Gate.io Crypto Exchange Review
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What Is Gate.io?
Gate.io was launched in 2013 in China. Initially the creators focused on the Asian market, but over time they began to attract customers from other parts of the world.
In 2017, the platform underwent a rebranding and changed jurisdiction, moving to the Cayman Islands. This happened due to the strict policy of the Chinese authorities.
Date of foundation
31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1-1205 Cayman Islands
Types of support
E-mail: [email protected]
English, Chinese, German, French, Portuguese, Spanish, Russian, etc.
Withdrawal commission: 0.001 BTC
Advantages and Disadvantages
The developers have gone to great lengths to create a unique product with a number of powerful benefits.
The average daily volume of cryptocurrency trading at Gate is $500 million per day. Thanks to this, users get liquidity and fast exchange even on unpopular trading pairs. A total of 485 altcoins were listed. The leaders in terms of volume are BTC/USDT, ETH/USDT and ADA/USDT. They account for 22%, 14% and 6% of trading respectively. In addition to the usual trading and exchange, users make transactions with leverage. The level of leverage depends on the client's status and average volumes. In addition, the platform features futures on leading assets - Bitcoin, Ethereum, Polkadot, ChainLink.
Farming and cryptocurrencies are also present. Investors can invest and borrow against crypto assets. Interest rates are dynamic and are calculated by a smart contract depending on the price of the coin and the amount invested in the contract. There are dual-currency products. Gate positions them as an opportunity to earn regardless of the cryptocurrency price. Separately, it is worth mentioning the level of security on the site. In the past, the crypto exchange repelled at least two major attacks of hackers.
After the rebranding in 2017, the administrators of the platform strengthened the security measures even more. Two-factor authentication, anti-phishing codes, the ability to set a separate password for deposit and withdrawal, and other features appeared. For example, the user can link the account to his IP address.
How to exchange cryptocurrency on Gate.io?
Gate.io does not support fiat currencies. It is impossible to exchange cryptocurrency for classic money here. But there are stabelcoins Tether, USDCoin, DAI. In order to exchange a cryptocurrency, the user needs to open the section Market or Trading. In the list that appears, select the desired pair, or enter the ticker of the altcoin in the "Search" field. It is located on the left side of the Trading section. After selecting a cryptocurrency, the user will see a chart of the market rate. Below it, there is an order form. Here, the client can buy or sell the desired cryptocurrency. For example, Ethereum for USDT or USDT for Ethereum. For a regular exchange, a "Limit Order" will do. In this form you need to specify:
The price of the asset. This is the value for which the user wants to sell their cryptocurrency.
The number of coins. Below it there is a scale with percentages, from 25 to 100%. This is a quick selection of the amount. By selecting 25% when exchanging, for example, Ether, the trader will deposit 25% of all available ETH from his deposit into the order.
The third field shows how many desired coins the trader will receive for the deposited assets. Below you can configure the transaction fee.
Having entered the parameters of the order, you need to click "Buy" or "Sell", depending on the type of transaction. On the same page, in the "My Orders" section, the status of current transactions and the history of completed exchanges are shown.
Verification on the Gate.io
The platform requires verification of the client's identity. Without it, it is impossible to withdraw funds. You can go to the KYC section from your profile by selecting the menu item "Identification" in the list on the left. Then you need to click on "Individual" if the client is a natural person or "Organization" if you want to create an account for a legal entity.
Verification consists of two steps. The first is filling out the form and sending the documents. The form has to be filled out like this:
The second step is to send the client's photo. You need to take selfies, holding the document that you have attached to the form. Also, the platform requires to take a paper, which must contain the client's ID on the exchange. The ID can be found in the verification section, as well as in the account settings. All uploaded files must be in JPG or PNG format, the weight of the file must not exceed 4 megabytes. According to the exchange, verification will take from half an hour to 12 hours. After you have created a profile on the exchange, you need to enter it to start trading.
How to trade on Gate.io?
To start trading at Gate.io watch the video below
Crypto exchange commissions
Like many competitors, Gate.io has a progressive commission scale. The amount of charged commission is reduced if the client accumulates the required volume of trades in a month or retains the tokens of the exchange - GT. Discounts are also possible if the total balance of the account is held. The basic rate for both maker and taker is 0.2%. The first discount a client can receive if his trading volume in a month exceeds the equivalent of 1.5 BTC, or 100 GT will be placed on his account. Then maker's commission will be 0.185%, taker's - 0.195%. Requirements for other loyalty levels are presented in the table. Maximum level: trading volume 75 000 BTC, balance 2500 BTC, commission maker - 0,055%, taker - 0,065%.
Unique Gate.io coins and tokens
The trading platform's personal token is the GateChain Token. It facilitates the investment process and supports the entire blockchain ecosystem.
GateChain is an innovative public network that focuses on the secure saving and exchange of blockchain assets. It prevents the theft of users' digital assets and loss of private keys. Customers will be able to take advantage of innovative transactions and cross-chain transfers. Advantages include high transaction speed and implementation of modern technologies. GateChain Token is a cryptocurrency, which is available for transfer fees.
ETFs are a unique instrument of the exchange. These are funds, whose shares can be bought and sold at Gate.io. New leveraged ETFs are regularly available to traders, including DOGE3L, DOGE3S, BCH, BCH3S, BTC5L, BTC5S, ETH5L, ETH5S and others. It is recommended to choose a product depending on the needs, because the type of Exchange Traded Fund determines the conditions for the equilibrium price recovery.
On the exchange, traders can interact both with the most popular coins - bitcoin, litecoin, etherum, and with less known ones (Power Ledger Wings, BAT, GAS).
Gate.io gives you the ability to trade with quite a few coins.
Also a great feature to check interest in new coins before putting them on the listings is to trade new coins for a while. If users have shown interest in a new coin, it appears on the exchange permanently, and if not - it is simply removed (and you can withdraw that coin from the exchange within a certain amount of time after it is removed).