Gate.io is a new cryptocurrency trading site that aims to offer its members an alternative to the exchanges currently dominating the market. The site has been in operation since 2017 and aims to capture a portion of the cryptocurrency trading market by offering its users hassle free access to a number of hard to find coins and up and coming projects. The site is also designed to help investors find specific information related to both their preferred coins and overall market trends.
Overview
Gate.io is a cryptocurrency exchange platform that started in 2017; the site is available in both English and Chinese and provides access to a wide range of cryptocurrencies. There is currently little information available on the company or team behind the exchange and despite being new to the industry, the exchange has grown steadily and accounts for a significant amount of daily cryptocurrency trading.
The platform operates as a crypto to crypto exchange and supports BTC, ETH, USDT and QTUM trading pairs. Gate.io currently experiences approximately $40m worth of daily trading activity with the majority of trading taking place in the form of BTC, ETH, EOS, BTM, ONT, and USDT pairings.
As a new entrant to the market Gate.io is currently accepting new registrations and accounts can be created free of charge.
Key Features
- Functionality – Trading mostly takes place on a web-based trading platform that is similar to most cryptocurrency exchanges. The site incorporates a number of functional features such as an order book, trading history, and charting. The overall experience is not as polished as some of the more established exchanges but it remains functional and responsive. In addition to this Gate.io provides a mobile app that is available to both iOS and Android users.
- Low Fee –io operates a low fee system in relation to most cryptocurrency exchanges and as a crypto to crypto exchange; a fee of 0.2% applies to all trades executed on the platform. A withdrawal fee is deducted from each particular asset and the fee amount depends on the digital currency that you choose to withdraw.
- Security – The team behind the exchange utilize both cold storage and a hot wallet in order to store funds and client accounts are secured by using two factor authentication and a combination of passwords. The” login password” is used in order to log in your Gate.io account, while the “fund password” is used to access trading and asset withdrawals. The two passwords must be different and users are advised to use an internet service with a fixed IP when setting passwords.
- Customer Support – There is a support section provided that seeks to answer the most common questions via an FAQ feature and a New User Guide. Users can also submit tickets in order to discuss more specific issues with the support team. The team currently communicates with users in either English or Chinese. The team are also assessable via their Twitter account and Telegram group.
Gate.io Registration
Visit their site and create an account by following the signup process. You can open an account by clicking “New user signup” below the Login button. After doing this you will be redirected to a signup page.
Here you can enter your username, email address, account password, and fund password. You will also have a Captcha code to complete in order to complete the account creation.
By ticking the User Agreement box and clicking ‘Create account’ you will have completed the signup process and a confirmation email will be sent to the address you entered.
How to Trade on Gate.io
You can select a trading pair on the homepage or from the top drop-down menu by clicking the trade button under your preferred market.
Once you have chosen a trading pair, the exchange trading screen will load up. This contains lots of information and can be a little overwhelming at first so you should take the time to familarize yoursefl with it. In the left column are tabs for BTC, ETH, USDT and QTUM which you then list what cryptocurrencies you can trade them with.
The center part contains the graphs and candlesticks for your current selection with Buy and Sell boxes underneath and your open and past trades under that.
In the right hand column is global markets information which shows the prices that other exchanges are trading at and under that are the current buy sell prices and trade history.
The interface is well designed with a nice clean look and everything you need is easily found.
You can place an order with your preferred price and amount. When there is a matching opposite order, your order will fill or partially fill. The partially filled order will continue to fill with the matching orders.
If you choose to cancel any open orders, you need to access the Open Order page from Wallet> Open Order. Then the asset “locked” in the order will be returned to your available balance.
Supported Currencies
While Gate.io does not offer fiat trading options, it does provide access to over 250 crypto to crypto trading pairs. A wide range of digital currencies can be traded via BTC, ETH, USDT and QTUM.
The list of coins available at Gate.io includes Bitcoin, Ethereum, Litecoin, Ripple, Dash, Qtum, OmiseGO, EOS, Zcash, and Dogecoin. Newer entrants to the market such as Ontology, Nebulas, and Zilliqa are also available. The trading instruments are grouped into several categories such as: USDT Markets, BTC Markets, and ETH Markets. There is also an option to create a custom group, via the My Markets feature.
