Gate.io Review - Summary
Gate.io is a secure, crypto-to-crypto exchange used across the world by crypto traders and enthusiasts. In our Gate.io revew we learned that the platform offers an extensive range of crypto available to buy and sell. Plus, its competitive trading fees of 0.2% per transaction makes it affordable. But the company is unregulated. And it has a complicated interface that’s confusing for newbies.
Quality
Fees
Security
Selection
User Experience
Gate.io is Our Top Rated Crypto Exchange
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Key Features:
- Extensive list of available-to-trade cryptocurrency. Gate.io’s major strength is the number of altcoins available for trading.
- Whole suite of interesting crypto and blockchain products. Gate.io's ecosystem houses various products to earn crypto: P2P, margin trading, swap contracts, crypto lending, NFTs and more.
- Affordable trading fees. Gate.io doesn't incur high charges, compared to other crypto platforms.
Gate.io Pros & Cons
Every crypto exchange has its benefits and downsides. Here’s where I think Gate.io really shines.
Cons
If you’re searching for a secure crypto exchange to buy, trade or store crypto and NFTs, this Gate.io review will help you decide whether the platform is right for you or not.
I've done all the hard work for you and researched every single detail about the popular crypto exchange, Gate.io... so you don't have to!
Gate.io is one of the oldest, most reliable crypto-to-crypto exchanges with a built-in trading engine to buy and trade crypto online.
The exchange lets you make money by trading coins, staking, crypto lending, buying and selling high-value NFTs, or holding low cap assets for the long-term.
But is it right for you? Let’s dive in and see.
What is Gate.io?
Gate.io is a global, secure cryptocurrency exchange that offers a wide range of products to buy, sell, trade and earn cryptocurrencies.
The company was founded by CEO Lin Han in 2013 and initially started operating under the name Bter.com. Its rebrand to Gate.io happened after the Chinese central bank banned initial coin offerings (ICO) and fiat-to-crypto trading in 2017. This move made the company relaunch and switch gears to fully focus on crypto-to-crypto trading.
Why We Recommend Gate.io
Gate.io offers some key benefits for experienced traders and beginner traders alike. First, the platform offers a wide range of cryptocurrency markets to trade and opportunities to make money with crypto that have kept its doors busy with new users eager to begin trading. Its feature-rich ecosystem has a range of exciting products for every kind of crypto user: Perpetual contracts trading, margin trading, P2P, ETF, margin trading, HODL & Earn, cross-chain, NFTs and more.
Secondly, their security features are impressive. Gate.io employs a ton of strong security features to protect its users. The platform also received a certification from Crypto Exchange Ranks (CER) which vouches for the security of trader’s funds.
While its un-intuitive interface might be a drawback for beginners, its robust portfolio of 1400+ listed cryptocurrencies makes it the perfect choice for professional traders who are always on the hunt for hard-to-find Degen coins.
Also, the exchange’s trading fee is one of the lowest in the industry. With the VIP tier structure, you can get even more favorable trading charges when you meet certain requirements which you’ll learn about later in this Gate.io review.
Some other drawbacks include its high withdrawal fees, unclear regulation status and its unavailability in some countries (such as US, and Canada) due to regulatory constraints.
If you’re based in the U.S specifically and want to explore Gate.io’s ecosystem, you should check out Gate.US instead.
What’s the difference between Gate.io and Gate.us?
Gate.io and Gate.us are different crypto platforms based on the market they serve. While Gate.io offers a suite of cryptocurrency trading products and services to traders across the world, Gate.us is a NEW cryptocurrency exchange and digital asset marketplace built in March 2022 to serve customers in the U.S only.
Gate.US was built due to recent changes in the regulatory environment of the United States.
Gate.io Fees and Pricing
Gate.io offers low trading fees compared to other platforms like Coinbase or FTX. You pay a trading fee of 0.2% for spot and margin trading (maximum) per transaction.
For futures markets, the trading fee is even reduced to 0.015% (maker) and 0.05% (taker). And if you have accumulated Gate.io points, you can use it to cover the fees.
Also, Gate.io employs a VIP tiered fee schedule which lets you pay much lower fees as a VIP at any tier.
Becoming a VIP will require you to have met a required trading volume and hold GT tokens as well.
Gate.io Deposit and Withdrawal Fees and Options
Gate.io doesn’t allow you to directly buy crypto using fiat currencies or bank transfers on the platform. You have to first own crypto elsewhere and then transfer it in to use the exchange which is frustrating.
