Gate.io Review

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Gate.io Review

Gate.io offers a secure environment to trade cryptocurrencies with low fees, fast withdrawals and deposits, and reliable customer support.

Gate.io Overview

Gate.io is an established cryptocurrency exchange that caters to more advanced traders who are interested in purchasing lesser-known cryptocurrencies. 

It supports more than 1,300 different cryptocurrencies and provides sophisticated trading options, including margin trading in some countries where it is available. 

On the other hand, it is unclear if citizens of the United States have full access to the site, and the platform itself is not very user-friendly. Find out whether Gate.io is the correct choice for you by reading our comprehensive assessment of the service.

Platform & Features

Gate.io is well-known for being an alternative cryptocurrency exchange, and for good reason: the platform offers users access to approximately 400 distinct cryptocurrency marketplaces in addition to 180 different currencies. However, it does not involve fiat currency in any way.

You can participate in period investment plans, invest in Initial Coin Offerings (ICOs) via Gate.io’s Startup platform, trade-in cryptocurrency markets, margin trade with 10x leverage, margin lend or borrow funds, participate in period investment plans, and trade in perpetual swap contracts, among many other features.

Gate.io is a service that charges lower fees than the majority of other cryptocurrency exchanges. Although their prices aren’t the cheapest on the market, they do offer a number of different discounts. The fee for doing a transaction on the platform is 0.2% of the total order value.

The Gate.io crew has a strong understanding of security, as shown by the fact that CER has ranked it as one of the best exchanges in terms of cybersecurity. Users have a variety of options for ensuring the safety of their accounts, and the platform itself incorporates a large number of additional safeguards.

In addition to a live chat that is open around the clock and accessible to all users, it also has a comprehensive support database that consists of a Frequently Asked Questions section and a New User Guide.

You also have the option of submitting support tickets in the event that your complaints required further assistance.

History Of Gate.io

Since its launch in 2013, Gate.io has become one of the most established cryptocurrency exchanges in China. After undergoing a name change to Gate.io in 2017, it has become one of the cryptocurrency platforms that is expanding at the quickest rate.

It offers a leading platform for initial exchange offerings (IEO), a variety of cryptocurrencies, margin trading with leverage, and other advanced financial services such as margin lending or borrowing.

In spite of the platform having a robust trading engine, the user interface seems to be rather disorganized, and as a result, it is not the ideal platform for beginner investors to begin.

Security and Regulation

Before making any deposits of their cryptocurrency holdings, traders will want to be certain that they are able to satisfy the Know Your Customer (KYC) standards imposed by Gate.io.

The Know Your Customer (KYC) procedure, which is a standard for a significant portion of the cryptocurrency exchange sector, requires users to verify their identities in order to reduce the possibility that funds would be used for illegal activities or for the purpose of money laundering.

Before you are allowed to withdraw anything from your account with Gate.io, you could be required to pass the KYC that they have.

Keep in mind that cryptocurrency exchanges are not completely safe from being hacked. In 2019, Gate.io was the victim of a high-profile attack that led to the theft of more than $270,000 worth of crypto assets; however, about half of these funds were subsequently recovered.

Users are required to generate a unique withdrawal password before they are permitted to take money out of their accounts, which is part of the procedures that include two-factor verification by SMS and email. This adds an extra layer of protection.

Gate.io has also introduced a program known as the Gate.io Bug program, which offers awards to users who bring to light vulnerabilities and bugs that improve the platform’s overall level of safety. 

Fees and Commissions

Gate.io spot trading costs follow a maker-taker approach. Users are subject to different costs depending on whether an order reduces the amount of liquidity available on an exchange—in which case, they are charged a taker fee—or increases the amount of liquidity available on an exchange—in which case, they are subject to a maker fee. 

There is no way for you to determine in advance whether or not the order you place will be a maker or a taker.

You may be eligible for a discount depending on the amount of GateToken (GT), which is Gate.io’s native cryptocurrency token, that you own, as well as the amount of GT that you possess and the amount that you trade. 

If you want to make payments for your spot transactions utilizing GT, you’ll be able to cut your expenses even lower.

What Can You Trade On Gate.io?

Since Gate.io supports more than 1,300 cryptocurrencies, you should be able to locate almost any cryptocurrency that you are interested in buying on this platform. In other words, Gate.io is a great place to buy cryptocurrency. 

The following are some of the most prominent cryptocurrencies:

  • Bitcoin (BTC)
  • Binance Coin (BNB)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Polkadot (DOT)
  • XRP (XRP)

It is important to keep in mind that while Gate.io does offer a wide variety of coins, purchasing lesser-known coins with lower trading volumes could result in you losing the money you invested or being unable to resell your coin quickly or for a profit. 

While Gate.io does offer a wide variety of coins, it is important to keep in mind that this could happen.

How To Open Your Gate.io Account

Opening gate.io into your web browser and exploring the site is the first thing you need to do if you want to create an account with Gate.io. 

You will see that the layout is really simple, and a login form will be located at the very top area of the page. You will be taken to Gate.io’s page for first-time users if you click the Signup link that is located at the bottom of the login form. 

On this page, you will be required to enter your full name, select a username and password, provide your email address, select a second password for funding (a novel idea), and then click the Create Account button. 

You also have the option of inputting the referral ID of a friend in order to thank them for giving you the invitation.

Gate.io Customer Support

Gate.io, like the vast majority of exchanges, has a very deficient customer service system. Help is mostly accessible via a Frequently Asked Questions (FAQ) database and a support ticket system.

Pros

  • A huge variety of cryptocurrencies may be purchased, albeit some of them might not be accessible depending on your area.
  • GateToken, the platform’s native cryptocurrency, carries with it certain discounts and advantages for its holders.

Cons

  • No services are offered to anyone living in the United States of America or Canada.
  • It is possible that novice investors may find it overwhelming.
  • Possibly susceptible to hacking in 2019

Conclusion

Gate.io excels in providing traders with access to a large variety of cryptocurrencies and providing a comprehensive range of cryptocurrencies to choose from. 

The security measures and other trading features offered by Gate.io are rather sophisticated for an exchange that doesn’t need any authentication (and isn’t regulated in and of itself). 

The inclusion of margins for trading, lending, and borrowing, as well as specific order types that provide more control over their trades, will also be appreciated by seasoned traders. In general, the exchange ought to appeal to traders who have a larger tolerance for risk and want exposure to other cryptocurrencies.