Gate.io is a crypto-to-crypto exchange where you can trade over 180 cryptocurrencies. And that too at low charges. The major cryptocurrencies include Bitcoin, Ethereum, Litecoin, Tether, Cardano, Uniswap, and Aave to name a few.
There are several positives to Gate.io exchange- low fees, rich crypto collection, several trading options, and mobile support.
That’s Gate.io in a nutshell. Tag along, in this Gate.io review we will discuss each aspect in detail. Is Gate.io Safe? In which countries is it functional? Why should you use Gate.io? We will answer all these and much more.
Gate.io At A Glance
Gate.io is one of the oldest crypto-to-crypto exchanges. It was founded in China in 2013 by Lin Han. Gate.io was formerly known as Bter.com. Later, the platform rebranded to Gate.io in 2017 after the Chinese government banned fiat-to-crypto trades. After rebranding, Gate.io focused on crypto-to-crypto and Chinese yuan OTC trades.
As of now, Gate.io is an unregulated exchange. Talking about volume and market liquidity, it has a volume of approximately 3500 BTC per day. In their recent funding in 2019, Gate.io’s parent company Gate Technology Inc. raised $64 million in cryptocurrency. These funds were raised for Gatechain Decentralized Exchange (DEX) and their IEO platform – Gate.io Startup.
Gate.io has over 180 cryptocurrencies and around 400 cryptocurrency markets. Major cryptocurrencies, DeFi coins, stablecoins, you name it, you can find them all at Gate.io exchange. Talking about trading, Gate.io offers both regular and advanced trading options like margin trade and perpetual contracts.
The best part is that Gate.io charges comparatively lower fees than other exchange platforms. As for accessibility, Gate.io allows you to trade using their website as well as through their dedicated mobile apps for both Android and iOS devices.
Supported Cryptocurrencies And Countries
As mentioned, Gate.io has a collection of over 180 cryptocurrencies. The major cryptocurrencies include –
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Tether (USDT)
- Cardano (ADA)
- Binance Coin (BNB)
- Polkadot (DOT)
- Uniswap (UNI)
- Aave (AAVE)
As for availability, Gate.io exchange is not available in the following countries –
- New York (U.S)
- Washington (U.S.)
- North Korea
Gate.io has a competitive fee structure. However, the withdrawal fees are expensive for cryptocurrencies like BTC, XMR, and XRP. Also, the maker and taker fees are not as attractive. Nonetheless, the discounts are a major positive. Overall, Gate.io fees are low when compared to other cryptocurrency exchanges.
Here’s a detailed breakdown of Gate.io fees structure –
Deposits are free at Gate.io exchange.
- Trading fee
Gate.io charges a flat 0.2% fee for spot and margin trades
- Withdrawal Fee
Withdrawal fees depend on the cryptocurrency you wish to withdraw.
Here are the withdrawal charges for major cryptocurrencies –
- Bitcoin (BTC) – 0% – 0.001 BTC
- Ethereum (ETH) – 0% – 0.0024 ETH
- Litecoin (LTC) – 0% – 0.012 LTC
- Ripple (XRP) – 0% – 2.4 XRP
- Maker And Taker Fee
Gate.io charges 0.2% maker fees and 0.2% taker fees. For perpetual contract trades, the maker fee is -0.025% (you are paid in BTC) and the taker fee is 0.075%.
Gate.io rewards its users with trading discounts based on their 30-day trading volume. This fee structure is tier-based starting with VIP 0 with no discounts to VIP 10 with 50% off.
Apart from this tier-based discount, Gate.io offers a Point plan discount for trading fees. For every point you own, you will get a 1 USDT fee deduction. As for how you will get these points, you need to purchase them using Gate.io wallet.
Deposit And Withdrawals
Gate.io is a crypto-to-crypto exchange. The platform does not exchange fiat deposits. This implies that to trade on Gate.io, you need to first buy cryptocurrency from another platform and transfer your funds to Gate.io. Considering the features and low fees at Gate.io, the hassle is worth it. Also, deposits are free at Gate.io.
As for withdrawal fees, it is different for different cryptocurrencies. There are withdrawal limits on Gate.io. For instance, you can withdraw up to 100 BTC per day. To increase this limit, you need to submit all the KYC documents and submit a request for higher withdrawal limits.
Talking about speed, the processing time depends on the speed of the blockchain. Mostly, deposits and withdrawals are processed immediately.
How Good Is The Gate.io Trading Interface?
Gate.io is loaded with features. It might be overwhelming at first. However, thanks to an easy-to-navigate interface, trading at Gate.io becomes a breeze. Nonetheless, first-time traders might find it difficult to use the platform.
All the trading options are a click away from the main menu. Yes, you can directly jump to crypto markets, margin trading, lending, borrowing, perpetual contracts, wallets, IEO platform, all from the main menu. Moreover, you can easily search and navigate through the main menu. Switching between different markets is straightforward. Scroll the markets tab on the left side of the screen and that’s it.
As for trading charts, they are displayed in the middle of the screen. You can choose between a simple and professional view. Order books are placed at the right side of the screen and the bottom of the dashboard is reserved for placing orders. Talking about orders, you can place regular orders as well as advanced orders like Iceberg and Immediate-or-Cancel (IOC) orders.
Long story short, Gate.io has a user-friendly design. However, the arrangement is a bit sophisticated as there are a variety of features.
