Gate.io Exchange Review

/Gate.io Exchange Review

Gate.io Exchange Review 2018-05-22T15:27:22+00:00
Gate.io Exchange Review

Gate.io Cryptocurrency Exchange

Quick inner navigation:

  1. What is Gate.io?
  2. How to use Gate.io?
  3. Is Gate.io safe?
  4. Gate.io Fees
  5. Gate.io Verification
  6. How is Gate.io Customer support?

Cryptocurrency exchange is akin to foreign exchange, which is a global market for trading different denominations of fiat currencies. In cryptocurrency exchange, traders exchange one cryptocurrency for another cryptocurrency or for fiat money in an open market, which determines the value and exchange rate.

Currently, over a thousand different cryptocurrencies exist with around forty cryptocurrencies having a market capitalization exceeding 1 billion dollars. This signifies an increase in the number of cryptocurrencies in circulation, which has, in turn, lead to an increase in cryptocurrency exchange platforms.

What is Gate.io?

Gate.io is a relatively new web-based cryptocurrency exchange platform that allows traders to exchange a wide range of blockchain assets at relatively low trading fees. Gate.io is designed to serve both investors who wish to trade various blockchain assets and those who need different trading information such as exchange rates, market supply, volume etc.

  • Gate.io was founded in 2017 and is owned by Gate Technology Inc. which is based in Virginia, United States.
  • The gate io website is available in Chinese and English languages and hence targets investors in China and English speaking countries.
  • The website is supported in all countries globally except the United States where they are not legally allowed to operate.

What does Gate.io offer?

  • Currently, there are over 50 different cryptocurrencies listed on the website that one can trade in.
  • Gate.io supports only cryptocurrency transfers and does not have any fiat money options.
  • There is no minimum deposit limit specified by the website.
  • Gate.io has daily withdrawal limits that differ from one currency to another, for instance, one cannot withdraw more than 20 Bitcoins in a day.
  • Trading options are offered in market pairs, for instance, the most traded pair is QTUM/USDT. It also offers an option of choosing your own market trading pair.
  • Gate.io advises its clients to ensure they factor in withdrawal fees when performing withdrawal transactions to avoid any inconveniences.
  • Gate.io supports USDT, which is a digital asset that has a 1:1 price ratio with US dollars that can be used for payments. This can also help one to relate the price of a given cryptocurrency to that of the US dollar.
  • Payments are only done using the differently supported cryptocurrencies and no fiat money. The site also does not support credit card payments.

What cryptocurrencies are available on Gate.io?

What are the fee rates on Gate.io?

  • Gate.io fees are relatively competitive in the exchange market.
  • Gate.io charges a fixed rate of 0.2% for every trade carried out on the platform.
  • In addition to the fixed rate, a withdrawal fee is charged on every withdrawal and varies from one cryptocurrency to another.
  • Gate.io does not charge any deposit fee for deposits made to the platform.

The table below is a representation of the various fees charged by Gate.io.

Crypto-Currency USDT Trading BTC Trading ETH Trading Withdrawal fees Daily Withdrawal Limit
USDT 0.2% 0.2% 25 USDT 100,000 USDT
BTC 0.2% 0.2% 0.002 BTC 100 BTC
LTC 0.2% 0.2% 0.002 LTC 10,000 LTC
BCH 0.2% 0.2% 0.0006 BCH 1,000 BCH
ZEC 0.2% 0.2% 0.001 ZEC 1,000 ZEC
BTG 0.2% 0.2% 0.002 BTG 1,000 BTG
ETH 0.2% 0.2% 0.003 ETH 3,000 ETH
QTUM 0.2% 0.2% 0.2% 0.1 QTUM 100,000 QTUM
ETC 0.2% 0.2% 0.2% 0.01 ETC 20,000 ETC
DOGE 0.2% 0.2% 10 DOGE 30,000,000 DOGE

Gate.io Verification

  • The platform uses a two-factor authentication procedure, which offers an additional layer of security for the user’s assets and trading information.
  • This includes the use of a valid email address, username and a secret password that are all compulsory to create an account on the platform.

What are the special features offered by Gate.io?

  • Gate.io allows the user to customize his/her own trading pair by matching the numerous cryptocurrencies available in the platform.
  • The platform offers additional information in the form of mathematical representations such as tables and graphs that show important information on cryptocurrencies, such as trading prices, volume, supply, market capitalization and a real-time graphical price curve showing the price trend of a given market pair for the last 24 hours.
  • Gate.io offers a mobile application for its users.

Is Gate.io safe?

Community trust

  • The platform has an average community rating of 2.8/5 in most forums with a popularity of 1600 monthly searches.
  • The platform, however, suffers a lot of trust issues with overwhelming reports made by users who have either lost their coins in the platform or have experienced delayed and inefficient customer support for various complaints.

Is Gate.io a scam?

  • Gate.io has both positive and negative reviews, but none of them are substantial enough to indicate gate.io is a scam.

What security protocols are implemented by Gate.io?

  • Gate.io uses encrypted cold storage to store their users’ coins in a hot wallet accessible to all Gate.io account holders.
  • There are no reports of any previous hacking of the Gate.io website.

How is Gate.io Customer support?

  • The website provides a ‘Contact us’ page, which has a technical support and business email through which a user can communicate with them.
  • Gate.io also has an active social media presence.
  • Gate.io has a fairly average customer support with processing speeds of within 24 hours for various complaints.
  • On the flip side, English users of the website have reported cases whereby the customer support use Chinese language or mediocre English when handling requests, which are

How is the handling speed at Gate.io?

  • Gate.io transaction time is dependent on the network being used that is either Bitcoin or Ethereum.
  • Generally, gate.io offers fast handling speeds for various transactions.
  • Cryptocurrency deposits and withdrawals are instant.

How to use Gate.io?

The platform has a user-friendly interface that makes it incredibly easy to use in trading. For instance, if you have USDT which you wish to exchange to BTC, the following procedure can be followed:

  1. Navigate to the gate.io website and create an account using a valid email address, a username and a cryptocurrency wallet from which you will make deposits to the platform’s wallet.
  2. Choose your trading pair which in this case is USDT/ BTC.
  3. Choose either of the two trading options provided i.e. buy or sell depending on what you want. In this case, I would choose ‘Buy BTC.’
  4. The platform will use the current market prices to process your request. In this case, the platform will exchange USDT for BTC using the current market rate and deposit the new Bitcoins in my wallet.

Review Summary

Generally, the platform is relatively young and has not established itself in the business. However, it offers benefits such as numerous supported cryptocurrencies at competitive fees.

The platform is suitable for seasoned investors who already possess blockchain assets since it only supports blockchain transfers and no fiat money.

Pros

  • Offers numerous cryptocurrencies.
  • Has a user-friendly.
  • Offers instant deposit and withdrawals of cryptocurrencies.

Cons

  • Does not support leverage trading.
  • Does no support fiat money trading.

I hope the information shared here has been informative to you as a reader. I invite you to check our website for more cryptocurrency related information. Thank you

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