Gate.io is one of the oldest crypto exchanges based in China, operating since 2013. After being renamed to Gate.io in 2017, it is one of the fastest-growing crypto platforms offering trading between cryptocurrencies and fiat money, cryptocurrency-to-cryptocurrency exchange, leverage trading, and many advanced financial services such as crypto lending and borrowing. Despite its powerful trading engine, the platform’s interface seems somewhat too complex for beginners, so it is generally recommended for more experienced cryptocurrency investors.
Until 2017, the crypto exchange Gate.io was called Bter.com. However, they were forced to rename it to Gate.io when the Chinese government banned trading between fiat and cryptocurrencies in 2017. They had to close the old domain, abandon trading between all fiat currencies and cryptocurrencies, and focus exclusively on cryptocurrency-to-cryptocurrency trading and trading cryptocurrencies against the Chinese yuan.
Inexperienced investors or beginners will most likely be overwhelmed by Gate.io and consequently probably disappointed by the inability to deposit fiat currencies to purchase cryptocurrencies directly on the platform. If you don’t already have crypto coins and tokens, you will need to use another exchange to purchase cryptocurrency and then transfer it to the Gate.io platform before you can start trading on it.
Gate.io has also introduced the option to purchase cryptocurrencies through third-party partners with debit or credit card payments in fiat currencies. The partners transfer your cryptocurrencies to your Gate.io account, but this process involves paying incredibly high fees. Crypto investors and beginners who would prefer to use fiat currency to purchase cryptocurrencies without an intermediary would pay significantly lower fees on platforms such as Binance and Coinbase, which considerably simplify the entire process.
However, we must acknowledge that Gate.io, with its numerous crypto coins and tokens and competitive trading fees, is a decent platform for more advanced traders who want to trade lesser-known coins on a centralized exchange and don’t mind the fact that they will be limited in spot trading.
The KYC (“know your customer” or “know your client”) process is standard at the vast majority of crypto exchanges, as it is at Gate.io, as it reduces the risk of funds being used for illegal purposes or money laundering, requiring users to follow steps to prove their identity.
We must not forget that cryptocurrencies are considered volatile assets, and consequently their prices are volatile as well. No crypto exchange is so well protected that it would be immune to hacking. In 2019, Gate.io experienced a globally known breach that caused the loss of more than $200,000 in crypto assets, though approximately half of this was later recovered.
Gate.io remains to this day one of the more popular crypto exchanges in terms of volume and liquidity, with approximately 3,500 BTC (Bitcoin) per day. It supports more than 1,200 different crypto coins and tokens. Among them are the most popular ones, such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Binance Coin (BNB), Terra (LUNA), Polkadot (DOT), Cardano (ADA), Litecoin (LTC), EOS (EOS)… Gate.io exchange cannot be used by citizens of Washington (USA), New York (USA), Cuba, Iran, North Korea, Sudan, Syria, Pakistan, and Venezuela.
How to create an account on Gate.io
To start trading and access all features, you will first need to create an account, which you can do in two different ways.
- Via computer. First, open the official Gate.io website in your browser. Click on “Sign up”, where you will be able to register using only your email address. Then enter your email address, the name of the country you reside in, and a password of your choice, and click “Create account”. After that, you will need to choose a “Fund password”, which must not be the same as your login password. You will need the “Fund password” for every trade, sale, and withdrawal of fiat currencies. You will then be sent an activation code to your email address, which you will need to enter on their website, and after that you will already be able to use their crypto exchange.
- Via phone. You will need to download the Gate.io mobile application on your smartphone, which currently supports both iOS and Android operating systems. Once you have the app downloaded, open it and press “Login/Register”. The registration process via phone is exactly the same as the account creation process via computer, except that here you can use either your phone number or your email address.
How to buy your first cryptocurrencies on Gate.io
Gate.io has opened the option of an instant cryptocurrency purchase service with a credit or debit card in numerous countries and regions around the world, to help users who cannot use fiat currencies to purchase crypto coins and tokens. You can use Visa, Mastercard, Apple Pay or Google Pay cards in US dollars (USD), euros (EUR) and British pounds (GBP) to purchase cryptocurrencies.
First, you will need to log in to your account on the official Gate.io website. In the menu, you will need to select the “Buy Crypto” tab and then “Credit Card”. This is where all the payment methods listed above come into play.
Then enter the amount in “Buy with FIAT Currency” and in the “Currency Purchased” field select the cryptocurrency you wish to buy. Next, select the “Service Provider” below (this is where you will choose how you want to buy cryptocurrencies) and press the “Place Order” button.
To ensure fast and secure payment, users must complete identity verification with an external service provider (KYC). Once this has been successfully completed, the service provider will immediately transfer the cryptocurrencies to your Gate.io account.
How to trade on Gate.io
According to crypto experts, the Gate.io cryptocurrency exchange is one of the easier ones to trade on. After successfully logging in to your account on their official website, select the “Trade” option from the menu. You will be shown a large number of different trading pairs that you can trade. Once you select the pair you want to trade, you press the “Trade” button again, after which a pop-up will open where you enter the amount of money you want to trade with. As soon as you confirm a particular trade, it will be recorded in your account wallet. In the “Open trades” tab you will see all your currently open trades. This tab also includes the “Stop Loss” and “Take Profit” options. When you want to close a trade for a specific trading pair, simply press “Close Trade” and the funds you have gained or lost will appear in your wallet.