Gate.io Fees
Gate.io outlines its fees here, and the fee structure is currently as follows:
- No fee for deposits.
- 0.2% fee for trading.
If you escalate to a higher tier, you will enjoy a discount from the 0.2% trading fees.
Withdrawal fees vary for each coin, it’s necessary to log into your account and access the withdrawal page in order to check the withdrawal fee for your desired coin.
| No. | Currency | USDT Trading | BTC Trading | ETH Trading | Deposit | Withdraw | Withdaw Daily Limit |
|---|---|---|---|---|---|---|---|
| 1 | USDT | – | 0.2% | 0.2% | 0 | 0%+25 | 100000 |
| 2 | USDT_ETH | – | – | – | 0 | 0%+10 | 100000 |
| 3 | BTC | 0.2% | – | 0.2% | 0 | 0%+0.001 | 100 |
| 4 | BCH | 0.2% | 0.2% | – | 0 | 0%+0.0006 | 1000 |
| 5 | BTG | 0.2% | 0.2% | – | 0 | 0%+0.002 | 1000 |
| 6 | LTC | 0.2% | 0.2% | – | 0 | 0%+0.002 | 10000 |
| 7 | ZEC | 0.2% | 0.2% | – | 0 | 0%+0.001 | 1000 |
| 8 | ETH | 0.2% | 0.2% | – | 0 | 0%+0.003 | 3000 |
| 9 | ETC | 0.2% | 0.2% | 0.2% | 0 | 0%+0.01 | 20000 |
| 10 | DASH | 0.2% | 0.2% | – | 0 | 0%+0.02 | 1000 |
For most coins, the fee is charged per transaction; regardless of the actual amount you are withdrawing.
The withdrawal page also states the minimum /maximum withdrawal limit for each single transaction. The limits indicated relate to the withdrawal of a particular digital currency for a single transaction. In addition, the maximum withdrawal limit is not necessarily equal to your daily limit. Your 24 hour daily limit can be raised and if you require a larger daily limit you are advised to submit a ticket.
Is Gate.io Safe?
The exchange utilizes both cold storage and a hot wallet in order to store funds and has not yet currently been hacked. Gate.io also offers two-factor authentication, SMS notifications and KYC verifications.
Client accounts are secured by using two factor authentication and a combination of a ” login password” which allows users to log into their Gate.io account, and a “fund password” which provides access to trading and asset withdrawals. When signing up to the exchange users are advised to:
- Set strong login password and fund password.
- Check the Bind IP box for login.
- Enable two-factor authentication for your account.
- Secure the email tied to your Gate.io account with a strong password and two-factor authentication.
Gate.io also utilizes a tiered verification system for higher deposit accounts. For any withdrawals stuck in verifying status, it is necessary to go through the KYC2 stage.
To perform the KYC verification you can access your account, then click Wallet> KYC to upload your photo card and required information.
After finishing KYC1, you can continue to go through KYC2, and after finishing the KYC2 verification, your withdrawal will be processed immediately.
Conclusion
Gate.io is a relatively new cryptocurrency exchange that has a wide range of cryptocurrencies available to trade. The site is generally functional and offers many of the features that can be found on more established sites. The site isn’t really exceptional in any way and doesn’t really stand out from its competition. However, individuals with significant holdings in Qtum may be attracted to the possibility of using the currency when trading on the site.
The exchange will probably appeal to traders looking for specific coins that can’t be found on sites such as Binance or Kucoin and should also prove attractive to Chinese traders. The team behind the exchange are also a mystery and Gate.io appears to be operating completely unregulated at the moment. As a result, it may not be a good idea to keep any assets on the exchange or to conduct sizeable trades on the platform. The site may prove to be most useful to more experienced and braver cryptocurrency enthusiasts that may be looking for an alternative to a site like Cryptotopia that is well known for listing hard to find cryptocurrencies.
Pros
- A wide range of currencies
- A low fee structure
- Simple registration process
- Functional platform with a mobile app available
Cons
- A new company with limited history
- Unregulated
- The team is not very transparent
- No fiat currency transfers
Gate.io
Pros
- A wide range of currencies
- A low fee structure
- Mobile App
- Easy to Use
- Well-Designed Interface
Cons
- A new company with limited history
- Unregulated
- The team is not very transparent
- No Fiat Payment Options
