The Gate.io Exchange supports Bitcoin, LTC and Ethereum trading. The exchange gained popularity quickly and is now available in nearly all countries. The platform is not currently operational in China, so it has moved its registered office to Virginia.
The platform supports over 800 cryptocurrencies and more than 1,000 trading pairs. It also supports spot and margin trade. It also offers services in other markets such as ETFs, Options, futures and derivatives to investors. This platform is intended for professional traders. This platform is also beneficial for beginners. You can read the review to learn more about this exchange platform.
Gate.io Exchange Background
Gate.io, one of the oldest Chinese Bitcoin exchanges, was established in 2013 by Lin Han. The exchange was hacked to 7,000 BTC in 2015. The coins were taken from the cold wallets.
The exchange was known as Bter.com until 2017. It was rebranded into Gate.io Exchange in 2017 after the Chinese government outlawed fiat-to-crypto trading. The domain was closed, the fiat cryptocurrency trading pairs were dropped, and the company shifted its focus to crypto-to-crypto and Chinese Yuan OTC trades.
Gate.io is an unregulated crypto-exchange in terms of market liquidity and volume. 3500 BTC volume per day. Recent news: Gate Technology Inc., the parent company of the project, raised $64 million in crypto to fund the Gatechain decentralized exchange (DEX). It also launched a successful IEO platform Gate.io Startup.
Gate.io Exchange Cryptocurrencies
Gate.io has over 1,200 cryptocurrency supported, so you should be able to find any coin that interests you on this platform. The following are the top coins:
Top Recommended Platforms
78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.
CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Bitcoin (BTC).
- Ethereum (ETH).
- Dogecoin (DOGE).
- Binance Coin (BNB).
- Terra (LUNA)
- Polkadot (DOT)
- Cardano (ADA)
- Litecoin (LTC).
- EOS (EOS)
Gate.io Exchange has a wide range of coins. However, you should be aware that purchasing less-known coins may cause you to lose the money you invested or make it difficult for you to resell your coin quickly at a profit.
Gate.io Exchange Registration
Signing Up
This is the first step in the signup process. Interested users should visit Gate.io’s website. There they will find the ‘Signup’ button at the top-right corner of the page. The Signup button will open the registration form. It will contain some mandatory fields and the personal details of each user (such as username, passwords, email addresses, phone numbers, and countries of residence). You will need to accept the terms and conditions as usual.
Users must tick the box to the left. Then they can click on the “Next” button to move to the next page. An auto-generated email from Gate.io will be sent to the user’s email id. This will confirm the registered address (email). After that, the signup process will be complete.
Users will need to create a separate “fund password” for accessing their funds later on. This password should be different from the login password.
Verifying
Signing up for verification is not the last step. However, it can be done when withdrawing funds from the cryptocurrency exchange. After signing up, traders can go to the Deposit page.
To verify your Gate.io trading accounts, you must first log in using your login credentials, then click the “Verify” button.
They will need to upload any government-issued documents such as a passport, driver’s license or other identification cards. The verification process can take up to 12 hours.
Depositing Funds
After completing the login verifications, users can deposit funds directly to their Gate.io accounts using any one of the many stablecoins or crypto coins. Then they can start trading.
You can either transfer funds to your Gate.io account via the desktop or you can use the app to deposit the cryptocurrency of your choice. Before transferring funds to a hardware wallet, or any other cryptocurrency exchange, users must copy the unique deposit address. You can locate the Gate.io supported asset list under the “My Funds” icon on the site’s dashboard.
Gate.io lets you buy crypto using 23 fiat currencies. You can use bank transfers or your debit/credit cards. Gate.io provides detailed guidance for buying crypto in fiat currency.
Features
Security
Despite Gate.io hacking in 2019, Cryptocurrency Exchange Ranking (CER), an independent third party that assesses crypto exchange cybersecurity, listed the platform in the top 10 best in terms of cybersecurity in August 2020. However, its ranking has since dropped.
Two-factor authentication via SMS or email is required. Users must also create a unique withdrawal password in order to withdraw funds from their accounts. Gate.io also offers a bug bounty that rewards users who report vulnerabilities and bugs to improve security. Gate.io also holds client assets in cold storage, which is a standard practice among crypto exchanges. This helps to minimize the chance of hackers.
