Gate.io is an old crypto exchange in China, operating since 2013. After renaming to Gate.io in 2017, it is one of the fastest-growing crypto platforms with a leading Initial Exchange Offering (IEO) platform, numerous cryptocurrencies, and leveraged margin trading, as well as other advanced financial services such as margin lending or – borrowing Despite having a powerful trading engine, the platform interface feels a bit cluttered as it is generally not the best place to start for novice investors. In this article, we will talk about everything you need to know about the Gate.io crypto exchange.
Gate.io crypto exchange advantages and disadvantages
- +180 cryptocurrencies and nearly 400 markets, many features including margin trading with 10x leverage. Excellent IEO platform Powerful platform with mobile apps Good customer support
- No fiat deposits unregulated exchange Team is not transparent Exchange interface is a bit cluttered not recommended for beginners
Gate.io crypto exchange Main features
- The number of cryptocurrencies. Gate.io is known as an altcoin exchange and for good reason – it features 180 different coins and almost 400 different cryptocurrencies However, it is not Fiat.
- The functionality of the platform. Gate.io crypto exchange is packed with features – you can trade on cryptocurrency markets, margin trading with 10x leverage, margin lending or borrowing, participate in periodic investment plans, invest in IEOs through the Gate.io startup platform, perpetual swap contracts, and much more.
- Relatively low fees. Like most altcoin exchanges, Gate.io is a service with a low fee. It’s not the lowest fee service out there, but there are various discounts. Trade on the platform costs 0.2% of the total order amount.
- Security. The Gate.io crypto exchange team is security conscious – it has been ranked by CER as one of the best exchanges in terms of cybersecurity. There are multiple ways users can secure their accounts and the platform also has many built-in security mechanisms.
- Customer service. Besides the 24/7 live chat available to all users, it also has an extensive support database that includes an FAQ section as well as a New Use Guide. Alternatively, you can submit support tickets for more detailed concerns.
Gate.io crypto exchange background
Gate.io crypto exchange is one of the oldest Chinese Bitcoin exchanges, founded by Lin Han in 2013. Back in 2015, Gate.io crypto exchange suffered a 7,000 BTC hack. The coins were stolen from his cold wallets.
Until 2017, the exchange was called Bter.com. However, it was forced to rebrand itself as Gate.io when the Chinese government banned fiat-to-crypto trading in 2017. She closed the old domain, dropped fiat-cryptocurrency trading pairs, and changed her focus to crypto-to-crypto and Chinese Yuan OTC trading.
As of today, Gate.io crypto exchange remains an unregulated crypto exchange in terms of volume and markets liquidity with around 3500 BTC volumes per day. In recent news, parent company Gate Technology Inc. has raised $64 million in crypto for the upcoming Gate Chain Decentralized Exchange (DEX) project and launched a successful IEO platform Gate.io Startup.
Like most crypto exchanges, Gate.io charges competitive fees. If you decide to trade on the platform, you will not pay any deposit fees, a 0.2% spot and margin trading fee, and a small withdrawal fee that changes depending on the cryptocurrency withdrawn.
Here’s how Gate.io’s withdrawal fees compare to its competitors’ withdrawal fees:
When it comes to taker and maker fees, Gate.io sits at the more expensive end of crypto-to-crypto exchanges. Exchanges like HitBTC, Binance, and KuCoin could be cheaper for trading large volumes of Bitcoin and altcoins. However, it is cheaper than trading the exchanges like Bittrex.
Also, Gate.io rewards its most active traders with useful discounts on trading fees. Here is the volume-tiered rebate fee schedule for traders trading 3 BTC and up cryptocurrency monthly. The discount applies to the standard trading fee of 0.2%.
Aside from the volume discount, Gate.io crypto exchange also offers a point’s plan discount for trading fees. For every point you own, you can deduct a 1 USDT trading fee. The points can be purchased through the Gate.io wallet section using USDT tokens.
Gate.io perpetual trades have different fees. Here, Gate.io encourages market making with a negative maker fee of -0.025% (which pays you in BTC) and charges a taker fee of 0.
