Welcome! Read on as we compare Gate.io, the exchange with the most coins and trading pairs globally, with CoinSwitch, a cryptocurrency exchange aggregator from Bangalore, India. Interestingly, for different reasons, both of these platforms offer users the most diverse range of coins in the open market. Keep reading to find out how that’s possible.
Compare CoinSwitch vs Gate.io
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Have a quick peruse of this screengrab to see Gate’s spot trading charges.
It might not be immediately apparent due to the layout, but there is a separate trading fee for makers and takers, and there’s a separate fee depending on whether you pay for the crypto traded or Gate Token (GT). Selling a native utility token used for fee discounts is a very popular method for a cryptocurrency exchange to raise additional funds and offer a beneficial service to users. Typically for an absolute noobie on the platform, you’ll pay 0.2% per trade.
CoinSwitch is an aggregator, which means it compares all of the prices from their partner exchanges, finds the best one, and handles the trade on your behalf. This means that they have to factor in their own fees and the fees of the exchange they use to execute the trade.
As a result, the price you are quoted for the trade will include CoinSwitch’s fees of up to 0.49% but will not include the chosen exchange fees or the blockchain network fees. Overall, this makes it considerably more expensive to buy cryptocurrencies here.
Gate.io vs Coinswitch: Gate.io offers far more affordable transactions.
Sign Up & KYC Experience
Create a Gate.io Account (USA Friendly)
Ok, let’s help you make and verify your Gate.io account:
- Head to Gate.io
- Click ‘Sign Up’, and choose your country, username, password, and provide this referral ID: EXAMPLE
- In the next step, you’ll be asked to add a ‘fund withdrawal password’ which is an alternative password used as an extra layer of security
- Your account is made, so now log in again and set up 2-Factor Authentication
- KYC checks aren’t mandatory for making deposits and trading, and users in some locations will be able to withdraw up to $1,000 per day without ID, however…
- If you wish to verify your account, follow this guide
Joining CoinSwitch (mobile only)
- Head over to CoinSwitch.co
- Click ‘Get App Link’ or choose the App Store or Google Play store icons
- Download the app to your device
- Provide a mobile phone number
- You’ll be sent an OTP (one-time passcode)
- Set a pin code for your account
- For KYC, log into your profile and choose ‘basic verification’, then follow the steps listed and fill in your personal details
CoinSwitch is still relatively new, and as such, it is currently developing its international markets. It has been available to users in the EU, UK, and the US; however, it currently offers access only to users in India.
Gate.io vs Coinswitch: Gate.io is a more global-friendly platform.
Ease of Use & Feel of Website or App
Gate.io – Friendly Cryptocurrency Exchange
When we first discovered Gate.io, it was a tiny exchange with small trading volumes, not many services, and a limited selection of cryptocurrencies. Despite that, something about their design, tone, and friendliness caught our attention, and so we’ve watched their rise to success closely. Some days, they process over $1bn in transactions, a phenomenal achievement that is deserving of a platform that is easy to use, offers KYC-free trading, boasts easy-to-understand staking, and has borrowing/lending with friendly rates.
On the other hand, the app has some pretty low user reviews, so you might have a better time using the browser version.
CoinSwitch is pretty much an app-only service now, mostly doing away with their online platform as they’ve modernized and rebranded. Despite that, you can still purchase digital assets in the meantime, without downloading the app — see here. This web-based Simplex order form sells 14 different cryptocurrencies, with more than 50 fiat currencies accepted, and couldn’t be simpler to use. It used to be possible to make crypto-to-crypto exchanges here, but not anymore.
Bear in mind, however, that you will need an external wallet, as CoinSwitch does not take custody of your crypto at any point.
The mobile app is slick and well designed, with simple charts and fiat currency rates for the crypto in your portfolio.
Gate.io vs Coinswitch: Gate.io is better designed for most services.
Getting your funds into Gate.io
You cannot deposit funds (GBP, USD, EUR) into Gate.io, so there are no deposit fees to speak of. You can deposit digital currencies, however, as long as the coin is compatible with the exchange.
