Service

Bybit provides extensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, ensuring users get timely assistance.

Gate.io provides extensive customer support through email, live chat, and a help center. Support is available 24/7, and the response times are quick, ensuring users get timely assistance.

Security

Bybit provides robust security features with 2FA, encryption, and cold storage. However, it is not regulated by major financial authorities, which might be a concern for some users.

Gate.io provides extensive security measures, including 2FA and cold storage. It is not regulated by major financial authorities, which might be a concern for some investors.

Which of these exchanges is for you?

Alejandro Borja

As one of the experts here at Threenvest, I’d like to share a brief recommendation about using Bybit. Bybit offers a robust platform that caters well to experienced traders looking for advanced trading options in the crypto derivatives market. Its high-performance trading engine ensures rapid execution of trades, which is crucial during volatile market conditions. If you’re comfortable with high leverage and complex trading instruments, Bybit can be a powerful tool in your trading arsenal. However, beginners should tread carefully, given the platform’s complexity and the inherent risks of leveraged trading.

Xavier Tarrasó

As an expert in cryptocurrency exchanges, I highly recommend Gate.io for its comprehensive trading features and extensive selection of cryptocurrencies. With over 1,400 coins and a wide range of trading pairs, Gate.io offers excellent opportunities for diversifying your investment portfolio. The platform’s robust security measures, including cold storage and two-factor authentication, provide peace of mind for users concerned about the safety of their assets. While the interface may be complex for beginners, its advanced tools make it a powerful choice for experienced traders. Despite some limitations with fiat support, the competitive fees and strong liquidity make Gate.io a top choice for serious cryptocurrency enthusiasts.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.