Gate.io Exchange Review: Unique Features, Functions, and Trading Procedures

Introduction

Founded by Lin Han, Gate.io exchange was established in 2013 under the name Bter.com. Later on, the exchange was rebranded into Gate.io exchange. The exchange has a daily trading volume of more than $12 billion.

Moreover, as the oldest global cryptocurrency exchange, Gate.io offers a wide selection of trading pairs and altcoins for traders of all financial capabilities. Moreover, the platform offers products such as Spot Trading, Leveraged Trading, Leveraged ETF, Futures Trading, Copy Trading, HODL and Earn, Secured Loan, and Liquidity Mining.

To cater to its 12+ million customers scattered across the world, Gate.io is available in Chinese, English, Japanese, and 12+ languages. Overall, Gate.io exchange serves the crypto community with over 600 markets, including Tether (USDT), e-Toro Chinese Yuan (CNYX), Bitcoin (BTC), Ethereum (ETH), and other time-limited markets.

Gate.io Exchange Details

History Overview

Gate.io is a full-service digital asset exchange platform that renders its service to millions of users around the world. It has been consistently ranking among the top 10 exchanges. Gatechain Token (GT) is the base currency for Gatechain and can only be acquired through Gate.io. As part of the ecosystem, the Gatechain token is used to pay the network’s transfer fee.

The token operates on its own blockchain and only a total supply of 300 million GT will ever be issued. Currently, GT can be traded in various markets and exchanges. Furthermore, the token was created to particularly encourage GT holders to protect the network’s operations through Proof-of-Stake (PoS) mining

Established in 2013, Gate.io prides itself on providing industry-leading security in addition to having been audited to show 100% proof of reserves. Gate.io operates across the world and is always compliant with the jurisdiction that prevails over the country where it functions.

Platform Interface

The Gate.io exchange platform is an intuitive platform that is user-friendly and has all the pertinent information categorized into appropriate sections. The website is not overwhelming with information for a new trader and at the same time, it has the cream of the information for an expert trader. The interface shows the live price of cryptocurrencies under the Market Trend category. The website has a beginner’s guide to help a trader use the website for the first time. 

Key Features and Functions

Design & Usability

Built with intention of providing customers with a simple and easy-to-use design, the Gate.io platform enables users to effortlessly navigate between functions. Users can easily trade in cryptocurrency markets, margin lend or borrow funds, and margin trade with 10x leverage.

Markets

The market quotes are easy to find. Users can look for the desired market using the search function or by navigating through the main menu. Switching from market to market is straightforward as the user can simply scroll the market tab on the left side of the screen.

Spot Trading

Gate.io allows users to easily exchange BTC, ETH, EOS, and hundreds of high-quality cryptos with leverage and ETFs. Furthermore, the exchange has a spot tutorial video that explicitly explain how to carry out a spot trade.

Perpetual Futures

Gateway.io perpetual futures support Hedge Mode, with up to 100X leverage. Users can amplify their income by going long or short. A perpetual contract is funded based on a mathematical formula that is calculated based on the index price and a sample of average market prices. If the trading position has a positive rate of return then the long-position trader will pay the short-position trader. However, if the rate of return is negative, then the short-position trader will pay the long-position trader.

HODL and Earn

The low entry barriers to the HODL and Earn program with high security and high return rate makes it lucrative trade. Furthermore, the interface provides options like structured products, auto-investment, dual currency product, liquidity mining, slot auctions, crypto lending and cloud mining.

Buy Crypto

The “buy crypto” interface has a clean interface which support 100+fiat currencies that could be used to buy cryptocurencies. Moreover, the platform too supports Visa and Mastercard. The user can also have a look at the order history with just a click.

Once the transaction is confirmed, the user will get all the pertinent information with regard to the payment.

Crypto Loan

This allows funds in the spot account to be used for loan requirements. With this, users can lock their funds to borrow other capital that they require for trading. This can also be done without having to transfer their assets into their margin accounts.

Supported Cryptocurrencies

Gate.io exchange has listed more than 1400+ cryptocurrencies. Gate.io offers USD stablecoin markets, Bitcoin markets, Ethereum markets, and Exchange token markets. Also, the platform provides low liquidity markets, crypto ETF markets, and CNYX markets. In addition, it also provides markets with tokens with a supply that undergoes halving periods such as BTC and many more.

As regulations on cryptocurrencies differ according to the jurisdiction pertaining to the country, user should take a note of this. Some tokens can be easily tradable in one country while they can be hard to trade in another country.

Supported Fiat Currencies on Gate.io

Gate.io support 100+ fiat currencies for buying crypto. From the popular US Dollar, British Pound, Euro, Yen to less popular fiat money, Gate.io exchange supports all currencies as it believes in unbiasedly catering to its clients spread far and across the world. 

Deposit/Withdrawal/Trading Fees

Zero transaction Fee

Gate.io treats all its customers equally, as such there’s no exception for VIP customers only. Additionally, there’s no limit to transactions. All users of Gate.io can enjoy zero transaction fees with no cap for the transaction amount. Market makers and quantitative teams who trade through the API interface can also enjoy zero-fee transactions

Deposits and Withdrawal

Withdrawal fees vary depending on the coin and the fee is charged per transaction irrespective of the amount that is being withdrawn. The deposit fee is zero for many digital currencies.

Withdrawal limits apply depending on the currency being transferred. The maximum withdrawal limit is not equal to the daily limit. The 24-hour daily limit can be raised if the user requires a larger daily limit. This expansion of the daily limit may require the user to go through an information validation procedure.

