Gatecoin is one of the numerous Hong Kong cryptocurrency exchanges. Gatecoin first came to the spotlight as the first exchange to offer trading in Ethereum back in August in 2015.
Gatecoin also came as the first company to offer segregated bank accounts for clients in Europe. Moreover, Gatecoin was one of the first companies in the field to be legalized within Hong Kong regulatory framework as Money Service Operator. The requirement for receiving money operator license implies holding client funds in separate bank account which guarantees protection against hacks or any situation where company can get bankrupt or insolvent. As such, the company has quite a reputation of being one of the safest cryptocurrency exchange services providers.
As of July 2017, Gatecoin had quite an impressive trading volume number with company placed on number 48 in terms of trading volume. The most popular pairs currently traded on Gatecoin are ETH/EUR, BTC/HKD, ETH/BTC.
Opening account on Gatecoin is similar to other regulated exchanges. You should provide your valid email address and create a reliable password. After that you will be required to submit personal information which is matching your current id or passport. After that you will have to click on the link in confirmation e-mail and move further t verification procedure. There is nothing extraordinary here – you will be required to submit digital copies of your ID and proof of residence (a rental agreement or utility bill). Please note that Gatecoin is accepting US clients living only in a limited number of states. As of now, Gatecoin is providing cryptocurrency trading services to clients residing in the following states:
- New Mexico
- South Carolina
Services to US residents can be provided with respect to confirmation from respective regulatory authorities and only after full account verification. On their website, Gatecoin mentions they are currently in process of getting all necessary licenses for expanding operations in the US.
Gatecoin’s trading platform has nothing extraordinary to offer. Buy and sell button, trading history, order book – these are the basic features it has. The trading screen however is powered with professional charts complemented by list of popular technical indicators and tools. The exchange does not support margin trading or advanced order types like Sell Limit or Trailing Stop.
Gatecoin has apparently prioritized delivering comfortable fee structure to its customers which has been done by cooperating with world’s leading financial establishments. Users from European Union (SEPA Zone) can take advantage of free Wire Transfers while Hong Kong users are charged relatively small fee as well.
Trading fee schedule is structured according to trading volume. Minimum requirement to get discount on trading fess is reaching 100 BTC volume threshold. Once you have reached the volume requirement the discount will be automatically applied on your next trades. The basic maker fee stands at 0.25%
Deposits and Withdrawals
The only deposit method for fiat money currently supported by Gatecoin is Bank Wire Transfer. Cryptocurrency deposits are similar to other exchanges. Deposits can be done from your active cryptocurrency wallet in BTC or ETH. It quite disappointing the company gives no option to deposit funds from credit or debit card and is unclear why they never included this option.
Is Gatecoin safe?
‘Can I trust Gatecoin to store my funds or even increase the value of infested funds?’ is a common question among potential users.
A complementary question is whether Gatecoin is a scam or legit undertaking.
An important aspect that should be considered by a user before selecting an exchange platform to use is the security of funds in that account. Gatecoin has ensured preservation of security by taking the following classes of precautions;
- Personal data– the use of API keys and passwords that are hashed and salted combined with the encryption of data and identity documents ensures that the information on the accounts of all users is stored securely in a facility guarded all the time.
- Security – the platform in under 24-hour monitoring and uses bank-level security to improve the access to the servers. There is a standby team ready to address any unusual activity immediately after it appears.
- Segregation of accounts– all of the customer accounts are separately held from the company’s accounts in several large and trusted global banks. The cryptocurrencies of customers have also held apart from the segregated wallets. Up to ninety-five percent of the cryptocurrency is stored in cold wallets as well as hot wallets are used to keep a certain minimum available on the online servers.