- Copy-trading option for easier crypto trading experience
- A large variety of coins and trading options to explore
- Very secure
- Inefficient customer support
- Complicated user interface
Gate.io is a digital asset exchange platform that has enabled users to buy and sell cryptocurrencies for over eight years. In this Gate.io review, we will look at the platform’s features and how it compares to other exchanges in the industry.
What Is Gate.io
Gate.io is a blockchain asset exchange platform founded by Lin Han in 2013. During this period, crypto trading was still relatively new, and there was a need for secure trading platforms like Han’s newly-founded exchange.
Gate.io went by the name Bter.com and had its headquarters in Hong Kong at its launch. However, in 2015 the exchange was the victim of a cold wallet hacking scheme that cost it about $1.75 million worth of Bitcoin. This unfortunate event, coupled with China’s ban on fiat trading, led to the company rebranding as Gate.io in 2017.
Seven years down the line, Gate.io has made a comeback and is one of the top 10 crypto exchanges globally as far as legitimate trading volumes are concerned. The platform trades about $747,474,713 every 24 hours. Besides its impressive trade volumes, Gate.io boasts 8 million registered users and a presence in over 130 countries reached through its web browser version and mobile apps.
Where Is Gate.io Located?
The Gate.io headquarters is in the U.S. in George Town, Midland, Cayman Islands, Kentucky. The platform also supports users in many countries across the world. However, some regions and countries don’t feature in Gate.io’s list of supported countries. These include:
- New York (U.S.)
- Washington (U.S.)
- North Korea
Gate.io Trading Options and Order Types
Gate.io has a variety of crypto trade options. These options allow you to diversify your crypto trading income streams and generally have a varied experience as a trader. Before trading, it’s essential to understand the trading options on any crypto exchange. Here’s a breakdown of Gate.io trading options and order types to ensure you make informed decisions.
- Spot Trading: Spot trading on a crypto exchange typically involves buying or selling crypto assets at their spot price or listed market price when there are market fluctuations. Like all other trades, spot training ensures you make some profit from buying or selling your token, and it isn’t very different from how stocks trade in the stock market.
- Margin Trading: Gate.io is one of the best Margin trading platforms. This type of trade involves trading crypto using funds borrowed from the exchange. A margin trader will commit a portion of their crypto assets to the exchange. Gate.io will give them funds equitable to their committed assets.
Margin trading is very profitable, but it has high risks because of market volatility. If you are new to crypto trading or only have limited knowledge and experience, avoid margin trading or trade with as little money as possible. For more seasoned investors, make sure you look at the core concepts of margin trading like forced liquidation, leverage rate, and risk rate to minimize the chance of making losses on the platform.
- Copy Trading: If the whole concept of trading cryptocurrencies on your own is a bit too scary or overwhelming, then Gate.io’s copy trading might be what you need. Copy trading is a form of quantitative trading, a strategy that uses quantitative analysis to help you determine when it is best to make a trade and which type of trade is the best to make.
The Gate.io copy trading option is a new feature, but it is a life-saver for trading novices who want to make some money on crypto but don’t know where to begin. All you need to get started with copy trading on Gate.io is to visit the copy trading page on Gate.io’s website and follow a suggested quantitative strategy. If you are more experienced in trading crypto assets and want to give other people a hand, you too have a place on the copy trading option as a signaler.
The starting point of each stop order trade involves you identifying the market order related to the trade. An order type is an instruction a trader gives to a broker about how to fill a particular order. Gate.io has about seven different order types that help you run your spot trading activities.
- Market Order: This order type shows you the spot price but does not guarantee the auction price during your trade’s execution.
- Limit Order: With the Limit order tool, you can set a fixed buying or selling price for your token. If this price isn’t met, the exchange will not execute your order.
- Iceberg Orders: These are orders divided into smaller orders, and only a portion of them is shown on the price ledger.
Other orders to explore on the platform include post-only conditional, immediate, or cancel orders.