Recently, the company partnered with some third-party payment service providers to help you deposit fiat currencies but this route requires further verification and comes with crazy fees as well.
On the bright side, crypto-to-crypto deposits are free — you don’t pay any deposit fee unlike most cryptocurrency exchanges.
To get your assets out, you’ll pay a high withdrawal fee for sending them to another exchange. The withdrawal fee differs based on the crypto asset and blockchain network.
For new users on Gate.io, it is possible to deposit funds without completing the Know Your Customer (KYC) verification process. But you can’t withdraw your crypto assets without being unverified.
So, it is advisable to complete the KYC process before any deposit so your assets won’t get stuck on the platform.
Gate.io Products & Features - What Can You Expect From The Gate.io App?
P2P Trading Platform
Gate.io features a simplified peer-to-peer crypto trading platform with high trading volume where you can send crypto to other users and get paid into your fiat bank account (or send fiat to others and get crypto).
To do a P2P transaction, follow the following steps:
- Go to the dashboard and select a trading market (USDT/USD, BTC/USD, or ETH/USD).
- Next, enter the amount of crypto you want to buy. Alternatively, you can also place a direct order from traders in the market.
- Choose a payment method and click the “Buy” button.
- Double-check the information for accuracy before entering your fund password to confirm the order.
- Once your order has been matched to a seller, you’ll see the seller’s bank account to make the payment. After paying, ensure you click on “I Have Paid” so the coins can be released into your account.
Note that you MUST make payment within 30 minutes and click on “I Have Paid”. If you make any mistakes in the transaction, file a dispute immediately.
Markets
Markets are where the main crypto-to-crypto spot trading activity happens.
The platform offers access to different trading markets: spot, margin, futures, loan, top gainers and more.
In each trading market, you can see the cryptocurrency pairs available for trading: GT/USDT, BTC/USDT, ADA/USDT and more.
And for each market pair, you’ll also see its price, 24H change, volume, market cap, high and low.
This would inform your trading game and help you play safe.
Earn
Gate.io offers several investment products to earn more crypto.
One of such products is HODL & Earn, a one-stop platform that provides flexible savings and investment for high returns.
You can do fixed term investment, where you’ll lock your coins for a specified period of time and gain returns.
Otherwise, you can do flexible term investment and stake some coins to withdraw at any time with returns.
The interest for each investment will be calculated based on specified APR and distributed based on stated rules.
Some other Gate.io products for earning crypto include:
- Structured products
- Auto-investment
- Crypto lending
- Liquidity mining
- Dual-currency product
- Crypto loan
And much more.
NFT Platform
Gate.io also has its own centralized NFT trading platform called NFT MagicBox. This platform lets you discover popular and high liquidity NFTs in various fields.
From the NFT dashboard, you can sort the artworks according to their value increase in 24 hours, 7 days and 30 days.
You can also view trending NFTs, specially selected works, and auctioned works.
Plus, if you’re feeling funky, Gate.io allows you to create your own NFT collection and sell on the platform.
Cross-chain Swap Platform
Cross-chain is a technology that facilitates the interconnection between blockchain networks by supporting the exchange of information and value.
Gate.io offers a cross-chain platform for swapping coins from one blockchain network to another.
This allows you to circulate hundreds of blockchain assets on dozens of main chains through powerful asset scheduling capabilities and main network support capabilities.
Some available inter-blockchain assets include:
- USDT Tether
- ETH Ethereum
- BTC Bitcoin
- BNB Binance Coin
- TLOS Telos
Big Data
Using big data, Gate.io shows you market sentiments, holding and liquidation for various crypto assets.
You can use their data for a variety of use cases.
For each asset quote on the Big Data platform, you can see its panic index and other useful metrics.
The panic index is a score calculated based on the assets performance, price changes, liquidations and general market sentiment.
Learning Hub
The Learning Hub is Gate.io’s solution to democratizing access to crypto and blockchain education.
It’s a one-stop educational platform that compiles resources on blockchain, encryption, crypto and the Gate.io ecosystem.
On the Learning Hub, you’ll find links to the Gate.io blog, Gate.io academy, cryptopedia and various tutorials.
It’s the right place to be for beginners who want to learn about crypto and the Gate.io ecosystem.
On the Learning Hub, you’ll find links to the Gate.io blog, Gate.io academy, cryptopedia and various tutorials.
It’s the right place to be for beginners who want to learn about crypto and the Gate.io ecosystem.
Cryptocurrencies and Availability
Which cryptos are available on Gate.io?
