Gate.io Review – Scam or Not?
About Gate.io
Gate.io is a crypto exchange platform renowned for numoerous listings and trading pairs. Users will find in Gate.io a varied experience with multiple features, accompanied by trading incentives, discounts and promotions. The only requirement to start operations on Gate.io is to register an account, which gives users access to an integrated wallet and investment mechanisms for thousands of crypto projects.
Gate.io was founded in 2013 by Lin Han as one of the first crypto exchange platforms, although it was registered under the name “Bter.com”. However, regulatory measures from China (where it had been registered) led the exchange to move to the United States and later legally change its name to Gate.io. Currently, the exchange is headquartered in Georgetown, Grand Cayman.
Gate.io verified social media:
The Gate.io platform is currently available in 16 languages, including English, Spanish, Japanese, German, French, Indonesian, Portuguese, Vietnamese, Arabic, Chinese, Japanese, Korean, Russian, Ukrainian and Dutch. Language support gives the exchange interface a long range of communication to its users.
Gate.io is ranked seventh among the crypto exchanges with the highest volume of transactions in the Spot market, exceeding $845 million daily.
Supported Countries
Gate.io services are not available for 17 countries; United States of America, Mainland China, Canada, Singapore, Malaysia, Malta, Cuba, Iran, North Korea, Sudan, Syria, Venezuela, Crimea region, Bangladesh, Bolivia, Ecuador, Kyrgyzstan. If you are a citizen of any of these countries, you will not be able to create an account or deposit funds to the exchange.
Gate.io Features
In its growing path, Gate.io has included new products and features to its platform, allowing users to access all the markets in the crypto space. These are some of the features that make Gate.io stand out:
Market tracking tools
This section includes tools and charts for cryptocurrency market data analysis. Users can start their study with Market Price, Market Tracker, Big Data and Global Currencies. Think of this tool as a “CoinMarketCap” within the Gate.io platform.
Spot trading
Buy and sell thousands of cryptocurrencies at live prices. Choose from the available trading pairs to start trading. This section also includes price charts and multiple order types to activate your positions in the crypto market. Users can also access margin positions and leveraged tokens for bigger mid-term/long-term positions.
Derivatives Trading
With Gate.io you can increase the size of your positions through leverage and improve your income. Gate.io offers products such as Futures (perpetual – without settlement date), Delivery (future contracts with settlement date), Options, CBBC and Warrant.
Earn and Loan program
Explore multiple Gate.io products to generate passive income. You can choose between crypto loans, lending, staking, liquidity/cloud mining, auto-investment and Slot Auctions. Each product carries different risks and profit percentages.
Copy Trading
Gate.io has included Trading Bots that automate the process of placing orders in the market. You can program the software so that positions can be executed under previously established parameters, or use the copy trading tool to mimic trades of larger investors.
NFT Marketplace
A free gateway to the NFT universe. You can create, buy, display and explore pieces of digital art in a highly trafficked marketplace. NFT Artists can become Gate.io Certified NFT Creators, thus obtaining a series of benefits when it comes to marketing their NFTs.
Startup
Invest in high-quality blockchain projects on their early stages. Users can participate by allocating funds to the pool of each project, which will give you a number of tokens proportional to your investment at the end of the collection stage.
Integrated Wallet
The Gate.io wallet has support for more than a thousand cryptocurrencies, this being one of the most characteristic features of the exchange. You can deposit and withdraw funds whenever you want, through multiple cryptocurrency networks.
Withdrawal/Deposit Limits
The maximum withdrawal amounts may vary depending on the cryptocurrency, although on average, the following limits have been established:
- Unverified users – $100,000
- KYC1 verified users – $2,000,000
- KYC2 verified users – $5,000,000
While the numbers mentioned above set the limit per withdrawal, they differ from daily limits, which dictate exactly how much a user can withdraw in a day. When making deposits with mainstream currencies, your withdrawal will not be included in the 24-hour limit.
There are no deposit limits/minimums. Users can deposit how many cryptocurrencies they’re allowed from their personal crypto wallet.
How to use Gate.io?
Create an Account/Sign in
The first step in opening an account is to confirm that your country of residence is not among the restricted countries. Provide your email address and a secure password. You will receive a verification code in your email, which will help you complete your registration.
Explore the Markets and Trading Products
Once you are inside the exchange, go to the top bar of the platform and position yourself on the “Trade” tab. Browse the available trading products and explore the most appealing .
Deposit Funds
Go to your account’s wallet and click on “Deposit”. Find the cryptocurrency you want to deposit on the slidebar. Gate.io will set a crypto address for every supported asset. Make sure you send the funds through the right network.
