Last Updated on January 18, 2022 by Jay Clover
We’ve been hearing the words”crypto” and “cryptocurrencies” for quite some time now. This digital world has opened new horizons to investors and technophiles. In fact, 1 in 10 people invests igaten cryptocurrencies. The main reasons are the easy trading, global digitalization, wider acceptance of these currencies, and, of course, their value.
If you are also into cryptocurrencies, whether just starting out or with some experience, you’ve probably heard of Gate.io. It is a cryptocurrency trading platform that promises a hassle-free cryptocurrency journey and safe trading. It accepts all digital currencies and provides users with the safest and most comprehensive trading experience. They use leading blockchain technology solutions to ensure maximum safety.
But, you can never be too sure when it comes to your money, right? That’s why we’ve dug around and researched this tool. In this article, you’ll read about everything we’ve found about this tool. Let’s get reading!
What Is Gate.io?
Gate.io is a cryptocurrency trading platform (tool) that helps investors decide which cryptocurrency to invest in and when to buy/sell. They promise great safety, fast transactions, a stress-free trading experience, and a reliable trading platform. Moreover, they offer various products and services for traders, as well as guides on how to buy cryptocurrencies.
Gate.io Features
Ease of Use
Gate.io seems very complex at first sight due to its numerous features. Honestly, its interface is overwhelming. It has a lot of features, options, and news, especially for beginners. Nonetheless, all the content is very organized, which makes this platform easy to use once you get to know it.
Starting trading on Gate.io is pretty simple. First, you need to register for an account and then choose the market you want to trade in. There are 4 primary markets: Bitcoin, Ethereum, USDT, and QTUM. You can also create a custom market with cryptocurrency pairs of your choice.
To make things even easier and give you greater freedom in trading, Gate.io also has an app for Android and iOS operative systems. You can easily download and install them on your smartphone and start trading in no time. Using the app you can trade at any time, which allows you to make the most of the platform and trade at the right time for the most profit.
Privacy and Security
Privacy and security always come first, especially when dealing with money. While there are many scams on the internet, you don’t have to worry about it with Gate.io. They use blockchain technology to ensure the highest privacy and security to their users.
Gate.io is one of the most secure trading platforms in terms of cybersecurity by CER. It has plenty of security features and built-in security mechanisms, including:
- SSL encryption
- HTTPS connection
- Cold wallet for securing funds
- Hot wallet
- 2-factor authentication (optional),
- CAPTCHA,
- Cloudflare Firewall Enterprise Edition firewall
- Anti-DDoS attack mechanism
- DNS Security.
It also has various login, transactions, and withdrawal security methods, including:
- Password
- SMS
- Google OTP
- IP address monitoring
- Withdrawal whitelist
- Email address
- Security log
- Fund password
- Multi-signature
- Gate UKey/Yubikey.
Additionally, Gate.io is regularly audited by third-party auditing companies so that it proves to be secure. It also has internal control and developmental management systems. There is also a vulnerability plan, which involves an incentive to those of the security personnel who do a vulnerability analysis and provide security advice. And, there is a Security Bug Reporting Center feature that rewards users who report security-related bugs.
Cryptocurrencies Supported
Believe it or not, Gate.io contains exactly 3 752 coins at the moment of writing and around 400 cryptocurrency markets. However, it doesn’t support fiat. You can only use fiats to buy cryptocurrencies.
Deposit and Withdrawal Method
Deposit Method
The first and most important thing to know is that Gate.io DOESN’T accept deposits in fiat currencies. Hence, you can’t use USD, EUR, GBP, or any other currency for trading on the platform. You need to deposit cryptocurrencies on the platform.
To do this:
- Go to the Wallet icon at the top of the webpage
- Click the Deposit button on the right side of the coin you want to deposit with.
This will generate an address to which you will make the deposit. Keep in mind that Gate.io has hot and cold wallets, which means that the sending address isn’t the same as the deposit address.
When it comes to choosing a cryptocurrency, it may be hard for newbies to choose as there are thousands of cryptocurrencies. But, a bit experienced traders won’t have that problem. Keep in mind that Gate.io MUST SUPPORT the deposited cryptocurrency. Otherwise, your funds will be lost because the platform won’t be able to initiate a refund.