One of Gate.io’s major strengths is the sheer number of cryptocurrency markets available for trading.
Currently, there are up to 1,400 cryptocurrencies and 2,500+ trading pairs available on the exchange, making gate.io one of the top crypto exchanges for altcoins.
Some popular crypto you’ll find include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Chain (XCN)
- Cardano (ADA)
- Binance Coin (BNB)
- Solana (SOL)
- Dogecoin (DOGE)
- TRON (TRX)
- Polygon (MATIC)
For crypto investors always on the lookout for the “next big thing”, Gate.io also provides access to a ton of low cap crypto gems:
- Zilliqa (ZIL)
- Compound (COMP)
- MOBOX (MBOX)
- Audius (AUDIO)
- Stellar (XLM)
See the full list of available cryptocurrencies here.
What countries can trade on Gate.io?
Gate.io does not offer its products and services to every country globally. This is largely due to regulatory constraints in some regions of concern.
According to their terms of agreement, countries prohibited from using the crypto exchange include: U.S, Mainland China, Canada, Singapore, Malaysia, Malta, Cuba, Iran, North Korea, Sudan, Syria, Venezuela, Crimea region, Bangladesh, Bolivia, Ecuador, and Kyrgyzstan.
In addition, users located in Hong Kong China, UK (retail users only), Germany, France, Netherlands Italy, and Lithuania are only allowed to use the spot trading platform.
Users from every other country are permitted to use Gate.io as long as their local laws do not prohibit its usage.
Getting Started on Gate.io
Starting your trading journey on Gate.io is pretty straightforward.
You need to create an account to get started and you can create one as long as your country isn’t prohibited.
As with other cryptocurrency exchanges, you will need to use your email or phone number in creating an account, set a strong password that you can easily remember, set a fund withdrawal password, and employ various security measures to protect your account.
How to Create a Gate.io Account (Step By Step)
Setting up your Gate.io account begins with going to the home page to sign up:
- Enter your email and Hit the big Sign up button on the home page.
- On the next screen, select your country of residence, enter your email again, use a strong password and add a referral ID (optional).
- Next, check the user agreement box and hit the Create Account button. You'll receive a confirmation mail to confirm your registration.
- Confirm your account and you have now successfully created a Gate.io account.
After account registration, you’ll need to set up a secure fund password (for withdrawal of funds).
Also, don’t forget to verify your identity by completing the Gate.io KYC verification process.
The process will require you to upload a photo selfie along with a valid, government-issued photo ID such as an identity card, passport, or drivers license.
It’s important to complete the KYC process so you can withdraw funds at any time and even raise your withdrawal limit.
Gate.io Security, Privacy, and Safety (Is Gate.io Safe?)
Security is a top factor to consider when picking a house for your digital assets.
Gate.io claims to be one of the most secure cryptocurrency exchanges in the world. And to back this up, they provide multiple user security mechanisms:
- SMS
- Google OTP(Google authenticator)
- Two-factor authentication (2FA)
- Login password and login verifications
- Funds withdrawal password
- Anti-phishing code
- Blind IP logins
And more.
For internal asset storage, Gate.io utilizes institutional-level, multi-signature, multi-currency hot and cold wallets. This ensures the safeguarding of user funds out of the reach of bad actors.
Gate.io is currently ranked #21 on CER’s list of secure cryptocurrency exchanges in the world.
Also, the exchange hired Armanino LLP, an independent digital currency auditing company to conduct a proof of reserves audit. You can view the report of the successful audit online.
However, Gate.io isn't without flaws.
In 2019, the exchange suffered a security breach, leading to a colossal loss of $271,500 worth of ETC tokens.
About half of the stolen sum ($100,000) was later recovered from the hackers:
The recent ETC 51% hacker has returned $100k worth of ETC back to https://t.co/8kWqgDWNXb on the 10th of January. We have raised the ETC confirmation number to 4000 and launched a strict 51% detection for enhanced protection.
— Gate.io (@gate_io) January 12, 2019
See details: https://t.co/xX8cVIWdC2 pic.twitter.com/MUQX3hpMPV
With the security measures now in place, you shouldn’t have to worry. Nonetheless, take all safety precautions when setting up your account.
Gate.io Reviews from Around The Web
With millions of users across the world, Gate.io is a fast-growing exchange amongst professional crypto traders.
But what do online Gate.io reviews from real users say?