Making deposits on CoinSwitch
You won’t find a deposit page, as you cannot deposit fiat currency or digital assets into CoinSwitch.
Gate.io vs Coinswitch: We aren’t awarding this section to either cryptocurrency exchange.
Instant Buy Options (Buying with a Credit or Debit card)
Make purchases on Gate.io
This is where Gate.io shines. Thanks to partnerships with Banxa, Simplex, Coinify, Mercuryo, and Advcash, Gate.io has some of the best liquidity partners in the business. Users can choose from around 25 cryptocurrencies and purchase them using 25 different fiat currencies, all within a straightforward order that offers price comparison. Check the image below to see what we mean:
You will be sent to another platform to transfer funds and buy your coins, but it will then arrive in your wallet shortly after the money leaves your bank and payment is received by the seller.
Purchasing crypto on CoinSwitch
CoinSwitch does make purchasing coins pretty easy for app users, and like Gate.io, it accepts both credit and debit cards. There are over 100 coins to choose from, and CoinSwitch supports USD, JPY, RUB, EUR, and of course, INR.
Since they are an aggregator for brokers, sales are their primary service, and each transaction is completed without needing to fill in lots of forms or experience confusion.
Gate.io vs Coinswitch: Gate.io still offers the best functionality and support for instant purchases.
Versatile Trading with Gate.io
Few platforms come close to the wide selection of cryptocurrency coins (800+) and trading pairs (1,400+) on Gate.io. These figures only continue to grow, as does the daily trading volume and user base.
Thanks to great UX/UI design, Gate.io is highly intuitive but can be a little overwhelming due to the sheer number of tools and services offered. Our advice: do plenty of reading and testing and don’t mind negative reviews.
Customer support is available via live chat, ticket, or email.
Aggregated Trading with CoinSwitch
The service that CoinSwitch provides essentially aggregates many of the major exchanges, including Huobi, KuCoin, Binance, HitBTC, IDEX, ETHFinex, Changelly, and Bittrex.
Combining all of the available coins creates over 45,000 crypto-to-crypto exchange pairs, though many of them you’ll have trouble using due to low liquidity. Users used to trade anonymously, but since becoming India-only, the verification requires a PAN tax number that only Indian citizens are assigned.
Within the app, the trading experience is quite pleasant, well-designed, and clean. Buy and sell charts are shown in your chosen fiat currency value and are much simpler than the TradingView style interfaces that Binance, Kraken Pro, or Huobi users might be accustomed to.
Type in how much you want to buy or sell, choose the best rate from the options provided, and place a market or limit order:
- Market order – makes the trade immediately for the current available price
- Limit order – sets a more desirable price to buy/sell at and will be fulfilled when the price reaches this point
Gate.io vs Coinswitch: Gate.io is a proper cryptocurrency exchange, whereas platforms like CoinSwitch are only a link between you and your future assets.
Reputation and Security
A Successful Rebrand
Gate’s history is quite interesting, as it was one of the companies that were forced to close due to China’s cryptocurrency ban of 2017. However, at that time, the platform was called Bter.com, and it had been active for several years. Unfortunately, it was an exchange losing popularity after being hacked for 7,170 BTC and unable to repay it to distressed investors.
After China’s cryptocurrency regulations forced them out, they set up offices in the US and the Cayman Islands and have been desperately committed to building security and trust. It has succeeded and now goes from strength to strength.
Our advice: always keep your funds in a private and secure anonymous wallet, not on the exchange.
The Word on CoinSwitch
CoinSwitch is well trusted in India and has become the most popular and profitable platform globally, with excellent reviews, large profits, an increasing number of trades, and a growing business reputation. They can lean on their trust and success by collaborating with some of the world’s best exchanges, like Binance, Huobi, and KuCoin.
However, with no custodial service, CoinSwitch is simply a middleman but an excellent middleman at that. The middleman, in this case, bears very little of the risk for a great deal of the rewards. Welcome to the most capitalistic side of crypto — brokerage.
Gate.io vs Coinswitch: CoinSwitch offers their customers a more trusted user experience.
CoinSwitch vs Gate.io: Who is our winner?
Gate.io wins this article comfortably due to its full range of quality services and features.