Gate.io Review 2021 – A Look At Fees, Features, Security

Gate.io
Gate.io Review 2021 – A Look At Fees, Features, Security
Gate.io Review 2021 – A Look At Fees, Features, Security
Excellent for low-cap gems
Huge number of features
Adding new services quickly

The list of new cryptocurrency exchanges seems to be growing by the day. With the currently active and popular exchanges not being perfect and at times struggling with various issues, new competitors are popping up left and right and are looking to bring about solutions that will satisfy even the neediest of customers.

One such trading site that positioned itself as an alternative to the exchanges currently dominating the market is Gate.io.

Gate.io is a king of low cap gems. The exchange has built its name as a go-to place for gem hunters. As soon as the new, hyped project launches, you can bet your wife it will be listed on Gate.io first (out of centralized exchanges).

Gate.io became fully operational in 2017 and is currently owned by Gate Technology Inc. which is based in Virginia, United States. Their website is available in English and Chinese, signaling their intention to attract and serve investors that live in English/Chinese speaking countries or are themselves versed in those languages.

Their website is accessible worldwide except in the United States, which require extensive legal terms to be met before a similar institution can operate there.

Gate.io has become one of the fastest-growing platforms with a leading Initial Exchange Offering (IEO) platform, numerous cryptocurrencies, margin trading with leverage, and other advanced financial services. The platform interface feels cluttered despite having a powerful trading engine and is not the best place to start for inexperienced investors.

Despite their somewhat lackluster legal backing, the exchange has grown steadily and currently serves over 3.3 million customers.

Gate.io has centered its strategy of breaking through on the cryptocurrency trading markets by offering its users easy access to a number of hard to find coins and up and coming projects.

Main features

It is hard to count them all without losing half a day of our time. Gate.io has been almost as fast as the industry leader, Binance, in adding new features and innovating.

🦾 As for the trading, aside of the classic spot trading, they have added also:

  • margin trading
  • perpetual contracts
  • crypto ETFs
  • options trading
  • leveraged tokens
  • flash token swaps

🦾 That is not all as the whole other section dubbed Finance is also full of different features and services. There you can:

  • lend your crypto
  • loan crypto
  • mine crypto (both classic mining of proof of work coins and liquidity mining of proof of stake coins).

🦾 Additionally, Gate.io has launched an NFT marketplace where you can find the hottest NFT projects to buy as well.

🦾 Finally, Gate.io also has its own copytrading marketplace where you can follow other successful traders and copy their moves. Something similar to what eToro and PrimeXBT Covesting offer.

Registration

The registration process is free and relatively simple, pretty much the standard procedure in the exchange industry. After clicking on the “new user signup” link placed below the login form for existing users, you will be redirected to the website’s signup page.

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Gate signup page

On the sign-up screen you will be asked to enter your username, email address, account password, and fund password which will be used to confirm your transactions.

Make sure to use different passwords for your account and your funds, as the sign-up page will not allow you to create an account if they are the same. After that, you will need to fill out the Captcha and tick the User Agreement box. If you have filled out all the sections correctly, clicking on the create account will do exactly that. All you’ll have to do now is to click on the registration e-mail that will be sent to the address you provided and your basic, VIP-0 account will become operational.

gate platform

How To Trade on Gate.io

To start trading on Gate.io you will need to navigate to the trading screen, either by clicking on the trade button next to the currency shown on the home page or by finding the desired currency from the drop-down menu and then clicking the trade button under your preferred market. Once you select what you want to trade, the trading screen will open.

Trading on Gate.io

The left column contains tabs for BTC, ETH, USDT and QTUM. Clicking on one of these tabs will list out which cryptocurrencies you can trade for the selected coin.

The central part contains the graphical representation of your selected currency’s price history. Beneath it are indicators which can be used for identifying trends and future price movements. Some of the most basic ones like MACD, RSI, ATR, fast STO and slow STO are present; this should satisfy the average trader. Naturally just looking at the graph and the indicators won’t tell you much. If you click on the small gear above the graph you can switch into a “tools” mode, which will allow you to start charting and performing TA on the graph.

Under the graph segment you can notice the Buy and Sell boxes, as well as your open orders and past trades further below. Just below that is a “My Funds” section, containing information about the way your exchange balance is divided.

The right column contains information about the global markets, showing the prices that other exchanges are trading at. Finally, below that you can find the current buy/sell prices and trade history.