- On TrustPilot, Gate.io has a poor rating of 2.2 with 700+ reviews. This clearly shows dissatisfaction among users. Most of the complaints revolve round terrible interface, ridiculous withdrawal charges, non-regulation of the platform and unfair funds lock.
- Taking a look at G2, Gate.io has a fair rating of 3.3 with 35 reviews currently. You’ll find some positives about the platform here, mostly about its list of available crypto.
And more.
Based on these reviews, it’s a fact that users aren’t pleased with the exchange.
Even though Gate.io has its bright sides, and in our review of Gate.io we scored them relatively high at 4.2 stars, it's clear there are improvements to be made and many customers have valid complaints.
Gate.io Alternatives
Gate.io might not be the crypto exchange you need and that’s totally fine.
There’s a ton of Gate.io alternatives to explore on the market. Let’s look at three of them.
Coinbase
Coinbase offers an easy way for you to buy, sell, trade and store cryptocurrencies. The remote-first, US-based company was founded in 2012 by Brian Armstrong and features a user-friendly interface that would delight any crypto newbie.
Coinbase uses industry-leading security mechanisms (such as hot & cold storage facilities and two factor authentication) to safeguard your assets.
Compared to Gate.io, Coinbase has a low support for alt coins, as you can only trade mostly popular crypto.
Some other downsides could be its expensive fees and poor customer service experience. Asides that, Coinbase is a great alternative to Gate.io and I would totally recommend it for crypto newbies.
Binance
Binance is another crypto exchange that helps you buy, sell and trade crypto assets. The company was founded by Changpeng Zhao in 2017 and offers a whole suite of crypto products to explore.
The platform is known for providing hundreds of crypto coins (over 600) as well as its low trading fees (cheaper than Coinbase & Gate.io).
It features cluttered trading charts and options making it overwhelming and hard to navigate for inexperienced investors. Binance’s security and asset management mechanism is also impressive.
And just like gate.io, Binance has a separate product (Binance.US) with limited features serving the US market. Overall, Binance is a decent Gate.io alternative and a great pick for advanced traders who want access to a robust list of altcoins, low trading fees and complex charting options.
KuCoin
KuCoin is another alternative to Gate.io that offers a centralized crypto-to-crypto tradition platform. Its biggest advantage would be its lower transaction fees. Similarly, both exchanges feature a high number of coins and trading pairs, and a cluttered exchange interface along with support for multiple languages.
More Crypto Exchanges
- ByBit.com - See our ByBit review.
- Binance - See our Binance review.
- iTrustCapital (Trade Cryptos in a tax-advantaged IRA) - See our iTrustCapital review.
- AltoIRA (Trade Cryptos in a tax-advantaged IRA) - See our AltoIRA Review.
Gate.io is well ranked by CER as a secure and reliable global crypto exchange. The platform uses a mix of top security mechanisms to safeguard your account and assets. Even though reviews online aren't assuring, I think the exchange is worth giving a trial.
Coinbase shines better with an intuitive and beginner-friendly interface, accessibility to the US market, top security mechanisms, and availability of fiat payment methods. Compared to Gate.io, Coinbase charges high trading fees. Also, Gate.io supports plenty of altcoins and has a suite of exciting crypto products.
Users from the United States are prohibited from using Gate.io due to regulatory constraints. To cater for their users in the US, the company built Gate.us so you should check that out.
Gate.io isn't regulated in the United Kingdom. I couldn’t find the exchange listed on the register of the Financial Conduct Authority (FCA), which oversees regulation of crypto firms in the UK. But Gate.io says it is self-regulated and self-compliant, fostering a safe trading environment for all users.
Final Thoughts - Should You Trade Cryptos on Gate.io?
Gate.io is a secure crypto exchange suited for advanced traders and investors who want to hold a variety of altcoin and low cap coins that’s hard to find elsewhere.
With fees as low as 0.20% per transaction for spot and margin trades, its competitive fees makes it a decent choice. The exchange also offers additional products to earn crypto.
For beginners, the feature-rich crypto exchange might not offer the best experience due to its complicated trading interface.
Even though it claims to be self-regulated and compliant, Gate.io is unregulated. And this means there’s no financial authority overseeing its activities. While regulation issues are common to most exchanges, you should stay off Gate.io if their unclear legal status is concerning.
Also, Gate.io does not support fiat payment methods and some countries (including US, Canada and Japan) are prohibited from using the exchange.
Before deciding whether or not to trade on Gate.io, carefully consider its upsides and drawbacks and do your own research.
If you’re ready to start trading, you can get a $100 sign up bonus when you open a free gate.io account right here.
