Gate.IO is an online cryptocurrency exchange platform that provides the necessary tools for traders to buy, sell, trade, margin trade, and even lend crypto.
The exchange was established in 2013 and was initially headquartered in China.
Later on, it moved its headquarters to the U.S. after a surge in trading volume.
From its headquarters in Mclean, Virginia, Gate.IO currently supports more than 800 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), along with the in-house token GateToken (GT), which provides specific discounts and perks to token holders.
Gate.IO has gained a reputation for catering to more advanced traders, and beginner investors may be better served elsewhere, given the exchange’s focus on advanced trading tools and the breadth of cryptocurrencies provided.
The exchange currently carries a daily trading volume exceeding USD 3.2 Bn, serving more than six million users spread across more than 100 countries and regions.
Gate.IO is one of the few exchanges that currently support traders from Japan, where legal and regulatory hurdles have pushed back exchanges from accessing the aforementioned markets; albeit traders from those regions have access to a scaled-back service.
Furthermore, the exchange is committed to the security of user funds. It adopts industry-standard security practices, whereby cold storage is utilized to transfer customer assets in and out of the exchange.
In addition, Gate.IO enforces two-factor authentication (2FA), adopts anti-phishing measures to protect user funds, and employs security auditors to test the system against malware and hacks.
Is Gate.io Exchange Limited To Expert Traders?
At Gate.IO, beginner traders feel overwhelmed by the breadth of trading options provided under the basic trading sections.
The exchange has gained a reputation for mainly catering to advanced traders relying on complex trading tools and offering a breadth of clustered trading options and derivatives.
Another reason why the exchange might not be fit for beginners is that Gate.IO does not support fiat deposits and only supports deposits via cryptocurrencies.
Thus, a trader must be converting from another exchange or decentralized wallet. Gate.IO is a powerful exchange designed for traders who warrant access to margin, futures, and options trading both on the browser and through mobile trading; Gate.IO provides unique advanced features on all platforms and devices.
No Know-Your-Customer (KYC) is needed for small traders who wish to indulge in the exchange’s offering, albeit withdrawals are capped for users who do not complete the KYC.
In addition, some trading tools are restricted. Meeting the basic KYC and the advanced KYC increases withdrawal caps and opens all trading tools.
However, it is always encouraged to finalize the KYC process before depositing any funds into the exchange.
Although beginner traders can still benefit from the exchange’s offerings, advanced traders may be better poised to benefit.
Pros & Cons Of Gate.io
- Huge selection of more than 800 cryptocurrencies to trade
- In-house token, GateToken, provides opportunities for discounted fees
- Industry-standard security practices, such as cold storage for user assets and 2FA
- Low fees when compared to competitors with a multi-tier fee structure
- Advanced trading options and a wide variety of derivatives and margin trading
- The selection of cryptocurrencies may be limited based on geography
- The trading interface tends to be complicated for beginner traders
- Deposits are only permitted utilizing cryptocurrencies with no option for fiat deposits
- Services are no longer support customers from the U.S. and Canada
- Some cryptocurrency pairs available face the problem of low liquidity and high slippage
Our Take Gate.IO
The exchange has continuously proven to deserve its place amongst the leading cryptocurrency exchanges globally regarding trading volume, with a fair twist towards experienced users.
Although not available for U.S. traders currently, users are advised to keep updated with the regulatory license updates whereby Gate.IO may well again provide its services for U.S. residents.
Gate.IO is an excellent cryptocurrency exchange with low fees and a vast selection of staking pools that long-term investors may benefit from.
Gate.IO has implemented a multi-faceted security system that builds on online and semi-offline risk management protocols, anti-phishing measures, 2FA integrations, extensive data risk reduction systems, and offline wallets for storing user funds.
The exchange provides services ranging from spot trading, margin trading, options, lending services, staking services, and decentralized finance services (Defi) including initial offerings.
However, the exchange, although having a powerful trading engine with deep liquidity, interface feels clustered and un-intuitive which may not be the best fit and starting place for inexperienced investors.
Our take is that the Gate.IO exchange is not fit for beginner traders and is a fair step for experienced traders to access advanced trading options.
Gate.IO utilizes the market-taker model to determine its trading fees, which refer to transaction fees that users incur when orders are placed and filled.
