Gate.io Exchange Review: Beginner’s Guide to Gate.io
Gate.io is a relatively new cryptocurrency trading platform that lets traders buy and sell assets from a wide list of cryptocurrencies.
Gate.io was established in 2017, having its site available both in English and Chinese. There is currently not much information about the company or team behind the exchange and in spite of being new to the industry, the exchange has risen both its crypto selection and user accounts.
Gate Technology INC, its mother company, is based in Virginia, United States, without being regulated by the local financial overseers, nor having an NY Bitlicense.
Trading takes place on a web-based trading platform like most cryptocurrency exchanges. The site integrates a number of functional features such as an order book, trading history, and charts.
The design is not all that fancy, but the interface has a clean look. The overall experience is not as refined as that of more established exchanges but it keeps its functionality and responsiveness.
In addition to its web-based app, Gate.io provides a mobile app that is compatible with both iOS and Android users.
The exchange uses both hot wallet and cold wallet storage for its client’s funds. Clients have to go through the KYC standard. To complete the KYC verification, the user must enter his account and then click Wallet/KYC to upload a photo card of them and required information.
There is also a second tier of verification (KYC 2) which follows the completion of the first one. A two-factor authentication mechanism and a combination of passwords are used to secure users’ accounts. In addition to a standard login password for the Gate.io account login, there is asked a “fund password” which is used to access trading and asset withdrawals.
The “Bind IP” option ensures that the platform keeps track of the last IP you were logged in from. The two passwords have to be different; any user who activated the “Bind IP” option on the login page should also be careful to introduce their passwords from a single device, otherwise, the website might perceive IP issues.
There is a support section which aims to answer the most common questions through its FAQ feature and a New User Guide. Tickets can also be submitted in order to discuss more specific issues with the support team. The team currently responds in either English or Chinese and it also monitors what their clients say on their Twitter account and Telegram group.
However, they have rather low customer ratings, as the average rating of the exchange on various online support forums is under 3/5.
Gate.io charges no fees for deposits and a 0.2% fee for trading.
If you manage to trade more and get into a higher tier, you will enjoy benefit from a discount on your trading fees.
Withdrawal fees are different for each coin. In order to view the fees, you must enter into your account and access the withdrawal page.
The withdrawal page also features the minimum/maximum withdrawal limit for every single transaction. The maximum limit you can withdraw is not necessarily equal to your daily limit. Your 24-hour daily limit can be increased and if you ask for a larger daily limit by submitting a ticket.
Which cryptocurrencies does Gate.io support?
Gate.io is a global exchange which can be accessed by clients from all over the world. However, the residents of the US and the following countries do not have access the platform: Bosnia and Herzegovina, North Korea, Ethiopia, Iran, Iraq, Syria, The Crimean region, Cuba, Uganda, Vanuatu, Yemen.
Although the exchange has an impressive number of cryptocurrencies you can trade with, it is still not an established exchange. Also, it does not support any fiat deposits, and there have been numerous customer complaints regarding its support, withdrawal times and KYC procedure.