Gate.io Review 2023: Is It A Good Option?
Published 12 Mar, 2022 Updated 02 Feb, 2023
Table of Contents
- 1 Our Takeaways
- 2 An Overview Of Gate.io
- 3 Gate.io Pros & Cons
- 4 Top Gate.io Features You Should Know
- 5 Gate.io Security Measures
- 6 Has Gate.io Been Hacked?
- 7 Gate.io Fees
- 8 Which Countries Does Gate.io Support?
- 9 Creating An Account With Bitfinix
- 10 Ease of Use
- 11 Mobile App
- 12 Customer Support & Reviews
- 13 Gate.io Alternatives
- 14 Frequently Asked Questions
- 15 Our Gate.io Verdict
Gate.io is one of the oldest cryptocurrency exchange platforms in the world and possesses a vast array of crypto services and features that more than challenge other major rivals in the industry. If you are an experienced investor or trader who wants to access top-of-the-line features and advanced trading such as leveraged token, futures, and copy trading, then Gate.io will be a strong consideration in your decision-making.
In this review, we will examine why Gate.io has become one of the world’s most popular cryptocurrency exchanges. Is it the one-stop-shop crypto shop that it makes itself out to be? How does it compare to the best crypto exchanges in the world?
Promotion: None available at this time
Trading Fees: 0.2% (maker) and 0.2% (taker)
Available Cryptos: 1275
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Gate.io is a global provider of premium crypto financial services that are mainly targeted towards novice and advanced traders. With fiat-to-crypto transactions needing to be completed via third-party providers, the platform is not the cheapest one around. However, Gate.io still constitutes a safe and secure crypto exchange that will benefit you if you want a high degree of trading flexibility.
|Core Services||Spot, EFT, derivatives trading|
|Fiat Currencies||USD, GBP, JPY, AUD, KRW, EUR, HKD, CHF, MXN|
|Deposit Options||Crypto transfer|
|Trading Fees||Spot: 0.2% (maker) and 0.2% (taker), Futures: 0% (maker) and 0.05% (taker)|
|Leveraged Margin||Between 3x and 10x|
|Mobile App||Yes (iOS and Android)|
An Overview Of Gate.io
Gate.io is a global crypto exchange platform that was founded in 2013. Originally based in China, the platform has undergone several corporate changes since where it is now registered in Virginia, USA. According to CoinMarketCap, gate.io is ranked as #7 in the world for traffic, trading volume, and liquidity with a daily trading volume in excess of $902 million.
Gate.io is a top crypto trading platform for liquidity and has a variety of markets such as spot, crypto EFTs, options, margin, and derivatives. The exchange possesses the largest offering of digital services with over 1,200 cryptocurrencies to buy, trade, and sell. Due to regulatory restrictions, traders located in the United States have limited functionality and may only take part in crypto spot trading.
Gate.io Pros & Cons
- Outstanding range of financial services including interest-earning, loans, and borrowing.
- Depending on your experience, choose from the standard and professional trading interfaces.
- Responsive and robust TradingView charting package integrated into the trading interface.
- Highly secure, safe and trustworthy platform for serious altcoin trading.
- Several products and services are restricted for traders in the US, Canada, and Japan.
- Relatively high fees for buying crypto with fiat through third parties.
- Unable to deposit fiat currencies.
Top Gate.io Features You Should Know
1,200 Digital Currencies To Buy & Trade
Gate.io has one of the largest ranges of digital currencies and assets in the world and even surpasses the number of cryptocurrencies offered by Binance. Gate.io allows you to buy, trade, and sell over 1,200 digital currencies, and over 1,700 unique trading pairs.
Gate.io offers all the major cryptocurrencies that you know including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and Litecoin (LTC), as well as the more exotic coins. If you are an active altcoin trader then the sheer abundance of trading pairs and markets makes Gate.io a highly attractive platform.
A Variety Of Ways To Purchase Crypto
Gate.io was initially a crypto-to-crypto trading platform with no fiat gateway option to purchase cryptocurrencies. Nowadays, Gate.io has three options for you to near-instantly buy crypto using fiat currencies such as USD, AUD, EUR, GBP, JPY, and KRW. These comprise credit cards, bank transfers, and Peer-to-Peer (P2P) trading.
To make the purchasing of digital assets using fiat currencies possible, Gate.io has partnered with several reputable third-party service providers including Legend Trading, Simplex, Banxa, Coinify, and MoonPay. A vast range of digital currencies can be purchased including BTC, LINK, EOS, BNB, USDT, ETH, and DOGE.
The downside of purchasing crypto via third parties is that you will incur slightly higher fees than you otherwise would via the exchange platform. Buying crypto using a credit card depends on which third-party provider you select. As an example, the fees to buy USD $500 equivalent of BTC resulted in fees between 1.1% and 3.8%. Visa and Mastercards are supported by all third parties with additional methods such as Apple Pay and SEPA supported by some service providers.
If you wanted to purchase crypto via bank transfer then Legend Trading is the service provider. Legend Trading is a reputable and highly liquid crypto trading firm in the United States. We noted that the quote did not include the trading fee.
Choose Between Standard & Professional User Interfaces
Depending on your level of expertise and experience, Gate.io provides you with the choice of a standard or professional trading interface. The standard interface is a simplified version of the highly advanced professional interface and doesn’t have a lot of panels and options to distract you. The professional interface is in layout and features to other advanced trading platforms like Binance and KuCoin.
The simplified standard trading interface is perfectly suited to you if you’re a new or experienced trader. However, Gate.io still provides you with the powerful and feature-rich TradingView charting package so you can aptly analyze the price action of trading pairs and place orders.
