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Review of Gate.io Exchange (2024)
Gate.io was originally called Bter.com but soon changed its name in the advent of increasing Chinese government crackdowns that forced crypto exchanges in the country to shut down in 2017. It has since relocated to the Cayman islands under the Gate.io name.
This is one of the oldest bitcoin exchanges from China; however, the rebrand brought about significant changes, and now Gate.io is available worldwide except in New York, Washington State (USA), Cuba, North Korea, Syria, Venezuela, Sudan, and Pakistan.
The exchange was founded by Lin Han and reportedly raised $64 million worth of crypto assets in an oversubscribed token sale of Gate.io’s native token Gate Tokens (GT) in 2019.
At its core, Gate.io provides users with several features to help them make informed decisions regarding crypto trading, including market analysis and real-time cryptocurrency pricing information.
Here is a deep-dive review of what the exchange offers.
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Gate.io
- Solid platform for experienced traders looking to put in large amounts of volume
- Competitive fees compared to other exchanges
- Headquartered in Cayman islands
- Huge selection of cryptocurrencies
Gate.io Pros & Cons
Pros
Offers numerous cryptocurrencies to trade
Relatively low fees
Features reliable mobile applications
Offers a variety of options for users to earn rewards
Offers enhanced levels of security that protect your data as well as your funds
Cons
A cluttered and intimidating interface for novice crypto-traders
Customer support could be better
Does not support fiat deposits
The company doesn’t hold a registration license
The team behind the platform is largely anonymous
Gate.io Overview
With nearly 500 cryptocurrencies listed, Gate.io is by far one of the largest crypto exchanges boasting 960 markets with a 24-hour trading volume of about $688.28 million. Apart from spot trading, the exchange also boasts of advanced trading tools, including margin trading, perpetual contracts trading, and a straightforward trading view. It also features robust security levels with multiple protocols that keep wallets safe both on mobile and desktop applications.
In terms of convenience, Gate.io features support for both Visa and Mastercard payment options. You can purchase your crypto straight from your credit or debit card using credit and debit card providers such as Advcash, Mercuyo, Banxa and Simplex.
Gate.io also comes with a native token to its platform called GateToken. This token is built on Gate.io’s blockchain network called Gatechain which is a public blockchain for the DeFi ecosystem. Gate.io is available on mobile and is supported on iOS with the Apple app store as well as on Android devices on Google Play.
How to Register for Gate.io Account
Registering an account with Gate.io is fairly straightforward with the following steps:
- Start by visiting the Gate.io website and click on the top right corner of the homepage to sign up.
- Go ahead and fill in your personal information, including your Email as well as setting up a password.
- Check the user agreement box and verify your registration. Completing your verification will add to the security of your Gate.io account.
- Next, head over to the site and log in to your Gate.io account.
- You can now deposit funds and start trading on Gate.io
What You Can Buy on Gate.io
As mentioned earlier, there are about 500 coins listed on Gate.io. The following is a list of the most popular coins listed on Gate.io
Supported Operating Systems
The Gate.io exchange is supported on multiple operating systems as well as multiple devices.
You can access the exchange on a desktop either through its desktop app (Mac OS and Windows) that can be downloaded from the official Gate.io site or through a browser on any operating system. You can also access the exchange with your mobile phone. Gate.io is available on both iOS and Android devices.
Gate.io Best Features
To begin with, the exchange comes with several security features, including a two-factor authentication mechanism that can be used with Google Authenticator. You can also add an Anti-Phishing code, a Blind IP login, and SMS 2FA to further beef up your security on Gate.io.
Low Fees
While there are no deposit fees on Gate.io, standard blockchain transaction fees apply when withdrawing your funds according to the blockchain network you are using. Also, Gate.io comes with a withdrawal limit based on the level of your accounts verification. You can check out the limit on this page.
Gate.io also comes with a spot trading fee of 0.2% for each transaction. As you increase your trading volume fulfilling the role of a market maker, your spot trading fee reduces accordingly. Similar to its competitors, Gate.io offers a 25% discount for users who use the platform’s native Gatechain Token to pay a fee.
Gate.io Rewards
Another outstanding feature of the Gate.io exchange is its multiple avenues for earning rewards. Once you perform simple tasks such as verifying your account, make fiat transactions, among other activities, you receive rewards.
Gate.io Finance Features
This exchange platform also features several decentralized finance features, including crypto loans and lending, yield farming, and a staking platform that allows Gate.io users to simply hold their tokens and earn passively. The site also offers a complete NFT marketplace on the Gatechain blockchain network.
Is Gate.io Safe?
Although Gate.io features standard KYC and two-factor authentication features for boosted security on user accounts, some users might have concerns over the fact that it is an unregulated exchange.
In 2019, Gate.io experienced a security breach; however, the stolen funds were returned soon after albeit with unknown methods. The exchange platform has since upgraded its security features to include multiple signatures that can be applied with popular cryptocurrency withdrawal.
What are Gate.io Fees like?
Gate.io uses a tier-based discount mechanism to reward market makers and takers in its fee schedule. While the standard fee for both makers and takers on the lowest tier is set at 0.2%, users who use the GT token to pay for transactions get to pay 0.15%.
At the topmost tier, market makers pay a standard fee of 0.055% and o.o3%with the GT discount, and market takers pay 0.065% standard and 0.036% at a GT discount. Here is a link to the breakdown of the entire fee structure.
Frequently Asked Questions About Gate.io
Gate.io is a crypto exchange with over 400 listed cryptocurrencies paired in several markets. Its exchange platform comes with several creatures, including a native token called GateToken.
In terms of customer support, Gate.io only offers email and social media contacts to its customer support team. However, there is no phone number, and there are a couple of complaints on TrustPilot about the quality of their customer support.
Yes, anyone in America and the US can use Gate.io.However, given the country’s regulations, users from this region will be limited in that they will not be able to access services such as lending, margin trading, perpetual contract trading as well as some coins.
Yes, Gate.io comes with a native cryptocurrency called GateToken. The token is built on Gate.io’s Gatechain which is a public blockchain built to enable the development of decentralized applications in the DeFi ecosystem.
Gate.io is not affiliated with other crypto exchanges. Perhaps the only connection is Gate.io’s connection to Bter.com. Bter.com was a Chinese exchange that got shut down due to the government’s crackdown on crypto trading. The link to Bter.com has since changed to Gate.io.
According to a report on Yahoo Finance, Gate.io was founded by the then Bter.com CEO Lin Han in 2013.
In 2019, Gate.io experienced a security breach. However, most of the stolen funds were refunded.
Despite the 2019 hack, Gate.io stands out for its robust security infrastructure as well as the generous discounts traders can have with the GT token. The exchange is also developing its own NFT marketplace, which is interesting.
Yes, you can buy Ethereum on Gate.io with multiple trading pairs.
Gate.io offers its services to nearly 200 counties worldwide. This list is not comprehensive by covers most of the countries supported on Gate.io. Which include:
- Australia,
- Thailand,
- Canada,
- The United Kingdom,
- South Africa,
- Singapore,
- Hong Kong,
- India,
- France,
- Germany,
- Norway,
- Sweden,
- Italy,
- Denmark,
- United Arab Emirates,
- Saudi Arabia,
- Kuwait,
- Luxembourg,
- Qatar