The website offers you limit trading option. You name your desired price and amount and when there is a matching opposite order, your order will be filled or partially filled. The partially filled order will remain active until it is completely filled out with the matching orders. It is possible to cancel an open order by accessing the Open Order page from Wallet> Open Order. More advanced trading options (like leverage trading) aren’t available on Gate.io; for those you will have to check an exchange like Kraken or Bitmex.

limit trading option

Then the asset “locked” in the order will be returned to your available balance.

Supported Cryptocurrencies

Gate.io allows its customers access to 800+ cryptocurrencies with over 1500 crypto to crypto trading pairs. The trading instruments are grouped into 4 categories: USDT Markets, BTC Markets, ETH Markets and QTUM Markets, per coins which you can trade them for. There is also an option to create a custom coin group, via the My Markets feature.

Deposit & Withdrawal Methods

You can buy crypto on Gate.io directly for fiat via credit card purchases or bank transfers. They accept KRY and EUR as two main fiat currencies. Aside of that, you can deposit any of the 800 supported coins and have it in your wallet as soon as the transaction is confirmed on the respective blockchain.

Fees

The fees at Gate.io are as pictured below. There are no deposit fees, while withdrawal fees are calculated individually for every currency. These fees are dependent on users VIP status, which is set based on his monthly trading volume shown in BTC.

Here’s how Gate.io’s withdrawal fees compare with withdrawal fees charged by its competitors:

Coin / Withdrawal FeeGate.ioBithovenBinanceHitBTCPoloniexBittrex
Bitcoin (BTC)0.001 BTC0.0015 BTC0.0005 BTC0.001 BTC0.0005 BTC0.0005 BTC
Ethereum (ETH)0.003 ETH0.0428 ETH0.01 ETH0.00958 ETH0.01 ETH0.01ETH
Litecoin (LTC)0.01 LTC0.053 LTC0.001 LTC0.003 LTC0.001 LTC0.01 LTC
Ripple (XRP)1 XRP6.38 XRP0.25 XRP0.509 XRP0.15 XRP1 XRP
EOS (EOS)0.1 EOS0.01 EOS0.1 EOS3.7 EOSFreeUnlisted
Monero (XMR)0.05 XMR0.09 XMR0.0001 XMR0.09 XMR0.015 XMR0.0001 XMR
Tron (TRX)0.1 TRX150.5 TRX1 TRX290.5 TRXUnlisted1 TRX
Tether (USDT)3 USDT20 USDT4.7 USDT45 USDT10 USDT5 USDT

As you can see, Gate.io is the best exchange when you withdraw certain coins like USDT, ETH or TRX but it is somewhat more expensive for withdrawing XMR, XRP or BTC.

When it comes to taker and maker fees, Gate.io is on the more expensive end of crypto-to-crypto exchanges. Exchanges like HitBTCBinance, and KuCoin might be cheaper for trading a large volume of bitcoin and altcoins. However, it is still cheaper than trading on a platform like Bittrex.

ExchangeMaker feeTaker fee
Gate.io0.2%0.2%
Bithoven0.2%0.2%
HitBTC0.1%0.2%
Binance0.1%0.1%
Poloniex0.08%0.2%
KuCoin0.1%0.1%
Bittrex0.25%0.25%

Besides, Gate.io rewards its most active traders with useful trading fee discounts. Here is its volume-tiered discount fee schedule for traders who exchange 3 BTC and more worth of cryptocurrency monthly. The discount applies to the standard 0.2% trading fee.

gate.io trading volume

For most coins, the fee is charged per transaction; regardless of the actual amount you are withdrawing. You will be notified of the minimum/maximum withdrawal limit for a coin whenever you wish to make a withdrawal. In addition, the maximum withdrawal limit is not necessarily equal to your daily limit. Your 24 hour daily limit can be raised and if you require a larger daily limit; to do so, you will have to submit a ticket with the support team.