Buy Tokens and try Gate.io’s Products
Once the funds enter your wallet, try buying cryptocurrencies on the spot market. Find the trading pair you’re looking for and place your order at a specific price. Then, you can explore the Earn Program and other features within the exchange.
Fees
Spot Market Fees
Both Takers and Makers pay 0.2%. However, users get discounts if they pay fees with GT and GT points.
When paying fees with GT, the taker fee drops to 0.15%, while the maker fee remains the same. If you pay in GT points, you will only have to pay 0.06% on both.
Futures and Perpetual Trading Fees
Makers pay 0.0150% and takers pay 0.05%. When paying with GT points, makers pay no commission and takers are only charged 0.04%. VIPTier fee rates can also reduce maker fees to 0.00%, while takers will have to pay 0.05%.
Supported Fiat Currencies
Gate.io recently added fiat payment methods to its platform, which include credit card payments with fiat currencies such as AUD (Austrialian dollar), CAD (Canadian dollar), CZK (Czech koruna), DKK (Danish krone), EUR (Euro), GBP (Pounds sterling), HKD (Hong Kong dollar), NOK (Norwegian krone), PLN (Polish zloty), RUB (Russian ruble), SEK (Swedish krona), TRY (Turkish lira), USD (US dollar), INR (Indian rupee), JPY (Japanese yen), UAH (Ukrainian hryvna), NGN (Nigerian naira), KES (Kenyan shilling), ZAR (South african rand), GHS (Ghanaian cedi), TZS (Tanzanian shilling), UGX (Ugandan shilling), BRL (Brazilian real) .
Supported Cryptocurrencies
Gate.io is constantly adding new listings to its platform, which translates to support for tons of cryptocurrencies – over 1,200, to be precise. Among these assets, you can get coins like BTC, ETH, DOGE, SHIB, XRP, BNB, LTC, ZEC, ALGO, ATOM, XTZ, TRX, MATIC, EOS, BCH, GT, XCN, USDT, USDC, WAVES, CAKE, XMR, XLM, ADA, SOL, GMT, APE and many more.
KYC Verification
All Gate.io users must complete KYC procedures, in order to verify their identities and access all services of the exchange. There are two levels of KYC verification:
- KYC1: Provide your personal data to the exchange (Place of residence, full name, date of birth and ID number of your passport.
- KYC2 (Verification Plus): This verification level will be unlocked by completing the previous one. Click “Verify Now” to start this process. Provide specific data about your place of residence such as street, zip code, province/state, etc… Finally, upload a photo of your face or enable the platform’s facial recognition system.
KYC procedures can take between 1 to 12 hours to be verified and the user will be notified in the process.
Ease of Use and Interface
The current version of the Gate.io interface was released in March 2020, in an attempt to improve the user experience with more dynamic elements, better tools, and highly intuitive procedures.
Although it is not an ideal platform for those with little experience, it is possible to get used to trading products and services in general.
In any case, visit the Gate.io user help guide, where the exchange walks you through all the functions of the platform.
Despite the different features that Gate.io supports, the platform works very well and offers a smooth experience, with few or no bugs.
Security
Gate.io has designed a multi-layered security system to increase the protection of each account. Although the incorrect use of the platform can expose the user, the exchange has established several verification filters for each transaction that takes place in the wallet. Each user can protect their account with 2FA and Google Authenticator, ensuring the integrity of each login.
Gate.io has also designed an anti-phishing code that highlights the veracity of each email, which prevents users from accessing scam emails and phishing threats.
As for online asset storage services, Gate.io is protected by a security architecture built to thwart attacks. Beyond that, the exchange employs anti-DDoS resources, firewalls, and a cloud security system to prevent cyber attacks.
Customer Support
The Customer Support team has established various contact methods for users.
The platform has a headset icon in the bottom right corner, where you can start a live chat with a bot. You will find a series of FAQs, which you can link to your concern and receive an answer. You can request human assistance if the problem is more complex.
If you are not interested in the live chat, you can request a ticket or send an email to support@mail.gate.io addressing your concerns.
User Experience
Despite the innovative features of the Gate.io platform, the security filters are so severe that they can make the user experience quite tedious. From pending transactions to withheld withdrawals, the community that makes life at Gate.io has not hesitated to criticize the service’s policies:
Gate.io has a score of 2.2/5 on its TrustWallet page, where you can read multiple user reviews.
Pros and Cons
Pros
- Supports more than a thousand cryptocurrencies and multiples trading pairs
- High-security crypto exchange
- It offers more crypto-based financial services than average crypto exchange platforms
- Users have plenty of ways to earn passive income
- High-volume crypto exchange
Cons
- Security filters make the Gate.io experience a little difficult to handle
- The trading platform can be a little slow at times
- Not an anonymous exchange
- Fees are a little high compared to other crypto exchanges
- The Customer Support Team is not the fastest to give feedback