Trading fees

Gate.io exchange allows you to trade crypto for free. All Gate.io users can enjoy the zero fees benefits, whether they are at VIP level or whether they are new or existing users. APP, PC, and desktop terminals are all supported. The Zero-fee trading benefits are also available to market makers and quantitative teams who trade through the API interface.

The platform provides multiple preferential schemes such as VIP, point card, GT deduction, etc. Its spot rate is as low as -0.012% while its contract rate is low as -0.015%. VIPs on other exchanges automatically become Gate.io VIPs.

Interestingly, the platform offers the option for users to suggest and standardize to zero fees trading of thousands of coin pairs from various products, including mainstream currencies like BTC and ETH. Zero fees for maker & taker.

Accepted Payment Methods

Gate provides users with the ability to purchase cryptocurrencies via third parties and our own Gate Connect channel. Users can purchase crypto using a number of methods, such as credit/debit card and bank transfer.

Furthermore Gate.io exchange has a strict KYC+AML review mechanism, implements t+1 withdrawal restriction, and prevents illegal capital flows.

Controversies and Issues

Before the rebranding of Gate.io in 2017, Bter.com experienced a minor set back in 2015. Consequently, this led to a total loss of 7,170 BTC, roughly $1.75 million at that time, from its cold storage. In response to this, the company shut down its platform and rearranged withdrawals for user balances.

The stolen funds were broadcasted through this Bitcoin transaction, as per the announcement. Moreover, the stolen bitcoins appeared to have been split into a number of separate wallets since the alleged intrusion.

Prior to this, Bter.com had suffered another hack on its servers, of which 50 million NXT, worth roughly $1.65 million at the time, were stolen.

While in 2018, hackers planted malware on StatCounter to steal bitcoin revenue from Gate.io’s account holders. Consequently, hackers were able to attack Gate.io exchange by compromising a third-party organization through a tactic known as a “supply chain attack”.

According to Forbes, Gate.io experienced a high-profile hack that resulted in the loss of over $270,000 in crypto assets in 2019, however, out of this amount half of it was later recovered.

Achievements

Entitled as one of the earliest and largest exchanges, Gate.io strives to be open, transparent, and cooperative. Gate.io exchange has invested millions in upgrading security and law funds to add more protection for user’s crypto assets. Crypto Loan is a feature that is considered as an achievement of a milestone by Gate.io.

Gate.io is registered as a money service business with the Financial Transactions and Reports Analysis Centre of Canada. Moreover, Gate.io received the TCSP license to provide crypto custodian services in Hongkong.

Furthermore, the exchange received a Class 4 Virtual Financial Asset License to operate as Virtual Asset Exchange Service and Custodian Service in Malta.

Not limited to the above-mentioned, Gate.io is registered as a Virtual Currency Exchange Operator and Wallet Service Operator in Lithuania. Also, the exchange obtained a license to engage in the business of proprietary trading in crypto commodities.

Additionally, in 2019, the global organization Blockchain Transparency Institute awarded Gate.io a certification mark based on its real trading volume. Gate.io exchange was amongst the top 10 on the Bit Universe list of global crypto exchanges that actually own the supposed digital assets at the end of 2019. The exchange contained digital assets worth 30,000 BTC.

Gate.io ranked second in the “Top-100 Exchange by Cybersecurity Score” assessment which was conducted by the CER Team in July 2019. Thereafter, it was then awarded a 3-star certification by CERTIFIED (CER). The exchange is certified as one of the most secure cryptocurrency exchanges in the world.

Moreover, Gate.io was listed multiple times on the authoritative rankings of global digital currency exchanges. It was placed first place in the global exchange security evaluation ranking (CER) and place second in the Global Trading Platform Comprehensive Ranking (CoinGecko).

Furthermore, it ranked among the top 10 in the global trading volume ranking (BTI). Additionally, Gate.io passed the Coin Metrics transaction volume credibility test. Likewise, Gate.io was selected as the world’s best exchange by Forbes Advisor (2021)

Gate.io became the first-ever mainstream exchange that commits to providing 100% collateral when it released an announcement in February 2020 about Proof of 100% Collateral.

Through what has been termed Gatechain security solutions, Gate.io has channeled funds and resources toward securing its platform. This also includes creating the GTLaw and Safety fund, worth hundreds of millions of dollars. The fund secures users’ assets with both centralized and decentralized solutions.

Pros and Cons

Pros

• Trade on the go with mobile app
• Simplified registration process
• Supports 1400+ currencies and 600 markets
• Provides real-time information on cryptocurrency markets for users
• Listed among the top 100 companies based on cyber security score

Cons

• Complicated interface
• No crypto currency exchange is immuned to hacks

Final Score

• Services offered: 3.5/5
• Cryptocurrency support: 4/5
• Fees: 4/5
• Security: 3/5
• Review Score: 4/5

Summary

Gate.io exchange is driven by the ethos of providing rapid, efficient experience to its crypto users via a seamless and smooth platform. The platform has dedicated time and effort to refine user-centered and service-oriented products while upholding the highest standards of integrity.

Apart from the variety of altcoins that acts as a magnet for investors, it also lures investors with its lucrative 10x margin trading, perpetual contracts, and best-in-class IEO platform. Furthermore, financial services like margin lending, borrowing, or periodic investment plans are some of the services that draw the attention of traders.

Additionally, its funds are held in cold storage, and users can attach 2-Factor Authentication (2FA) as an extra layer of wallet security. Hence, this beefed-up security becomes a haven for investors to rely on.

FAQs

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