Gate.io Mobile Applications
If you prefer trading on the go, Gate.io has you covered. You can download the Gate.io app on your Android and iOS devices. These applications have almost all of the features of the Gate.io web app. There are over 500k downloads and an average rating of around 3.3 out of 5 stars. All this speaks volumes about their popularity.
How To Get Started With Gate.io Exchange?
Signing up for Gate.io is a no-nonsense process. Here’s how to open your Gate.io account –
Step 1 – Sign Up
- Visit Gate.io’s official website.
- On the top-right corner hit the Sign up tab.
- Enter your details in the sign-up form – username, email, and password. Later, you need to create a Fund password (required to withdraw your funds), this should be different from your login password.
- Now, give your consent to the user agreement and hit the ‘Create account’ tab.
- Next, you have to confirm your email address. Go to your inbox of the email you specified in the login process and confirm it.
That’s it, you have successfully created your Gate.io account.
Step 2 – Verification
You can start trading on Gate.io without complete KYC verification. However, to enhance the security and unlock deposit and withdrawal functions you need to complete your KYC verification.
- Log in to your Gate.io account.
- Go to your account settings.
- Give your government-issued I.D. like a passport, driving license, or an identity card. The name on your Gate.io account must be the same as on your submitted I.D.
- Once you provide the necessary details, wait for a few hours to get a confirmation. The verification process may take half an hour to 12 hours.
How To Trade On Gate.io?
Gate.io offers USDT, BTC, ETH, QTUM, and time-limited markets. To trade cryptocurrencies, you need to select a trading pair. Say, you need to buy BTC against USDT, you should select the BTC/USDT pair.
Here’s how to trade on the Gate.io website –
- Visit the Gate.io trade page – Home > Trade. For this example, let’s select the BTC/USDT pair.
- Two windows will appear – Buy BTC and Sell BTC. If you wish to buy BTC select the Buy window or else select sell. Enter the desired price and the amount.
- A dialogue box will pop up asking you to check the price and amount before confirming the trade. Enter your fund password and once you check the details, place your order.
- You can see your order in the order tab.
4 Reasons To Use Gate.io Exchange
a. Wide Selection Of Cryptocurrencies
Gate.io has a rich catalog of cryptocurrencies. The exchange lists over 180 different cryptocurrencies. Most importantly it has around 400 different cryptocurrency markets.
The major cryptocurrencies include assets like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Binance Coin (BNB) as well as DeFi coins like Uniswap (UNI), Aave (AAVE), among others.
b. Several Trading Options
Gate.io offers you a ton of options to trade cryptocurrencies. You can trade in crypto markets, margin trade with up to 10x leverage, and margin lend or borrow funds.
Moreover, you can also trade futures using perpetual smart contracts. Gate.io also enables you to participate in period investment plans. Talking about investments, you can also invest in the hottest crypto projects using IEO’s (Initial Exchange Offering) via the Gate.io Startup platform.
c. Low Fees
Gate.io charges a 0.2% fee on the total order amount. This is comparatively lower than most exchanges out there. Gate.io also offers several discounts for active traders. In short, low fees and trading discounts make your crypto purchase more affordable.
d. 24/7 Customer Support
Gate.io has a 24/7 live chat feature. Apart from this, the exchange has a resourceful FAQ section and a New User Guide. Here, you will get all the common queries solved. In case you still have some doubts, you can submit support tickets on the Gate.io site.
Is Gate.io Safe?
Gate.io has all the industry-standard security measures. The exchange has employed two-factor authentication (2FA), strict login verifications, anti-phishing code, blind IP logins, and additional passwords for withdrawals. To secure user funds, the exchange stores deposits in both hot and cold wallets. Accounts with higher deposit amounts go through an extensive KYC process.
As for the negatives, Gate.io does not support Universal 2nd Factor (U2F) protection. Further, despite the KYC verification, Gate.io is an unregulated exchange. The legal status of Gate.io and obligations for customers are still unclear. Also, Bter.com, Gate.io’s predecessor platform, was hacked in 2015 compromising approximately 7,000 BTC.
Pros And Cons Of Gate.io Exchange
- Over 180 cryptocurrencies and around 400 markets
- Many trading options including margin trading with up to 10x leverage
- Good customer support
- Startup platform for IEO
- Low fees
- Mobile support
- No fiat support
- No information about the team
- Meant for experienced traders
- Unregulated exchange
Gate.io has almost all the features you look for in a crypto exchange – Large crypto selection, low fees, mobile support, and most importantly several trading options including margin trading and perpetual contracts. Among the downsides, the exchange is primarily meant for experienced traders. Also, the fact that it is an unregulated exchange raises a concern – Is Gate.io safe?
To sum up this Gate.io review, we would say Gate.io is a good crypto exchange. Yes, it has its pros and cons, like every other exchange.
Frequently Asked Questions
Q1. Is KYC Compulsory At Gate.io?
Deposits can be made without KYC verification. However, KYC is mandatory for withdrawals. This is done for security reasons.
Q2. What Is The Minimum Order Size?
With Gate.io, you can place orders of about 1 USD in value for all trading pairs.
Q3. Is Gate.io Safe?
Gate.io has all the industry-standard security processes such as 2FA and KYC verification. Nonetheless, it is unregulated and its legal status is unclear.
Q4. Why I Cannot Upload Documents For KYC Verification?
While uploading images, the size cannot exceed 4 MB. Plus, the image format should be jpg or png. Moreover, your full name on your I.D. should not have any special characters. Follow all these instructions. If you still have any questions, you can contact the Gate.io customer support.