Gate.io crypto exchange security measures
Gate.io applies various security tricks to protect user funds. As a user, you can secure your account with:
- Two-factor authentication (2FA) with Google Authenticator.
- SMS 2FA, is generally considered to be rather insecure.
- Login Verifications.
- Additional password for withdrawal of funds.
- Anti-Phishing Code.
- Blind IP logins.
Unfortunately, the exchange does not offer Universal 2nd Factor (U2F) protection, which is considered the safest way to protect against unauthorized access to your account.
Internally, Gate.io crypto exchange protects user funds by using both hot wallets and cold wallets along with other secretive security practices. It is known that higher deposit accounts need to go through a more extensive customer verification process (KYC & KYC2) for their withdrawals to be processed immediately.
Despite the required KYC verification, Gate.io is still an unregulated exchange and its legal status and obligations to customers are still unclear. It’s also important to know that while Gate.io doesn’t have a history of hacks, it’s not flawless either. The predecessor platform Bter.com lost around 7,000 BTC in a hacking incident in 2015.
Despite this, Gate.io has learned many valuable lessons from it and currently ranks as the second most secure exchange on the market by cybersecurity score, according to CER’s top 100 exchanges.
Gate.io crypto exchange Design & Ease of Use
Simplicity and ease of use for its customers are key for an exchange as diverse as Gate.io. Because of this, the platform uses a similar interface to its main competitors – Binance, KuCoin, and others.
It’s relatively easy to navigate through the different sections of the site, although the variety of features can be quite overwhelming at first. You can go straight to Cryptocurrency Markets, Margin Trading, Lending and Borrowing, Perpetual Contract Trading, Financial Services, and IEO Platform or Wallet Overview right from the main menu.
Gate.io crypto exchange Design
The markets are fairly easy to find using the search function or navigating through the main menu. Switching from market to market is also straightforward as you can do so simply by scrolling the “Markets” tab on the left side of the screen.
Consequently, you will find the trading charts in the middle of the screen. On the platform, you can choose between simple and professional (TradingView) chart views. The right side of the screen is reserved for the order books, while the lower part of the screen is for placing orders. Besides the regular orders, you can also place Iceberg and Immediate-or-Cancel (IOC) orders.
Gate.io crypto exchange usability
Nevertheless, the overall impression of trading with Gate.io is somewhat chaotic and confusing. It seems like too many things are happening at the same time, and the customization options for the windows are somewhat limited.
On the positive side, you can choose from three different night modes for the background. Also, the Gate.io Startup IEO platform is a top-notch operation that allows you to quickly invest in the hottest cryptocurrency projects. Gate.io Startup is the most profitable IEO platform of 2019 (as of August 2019) and has conducted eight IEOs. The average ROI per IEO at Gate.io is over 300 percent. It also makes it super easy to participate in the IEOs for everyone as there are no additional requirements for investors besides the basic KYC check.
Beginners can also train on the Gate.io perpetual contract testnet before trading with real money. If you encounter any problems with Gate.io, the customer service live chat is always there for you. Alternatively, you can submit a ticket or search the extensive support center (under Help in the main menu) to learn all about Gate.io’s features and procedures.
If you are a fan of trading on the go, you can also check out Gate.io mobile apps. They are available for Android and iOS smartphones.
Overall, Gate.io’s design is rather standard and in some places, it gets too cluttered, but that shouldn’t be a problem for non-first-time traders and visitors.
Gate.io Deposit and withdrawal methods
First and Primarily, Gate.io does not accept fiat currency deposits. If you want to trade, you must first transfer your cryptocurrency to the exchange. Given the wide range of supported cryptocurrencies, this shouldn’t be a difficult task for experienced crypto market participants, but beginners might run into trouble.
Although deposits are free, you pay a withdrawal fee, which is different for each coin. Traders should also be aware of the payout imposed by Gate.io.
Gate.io crypto exchange Deposit and Withdrawal Methods
Gate.io crypto exchange safety
So, Gate.io, is it safe?
