Gate.io is a Chinese cryptocurrency exchange that has been in operation since 2013. It is one of the oldest crypto-to-crypto exchanges.
It was renamed Gate.io in 2017 and became one of the fastest-growing cryptocurrency platforms, offering a premier Initial Exchange Offering (IEO) platform, a wide range of currencies, margin trading with leverage, and more. Gate.io was founded in 2013 and is headquartered in San Francisco. In spite of the fact that it has a robust trading engine, the platform interface is cluttered, and it is not the best location for beginner investors to start.
Pros & Cons
There are more than 180 currencies and approximately 400 markets. There are other features, including margin trading with a 10x margin. Excellent IEO platform that is also capable of supporting mobile applications Exceptional client service.
There will be no fiat deposits. Exchange that is not regulated. The team is not forthcoming with information. The exchange interface is a little disorganized. Beginners should avoid using this product.
Gate.io, like the majority of crypto-to-crypto exchanges, charges fees that are reasonably competitive in comparison to the market. If you opt to trade on the platform, you will not be charged any fees for deposits, only a 0.2 percent spot and margin trading fee, and a modest withdrawal fee that varies depending on the cryptocurrency being taken from the platform.
However, Gate.io is the most affordable exchange for individual currencies such as US Dollars (USDT), Ethereum (ETH), and Tron (TRS), but is more costly for withdrawing coins such as Bitcoin (BTC). The following chart illustrates how Gate.io's withdrawal fees compare to those charged by its competitors.
When it comes to taker and maker costs, Gate.io is on the more expensive end of the spectrum. When it comes to a big trading volume of bitcoins and altcoins, exchanges such as HitBTC, Binance, and KuCoin may be more cost-effective. However, it is still less expensive than trading on a cryptocurrency exchange such as Bittrex.
Furthermore, Gate.io recognizes and rewards its most active traders with valuable trading fee savings. There are three levels of discount fees available to traders that exchange 3 BTC or more in cryptocurrency per month, as shown in the table below. The reduction is applied to the usual trading cost of 0.2 percent of the transaction value.
Additionally, Gate.io offers a Point plan reduction for trading costs in addition to the volume-tier discount mentioned above. Every point you own entitles you to a one-dollar USDT trading charge deduction. The points can be acquired with USDT tokens through the Gate.io wallet area of the user's Gate.io account.
Perpetual contract trades on Gate.io are subject to a different set of costs. Gate.io incentivizes market creating by charging a negative -0.025 percent Maker fee (which is really paid to you in Bitcoin) and also levies a 0.075 percent Taker cost. Points can also be used to defray the associated fees.
Overall, when compared to other cryptocurrency exchanges, Gate.io is on the lower end of the price spectrum. It may not always be the most affordable option, but it provides a safe and secure environment for traders from all walks of life to conduct business.
Deposits and Withdrawals
For cryptocurrencies, there are no Gate.io deposit fees, with the exception of any typical network costs incurred outside of the exchange platform. The minimum order transaction size for all trading pairs is roughly $1 in value, despite the fact that there is technically no minimum deposit requirement in place. It should be noted, however, that there is no option for a Gate.io fiat deposit.
To pay out, simply click on the Wallet link at the top of the page and select Withdrawal from the drop-down menu. If you have more than one currency, you can choose which one to use here and provide another wallet address. Two-factor authentication is used to keep all of this safe.
Furthermore, while there is no minimum withdrawal amount on Gate.io, the maximum daily withdrawal limitations vary per currency because to the differences in their valuations.
The withdrawal speed of Gate.io is limited only by the network's capacity. Even while this is generally regarded a "instantaneous" process, it could take anywhere from a few minutes to many hours in actuality. This could take up to a day in some situations, however this is outside the control of the platform itself.
Gate.io Security Measures Review
The use of Google Authenticator for two-factor authentication (2FA).
- SMS two-factor authentication is usually seen as unsafe.
