Gate.io is a leading platform for buying and trading Bitcoin and other cryptocurrencies. Learn everything about this exciting crypto exchange and how you can get started in this Gate.io review.
With dozens of cryptocurrencies popping up on the internet almost every day, it is difficult for cryptocurrency investors to discern which cryptocurrencies are worth investing in. One such cryptocurrency exchange platform that was established to address this particular dilemma is Gate.io.
Apart from providing cryptocurrencies investors with a platform to trade in digital currencies, Gate.io is also able to provide its users with specific information about the cryptocurrency markets. The platform lets you view the various prices of a wide range of altcoins which are paired with 4 main cryptocurrencies which are the Bitcoin, Ethereum, USDT, and QTUM.
The Gate.io platform provides market information in real time to its users. With the platform, you can view information such as current price, trading volume, liquidity and the price movements of all the supported altcoins. The information is all displayed in graphical form so you can easily view them at a glance.
Despite the fact that the platform looks complicated, it is actually very simple to use. Simply register for an account with Gate.io first then select the market that you want to trade in. As mentioned earlier, you have a choice of 4 primary markets, Bitcoin market, Ethereum market, USDT market and QTUM market. You also have the option to create a custom market where you preselect the cryptocurrency pairs that you want to focus on. Apart from trading on your desktop computer, Gate.io has also provided its customers with mobile apps which they can download and install onto their smartphones. The app is available for both Android and iOS powered devices.
Deposit and Withdrawal Options
Gate.io does not have any support for fiat currencies and as such, the only way which you can fund or withdraw from Gate.io is through your cryptocurrency wallets. Wallets on Gate.io are provided free of charge to all account holders on the platform. To deposit, simply click on Wallet at the top of the webpage. Once you have done that, you will be able to see the “Deposit” button located on the right side of the coin that you want to deposit with.
Simply click on the deposit button to generate the address that you need to deposit the coin with. Take note that the platform uses both hot and cold wallets. What this means is that the sending address will not be the same as your deposit address. In addition, if you try to deposit with any digital currency that is not supported by Gate.io, the funds will be lost as the exchange will not be able to initiate a refund. For withdrawals, the process is similar to making a deposit except the process is in reverse.
Fees and Charges
In terms of trading fees, Gate.io charges a low fee of just 0.2%. The fee is actually regarded as one of the lowest fees in the industry. The minimum order size on Gate.io is $10 in value. As you increase your trading volume, the exchange also offers a discount on your trading fee.
As for deposit and withdrawal fees, Gate.io does not impose any fee on your deposits and withdrawals.
Privacy and Security
In terms of verification requirements, Gate.io does not specify what the requirements are. It is assumed that since the exchange only deals with cryptocurrencies, there is no requirement for account holders to have their accounts verified.
As for the security on the Gate.io exchange, the platform uses cold wallets to secure the funds of its customers. Transactions on the platform are further secured using SSL encryption technology. On the customers’ side, they have to option to activate 2-factor authentication.
Customer Support
Like most cryptocurrency exchanges, the customer support at Gate.io is severely lacking. Support is available largely through an FAQ and support ticket system.
Gate.io Pros and Cons
Pros
- Low trading fee of 0.2%
- No deposit or withdrawal fees
- User-friendly platform
- Wide range of cryptocurrencies supported
Cons
- Does not support fiat currency deposits
- FAQ lack details
FAQ
What the fees that Gate.io charges?
Gate.io only charges a trading fee of o.2%. There is no fee for making a deposit or withdrawal.
What is the smallest amount that I can trade?
The minimum order size must be at least $10 in value.
How do I open an account on Gate.io?
To open a new account, click on “Sign up” and then fill in all the fields in the Signup form. Take note to leave the “Login” form empty.
How do I enable 2-factor authentication for my account?
In order to enable 2FA, you need to download an authentication app first.
Conclusion
From our review, apart from the fact that this platform supports a wide range of cryptocurrencies, there is very little in the way of features which will make this platform attractive. The platform is relatively new and not much information is available about the founders. As for security, the platform also offers no assurance that your funds will be fully secured. In our opinion, there are better choices than what Gate.io has to offer.