Key facts:
Gate.io is one of the largest and oldest exchanges, founded in 2013.
It has more than 1,400 cryptocurrencies, outnumbering exchanges like Binance.
Content sponsored by gate.io
gate.io is a bitcoin and token exchange that stands out for the huge number of cryptoactives available on its platform, more than 1,400, with some 2,500 pairs to trade. In this way, its offer of digital currencies is one of the largest in the market.
In accordance with CoinGeckoGate.io ranks sixth in the ranking of exchanges, with a 24-hour trading volume of over USD 2 billion. The platform has a large portfolio of financial services. In addition to spot and margin trading, you can request loans, copy trade, trade perpetual contracts, trade leveraged and receive commissions for providing liquidity to the exchange.
After analyzing the platform, a conclusion was reached regarding the quality of its services, its security and practicality to exchange tokens. This is what you should know about Gate.io.
Gate.io exchange registration
The Gate.io registration it was just like any other exchange. To get started, you need an email and set a password. After logging in you have the option to have the platform save your IP address, which gives you points for security.
Note that, if you are a resident of Bolivia, Ecuador, Venezuela, Cuba or the United States, you will not be able to operate in Gate.io. If that is your case, there are other good exchanges that provide their services in the aforementioned countries.
In order to comply with the laws and regulations of the countries where Gate.io provides its services, its users must carry out KYC verification. KYC verification of this exchange is standardand it is not complicated or takes too much time.
What is it like to trade bitcoin on Gate.io
At first glance, it is already apparent that the exchange has a lot of financial services to offer, perhaps too many for inexperienced users. And it can be overwhelming knowing where to start.
Buying or selling digital assets is not difficult. Gate.io only accepts deposits in cryptocurrencies, as the platform does not have its own fiat currency trading service. However, you can buy or sell with national currency through third-party payment gateways built into the platform, such as Simplex, MoonPay and Advcash.
The methods available in these gateways are Visa or MasterCard, as well as with SEPA, bank transfer, Apple Pay and Google Pay. Some of the accepted currencies are the US dollar, Colombian pesos, pounds sterling, euros, Brazilian reals, soles and Mexican pesos.
Although third-party payment gateways are useful, their fees and commissions can be high. Unlike other exchanges, At Gate.io you cannot deposit for free via bank transfer.
Regarding the available cryptocurrencies, there are more than 1,300, which positions gate.io as the exchange with the most digital assets, surpassing Binance, Coinbase and KuCoin. you find bitcoin (BTC), ether (ETH), dogecoin (DOGE), BNB, cardano (ADA), and tether (USDT), as well as other less popular coins. But keep in mind that liquidity can be an issue when trading little-known assets. Here you will find the complete list of Gate.io assets.
Gate.io also has P2P trading for buy or sell bitcoin and altcoins directly with other users. The interface of this section is a bit confusing at first, as there are too many information fields on the screen. If you need help, the platform has a tutorial included.
Gate.io Liquidity
Regarding liquidity, at the time of writingGate.io had an average of 545/1000 of in the ranking of CoinMarketCap. It is a good liquidity, although it is surpassed by other exchanges such as Kraken and Binance. However, you will have no problem trading on Gate.io with the most popular cryptocurrencies, such as bitcoin or ether.
Deposits and withdrawals at Gate.io
You can make cryptocurrency deposits to your Gate.io account as you would any other exchange, by copying the address or scanning the QR code, at no additional cost. Now, when you choose the asset to deposit, make sure you select the correct blockchain. If you don’t, you will lose your funds.
Remember that Gate.io provides you with several ways to trade, such as spot, contract and margin. You can transfer to any of these accounts, as well as a Quant account (for quantitative trading) and a financial one, used for loans, providing liquidity and accessing other exchange services.
A disadvantage is that withdrawals are only in cryptocurrencies, there is no alternative to withdraw with fiat currency. The withdrawal fee is 0.001 BTC for bitcoin, which is quite a high commission, but if you choose the Huobi Eco Chain (HECO) network the minimum fee is 0.00013 BTC. The minimum amount that can be withdrawn is 0.011 BTC and the maximum is 100 BTC.
Customer Support
Gate.io has a help Center with articles that answer the most frequently asked questions. Other customer service alternatives are live support available 24/7, submit tickets or email.
Live chat has been tested, and it’s worth noting that you can choose the type of issue you contact support for before an agent assists you. This is how you get specialized help.
An agent responded within minutes of sending the first message and clarified the question raised. The problem is that the customer service in the chat is not available in Spanish at the moment, only in English, Russian and Korean.
About Gate.io commissions and fees
Gate.io has a model maker-taker for your rates. The makers are the ones who provide liquidity in the market by creating an offer, and the takers They are the ones who accept the offer. Spot trading commissions vary according to the user’s VIP level. This level depends on how much Gate token (GT), the native token of the exchange, you have. The more GT you buy, the lower the rates.
For VIP level 0 users (who do not have GT), the commission is 0.2% for the maker and for him taker. This fee is a bit above average when compared to exchanges like Binance, whose highest spot trading fee is 0.1%, and is also reduced for users who hold BNB. The KuCoin fee is also 0.1% for makers Y takers.
The following table details the commissions of maker Y taker for spot trading on Gate.io:
Regarding the commissions for other services such as cryptocurrency loans, they also vary according to the VIP level. For VIP 0 users it is 18%. The highest fee for futures trading is 0.015% for the maker and 0.05% for taker. Deposits are free and withdrawal fees depend on the cryptocurrency. In the Gate.io website you can see the rates of all its services.
Is the Gate.io exchange trustworthy and secure?
Gate.io has not been without its cyberattacks and security issues. In 2019 it suffered a major hack which caused the loss of more than USD 200,000 in cryptocurrencies. The company managed to recover a part of that amount, but it is a reminder that no exchange platform is immune from these crimes.
After the hack, the company focused its efforts on strengthening the security of its platform and in the year 2020, Gate.io was considered the most secure exchange by the Cryptocurrency Exchange Ranking (CER), which assesses the security of cryptocurrency exchanges. Today, Gate.io is ranked number 20 in the same ranking.
gate.io has several security mechanisms for its users. His was striking Backup Contacts function, as it has not been observed on any other exchange so far. This function allows that, in case the company cannot contact the owner of an account (with a balance greater than USD 2 thousand), the exchange will communicate with the people that the owner has established as an alternative contact.
Up to 6 alternate contacts can be added. To trade on the exchange, it is mandatory to activate Google’s two-factor authentication. Other security measures include setting antiphishing code and background password, setting up email to receive an email when logging in or making withdrawals, and adding a hardware security key.
conclusion
The Gate.io bitcoin and token exchange is well suited for professional traders. It has an impressive offer of cryptocurrencies, more than a thousand, and has many payment methods through third parties, including Visa, MasterCard and bank transfers. Although the platform suffered a major hack in 2019, today its security system seems robust thanks to the updates that were made.
If you live in Bolivia, Cuba, Ecuador, the United States or Venezuela, you will not be able to operate on Gate.io. And withdrawals are not available in fiat currency, only cryptocurrencies. Despite this, this is a good exchange for those who are looking for a platform with advanced financial services and high liquidity.
The Review
Gate.io Exchange Rating
PROS
- More than a thousand cryptocurrencies to trade.
- Wide variety of financial services.
- Advanced trading features.
- Robust security system.
- Many payment methods.
- Good liquidity for the most traded pairs.
CONS
- It does not operate in Venezuela, Bolivia, Ecuador, Cuba and the United States.
- No fiat currency deposits or withdrawals.
- High withdrawal fees.
- It was hacked in 2019.
- Live chat is not in Spanish.