Users pay varying fees depending on the 30-day trading volume. The Gate.IO spot fees start at a maker fee of 0.20% and a taker fee of 0.20%.
In comparison, Binance charges respective fees of 0.10% for each, whereas BingX charges 0.02% and 0.03%, respectively.
The exchange does not charge any fees on crypto deposits besides the network fees that deposits incur, whereas withdrawal fees are small and continuously vary.
Moreover, Gate.IO does not offer fiat deposits and withdrawals which is a huge problem many new traders face after opening an account; users must be wary of the limitation and thus should ensure that they hold crypto assets at a different exchange or wallet to transfer to Gate.IO.
Below is a deep dive into the critical highlights of Gate.IO exchange fees:
- Spot trading fees start at 0.20% for marker fees and 0.20% for taker fees and can go as low as 0.055% for maker fees and 0.065% for taker fees for the highest VIP level.
- Futures trading fees start at 0.015% for maker fees and 0.05% for taker fees. The fees can go as low as -0.02% for maker fees and 0.025% for taker fees for the highest VIP level.
- Higher-volume traders and traders carrying extensive futures or spot trading account balances will benefit from upgraded tiers.
- Fiat withdrawal and deposit fees are unsupported
- Referring friends and family to join Gate.IO through utilizing a personal referral code offer trading fee discounts and rebates.
|Deposit Fee Structure||Fiat Deposit||Crypto Deposit|
|Withdrawal Fee Structure||Fiat Withdrawal||Crypto Withdrawal|
Is Gate.IO Safe?
Gate.IO is one of the oldest online crypto exchange platforms, whereby it initiated operations in China in 2013 Lin Han.
In 2015, the exchange suffered a 7,000 Bitcoin hack whereby the coins were stolen from the exchange’s cold wallets.
However, since its rebranding to Gate.IO from Bter.com, the exchange strongly and firmly refuted any claims that pertained to weakness on the exchange side or compromise of any security measures put in place.
Ever since the rebranding, Gate.IO has employed various security measures to ensure that the funds are protected; whereby these measures include:
- SMS 2FA is generally considered somewhat insecure
- Login verifications
- Two-factor authentication (2FA) with Google Authenticator
- Optional Fund withdrawal password
- Anti-Phishing code
The Cryptocurrency Exchange Ranking (CER), a third party that evaluates online crypto exchanges against cyber security scores, listed Gate.IO as the best exchange in terms of cybersecurity back in August 2020.
The exchange secures users’ funds by utilizing cold and hot wallets coupled with secured databases and clustered security protocols.
In terms of online access, the exchange’s online platform adopts the latest Secure Sockets Layer (SSL) certificates, which employ a secure encrypted link between the user and the platform’s databases, to ensure online hacks are not permitted to the exchange’s database.
Additionally, higher deposit accounts are required to pass advanced KYC requirements. Otherwise, withdrawals are manually checked before processing.
Advanced traders will be at ease within the Gate.IO trading interface.
The trading platform supports advanced options, including market, limit, stop orders, and advanced conditional trades.
In addition, users can directly navigate cryptocurrency markets, margin trading, lending, borrowing, Defi services, initial offerings platform, and many more directly from the main menu to access a broad spectrum of trading options.
On top of that, traders can enjoy access to deep market insights for the cryptocurrencies offered by observing the detailed order book and trades in real-time to analyze trader sentiment.
Additionally, Gate.IO offers complex and advanced tools for charting and analysis that users can customize to their liking.
On top of the regular bells and whistles offered at competing for crypto exchanges, Gate.IO has gained an upsurge in popularity pertaining to its Initial Exchange Offering (IEO).
The exchange provides a top-notch operation allowing users to seamlessly invest in the hottest and newest cryptocurrency projects, which Gate. IO filters.
The IEO has been the most profitable platform for investing amongst similar competitors that offer the same services.
The average return on investment (ROI) on such investment has averaged 300 percent.
The only requirement to participate in these IEOs is to be a Gate.IO registered user who has completed the KYC.
Banking At Gate.IO
One of the main downsides of Gate.IO is that it does not offer fiat deposits and withdrawals.
Thus, users must be able to fund their accounts from crypto sources from their crypto centralized exchanges or offline and online wallets.
The exchange currently lists more than 800 cryptocurrencies, whereby each cryptocurrency is paired with multiple other cryptocurrencies.