Withdrawal Method
Withdrawing funds is pretty much the same as depositing them, except the fact that the process is reversed. Hence, you can withdraw your funds in the cryptocurrency you’ve chosen via the service you’ve chosen.
To withdraw:
- Go to the Wallet icon
- Click the Withdraw button.
- Pass multiple security steps to verify that you are the user withdrawing the funds.
Keep in mind that there are withdrawal limits, i.e. 100 BTC per day. But, you can increase the limit by submitting the required KYC documents and sending an email to the customer support asking them to increase your withdrawal limit.
Deposit and Withdrawal Fees
When it comes to the fees, you’ll be happy to know that deposits are free. However, there is a fee for withdrawing funds. The fee is variable, which means the exact percent depends on the coin you withdraw.
All deposits and withdrawals are instantly processed. However, the transfer duration depends on the speed of the blockchain.
Fees
Gate.io has VIP tiered fees. Namely, the percent of the fee depends on your VIP level, starting from VIP 0 and up to VIP 16. Moreover, it has different fees for Spot Markets, Futures Markets, and Crypto Lending.
If we would define the trading fee’s value, Gate.io has a fee of 0.2% of the total order amount. Moreover, you can order a minimum of $10. What’s even better, there is a discount on the trading fees as you increase your trading volume.
Customer Support
Gate.io offers two types of customer support: a live chat and a ticketing system. Also, there is a Help Center which includes a FAQ section, a Guide for new users, and explanations about all essentials of trading on this platform.
However, truth to be told, their customer support is bad. A lot of users complain about no one responding on the live chat or returning to their tickets and emails. Even if they do return, the answers aren’t solving your issue but keep you waiting for weeks before you do get actual help in solving your problems.
Products
Spot Trading
Spot Trading includes various types of trading:
- Spot Trading – Crypto-to-Crypto trading, such as ETH for USDT.
- Margin Trading – Traders borrow from other traders to increase their profit or loss.
- Leverage Tokens – Using Leveraged ETF Tokens to get up to 5x leverage trading.
- Push Transaction – A user-to-user sell/buy operation where users can transfer an asset one to another for a specific price using the Push feature.
- Flash Swap – One-click swapping one currency for another.
Futures Trading
Derivative trading also includes various types of trading:
- Perpetual Contract – Similar to traditional futures with higher leverage ratios and without a settlement date.
- Delivery Contract – Traders conduct contract delivery transactions at the price of futures on a specific date. There is no funding paid or received.
- Quantitative Strategy – Quantitative trading that allows users to build trading strategies without any cost while saving time and nerves.
- European Options Group – Put and Call options of different cryptocurrency prices and deadlines.
- CBBC (Callable Bull/Bear Contract) – Leveraged structured product that can increase profit but also loss. It has a mandatory call mechanism that automatically calls back when an underlying asset price reaches the call price and ends the trading. It is a very risky and volatile product.
Finance
The financial one-stop solution for managing your assets. It comes with a plethora of features, put into three categories: Lend, Loan, and Mining.
Lend
- HODL and Earn – A blockchain assets earning platform that supports stable earnings for your investment.
- Periodic Investment Plan – A one-click investment with a flexible portfolio that is changeable and redeemable at all times.
- Crypto Lending – Lending your crypto coins for a specific rate and loan term for additional profit.
- Dual Currency Product – Allows users to earn regardless of whether the price increases or drops.
Loan
- Crypto Loan – Depositing one crypto to borrow another.
- Margin Borrowing – A type of borrowing that allows users to increase buying power with their own holdings as a margin.
Mining
- Liquidity Mining – Making more profit by providing Dual-Assets liquidity to the market.
- Lending and Single-Asset Vault – Earn by providing Single-Asset liquidity to the market.
- Cloud Mining – Mining cryptocurrencies without using hardware.
- Slot Auctions – Parachain auctions that can give you rewards.
Cross-chain
A multi-chain environment of crypto assets that allows users to gain more assets. This feature provides users with a cross-chain scheme. This scheme allows a free circulation of hundreds of blockchain assets on multiple main chains using powerful asset scheduling and network support capabilities. To use this feature, users only need to recharge any chain’s asset.