Customer Support
It offers 24/7 live chat to all users and also has a large support database that includes a FAQ section and a New Use Guide. For more complex issues, you can also submit support tickets.
GateToken
Gate.io’s native token GateToken (GT) allows users to trade discounts based on how much they have and whether or not they use it for trading fees. You may be able to access special activities such as initial coin launches.
Start Trading On Gate.io Exchange
After verifying their accounts and depositing the funds, users can immediately start trading digital assets. Users can choose between Standard or Professional trading interfaces depending on their preferences.
For new traders, the standard version includes multiple trading charts, order profiles, order entry boxes, and a trading history. As the name implies, the professional interface is for more experienced traders who can use the tools on the platform to further analyze the cryptocurrency markets.
Design and Usability
For a multifaceted exchange such as Gate.io, simplicity and ease of use are essential. The platform’s interface is similar to those of KuCoin and Binance.
Although the site has many features, it is easy to navigate the different sections. From the main menu, you can access cryptocurrency markets, margin trading and lending, borrowing, perpetual contract trading, financial services, IEO platforms, wallets overview, and permanent contracts trading.
It is easy to locate the markets by using the search function and navigating through the main menu. It is easy to switch from one market to another by scrolling the markets tab on your left side.
The trading charts will be located in the middle section of the screen. You can choose between a simple or professional (TradingView), chart view. The order books are located on the right hand side, and the orders can be placed at the bottom. You can place Iceberg or Immediate-or–Cancel (IOC), orders in addition to regular orders.
Gate.io trading’s overall appearance is cluttered and messy. The customization options for windows are limited and it seems that too many things are happening simultaneously.
Before trading with real money, beginning traders can train in the Gate.io perpetual contractual testnet. Gate.io customer support live chat is available to assist you if you have any problems. You can also submit a ticket, or look through the extensive Support Center (under Help) to find out everything you need about Gate.io’s features and procedures.
Gate.io’s design can be summarized as follows: It is fairly standard and sometimes cluttered in places. However, this shouldn’t be a problem for first-time traders or visitors.
Gate.io Exchange Fees
The maker-taker model is used by Gate.io for spot trading fees. Users are charged different fees depending on whether they take liquidity from the exchange. In that case they pay a taker fee. If they add more liquidity to the exchange, they pay a maker fee. It is impossible to predict whether an order will be made or taken.
Based on the amount of GateToken (GT), Gate.io’s native crypto token, you are eligible for a discount. This is based on how much GT you have and how many trades you make. Further, you can opt to pay your trades with GT to reduce your fees.
Trading Fees
However, the trading fees structure at Gate.io differs for margin trading markets and spot markets. The flat trading fee (or spot trading fee) at Gate.io for each transaction is 0.2%. This fee decreases with increasing trading volumes. This fee is slightly higher than the 0.1% charge by KuCoin or Binance for each trade.
Based on our Gate.io review, users can pay trading fees using Gate.io tokens GT to get a 25% discount. There is an additional fee structure. The futures market trading fee is calculated on the maker-taker model. The maker-taker fees are 0.025% and 0.075% respectively. The maker-taker fee structure for margin trading platforms is lower than many of the top global ones.
Withdrawal Fees
Users who want to withdraw funds from Gate.io crypto-exchanges will be charged a standard blockchain network fee. This fee is determined by the current market forces (time-limited marketplaces) at the time.
For each asset, different withdrawal fees apply. When users withdraw Bitcoins from the exchange, they are charged a withdrawal fee of 0.0005 BTC. Gate.io’s fee structure is very competitive, at 40% less than the industry average of 0.0008 BTC per Bitcoin withdrawal.
Conclusion
Gate.io Exchange is a great altcoin exchange that can be used by more experienced traders in the crypto market. It offers a wide range of altcoins and attracts investors with its 10x margin trading, perpetual contract, best-in-class IEO platform, and financial services such as Margin Lending or Borrowing. For market novices, it may seem overwhelming. However, everyone can find the information they need at Gate.io.