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Gate.io advantages

Gate.io looks to copy some of the best qualities that the top exchanges out there offer while implementing a few improvements which should make it stand out from the current batch of exchanges. Some of those qualities will be:

  • Functionality – he trading platform itself is similar to what other industry giants offer. A number of useful features such as an order book, trading history, and charting are included on their website. While there are platforms out there that offer a more polished experience, the website is functional and suitable for any trader. Gate.io also offers a solid mobile app for both iOS and Android users.
  • Low Fee – The fees that Gate.io charges its users are in the lower ranges of the similar platforms. There is a single set fee of 0.2% applies to all on-platform trading. As for withdrawals, the fee is calculated individually for each token.
  • Security – The security standard of the exchange has been raised very high. Their hot wallet which is used to store client funds is supported by a system of cold storages. Clients are subjected to the KYC standard. To perform the KYC verification you need to access your account and then click Wallet/KYC to upload your photo card and required information. There is also a second tier of verification (KYC 2) which can be accessed after completing the first one. Client accounts are secured by using two factor authentication and a combination of passwords. A standard login password is used in order to log into your Gate.io account. A rarely before seen addition is the so called “fund password” which is used to access trading and asset withdrawals. There is a “Bind IP” option which ensures that the website remembers the last IP you were logged in from. The two passwords are required to be different; any user who checked the “Bind IP” option on the login page should also take note to enter their passwords from a single device, as otherwise the website might detect IP issues.
  • Customer Support – The website offers a FAQ feature and a New User Guide designed to help with any potential issues that a new user might come across. If your issue isn’t discussed in the mentioned sections, you can submit a ticket which will be addressed and responded to appropriately. The communication with the support team can be done either in English or in Chinese. They also have an active Twitter account and a Telegram group for all your support and communication needs. However they haven’t managed to escape the dreaded faith of low customer ratings, as the average rating of the exchange on various online support forums is below 3/5. This should be taken with a grain of salt; the fact with these ratings is that people who have had a negative experience will gladly comment on it, whereas those who had a normal one most of the times simply won’t be bothered to do the same.

Final thoughts

Gate.io is an old and established platform that boasts a wide variety of crypto pairings accompanied with competitive fees. Their website is functional and does its job well, offering better options than the websites of some more popular competitors.

The cluttered and overwhelming interface may be a drawback for noob traders. It is currently positioned as an exchange that people go to when they want to trade a coin that hasn’t started trading on more established platforms.

Knowing the history of hack attacks on exchanges, it might be best to never keep your funds stored on the exchange for longer periods of time. If you are feeling adventurous and want to purchase a coin that isn’t available anywhere else, Gate.io should be a good, temporary solution for your needs.

FAQs

Can US citizen use gate.io

Gate.io is available to all users in 49 states within the U.S. except Washington and New York. Users residing in Washington and New York will have to find an alternate crypto exchange platform (we recommend KuCoin, Kraken or Uphold).

How do I withdraw money from gate.io

Simply go to your wallet tab and choose the withdrawa funds option. Then pick the coin you want to withdraw and follow the instructions.

What country is gate.io in

It seems to be US-based although it started out from China.

What are the fees on gate.io

Fees depend on the market you use and your VIP status. Spot market fees are fixed 0.2% per trade. Derivative market fees are tier-based and start from 0.2% and go as low as 0.065% for makers.

Is Gate IO KYC

You can deposit funds on Gate.io without KYC, however, you will be quickly mandated to do identity verification if you want to do any activity on the platform.

Does gate IO report to IRS

Since they require KYC, they probably complied with any regulations pressed on them by the regulators. Reporting to IRS is high on that list of demands.

Has Gate.io Been Hacked?

Gate.io was hacked in 2019 that resulted in 4,200 Ethereum Classic coins being stolen, worth approximately $271,500.

The stolen funds were reportedly returned to Gate.io. Since this security breach, there were no reports of further hacks that have occurred, according to our research.

8.6 Total Score
Gate.io

Ease of use
7.5
Reputation
8
Offered assets
9.5
Security
9
Features
9
Fees
8.5
PROS
  • Excellent for low-cap gems
  • Huge number of features
  • Adding new services quickly
CONS
  • Gray area when it comes to regulations
  • Low number of supported fiat currencies
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

4 Comments
  1. is Gate.io ledger nano s compatable

    • GATE IO is a SCAM!

      I deposited 2195.15 UDT from Kraken to GATEIO on 3/21/21.

      Deposit ID from Kraken
      0x5478452c071b6d77e5baa703d2861d503c05e3ccd846fa7546aa116a40d79189

      The 2 step verification process has been completed but Gate IO is not showing this deposit, allowing trade or withdrawal. No customer care response. I can provide more proof if needed. Please communicate this to potential investors to avoid more scamming. THIS IS NOT A SAFE TRADING SPACE!

      Thanks!

  2. It’s Chinese… 120% fraud… $250 USD to withdraw $21 USD… glad I was just tasting that garbage website.

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