Additionally, it supports inter-blockchain assets and provides traders with a compliant stable USD currency portfolio. Plus, it offers a one-stop asset reward. This allows for automatic risk-free completion of a fork, mapping, and candy distribution.
Big Data
This feature provides users with all essential trading data. It contains several tools, including:
- Liquidation Data
- Contract Positions
- Long-Short Ratio
- Block Trades
- Block Orders
- Large Transfers
- Holdings
- Direction of Fund Flow
There are also tools like Funding Rate, Data Monitor, Price Rise & Fall, OTC, and Grayscale Funds.
Other Features
Apart from the abovementioned features, Gate.io has various additional features. One of them is Copy Trading, a strategy bot that teaches you strategies on how to win in crypto trading. Another feature is an NFT Box, which allows you to buy artistic works and create ones to sell on auctions. Moreover, there is a feature specially made for Startups. It allows them to trade with cryptocurrencies at a discounted fee.
Users also get to participate in different types of giveaways and receive rewards. They also get special privileges, participate in voting activities, mine ETH2.0, get discounts, Gate grants, and more.
My Gate.io Experience
Gate.io may not be the best crypto trading platform for newbies. Its interface, though well-organized, seems too complex and crowded with features. As a result, you may feel lost and won’t know where to start.
While the first impression is not impressive for newbies, the platform is easy to use once you explore it and gain some experience in trading. You can find all of its features on the main menu and dive into the endless opportunities of crypto trading.
What I like about this platform is that it has a Copy Trading feature, an immense number of cryptocurrencies, and a Periodic Investment Plan. I also like that it has a Startup feature, which allows investing in low cap gems. And, let’s not forget the great safety. Gate.io uses two-factor authentication and biometrics to prevent account hacks. As for the money, they store your funds in hot and cold wallets to ensure maximum protection.
Of course, there are things I don’t like. For example, their mobile app is bad. Also, the trading fee is quite high compared to other crypto trading platforms. And, there is this lack of transparency about the founding and managing team. There is really nothing about founders and management, which makes it a bit untrustworthy.
All in all, I’d say that Gate.io is a pretty great platform for buying and selling cryptocurrencies. Of course, it’s not perfect nor suitable for everyone, but it’s awesome for the more experienced ones. I’d also add that you should first explore it and learn about it before using it to have a good trading experience.
Gate.io Trustpilot Review
Believe it or not, the Trustpilot reviews of Gate.io are negative. Almost everyone who has left a review of their experience on this platform has said really bad things. Most of them say that they have been “robbed” by the company as they can’t withdraw their money. Also, many say that their account was suddenly locked and that no one from the customer support has responded to their emails, tickets, or live chat messages.
From what I saw, they were frustrated with what happened to them as they repeat that Gate.io is a scam. They also mention they asked a third-party law company to help them get their funds. Although this sounds worrying, there isn’t any proof of their claims. There’s no screenshot, a video, or whatever to show that they were facing those problems.
Gate.io Reddit Reviews
Reddit users, in general, have a positive review for Gate.io. They like the platform and enjoy trading on it. I’ve noticed that they point out the importance of completing the Know Your Customer (KYC) verification before anything else so that you can withdraw your crypto profit. Some of them mention that the customer support is awful because they are hard to reach and even if you manage to contact them, you will have to wait for an answer for a long time…. or forever.
Conclusion
Gate.io seems like a legitimate crypto trading platform. It has a plethora of incredible features and users. It features a modern interface that is well-organized and easy to navigate. Although the platform seems complex to use, you will have no problem once you learn more about it and get used to it.
What is surprising is that there are a lot of negative reviews from users on some websites. Reddit is the only site with a positive rating of the platform. On the other sites, Gate.io has a really bad rating. Not sure why… As I’ve noticed, most users on other review sites that left negative reviews with 1 or 2 stars claim they got scammed. They say that all the money they have invested and the profit they made from trading have been locked or “stolen” by Gate.io. However, there’s no proof of that.
Gate.io Alternatives