During this Gate.io review, we noticed several security features that should convince you of its security. First, signing up requires several steps, including verifying your email address and choosing a separate password if you want to withdraw crypto.
Two-factor authentication enables by default, i. H. before you can sign up, you must enter a code that will send to your verified email address. After registering, you can convert this to an SMS message in your account settings.
The Gate.io crypto exchange uses the expected SSL encryption protocol to protect data being sent back and forth. Meanwhile, the KYC requirements ensure that only genuine traders use the exchange, despite the issues with providing identification documents.
Additional security comes in the form of cold wallets. These are offline crypto e-wallets that store funds on decentralized hardware that is itself under lock and key.
Contrary to all these security measures, Gate.io is not as heavily regulated as some other exchanges, especially ones like Plus500 that support traditional trading alongside crypto. On the other hand, that means a bit more freedom in the crypto space. Judging by the fact that there has never been a major security breach, you can rest assured that Gate.io is legit and manages to protect its users.
Gate.io Demo account
I made Gate.io reviews on each feature and also explored the demo account option. Needless to say, this is a very handy feature, especially for those who are just getting into crypto trading.
The platform’s test net software allows you to execute strategies and trade using real data to learn the basics before committing your real money.
Gate.io Mobile app
You can find the Gate.io mobile app on both the official Google Play and Apple stores, where it has decent reviews among users.
The Android version has received a rating of 3.1 out of 5 from over 6,000 users. And the iOS version for iPhones now has a 3.7 after a bumpy start. However, only 95 users have engaged with it, so there is still more to learn.
During this Gate.io app review, I found that everything was in place with a clean, mobile-friendly interface. However, desktop usage is still more manageable if you are serious about studying the data and trading.
Something about the smaller screen doesn’t quite work with the trading window and charts. Also, recent Gate.io user reviews report an error in the KYC verification process when trying to do it exclusively via mobile.
So using your desktop browser is currently the best option unless you’re just checking a few things on the go.
Gate.io Customer Support
While doing this Gate.io crypto exchange review, I found a variety of ways to contact employees. It has almost every social media channel under the sun, each with its open DMs. Additionally, you can use the 24/7 live chat icon on the site itself or through the Talk and Telegram apps.
Not to mention standard email support. Users can also use an email-based ticketing system to track their requests through their accounts.
In addition, Gate.io reviews have praised its extensive help center, which includes a complete guide on how to use the site and advanced tips for the various trading methods.
Gate.io vs. Binance
When comparing the platform to other exchanges, one of its closest competitors is Binance. But which one is better, Gate.io or Binance?
A closer look reveals that both platforms offer basic and advanced trading options such as B. Leverage Margin Trades. Both also support a ton of additional features like NFTs and crypto loans.
Still, Gate.io has the edge when it comes to supporting most coins. On the other hand, Binance leads with 20x the maximum leverage, while Gate.io limits traders and users to 10x.
Each has similar security measures, and while Binance now has a separate page for US users, Gate.io US customers can use the main page in a limited way. The restrictions are similar, but Gate.io crypto exchange is available in more US states. If you’re living in the US, Gate.io wins.
Both platforms allow you to buy crypto with fiat, but Binance has the advantage here because you can hold a fiat balance and use it for trading as well. Gate.io crypto exchange only allows you to use the exact fiat purchase amount.
Binance is more popular and has a higher daily trading volume compared to other exchanges. It also costs less, especially for lower-volume traders. For example, Binance’s first tier has a 0.10% maker-taker fee, while Gate.io charges a 0.20% fee. The situation is similar with futures.
Finally, unless you are from the United States, Binance offers a better way to maximize profits based on similar features.
Gate.io is an excellent altcoin exchange for more experienced traders in the crypto market. Aside from the variety of altcoins, it also attracts investors with its lucrative 10x margin trading, perpetual contracts, world-class IEO platform, and even financial services like margin lending, borrowing, or periodic investment plans. It might just be too much to digest for the market novices, but everyone else might find what they were looking for at the Gate.io exchange.
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