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Gate.io is a relatively new cryptocurrency exchange site and wallet. It is operated by Gate Technologies Incorporated which is based in New York.
There are currently more than 170 different cryptocurrencies listed on Gate.io and the exchange began operation in 2017.
In general, user reviews of Gate.io appear to be positive.
Gate.io aims to capture the attention of investors through their listings of coins that are very hard to find. The exchange site is available in both English and Chinese.
Recently, the Gate.io exchange stopped serving customers based in the U.S.A. and Canada because of regulatory concerns.
In this Gate.io review we take a look at the altcoin and bitcoin exchange’s security practices, fees, ease of use and general features.
Despite being a young cryptocurrency exchange, Gate.io has grown significantly. As of the end of May 2018, the exchange had a volume of:
- USDT (Tether) volume of $115,995,017
- BTC volume of ฿827
- LTC volume of Ł2,821
- Ethereum volume of E39,853.
They experience approximately $45 million worth of trading activity on a daily basis.
Similar to Binance, it operates as a cryptocurrency-only exchange, meaning that fiat currency such as USD and EUR are not accepted. To begin trading on Gate.io, you first need to set up an account and send money to a Gate.io wallet.
If you do not yet have cryptocurrency, the following guides can help:
Gate.io Features & Trading Structure
Gate.io currently has trading pairs based on USDT, BTC, ETH and QTUM, meaning that you can use these currencies to trade any of their many altcoins.
Accounts can be created free of charge (excluding U.S. and Canada-based customers). Gate.io says that is dedicated to security and better and faster transactions. They offer a simple, secure and easily accessible exchange site and wallet which is very user-friendly.
The user-interface is easy to figure out and learn. There may be a learning curve for novice traders, but experienced traders will find their way around within a few minutes.
Gate.io now also has its own mobile app for iOS and Android, which makes the exchange easily accessible from one’s phone.
The exchange has a lot of essential features for traders, such as:
- order books showing live orders placed by other users
- the number of coins in supply
- the change in the price of the cryptocurrency over the past 24 hours
- volume of the coins in supply
- transaction history showing recently completed orders
Gate.io Fees and Transactions
Gate.io features instant deposits and withdrawals. There are no deposit or withdrawal fees charged by the exchange.
The transaction fees for trading on Gate.io are as low as 0.2%, with many discounts available from time to time. Their low transaction fees seem to be one of the main reasons for Gate.io’s quick growth as frequent traders are able to save on trading fees compared to many other exchanges.
Gate.io states that it uses both cold storage (keeping funds completely offline away from potential theft) and hot wallets (used for daily transactions on the exchange). Exactly how much is kept in cold storage is unknown.
The exchange itself appears to be secure, as it has never been hacked. However, we highly recommend that you do not keep large amounts on the exchange itself as it’s security practices are not very well known. Any large amounts or amounts to HODL should be kept in a cryptocurrency wallet.
Gate.io gives you two different passwords: the login password and funding password.
The login password is simply what you use to login to the Gate.io platform. The fund password is what you will need to enter when trading and withdrawing cryptocurrency.
They also offer two-factor authentication, which is a must with cryptocurrency exchanges. We recommend using the Google Authenticator app.
Deposit & Withdrawl Methods
As mentioned earlier, fiat currency is not supported. Users are provided wallet addresses to deposit and withdraw funds. You can fund your account with any of the hundred plus coins supported on Gate.io.
Trade Markets Available
The exchange lists major coins like Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Monero, Qtum, EOS, Zcash and Dogecoin as well as harder to find coins such as Bytom, Lympo and Scrumble are also available. The trading instruments are grouped mainly in USDT Markets, BTC Markets and ETH Markets, with a handful of QTUM trading pairs.
Gate.io does a significant percent of the overall market’s trading for EOS, Ethereum and Ontology.
The exchange also provides the user with a choice to create their own trading group through which they want to trade, via the My Markets feature.
Gate.io seems to have fairly good customer service and support with few complaints regarding it. The customer support team can communicate in both English and Chinese. Their support section aims to answer the most commonly asked questions. If you cannot find an answer in the support section then you can open a support ticket.
You can even suggest a new coin to be listed on their exchange by emailing them at firstname.lastname@example.org.
Is Gate.io a Good Exchange for You?
Hopefully this Gate.io review has helped you to decide if Gate is the a good cryptocurrency exchange for you. Gate.io is a fast and accessible site and it appears to be safe, but there’s still too much unknown to declare it completely safe.
If users keep the bulk of their funds in off-site wallets, then they will most likely not experience any security problems.
The user interface is simple to understand and work with and they provide good resources for traders. Overall, they have good reviews from existing investors and the customer support seems generally reliable.
For those who wish to trade frequently and get a hold of hard-to-find altcoins, Gate.io is a very attractive cryptocurrency exchange.
Do you have experience with Gate.io? Share with the community in the comments section below.
Dave Starkax built his first computer when he was 8 years old and has never looked back. Dave built trading platforms for the exchange of video game digital goods beginning in 2001. When he read the bitcoin whitepaper in 2011, he recognized it as a solution to the biggest problem his industry had been facing for over a decade. He joined Do Cryptocurrency upon meeting the founder and learning about his inspiring mission for the crypto community.