Gate.io Review 2023 | Safety, Fees, Pros & Cons and More
7 min to read
Gate.io Introduction: In this in-depth breakdown we review Gate.io, the digital exchange that has grown from humble beginnings to one of the biggest exchanges in the world. Read on to find out more about the product and services offered by Gate.io and decide if it's the right exchange for you.
Gate.iowas founded in 2013 by Lin Han in China and is today registered in Virginia, United States as Gate Technology Inc. Gate.io is one of the biggest cryptocurrency exchanges in the world serving 12 million registered users across 224 countries.
Gate.io offers over 1500 cryptocurrencies and 2700 trading pairs. The company frequently reaches 24-hour trading volumes above $1 billion. Gate.io has throughout the years raised over $74 million dollars in funding and has over 300 employees. While its headquarters are in the Cayman Islands, the company has a wide geographical footprint today.
Gate.io: Signup & KYC
Signing up to Gate.io is super easy and only takes 1 minute.
Enter the activation code that has been sent to you
In order to deposit and withdraw cryptocurrencies, all users must go through the mandatory Know Your Customers (KYC) process of Gate.io. The KYC process requires users to provide information about their country of residence, full name, date of birth, and identity verification. Users must also do a facial recognition and provide proof of address.
Gate.io: Products & Services
Gate.io offers a wide range of products and services.
1. Gate.io Spot Trading:
Trade over 1500 cryptocurrencies and 2700 trading pairs. Gate.io offers a very wide range of altcoins that you won’t be able to find in most other exchanges.
2. Gate.io Margin & Futures trading:
Gate.io offers margin trading with 3-10X leverage and futures trading with 10-100X leverage. on many cryptocurrencies. Users can use BTC and USDT as underlying collateral to borrow funds.
3. Gate.io Leveraged Tokens:
Up to 3-5X leverage without the need for any collateral and risk of liquidation. Gate.io takes a 0.1% daily fee to cover costs. Leveraged products do however increase price volatility and thus bring a greater risk of loss.
4. Gate.io Startup:
Startup is Gate’s token launch platform for new projects. At the time of writing, over 580 projects have been launched with over 9 million participants.
5. Gate.io Earn
Users can earn interest on their crypto assets depending on their risk profile. Interest can be earned on flexible or fixed terms and in different lockup durations.
6. Gate.io Liquidity Mining:
Gate.io also offers liquidity mining where users can earn yield from trading fees. Take into account that there is impermantent loss risk when liquidity mining.
7. Gate.io Copy Trading
Gate offers the ability to copy the strategies of other successful traders.
8. Gate.io NFT Marketplace
Gate.io has created their own NFT marketplace where users can quickly mint, store, buy and sell their NFTs.
9. Gate.io Token
Gate Token (GT) is the native token of the Gate.io exchange and the Gatechain. The initial supply of GT was 1 billion tokens, but after burning 700 million, the current maximum supply is 300 million tokens.
Gate.io has initiated a similar buy-and-burn program to Binance where GT tokens are bought on the open market and burned (removed from circulation). Users who hold the GT token can use it to:
Gate.io has a tier-based fee schedule that begins at 0.2% for Makers and Takers.
You are considered a Taker when your order is executed immediately
You are considered a Maker when your order is not immediately matched
Depending on your trading volume and the number of GT tokens that you hold, the trading fees can go down to 0.02%. However, the vast majority of people won't reach these levels and will be paying the 0.2% maker and taker fee. If you buy $500 worth of ETH on Gate.io, the fee that you will be charged is $500 * (0.2/100) = $1.
2. Futures Trading Fees
The futures trading fees on Gate.io start at 0.015% for makers and 0.05% for takers. These fees can go down to 0.02% and 0.025% with billions in trading volumes.
Gate.io is accepts both fiat and cryptocurrency deposits, which provides users with flexibility when it comes to funding their accounts.
1. Credit/Debit Card:
Buy crypto in one click with third-party platforms such as MoonPay, Coinify, Banxa, Advcash, Simplex, or Legend trading. This is an expensive option as many of these third-party platforms charge high fees ranging from $6-$25.
2. Bank Transfer:
Buy crypto with bank transfer by using third-party exchanges like Coinify, Banxa and Legend Trading.
Gate.io provide the option to also buy and sell BTC, ETH, USDT and Doge peer-to-peer with over 30 fiat currencies like USD, EUR, GBP, RUB, BRL, JPY, MYR.
Gate.io: Withdrawal Methods
Gate.io only offers withdrawals with cryptocurrencies. Below we have outlined the fees for a few popular cryptocurrencies. Withdrawal fees are based on the underlying transaction fees of the blockchain plus additional fees added by the exchange.
Bitcoin (BTC): 0.001 BTC
Ethereum (ETH): 0.0019 ETH
Solana (SOL): 0.003 SOL
Cosmos (ATOM): 0.07 ATOM
Polkadot (DOT): 0.16 DOT
USDT (ERC-20): 3 USDT
Gate.io: Apps & Wallet
Gate.io is available on both the App Store and Google Play store. Gate.io has over 1 million downloads on the Google Play store and a 3.9-star rating out of 35,000 reviews.
The apps enable users to buy and sell cryptocurrencies easily and include features such as spot trading, margin trading, futures & options, copy trading, and lending & staking. Gate.io also offers a desktop version for Windows and Mac.
Is Gate.io Safe?
In 2015, Gate.io was hacked for 7000 BTC but is today considered a very safe exchange with a 9/10 Coingecko Trustscore. Gate.io claims to be one of the most secure exchanges in the world with 10 security solutions in place.
Gate.io ensures the security of user funds through hot and cold wallets that leverage MPC threshold signature, remote backups, bank custody, and offline options.
Gate.io has at the time of writing a 24-hour spot trading volume of over $925 million. This is the fourth-largest trading volume among centralized exchanges behind Binance, FTX, and Kucoin. Below we have outlined the 10 most liquid spot markets on Gate.io based on volume.
Gate.io: Customer Service
Gate.io offers customer support through email, phone, and a 24/7 live chat. Gate.io has a low Trustpilot rating of 1.8 based on 660 reviews. They are also available through different social media channels such as.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.