Background
Gate.io is a new cryptocurrency exchange that allows trading in over 20 digital coins. The website is available in English and Chinese language. Since starting operation in 2017, the company has grown steadily and is responsible for a significant amount of daily global cryptocurrency trading.
Gate.io’s mother company is based in Virginia, United States. But is not regulated by the local financial watchdogs, nor has an NY Bitlicense. Even though it’s not unusual for cryptocurrency exchanges to be unregulated, you should bear in mind that when dealing with unregulated exchanges, you are subjected to counterparty risk.
The company runs as crypto-to-crypto exchange and supports BTC, USDT, QTUM, ETH, and over 250 trading pairs. It currently experiences roughly $40m worth of daily cryptocurrency trading activity with most of the trading taking place in the form of BTC, BTM, ONT, ETH, EOS, and USDT pairings.
The list of digital currencies available on the platform includes Bitcoin, Litecoin, Ripple, Ethereum, Qtum, OmiseGO, EOS, Dash, Zcash, and Dogecoin. Newer coins in the market like Nebulas, Ontology, and Zilliqa are also there on the list.
The trading instruments are classified into different sections like BTC Markets, ETH Markets, and USDT Markets. There is also an alternative to generate a custom group, through the My Markets feature.
As a newcomer to the cryptocurrency market Gate.io currently allows new registrations and accounts can be opened free of charge.
Account Verification
To create an account with Gate.io, visit the website and click on “New user signup” underneath the Login button. After hitting this button, you will be redirected to a signup page.
Once on the signup page, you can enter a valid email address, create a username, account password, and special password used when making deposits or withdrawals for additional security. You will also have a Captcha code to complete in order to finish the account creation. After ticking the Agreement box and you’re through with the creation of your account, the signup process is completed, and you will immediately get a confirmation message on the email address you entered.
After clicking on the account confirmation link sent your mailbox, you will be taken to your account dashboard immediately. To enable Two Factor authentication (2FA) to provide additional protection for your account, you have to click the Settings Tab. Note that to use this feature, you will have to download an authentication app to your computer or mobile phone device first. After downloading the app, you can go ahead and open an account with the KEY issued to you on the authentication app. Next, enter the code generated by the authentication application to enable Two-factor authentication for your gate.io account.
Trading Platform
The trading platform Gate.io is offering is web-based, just like most cryptocurrency exchanges do.
To start trading on this platform, you can choose a trading pair from the top drop-down menu by clicking the trade button beneath your preferred market, or directly from the homepage.
After choosing a crypto pair, you will be transferred directly to the exchange screen. This page contains much information and can be a little confusing at first so you should take your time and get familiar with it. In the left column are tabs for BTC, ETH, USDT, and QTUM, with another list what digital coins with which you can trade them.
The center part comprises the graphs and candlesticks for your current choice with Buy and Sell boxes below and your open and past trades beneath that.
A global financial markets information which reveals the prices that other exchanges are trading at, as well as trade history, and the current buy-sell prices and, can be found in the right-hand column.
Gate.io has a well-designed, user-friendly interface with a nice clean look, and everything you need for trading is at your disposal.
You can place an order for your preferred price and amount. When there is a corresponding opposite order, your order will be filled or filled partially. The partially filled order will proceed to fill with the corresponding orders.
If you decide to cancel any open orders, you have to reach the Open Order page from Wallet, then click on Open Order. Then whatever amount is “locked” in the current order will be transferred back to your balance.
Gate.io Fees
The fees charged by Gate.io are generally in line with what other cryptocurrency exchanges charge. All trades executed on this platform incur a fee of 0.2% (If your trades increases to a higher tier, you will have a discount on the 0.2% trading fees.) However, there are no fees for deposits.
Deposits and Withdrawals
Transactions can only be made on this platform via blockchain transfers. There is no option for deposits in EUR, USD or other fiat currencies which makes it impossible to fund your account with credit or debit card,
Even though deposits are free, withdrawals on this platform incur fees, which differ depending on the type of cryptocurrency. For instance, BTC withdrawals incur a fee of 0.0005.
Also, bear in mind that there are daily limits on withdrawals. For instance, you cannot withdraw over 20 Bitcoins or 30000 Qtums in a single day.
Is Gate.io Safe?
Gate.io uses both cold storage and a hot wallet to store funds and has not yet experienced any security glitch. The platform also offers SMS notifications, KYC verifications, and two-factor authentication.
Customer accounts are secured using two-factor authentication and a combination of a “login password” which lets users log into their trading account, and a “fund password” which grants access to trading and fund withdrawals. It also uses a tiered verification system for higher deposit accounts. Generally, we have been satisfied with the experience we’ve had with Gate.io so far and believe is a good exchange which can strike a perfect balance between quality of services and low fees.