The wide breadth of cryptocurrencies is coupled with a large selection of earning products.
For example, Gate.IO offers various forms of crypto-staking, which refers to users committing cryptocurrencies for a set period in exchange for a pre-agreed yield return.
n addition, Gate.IO provides its users with coin offerings and initial sales to better capture coins early within their trading cycle.
Finally, the exchange offers leading financial services, including loans with crypto collateral to increase their gains further while holding the cryptocurrency of choice to benefit from future increases in the coin prices.
Gate.IO App Experience
Gate.IO offers its users a large selection of trading tools with high accessibility and deep liquidity to ensure timely order filling and optimal price quotes.
However, the exchange has received various complaints about the slow and cloggy mobile app.
For example, it crashes upon market volatility and when the order book is updated more frequently.
As such, the Gate.IO iOS app, which can be downloaded from the Apple Store, rates at 2.8 out of 5.0 stars, as opposed to 2.5 stars for the Android app, which can be downloaded from the Android Store, whereby both app versions share the same functionality and user interface.
The links for downloading the mobile apps can be found on the official Gate.IO website.
Once the user logs in, they can view the account balance, transaction history, and trade history.
Users enjoy access to trading tools for spot, futures, options, and other trading needs on the app. Additionally, users can opt for the mobile app’s financial services and earning tools.
In addition, users can benefit from real-time market data, market insights, and order books to ensure that informed trading decisions can be taken.
The app provides a range of login options, including email and password combination, phone number and password combination, touch ID and face ID login options, Apple login option, and two-factor authentication (2FA) for enhanced security.
Gate.IO Site Experience
Although it might be overwhelming at first, once users get accustomed to the trading interface, it becomes relatively easy for traders to navigate the different sections of the site.
Users can directly navigate the cryptocurrency markets of choice from the top menu, whether spot markets or futures markets.
Additionally, from the top menu, users can access platforms for lending, borrowing, staking, and other financial services, including the IEO platform.
Given that Gate.IO’s mobile apps are slow and not responsive, users utilize the browser site more frequently.
The interface is very responsive, and the trading engine is swift.
The Gate.IO dashboard is extensive but focuses on being straightforward to ensure actions can be taken swiftly by traders.
From the account management portal, users can access all their account details.
The details include net portfolio balance in fiat currency, cryptocurrencies owned, trading history, and market data.
Gate.IO has an extensive “Learning Hub” section whereby beginners and advanced users can access an exhaustive list of tutorials and videos, which provide step-by-step guides.
Gate.IO leads the way with industry analysis and research articles to provide deep insights into the market status and vital information that aids in shaping user trading decisions.
Users can access their accounts from the supported browsers after entering their login details, and the user enables two-factor authentication (2FA).
Compared to prominent competitors, the Gate.IO exchange website is very rich.
Traders can enjoy access to the offerings of Gate.IO without having to complete a KYC application.
However, like all centralized exchanges, the exchange aggressively encourages completing the KYC process to unlock advanced trading tools and higher withdrawal limits.
The KYC application document requirements vary by country.
The KYC process involves real-time identity verification, which includes facial recognition using a mobile or computer camera.
However, users can still opt to skip the KYC if they are content with the limits provided by unverified accounts.
The required information for KYC registration are:
- Full name as reflected in identity documents
- Permanent address
- Date of birth
- Contact information
- Email address
ID Verification Documents:
- Government Issued ID-Card
- Social Security Number
- Driver’s License
- Pan Card
- ID Card
Proof of Residence Documents:
- Government-issued documents
- Municipality bill for utility services
- Internet service bill
- Landline telephone bill
- Bank statement
- Mortgage statement
Gate.IO Global Restrictions
In terms of territory access and jurisdictions, Gate.IO does not provide its services to users from the U.S. and Canada along with a shortlist of other countries.
Users should always be wary of the updated banned countries list to ensure that no bans are in place under users’ jurisdiction, so users are encouraged not to store their entire portfolio within a centralized exchange.
Gate.IO Customer Service
The exchange has received positive reviews as to the customer support provided.
The support representatives tend to be swift in replying to all inquiries professionally.
Below are the key highlights of the customer service provided by Gate.IO:
- A vast library of support articles and educational guides from the Learning Hub
- 24/7 support through chat
- Basic support across social media, including Twitter, Facebook, Instagram, etc.
- Ticket and email communication available