Gate.io Review
Gate.io is one of the oldest crypto-to-crypto exchange from China operating since 2013. After being rebranded to Gate.io in 2017, it is one of the fastest-growing crypto platforms with a leading Initial Exchange Offering (IEO) platform, numerous cryptocurrencies, margin trading with leverage, and other advanced financial services like margin lending or borrowing. Despite having a powerful trading engine, the platform interface feels somewhat cluttered as is generally not the best starting place for inexperienced investors.
Pros & Cons
Over 180 currencies and nearly 400 markets Many features including margin trading with 10x leverage. Excellent IEO platform Able platform with mobile apps Good customer support
No fiat deposits Unregulated exchange The team is not transparent The exchange interface is somewhat untidy Not recommended for beginners
Key Features
Number of cryptocurrencies. Gate.io is known as an altcoin exchange and for a perfect reason - it contains 180 different coins and nearly 400 different cryptocurrency markets. It does not deal with fiat, though.
The functionality of the platform. Gate.io is ripe with features - you can trade in cryptocurrency markets, margin trade with 10x leverage, margin lend or borrow funds, participate in period investment plans, invest in IEO’s via its Gate.io Startup platform, perpetual swap contracts and much more.
Relatively low fees. Like most altcoin exchanges, Gate.io is a low fee service. It’s not the lowest fee service on the market, but there are various discounts. A trade on the platform costs 0.2% of the total order amount.
Security. Gate.io team is security-savvy - it was rated as one of the top exchanges in terms of cybersecurity by CER. There are multiple ways users can secure their accounts, and the platform has many built-in security mechanisms, too.
Customer support. Apart from the 24/7 live chat available to all users, it also has an extensive support database which includes a FAQ section as well as New Use Guide. Alternatively, you can submit support tickets for more elaborate concerns.
Gate.io Exchange Background
Gate.io is one of the oldest Chinese bitcoin exchanges, which was founded in 2013 by Lin Han. Back in 2015, the exchange suffered a 7,000 BTC hack. The coins were stolen from its cold wallets.
Until 2017, the exchange was called Bter.com. However, it was forced to rebrand into Gate.io when the Chinese government has banned fiat-to-crypto trading in 2017. It closed the old domain, dropped fiat cryptocurrency trading pairs, and changed its focus to crypto-to-crypto and Chinese yuan OTC trades.
Gate.io Startup IEO platform.
The exchange is not available for the residents and citizens of the following states:
Washington (U.S.)
New York (U.S.)
Cuba
Iran
North Korea
Sudan
Syria
Pakistan
Venezuela
Crimea
Gate.io Fees
Like most crypto-to-crypto exchanges, Gate.io charges somewhat competitive fees. If you choose to trade on the platform, you will pay no fees for deposits, 0.2% spot and margin trading fee, and a small withdrawal fee which changes per cryptocurrency being withdrawn.
Here’s how Gate.io’s withdrawal fees compare with withdrawal fees charged by its competitors:Coin / Withdrawal FeeGate.ioBithovenBinanceHitBTCPoloniexBittrexBitcoin (BTC)0.001 BTC0.0015 BTC0.0005 BTC0.001 BTC0.0005 BTC0.0005 BTCEthereum (ETH)0.003 ETH0.0428 ETH0.01 ETH0.00958 ETH0.01 ETH0.01ETHLitecoin (LTC)0.01 LTC0.053 LTC0.001 LTC0.003 LTC0.001 LTC0.01 LTCRipple (XRP)1 XRP6.38 XRP0.25 XRP0.509 XRP0.15 XRP1 XRPEOS (EOS)0.1 EOS0.01 EOS0.1 EOS3.7 EOSFreeUnlistedMonero (XMR)0.05 XMR0.09 XMR0.0001 XMR0.09 XMR0.015 XMR0.0001 XMRTron (TRX)0.1 TRX150.5 TRX1 TRX290.5 TRXUnlisted1 TRXTether (USDT)3 USDT20 USDT4.7 USDT45 USDT10 USDT5 USDT
As you can see, Gate.io is the cheapest exchange when it comes to individual coins like USDT, ETH or TRX but it is somewhat more expensive for withdrawing XMR, XRP or BTC.
