DEV Community

CoinMonks
CoinMonks

Posted on • Originally published at Medium on

Gate.io Exchange Review 2021 | Is it Safe & Legit?

#trading #bitcointrading #exchange #cryptocurrency

Today we will be review Gate.io, a cryptocurrency exchange available in almost all countries worldwide.

What is gate.io?

Gate.io is probably the earliest crypto-to-crypto exchange from China. This platform is revitalized to Gate.io in 2017. Currently, it is not associated with China and seems to be US-based with a registered address in Virginia. It is believed that this unlicensed platform is part of Gate Technology Incorporated.

It serves the crypto community with more than 367 markets, including major ones like USDT, CNYX, BTC, ETH, and time-limited markets.

The team working behind Gate.io is not known, and this crypto exchange platform is also not the licensed one. Its availability is almost worldwide except for a few like Washington State, New York State(U.S.A.), Cuba, Iran, North Korea, Sudan, Syria, Pakistan, Venezuela, and Crimea.

Summary (TL;DR)

  • Gate.io supports more than 180 cryptocurrencies.
  • It also supports spot and margin trading.
  • Different Functionality of platforms like margin lend or borrow funds, period investment plans, invest in I.E.O.’s via Startup platform, perpetual swap contracts, etc.
  • Low Trading Fee System : Supports trading fee of 0.20%, relatively much lower than the global average, i.e., 0.25%.
  • More significant for professionals and slightly complicated for beginners.
  • KYC is not obligatory, subject to few restrictions.

How to use Gate.io?

Here are the steps to get started with Gate.io.

Step1: Gate.io Signup

Visit the official website, i.e., Gate.io, and on the top right corner of the homepage, beside log in, click on the sign-up option to access the Sign-up and Login page.

Start filling in your personal information like Username, Email, and password. Select the region of your choice, tick the user agreement and click on Next for further instruction.

Note that later on, you need to create a fund password that needs to be different from your login password.

After signing up, for confirmation purposes, you will receive an auto-generated mail from gate.io. Click on the confirmation link in your mail to complete the signing-up process.

Step 2: Verification

With a verified account, you can enjoy a faster and more smooth deposit and withdrawal experience. Most importantly, this will enhance the security of your account.

Strictly follow the given steps to complete your KYC verification process.

  1. Log in to your Gate.io Account : Visit their site and click on the login button on the top right corner of their website home page. Fill in your email id and password, and click on login.
  2. Verify your account with an I.D. issued by the government like a passport , a driver’s license, or an identity card. No expired document, and for more clarity, refer to the example document shown sideways.
  3. The name must be the same as that on the submitted I.D. document.
  4. Your verification process may take anything between half an hour to 12 hours.

Gate.io Review: security

In the past, it is the security reason that Gate.io closed in 2017. Now, it again comes with enhancing security both for users and their servers. The users are provided with many Gate.io security tricks to keep their funds protected like:

  • Two-factor authentication (2FA) with Google Authenticator.
  • SMS 2FA.
  • Login verifications.
  • Additional fund withdrawal password.
  • Anti-Phishing code.
  • Blind IP logins.

Maybe they can increase their security by using Universal 2nd Factor (U2F) protection, the most secure method, but unfortunately, it does not employ this method. Internally, the user funds are secured by utilizing hot and cold wallets combined with other security handiwork.

Even with gate.io KYC verification, it remains an unregulated exchange, whereas its legal status is still in shades. But it is also worth mentioning that the gate.io system was breached in 2019, but somehow, the fund returned with an unknown method. Its predecessor Bter.com also has a history of hacks resulting in 7,000 BTC loss, so it dissolved.

Despite all of this commonly known history, it ranks among the most secure crypto exchange platforms, and it continues to strive for better in the security area.

Gate.io Review: Design & Usability

Yes, we all know the importance of interface and simplicity. Almost all users prefer to use an understandable and easy-to-use platform for such multifaceted exchange. So, the interface provided by Gate.io, relatively speaking, is easy to navigate. Sometimes the variety of features it offers can make you feel overwhelmed, but they also have their advantage.

Users can easily access the various options like cryptocurrency markets, margin trading, lending, borrowing, perpetual contracts trading, financial services, I.E.O. platform, or wallets overview from the main menu.

The search function is for exploring different markets, and switching from market to market can be done by simply scrolling. Trading charts are present in the middle of the screen, order book on the right screen, and place an order on the bottom screen. Users can choose between a professional and straightforward (TradingView) charting interface.

Overall with so much Functionality, the view sometimes seems cluttered, but on the positive end, it comes with three different night modes for the background. Startup I.E.O. platform is accepted as the most profitable I.E.O. platform of 2019, which lets you invest in the hottest cryptocurrency projects efficiently.

Gate.io Fees

Spot And Margin Trading Fees

The spot and margin trading market offered by Gate.io has a different fee structure. The spot trading is 0.2% for each transaction, which decreases with an increase in trading volume. From a competition point of view, its competitors like Binance and KuCoin offer slightly lower exchange rates, i.e., 0.1%. Gate.io also provides a 25% discount if users pay fees using gate.io token(G.T.). The maker and taker model is employed for the future market fees, which is -0.025% and 0.075%.

Gate.io Deposit Fees

There is no transaction fee when depositing funds in Gate.io exchange. It is completely free.

Gate.io Withdrawal Fees

When a user withdraws a cryptocurrency asset from the Gate.io exchange, it initiates a standard blockchain network fee and is adjusted automatically depending on markets. The users can find the withdrawal fee for each asset in the table given below. To find the Gate.io withdrawal limit, you can visit this page.

