Gatecoin Exchange Review: Pros and Cons
Gatecoin is a trading platform dedicated only to Bitcoin, Bitcoin Cash, and Ethereum. It was launched in 2015 in Hong Kong and it’s the first system that introduced ETH in an exchange.
Gatecoin works with bank accounts. It keeps user’s funds safe, being called Money Service Operator. In the situation of a hack attack on company’s funds, they guarantee to refund the money.
Is Gatecoin secured?
Gatecoin assures users that is a highly secured platform. It’s a decentralized and scalable exchange. As we mentioned above, they create different bank accounts divided from company’s funds. So, it is impossible to lose your investments. This is due to its legal regulation and partnership with authorities. The company is listed as a Money Service Operator.
What currency does Gatecoin accept?
It accepts the essential fiat currencies, such as USD, EUR, HKD, and CNY. In case you can’t handle the process, there is a Support Team dedicated to helping users anytime.
Can you use Gatecoin on mobile?
Sure. The platform is available both on computers and phone devices. The team behind exchange claims they invest a lot in the interface, because this one makes the first impression about their technology. Gatecoin has a user-friendly interface and is always improving its features to become more efficient.
Fees for buying and selling both Bitcoin and Ethereum tokens vary for each transaction. For example, if you want to trade an amount under 50 BTC, the maker pays 0,25% of the transactions and the taker 0,35%.
If you trade more than 100 BTC or ETH, the maker pays 0,02% and the taker- 0,1% of the total amount of the transaction.
The platform accepts transactions realized in limited cryptocurrency pairs. The most famous pairs are ETH/EUR, BTC/HKD, ETH/BTC and BTC/USD. These show low liquidity.
Because of high fees and sometimes’ problematic details, such as the lack of information about currencies or the absence of liquidity in some of the accepted pairs, several users become skeptic about the Gatecoin platform.
The platform tried to increase its number of users in 2015, proposing no fees for a short period of time. The results weren’t too exciting.
The platform isn’t too different from others. Some advantages are the price chart that provides advanced data and a few charting features.
The only way you can deposit fiat currencies on your account is through bank transfer. Of course, they also request fees. There is no fee to deposit EUR. Instead, if you want to withdraw money, you must pay 5 euros for the SEPA region (European Union) and 0,5% of the transaction for other international accepted transfers (if the amount is above 50 EUR).
To deposit USD, there is a 7 USD fee and for withdrawals, it varies from each bank. To make a deposit in HKD, the standard fee is 50 HKD. For withdrawals, it’s the same as for USD.
One disadvantage is the limited pairs of accepted cryptocurrencies.
Gatecoin is an exchange platform, based in Hong Kong. It allows you to sell, buy and deposit Bitcoin and Ethereum, but, unfortunately, it has high fees for tradings.