Gate.io is a crypto-to-crypto exchange that has been in operation since 2013. With a leading Initial Exchange Offering (IEO) platform, a wide selection of leveraged margin trading, cutting-edge financial services, and other cryptocurrencies, including borrowing and margin lending, Gate.io. It was relaunched in 2017 and is one of the fastest-growing crypto platforms.
What do you get from this article?
Despite having a robust trading engine, the platform interface is cluttered and is not the most excellent location for beginner investors to start.
Characteristics of Gate.io
Gate.io is recognized as an altcoin exchange because it supports 180 different coins and over 400 distinct cryptocurrency markets. However, it does not trade in fiat currency.
You can join in period investment plans, invest in IEOs via its Gate.io Starter portal, and engage in permanent swap contracts, many other things.
The platform’s functionality:
1. Fees
Although it is not the most affordable service available, it provides various discounts. The site charges 0.2 percent of the overall order value for each trade. For each trade, the site charges 0.2 percent of the overall order value.
2. Security:
The Gate.io crew is security-savvy, having been named one of the top cryptocurrency exchanges by CER. Users can secure their accounts in various ways, and the platform has numerous security features.
3. Customer service:
Aside from the 24/7 live chat available to all users, it also provides an extensive help database, including a FAQ section and a New User Guide. For more complicated issues, you may also submit a support ticket.
Background on the Gate.io Exchange
Gate.io, created in 2013 by Lin Han, is one of the oldest Chinese Bitcoin exchanges. The exchange was hacked for 7,000 BTC in 2015. The bitcoins were seized from the locked accounts of the firm. Until 2017, the exchange was known as Bter.com. Gate.io was forced to rebrand because the Chinese government blocked fiat-to-crypto transactions in 2017.
It retired the old domain, stopped offering fiat cryptocurrency trading pairings, and shifted its focus to crypto-to-crypto and Chinese yuan over-the-counter (OTC) transactions. Gate.io is still an uncontrolled crypto exchange in terms of volume and market liquidity as of today, with about. The daily volume of 3500 BTC.
Its parent business, Gate Technology Inc., recently raised $64 million in cryptocurrency for the future Gatechain decentralized exchange (DEX) project and launched the Gate.io Startup, a successful IEO platform.
Why should you select Gate.io?
- Security and law enforcement funds provide comprehensive protection. To protect your valuables, Gate.io employs both centralized and decentralized methods. It’s also the first exchange to put millions of dollars into security and legal funds to protect your assets.
- Trading efficiency and quick deposit/withdrawal Gate.io is a famous exchange with cutting-edge innovation that offers a straightforward trading system and instant withdrawal and deposit services.
- Since 2013, it has been stable and dependable. Gate.io has been running smoothly and reliably for the past nine years. We strive to provide you with the most significant trading experience by constantly exploring emerging technology.
- A conversation that exceeds your expectations Gate.io is one of the first and most prominent cryptocurrency exchanges that consistently follows the rules, and has never tolerated market manipulation.
Usability & Design
For a multidimensional exchange like Gate.io, simplicity and ease of use for its consumers are critical. As a result, the platform’s user interface resembles its main competitors, such as Binance, KuCoin, and others.
Despite the fact that the variety of possibilities can be frightening at first, browsing the various sections of the site is pretty simple. You can jump quickly to cryptocurrency markets, lending, financial services, margin trading, the IEO platform, perpetual contracts trading, borrowing, or wallet overview from the main menu.
The markets are easy to find using the search tool or scrolling through the main menu. You can also easily switch between markets by scrolling down the left side of the screen until you see the markets tab. As a result, the trading charts will be in the center of the screen.
You can pick between a simple (TradingView) and a professional (SimpleView) chart view on the platform. The order books are located on the right side of the screen while placing orders is located at the bottom. You can now place Iceberg and immediate-or-Cancel (IOC) orders in addition to standard orders.
Nonetheless, Gate.io trading gives the sense of being chaotic and disorganized. There appear to be too many things going on at once, and the window modification options are relatively limited. The background may be set to one of three different night modes on the plus side.