Gate.io HODL & Earn

Gate.io also offers rewards if a particular condition is satisfied. Transferring their funds to the trading platform to earn crypto is a lower-risk alternative to trading digital assets. Gate.io HODL & Earnoffers several financial products such as fixed-term and flexible arrangements for traders. This helps users to get a certain amount of interest in their cryptocurrency assets. This reward earning process is not done immediately, but it may take between 7 and 28 days, and these rewards include coins like USDG, T.R.X., E.O.S., ATOM, ALGO, and Tezos.

Margin Trading at Gate.io

This is the risk and reward feature of Gate.io, with the assistance of leverage trading on their trading platform. Leveraging implies that gate.io will lend you some for betting more.

Let’s look at the following example. Consider a user having 5,000 USD on its trading account and bet 200USD on BTC. If BTC has increased by 10%, your profit will be 20USD, but by using 100x leverage, your profit can become 2,000 USD.

Gate.io Review: Support

Gate.io’s support system is efficient, and they provide different facilities to help the users, like live chatting. The help center holds many articles explaining the methods to resolve other queries. Users can also go through the F.A.Q. Sections or can directly contact them through Gate.io email id. According to their website, these facilities are available 24/7, so users won’t have to worry about the time zone.

Gate.io Rewards

Gate.io offers many ways for the users to gain points, which users can exchange to avoid fees. You have to do tasks like Verify your account, Fiat Transactions, many others. Thejobs are divided based on their difficulties, including Novice tasks, Experience Tasks, Trading Volume Tasks, and Growth Tasks. You have to register yourself on the website to enjoy this leverage. you can exchange the coins for the following things:

  • To cover spot and contract trading fees.
  • To participate in USDT special activities.

These points are non-transferable, and users can not withdraw them. Also, note that Gate.io users of VIP11 can not participate in the trading volume tasks. Below is the list of tasks you need to do to earn the points:

Gate.io Apps

Users who prefer trading using smartphones can rely on the fantastic Gate.io app. This exchange has put enough effort into making it the most likable application among the users. The app is available for both Android and iOS devices. They have got more than 50K downloaders with an average rating between 3.1 out of 5 stars. You can easily download the Androidand iOS versions to access the trading platform from anywhere and anytime.

Gate.io Review: Pros and Cons

Pros

  • Gate.io gives you a wide variety of choices with 180 currencies and more than 400 markets.
  • There are no deposit or withdrawal fees associated with it except a low trading fee of 0.2%.
  • There are many features and tools like margin trading with 10x leverage.
  • The I.E.O., the platform it provides, is among the best you could get and comes with a mobile app’s working platform.
  • The enhanced gate.io security protects the user’s data from any threat.

Cons

  • Gate.io has no fiat deposits.
  • The overseen of exchange is not done by a particular company, and it doesn’t hold a license.
  • The team behind this exchange platform lacks transparency, and combined with its history of hacks; it lacks trust.
  • The exchange interface is somewhat cluttered, and mostly, it is not significant for beginners.

Gate.io Review: Conclusion

To end our Gate.io review, I hope now that you are equipped with the necessary information. Gate.io is a worldwide exchange platform, primarily for slightly experienced traders, but beginners can use it as well but not that much friendly. With various cryptocurrencies and markets and different financial products, it is a powerful tool for trading. Though it lacks trust and transparency, its history tells us that it is not entirely unreliable. To sum it up, it has its pros and cons, and every trader has their requirement. So whether gate.io satisfies your necessities or not, it is a good crypto exchange platform.

Frequently Asked Questions

Is Identity Verification (KYC) mandatory for deposit?

Deposits can be made before KYC, but It is a must before your withdrawal. Its risk management mechanism flagged these as suspicious ones, and manual review will be done for this withdrawal. This will lead to an advanced KYC verification.

How can you upload your document’s image properly?

There can be many reasons for this. We will give you the more general ones.

– Only jpg or png is accepted with a size no larger than four M.B.

– If your picture is in the required format, then verify your name. Check for any unique character in your name. If there is, then delete it and try again.

– If there is still an error showing, then try out KYC verification on a different domain.

What is the smallest amount that I can trade?

Gate.io allows the minimum order size to be at least $10 in value.

Who can create a sub-account at Gate.io?

A sub-account is a secondary account for facilitating investment and asset management strategies. A VIP5- V.I.P. 9 main account can create up to 20 sub-account, and VIP10-VIP 16 can have 100 sub-accounts.

Can U.S. Citizens use Gate.io?

Gate.io allows all the 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.

Where is Gate.io located?

Currently, it is not associated with China and seems to be US-based with a registered address in Virginia.

Is Gate.io safe?

Even with gate.io KYC verification, it remains an unregulated exchange, whereas its legal status is still in shades. But it is also worth mentioning that the gate.io system was breached in 2019, but somehow, the fund returned with an unknown method. Its predecessor Bter.com also has a history of hacks resulting in 7,000 BTC loss, so it dissolved. However, the exchange launched in 2019 again, therefore, try it with care and never leave a large amount of crypto on exchanges.

Join Coinmonks Telegram group and learn about crypto trading and investing

Also, Read

Get Best Software Deals Directly In Your Inbox

Originally published at https://blog.coincodecap.com on March 30, 2021.

Top comments (0)

Read next

itsjp profile image

🔍 Breaking Down XSS – What's Riskier: Stored, Reflected, or DOM? 📉

Jaydeep Pipaliya -

ssukhpinder profile image

Programmer Meets Programmer: How a Coffee Break Turned Into a Startup Story

Sukhpinder Singh -

aneshodza profile image

Publishing your first npm library

anes -

vaibhav-solanki profile image

GraphQL: The Future of APIs and the Exciting Road Ahead

Vaibhav Solanki -