When it comes to taker and maker fees, Gate.io stands on the more expensive end of crypto-to-crypto exchanges. Exchanges like HitBTC, Binance, and KuCoin might be cheaper for trading a large volume of bitcoin and altcoins. However, it is still cheaper than trading on a platform like Bittrex.ExchangeMaker feeTaker feeGate.io0.2%0.2%Bithoven0.2%0.2%HitBTC0.1%0.2%Binance0.1%0.1%Poloniex0.08%0.2%KuCoin0.1%0.1%Bittrex0.25%0.25%
Different fees apply to Gate.io’s perpetual contract trades. Here, Gate.io incentivizes market making with a negative -0.025% Maker fee (which actually pays you in BTC), and charges a 0.075% Taker fee. The costs can also be covered using Points.
All in all, Gate.io falls under the cheap end compared with all cryptocurrency exchanges. It may not always be the cheapest one, but it constitutes a safe and secure exchange for traders of all walks of life.
Gate.io Security Measures Review
Gate.io log in screen.
Gate.io employs various security tricks to keep the user funds protected. As a user, you can secure your account with:
Two-factor authentication (2FA) with Google Authenticator.
SMS 2FA, generally considered rather insecure.
Login verifications.
Additional fund withdrawal password.
Anti-Phishing code.
Blind IP logins.
Unfortunately, the exchange doesn’t offer Universal 2nd Factor (U2F) protection, which is considered the most secure way to protect against unauthorized access to your account.
Internally, Gate.io safeguards user funds by utilizing both hot and cold wallets along with other secret security practices. It is known that higher deposit accounts must go through a more extensive customer verification procedure (KYC & KYC2) to get their withdrawals processed immediately.
Despite the required KYC verification, Gate.io is still an unregulated exchannge and its legal status nor obligations for customers are still unclear. It is also worth knowing that although Gate.io has no history of hacks, it’s also not spotless. It’s predecessor platform Bter.com lost approximately 7,000 BTC in a hacking incident in 2015.
Design & Usability
Simplicity and ease of use for its customers are vital for such a multifaceted exchange like Gate.io. For this reason, the platform uses an interface similar to that of its prime competitors - Binance, KuCoin, and others.
The markets are rather easy to find using the search function or navigating through the main menu. Switching from market to market is straightforward, too, as you can do so by simply scrolling the markets tab on the left side of the screen.
Nevertheless, the overall impression of Gate.io trading is somewhat messy and cluttered. It seems like too many things are going on at once, and the customization options for the windows are somewhat limited.
If you’re a fan of trading on the go, you may also check out Gate.io mobile applications. They are available for Android and iOS smartphones.
In sum, Gate.io’s design is rather standard, and in some places, it gets too cluttered, but that shouldn’t be an issue for non-first time traders and visitors.
Deposit and Withdrawal Methods at Gate.io
First and foremost, Gate.io doesn’t accept fiat deposits. If you want to trade, you first have to transfer your cryptocurrency to the exchange. Considering its wide range of supported cryptocurrencies, it shouldn’t be a difficult task for seasoned crypto market players, but beginners might be in trouble.
Although deposits are free, you will pay a withdrawal fee, which is different for every coin. Traders should also be aware of the withdrawal limits imposed by Gate.io. For example, you can withdraw max. 100 BTC per day. However, it is possible to raise the limit if you submit all the required KYC documents and email the support asking for higher withdrawal limits.
Conclusion
All in all, Gate.io is an excellent altcoin exchange for more experienced crypto market traders. Apart from the variety of altcoins, it also lures investors with its lucrative 10x margin trading, perpetual contracts, best in class IEO platform and even financial services like Margin Lending, Borrowing or Periodic Investment Plans. It may be just too much to digest for the market beginners, but everyone else could find what they were looking for at the Gate.io exchange.