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Gate.io – Is it worth your Trust?

Gate.io has been operating since 2013 and is one of the oldest crypto-to-crypto exchanges in China. Gate.io, which rebranded in 2017, is one of the fastest-growing crypto platforms with a leading Initial Exchange Offering (IEO) platform, multiple cryptocurrencies, margin trading with leverage, and other advanced financial services, such as margin lending. In spite of having a powerful trading engine, the platform’s interface is somewhat cluttered, making it a bad place to start for inexperienced investors.

Key features #

  • Cryptocurrency count – There’s a reason why Gate.io is known as an altcoin exchange. It has almost 400 different cryptocurrencies and 180 different coins. It doesn’t accept fiat, however.
  • Platform functionality – Among the features of Gate.io are the ability to trade in cryptocurrency markets, margin trade with 10x leverage, margin lend/borrow funds, participate in period investment plans, invest in Initial Coin Offerings via the Gate.io Startup platform, perpetual swap contracts, and more.
  • There are very few fees – Gate.io offers low fees, like most altcoin exchanges. Even though the service is not the cheapest on the market, there are various discounts available. For example, a trade on the platform costs 0.2%.
  • Protection – Gate.io’s team is knowledgeable about cybersecurity – it was ranked as one of the top exchanges by CER. A variety of security mechanisms are built into the platform, as well as many ways for users to secure their accounts.
  • Support for customers – Additionally to 24/7 live chat, it has an extensive support database which includes an FAQ section and a New User Guide. Support tickets can also be submitted if more complex issues arise.

Background of the exchange #

Gate.io, a bitcoin exchange founded by Lin Han in 2013, is one of the oldest in China. It suffered a 7,000 Bitcoin hack in 2015. Its cold wallets were stolen.

Bter.com was the name of the exchange until 2017. In 2017, the Chinese government banned fiat-to-crypto trading, causing Gate.io to rebrand into Gate.io. The domain was closed, fiat cryptocurrency pairs were dropped, and the company focused on crypto-to-crypto and Chinese yuan OTC trading instead.

In terms of volume and market liquidity, Gate.io is still an unregulated crypto exchange today with approximately $65 million in market capitalization. Daily volume is approximately 3500 BTC. Gate Technology Inc., the parent company of Gatechain, raised $64 million in crypto for the upcoming Gatechain decentralized exchange (DEX) project and launched a successful IEO platform Gate.io Startup.

Residents and citizens of the following states cannot participate in the exchange:

  • Washington (U.S.)
  • New York (U.S.)
  • Cuba
  • Iran
  • North Korea
  • Sudan
  • Syria
  • Pakistan
  • Venezuela
  • Crimea

Gate.io is also one of 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.

Gate.io security measures review #

To protect the user’s funds, Gate.io uses various security tricks. Users can protect their accounts with:

  • Google Authenticator provides two-factor authentication (2FA).
  • 2FA via SMS is generally considered rather insecure.
  • Verify your login information.
  • A second password to withdraw funds.
  • An anti-phishing code.
  • Logging in blindly with an IP address.

Unfortunately, the exchange does not offer Universal 2nd Factor (U2F) protection, which is considered the most secure way to prevent unauthorized access to your account.

On the inside, Gate.io protects user funds by using both hot and cold wallets as well as other secret security practices. For withdrawals to be processed immediately for higher deposit accounts, a more thorough customer verification procedure (KYC & KYC2) must be completed.

Gate.io is still an unregulated exchange, with no clear legal status or obligations for its customers, despite the mandatory KYC verification. Gate.io has no history of hacks, but it is not perfect either. A hacking incident in 2015 cost Bter.com approximately 7,000 BTC.

Gate.io trading screen. #

Usability & design #

A multifaceted exchange like Gate.io relies on simplicity and ease of use for its customers. This is why the platform’s interface is similar to that of its major competitors – Binance, KuCoin, etc.

While the variety of features can be a bit overwhelming at first, it is relatively easy to navigate the different sections of the site. Right from the main menu, you can access cryptocurrency markets, margin trading, lending, and borrowing, perpetual contracts trading, financial services, IEO platforms, or wallets overview.

You can navigate through the main menu to find the markets or use the search function. The process of changing markets is also straightforward, as you can do so by simply scrolling the market tab on the left side of the screen.

In consequence, the charts will appear in the middle of your screen. You can choose between a simple (TradingView) chart’s view or a professional one (TradingView). Right side of screen is dedicated to order books, while bottom is for placing orders. In addition to regular orders, you can also place Iceberg and Immediate-or-Cancel (IOC) orders.

In spite of this, Gate.io trading gives the impression of being somewhat cluttered and messy. There are too many things happening at once, and the customization options for the windows are quite limited.

The good news is that you can choose among three different night modes. Additionally, the Gate.io Startup IEO platform lets you invest in the hottest cryptocurrency projects quickly. Gate.io Startup has been the most profitable IEO platform of 2019 (as of August 2019) and has conducted eight IEOs. A Gate.io IEO typically generates a return on investment of more than 300 percent. Furthermore, it makes participation in the ICOs extremely easy for everyone, as there are no additional requirements aside from the basic KYC check.

In addition to training in Gate.io’s perpetual contract testnet, beginning traders can also trade for real money on the testnet. Gate.io offers live chat customer support whenever you need it. As an alternative, you can submit a ticket or explore the extensive Gate.io Support Center (under Help in the main menu).

Deposit and withdrawal methods at Gate.io #

The first and foremost rule of Gate.io is that no fiat deposits are accepted. Before you can trade, you must transfer your cryptocurrency to the exchange. For seasoned crypto market players, it shouldn’t be difficult, but beginners may have a difficult time.

The deposit fee is free, but the withdrawal fee is different for each coin. Gate.io also has withdrawal limits that traders should be aware of. As an example, you can withdraw up to $100,000. A maximum of 100 Bitcoin per day is allowed. If you submit all the required documents for KYC and ask for higher withdrawal limits in an email, it is possible to raise the limit.

It is the case with most pure cryptocurrency exchanges that withdrawals are processed instantly, and the time it takes to process them depends largely on the speed of the blockchain. Deposits are treated the same way.

Conclusion #

Gate.io is an excellent altcoin exchange for traders with some experience in the crypto market. Along with the variety of altcoins, it also entices investors with its 10x margin trading, perpetual contracts, and best-in-class IEO platform, as well as financial services like Margin Lending, Borrowing, and Periodic Investment Plans. Beginners may find it too much to digest, but everyone else can find what they need on the Gate.io exchange.

Updated on January 21, 2022
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*Paid Advertisement. Not financial advice. RugDoc is not responsible for the projects showcased here. DYOR and ape safu.