In addition, the Gate.io Starter IEO portal is the best operation that lets you invest in the trendiest cryptocurrency projects right away. With eight IEOs completed, Gate. The startup is the most successful IEO platform of 2019. It also makes it very easy for anyone to participate in IEOs because there are no further requirements for investors other than a willingness to invest.
Before trading for real money, novice traders can practice on the Gate.io perpetual contract test net. If you have any problems with Gate.io, the customer service live chat is always available.
To understand anything about Gate.io features and procedures, you can send a ticket or browse the vast Support Center (under Help in the main menu). If you enjoy trading on the go, you might look into the Gate.io mobile applications.
They’re compatible with both iOS devices and Android. In short, Gate.io’s design is relatively conventional, and it can become cluttered in some places, but this should not be a concern for non-first-time traders and visitors.
Gate.io’s Deposit and Withdrawal Methods
To begin with, Gate.io does not accept fiat deposits. You must first send your Bitcoin to the exchange to trade. For experienced crypto market players, given the wide choice of supported coins, it should not be a challenging task, but newbies may face difficulties.
Even though deposits are free, you will be charged a withdrawal fee, which varies by coin. Gate.io has withdrawal limitations, which investors should be informed of. You can withdraw a maximum of 100 BTC every day, for example. However, if you provide all of the appropriate KYC documents and email support asking for more significant withdrawal limits, you may be able to increase the limit.
Withdrawals are processed instantly, as they are on cryptocurrency swaps, and the time it takes is determined by the blockchain’s speed. Deposits are the same way.
Is Gate.io a safe place for your cryptocurrency?
Investing in cryptocurrencies is a high-risk proposition. Cryptocurrencies are still a very new and volatile asset class, and there’s a lot we don’t know about how they’ll develop.
Furthermore, cryptocurrency exchanges are frequently targeted by hackers, so some investors prefer to shift their money to an external crypto wallet. Although Gate.io hits many of the security boxes we look for, it is not without flaws.
Pros & Cons of Gate.io
Pros
● There are a lot of cryptocurrencies to pick from.
● Various trading styles are available.
● Fees are low.
● An app that is of high quality.
● Around 50 fiat currencies are accepted.
● It is user-friendly.
Cons
● There’s almost too much functionality here.
● A well-used customer service system.
● In the United States, the situation is unclear.
● Deposits in fiat cash are not accepted.
Alternatives
If you’re looking for a respectful exchange, go no further than Gemini, which prides itself on being on the right side of authorities and was one of the first to receive New York’s BitLicense. It also has a good selection of cryptos and only allows a certain number of free withdrawals per month.
If you’re looking for a more beginner-friendly exchange, Coinbase has a higher trading cost than Gate.io, but the layout is incredibly user-friendly for new crypto investors. It features a comprehensive set of instructional resources, and users may even earn cryptocurrency by viewing videos and learning about specific assets.
Critical Security Features of Gate.io
Here are some of the most critical security features:
● It keeps “most” assets in cold storage offsite. More clarity about the percentage of funds maintained offline would be beneficial.
● An external security audit was conducted. Gate.io employs third-party anti-malware security and professional auditing firms to test its system.
● Security measures at the user level. Two-factor authentication, account monitoring, and anti-phishing measures are among them.
Read my article: Introducing Binance And Binance Bridge
Conclusion
Apart from the fact that this platform supports a wide range of cryptocurrencies, our analysis found that very few features will make this platform appealing. The platform is still in its early stages, and little information about the founders is available. Gate.io makes no guarantees that your cash will be entirely protected in terms of security.
FAQs
Is it possible to trade on Gate.io without completing KYC?
Gate.io requires all users to obtain KYC ID Verification to secure the safety of their assets, the legally compliant development of the crypto industry, and combat fraud, money laundering, blackmail, and other criminal actions.
Is it true that Gate.io is less expensive than Coinbase?
It’s also critical to thoroughly compare Bitcoin exchange fees. When this measure is compared between Coinbase and Gate.io, it is evident that Gate.io has the lowest trading charge percentage of 0.20 percent, while Coinbase comes in second with a fee of Up to 3.99 percent. How much can I trade for the cheapest amount? The minimum order value has to be at least $10.