Fees on Gate.io
Cryptocurrency exchanges such as Gate.io, Binance and Coinbase are very popular as they allow complete beginners as well as professional investors to buy, sell and invest their funds in cryptocurrencies. However, the vast majority of cryptocurrency exchanges are not free to use, and there are various types of fees you may encounter. Gate.io is among the cheaper options when it comes to fees for selling or buying USDT, ETH (Ethereum) and TRX (TRON), but considerably more expensive among competitors when it comes to selling or buying XMR (Monero), XRP (Ripple) and BTC (Bitcoin).
Spot trading fees on Gate.io use a maker-taker model. Users pay different fees depending on whether their trading affects the exchange’s liquidity. If they reduce liquidity, they are charged a “maker” fee, while if they add greater liquidity, they are charged a “taker” fee. If you hold GateToken (GT) in your account, which is their official crypto token, you are eligible for a fee discount, though this discount varies depending on the amount of GateTokens you hold. Currently, you will pay 0.2% in spot trading fees, but this percentage can be further reduced by holding their tokens in your account.
Withdrawal and deposit fees
Deposit fees at Gate.io are free for cryptocurrencies, however withdrawal fees at Gate.io are quite dynamic. They will be charged based on current network conditions. The fee amount is based on an estimate of network transaction fees and can fluctuate constantly, so they cannot guarantee you the exact amount you will pay in fees. You should be aware, however, that there is a minimum amount for each withdrawal you wish to make. If the withdrawal amount is too small, you will not be able to request a withdrawal. Make sure you have selected the correct network for the transfer. If the address you are withdrawing to is ERC20 (Ethereum blockchain), you must select the ERC20 option before withdrawing. You must select a network that is compatible with your withdrawal address. If you select the wrong network, you will lose your funds and they will not be refunded.
Gate.io also has set limits on how much money an individual can transfer at one time. There are 3 different options:
- new and unverified users have the option to withdraw up to 100,000 US dollars;
- KYC level 1 users with standard accounts have the option to withdraw up to two million US dollars per day;
- KYC level 2 users with professional accounts can withdraw up to five million US dollars per day.
If you wish to become a KYC (“know your client” or “know your customer”) level 1 user, you must do the following:
- enter the country of which you are a citizen;
- enter your real first and last name twice in a row (as on any personal document — an identity card, passport, or driver’s license are all acceptable);
- photograph any personal document from both sides and enter the validity dates;
- photograph yourself holding any personal document in your hand, and finally press the “Confirm and Submit” button.
If you want to become a KYC level 2 user, you must do the following:
- complete all the steps for KYC level 1 users;
- using your computer’s camera, you will need to take four different photos in poses required by Gate.io, and finally press the “Confirm and Submit” button.
These procedures are optional, but completely safe. They can help you with the level of account protection and with withdrawing larger amounts of funds from your Gate.io account.
Security on Gate.io
While many people are concerned about the security of the Gate.io cryptocurrency exchange due to the 2019 hack, the actual situation is much more optimistic. Following that hacking attack, Gate.io significantly strengthened its security measures.
As a result, the company Cryptocurrency Exchange Ranking (CER), which evaluates and ranks crypto platforms based on their cybersecurity measures, ranked their cybersecurity measures in first place among all cryptocurrency exchanges in 2020. Although their ranking has dropped somewhat over the past two years, they are still considered one of the safer cryptocurrency exchanges.
- The majority of user funds are stored offline in Cold Storage, which makes hacking more difficult, however it does not state what percentage is kept offline. Some funds need to be kept online in hot wallets so that customers can make withdrawals and trade.
- Gate.io uses an external security company to conduct regular security audits, including testing their cybersecurity systems and protocols.
- In addition to security measures on Gate.io, they also leverage user security measures. These include two-factor authentication (via SMS and email), creating a unique withdrawal password, and more.
Conclusion
Overall, the Gate.io cryptocurrency exchange is excellent when it comes to the selection of altcoins for trading. In addition to the diverse selection of cryptocurrencies and tokens, new users are attracted by the fact that profitable trading on this platform has increased their value by 10 times. Their financial services, such as trading loans, cryptocurrency lending, and periodic investment plans, are also very useful. Gate.io will probably be somewhat too complex for people who are still getting to know the crypto world, but it is an excellent option for more experienced individuals.
Many people are still concerned about the security of their funds on Gate.io, but this fear is diminishing every year, thanks to the continuous upgrades to their security systems since 2019.
Don’t miss out!
If you are interested in learning more about cryptocurrencies, we invite you to read other articles on our website, which can be found in the Cryptocurrencies section. You can also join us at a free webinar where we will talk about how to earn with cryptocurrencies. You can register at this link: https://zannekrep.com/brezplacno20/. We are not financial advisors. All information regarding cryptocurrencies is accepted at your own risk. Do your own research as well.