- Verifications of login credentials.
- Additional fund withdrawal password will be sent.
- Anti-Phishing code has been included.
- Logins using an anonymous IP address.
Unfortunately, the exchange does not provide Universal 2nd Factor (U2F) protection, which is often considered to be the most secure method of safeguarding against unwanted access to your account information.
Gate.io protects user cash on an internal level by deploying both hot and cold wallets, as well as additional top-secret security measures and procedures. In order to have their withdrawals processed swiftly, higher deposit accounts are need to go through a more stringent customer verification procedure (KYC & KYC2), which is well recognized.
However, despite the mandatory KYC verification, Gate.io is still an unregulated exchange, and neither its legal position nor the obligations of its consumers are apparent at this point. It is also important to note that, despite the fact that Gate.io has had no hacks in the past, the platform is not without flaws. Bter.com, the site that preceded it, suffered a hacking event in 2015 that resulted in the loss of about 7,000 BTC.
Despite this, Gate.io has gained a great deal of important experience as a result of the incident and is currently ranked as the second most secure exchange on the market, according to CER's top 100 exchanges ranked by cybersecurity score.
Design & Usability
For a multidimensional exchange like Gate.io, the importance of simplicity and ease of use for its consumers cannot be overstated. As a result, the site employs an interface that is comparable to those of its primary competitors, such as Binance, KuCoin, and other cryptocurrencies.
It is pretty simple to navigate between different sections of the site, despite the fact that the sheer number of options available can be intimidating at first. From the main menu, you can navigate directly to the cryptocurrency markets, margin trading, lending, and borrowing, perpetual contracts trading, financial services, the IEO platform, or a wallets overview, among other options.
Using the search tool or scrolling through the main menu, it is quite simple to locate the various markets. It is also simple to switch from one market to another, as you can do so by just scrolling the markets tab on the left side of the screen to the right.
Despite this, the overall image of Gate.io trade is a little chaotic and jumbled. It appears like there are too many things happening at the same time, and the customizing possibilities for the windows are fairly limited.
Gate.io Customer Support
Trading in the Gate.io perpetual contract testnet is also an option for new Gate.io users who want to learn the ropes before investing their own money. If you have any problems while using Gate.io, the customer service live chat is always available to assist you.
If you prefer, you may submit a support ticket or study the extensive Support Center (found under Help in the main menu) to learn everything you need to know about Gate.io's features and procedures.
If you enjoy trading on the go, you may want to have a look at the Gate.io mobile applications. They are available for devices running Android and iOS.
In conclusion, Gate.io's design is quite conventional, and it can become congested in some areas, but this should not be a problem for traders and visitors who are not making their first purchase on the platform.
The Gate.io platform enjoys rewarding its consumers for utilizing its services on a regular basis. It is possible to get rewards if you complete specific requirements, which can include merely transferring your first dollars for trading.
Owners of digital assets can earn fixed and adjustable term interest on their crypto holdings through the HODL & Earn scheme. Investors receive their returns between 7 to 28 days, depending on the arrangement they choose.
Note that interest may be paid out using coins such as ATOM, ALGO, E.O.S, Tezos, and USDG rather than the Gate.io token that you wish to store in your wallet.
In conclusion, after conducting extensive Gate.io reviews of all of the important features, it is evident that this is a formidable cryptocurrency trading platform. Beginning traders as well as more experienced users will appreciate the extensive range of trading and account options available, which range from just purchasing bitcoin with your credit card to complicated derivatives and finance.
Those that trade in large volumes will be even more pleased to learn about the sliding scale of charge reductions based on the volume of trades and holdings.
Gate.io also supports a large number of cryptocurrencies, with new coins being added on a regular basis. And, while the mobile applications aren't without flaws, the desktop and internet versions aren't particularly tough to navigate.
As a whole, while Gate.io is not the cheapest cryptocurrency exchange available, it has proven to be dependable over time and is one of the most accommodating for US users.