Currencies and Payment Methods
There are at least 1400 trading pairs that you can find on Gate.io. Some trading pairs pair to USD like ETH, BTC, LUNA, SOL, ADA, DOGE, APE, and GALA. Others paired to stablecoins like USDT include GT, BTC, LUNA, ETH, and SOL. There are also BTC pairs like TLOS, EOS, GAS, DOGE, XMR, DASH, and LIME, or ETH pairs like XCN, XOR, KINT, XDC, TARA, and BICO.
Gate.io has a variety of payment methods aimed at making it easier for you to buy these digital currencies. The platform doesn’t charge you for depositing using any of these payment options, but the company that offers the payment method may have its charges. Here’s a list of some of the viable payment methods on Gate.io
- Google Pay
- Apple Pay
Some of the fiat currencies you can use to purchase cryptocurrencies on Gate.io include Euros (EUR), U.S. dollars (USD), British pounds (GBP), CAD (Canadian dollar), and AUD (Australian dollar). You can also use HKD (Hong Kong dollar), SEK (Swedish krona), TRY (Turkish lira), USD (U.S. dollar), INR (Indian rupee), and the JPY (Japanese yen).
Certain activities on Gate.io require you to pay a fee. Such fees help the platform maintain its services. Here are details on the withdrawal, deposit, and trading fees on Gate.io.
Gate.io Deposit and Withdrawal Fees
One of the first things you will enjoy on Gate.io is that you do not have to pay any deposit fee. However, withdrawal fees depend on the token you wish to withdraw from Gate.io. To keep tabs on how much you will need to withdraw, you can check out the Gate.io Withdrawal rates table. Here is the step-by-step process on how to deposit on Gate.io
- Step 1: Log in to your Gate.io account and navigate Wallet > Deposit.
- Step 2: Select the coin you want to deposit and choose the chain you prefer from the list provided.
- Step 3: Scan the QR code that appears to copy the address, directly copy the address, then paste it into the crypto wallet with the funds you want to transfer.
- Step 4: When done, you can check the balance on the Recent Deposit records if you are using the browser or desktop app or the Ledger icon at the top right of your screen if you are using the mobile app.
If you are new to crypto, ensure you find and use the most secure DeFi wallets to avoid losing your assets to data breaches.
Gate.io Trading Fees
The maximum cost of trading on Gate.io is a 0.2% makers and takers fee. However, this amount can go lower if you make it to the Gate.io VIP trading list. The trading list has 17 tiers, the highest being the 17th tier, where you pay a makers fee that ranges between 0.055% / -0.01% and a takers fee of 0.065% / 0.02 %.
Gate.io determines VIP status by dividing your 30-day trade volume against the amount of Gate Token that you hold. Gate Token (GT) is Gate.io’s native token. To make it to tier 0, the first tier, you need a 30-day trade volume of $60,000, and you don’t have to hold any GT. You pay at least 0.15% makers and takers fee for this tier.
Deposit Withdrawal and Trade Limit
Gate.io doesn’t limit the amount of funds you can put into your account. It also doesn’t limit you on the trades you can make unless you are margin trading and you have run out of collateral for the trade.
However, there is a cap on the funds you can withdraw from Gate.io. The daily withdrawal limit on Gate.io varies with the token you want to withdraw. Tokens like GT have a daily withdrawal limit of 500,000 tokens, while others like Bitcoin cannot go beyond 100 tokens.
Is Gate.io Secure?
Gate.io is one of the exchanges that prioritize security. Having been a victim of a data breach that cost millions in losses, this platform goes all-in with its security features. Explore some of the security measures Gate.io has set up to give you a safe crypto-trading environment.
- Third-party cloud security defense: Enables the platform to detect attacks, malware, or suspicious activity. It also allows (CAPTCHA) to ensure no robots can access the system.
- Encrypted Transport Layer Security: Ensures all the data in the platform is transmitted via secure connections.
- DDOS Countermeasures: To counter Distributed Denial-of-Service (DDoS) attacks, Gate.io has mechanisms to detect, respond to, defeat and record malicious activity.
- DNS Security: Gate.io has Domain Name Security features that prevent fraudulent people or groups from accessing your communication on the platform.
You can get in touch with the Gate.io Customer support team using online chats on the platform. However, this service could use some improvement. Several clients complain about it not being as efficient as they would prefer.
Despite this, Gate.io has made up for the compromised customer service using detailed but easy-to-understand user guides. Most of the questions you have or clarifications you need are well-documented in guides and FAQs that you can access by typing your question on your web browser.
Alternative Exchange You Can Use In Place of Gate.io
There are crypto exchanges that give Gate.io stiff competition. These exchanges may not rank as highly as Gate.io, but they have essentially superior features. Here are some of the exchanges that give Gate.io a run for its money.
CEX.io Vs. Gate.io
CEX.io may have a fraction of the users that Gate.io has, but its customer live support service, and ease of use is better than what Gate.io offers. On the flip side, the trading fee on Gate.io is relatively cheaper than the CEX.io trading fee. For instance, CEX.io charges 0.25%, while Gate.io’s takers fee is 0.2%. It is a slight difference, but one with a significant impact, especially on low-volume traders.
Kucoin Vs. Gate.io
One of the critical competitive points is that Kucoin offers a 24/7 live support system. It’s also cheaper than Gate.io, charging a flat rate of 0.1% for all trades. However, Gate.io offers superior features as compared to Kucoin.
Huobi Global Vs. Gate.io
Huobi Global is an excellent alternative to Gate.io; practically all features are similar. But Huobi Global’s most significant benefit is its staking option. This allows users to make extra money on the platform without trading.
On the other hand, Gate.io has the copy trading option, which Huobi Global lacks. Copy-trading makes it easier for beginners and even experienced traders to navigate the turbulent crypto trading environment.
How To Create an Account on Gate.io
Getting a trading account on Gate.io is an easy process that will take a few minutes. Here’s a step-by-step guide to setting up your Gate.io account.
- Step 1: Visit the Gate.io website, navigate to the top right side of the Home Page and click on the Sign-Up button.
- Step 2: Fill in the Username, Email, and Password fields with your details.
- Step 4: After doing this, you will receive an activation email sent to the e-mail address you provided. Follow the steps in the email to activate your account.
- Step 5: Go back to the website and log in; click on your profile icon at the top-right side of your screen, and select the KYC (ID Verification) > Individual > Verify Now. The KYC process is a procedure that crypto exchanges take to confirm an account owner’s details.
- Step 6: Fill in the required details and submit the requested documents, then click Confirm > Submit, and you are good to go.
It’s important to note that if your account has very high transactions for advanced security reasons, you may be required to complete a KYC 2 process. This is just standard procedure, and it shouldn’t be too difficult to complete.
Can I Log into Gate.io on My Smartphone?
Gate.io comes with a mobile app for smartphones. You can access this app on Android and iOS on Google Play or Apple Store.
Once you have downloaded it, the setting up process is simple. Fill in your account details as you set them up when creating the account, and you will be all set to use Gate.io on your phone.
Are Gate IO fees high?
The trading fees on Gate.io are affordable as compared to many other exchanges. Gate.io charges 0.02% for transactions.
Is Gate IO better than Coinbase?
Coinbase has a highly intuitive user interface and more active users than Gate.io. However, Gate.io has more trading options and lower trading fees. In the end, it boils down to what you want in a crypto trading exchange.
Can Gate.io Be trusted?
Gate.io is legit and trustworthy. Although no particular body regulates it, the exchange values the safety of its users and runs all its processes transparently and without any known bias.
What Is the Minimum Deposit on Gate.io?
Gate.io does not charge any deposit fee. You can freely deposit any amount on the platform without spending an extra coin. The only fee you pay on the platform is a withdrawal fee, makers fee, and takers fee.