Multiple Spot & Derivative Trading Options
Gate.io is a serious crypto margin trading platform that provides a multitude of advanced trading options for non-US traders.
Spot trading involves crypto-to-crypto trading where you can use one digital currency to buy another. For example, you can use USDT to buy another cryptocurrency such as Ethereum. If you prefer to add some control and risk mitigation to your trades, then you can apply order types including Limit Orders, Iceberg Orders, and Immediate or Cancel (IOC) Orders.
- Limit Orders: This is where you set the buy and sell price for the trading pair. Once the market price matches the set price then the order will be fulfilled. If not, then the order will remain until fulfilled.
- Iceberg orders: Much like an actual iceberg, the true volume of large orders is hidden. You can set the volume that can be seen in the order book. The hidden part of the order will be fulfilled first.
- IOC Orders: This will entirely or partially fulfill the order immediately at the price and quantity available. The unfulfilled part will be canceled.
If you’re an experienced trader then you will likely be familiar with leveraged margin trading. For those who are not, this is where you can use your own cryptocurrencies such as USDT to act as collateral which allows you to borrow greater sums of assets. The loan must be repaid within the period of 10 days. If not, Gate.io will take over and host the positions, with a liquidation also a potential outcome.
Margin trading allows you to open a trading position using a small amount of collateral in order to take a much larger position in the market. This means that your profits and losses are amplified when taking up a margin position. Gate.io allows you to apply a leverage ratio between 3x to 10x.
ETF Leveraged Tokens
ETF Leveraged Tokens is a relatively new derivative feature that possesses some similarities with spot trading and perpetual contracts trading. The difference between traditional tokens and leveraged tokens is that leveraged tokens have leveraged properties associated with them. Essentially, leveraged tokens allow you to maximize capital management whilst reducing your actual leverage overhead and risk.
With Gate.io, you can use USDT as principal to take short (3- or 5-) or long (3x or 5x) positions with numerous cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Shiba Inu (SHIB), Litecoin (LTC), and many more. A 0.1% daily management fee will apply to account Gate.io’s overhead costs.
Some of the benefits of ETF leveraged token trading include:
- Leveraged tokens are not liquidated by Gate.io irrespective of how the price changes.
- There is no need for you to pay for collateral for leveraged tokens.
- If a profit is made then the profit is automatically transferred to the principal to achieve a compounding effect.
Often referred to as Peer-to-Peer (P2P) trading, Gate.io has a product called Push Transactions which allows you to trade cryptocurrencies directly with other users. You can set your own price and terms for digital assets that you wish to buy and sell. Trading directly is often more convenient, however, does carry its own set of risks. before completing a P2P trade, you must ensure that the quantity of an asset, payment details, and the other trader’s information is correct.
The downside of the Gate.io Push Transaction system is that it does not support fiat-to-crypto transactions. Additionally, a 0.2% fee will be incurred for all transactions. If you want to trade fiat currencies for cryptocurrencies with other users then you will need to consider an alternative exchange platform that provides this service such as KuCoin.
Instantly Swap Your Crypto
The Gate.io Flash Swap feature allows you to swap one crypto for another crypto in an easy and quick way. With just one click, you can confirm the quotation and receive the assets into your wallet free of charge.
Gate.io offers three unique types of derivatives trading options for those who want to delve into futures trading.
- Perpetual: Similar to standard futures trading except there is no settlement date.
- Delivery: Futures contracts that are settled with no expiration date.
- Options: A European options group with put and call options for different price strikes and exercise dates.
Innovative Asset Management
Gate.io provides you with several innovative and progressive financial products to allow you to manage your cryptocurrency assets with favorable outcomes. Most of the services are designed as fixed-term or flexible arrangements where you can earn interest or rewards on your crypto. A brief description of some of the key services is provided below.
- HODL & Earn: a blockchain-based service that rewards you with up to 100% interest Per Annum (PA) over fixed terms of 7, 14, 28, or 84 days for coins such as KNIGHT, PERC, ALGO, ATOM, USDT, and Tezos.
- Crypto Lending: Lend your crypto assets to other users at a specific interest rate and loan term to receive interest earnings. Interest rewards can be obtained by lending BTC, ETH, BNB, MATIC, XRP, and many more.
- Crypto Loan: Pledge to loan a digital coin to avail in the form of another coin. Interest starts to accumulate once the loan is borrowed and calculated on an hourly basis.
If you are looking to gain insight into the trading methods of high-performing traders then the Gate.io Copy Trading feature will be extremely useful. Similar to eToro’s social trading services, Gate.io allows you to browse and copy the trading strategies of successful traders.
For ease of use, trading strategies are organized into several categories such as general strategies, top gainers, most copied, most profitable, trending strategies, and most popular traders. We found the search function to be very useful. Different strategy types (e.g. spot trading, futures grids) can be filtered so you can browse high-performing strategies that are applicable to you.
Each trader has a graph that displays their overall return on investment. By clicking on a trader, you can see their cumulative gains over time, recent trades, and their Return On Investment (ROI) as a percentage.
If you’re looking for social copy trading on a beginner-friendly platform then eToro would highly suit you. You read more about the platform’s copy trading and other crypto features in our complete eToro review.
NFT Auction Platform
The Gate.io NFT Auction Platform hosts an impressive collection of NFTs including artworks, collectibles, music, sports, and utility-based items. The platform brings together artists, creators, and crypto enthusiasts to mint, buy, store, and sell NFTs. Users can purchase NFTs using a range of cryptocurrencies including ETH, BNB, USDT, LION, STV, and many more.
Gate.io Security Measures
Gate.io incorporates security and privacy into its digital infrastructure and includes several other features to safeguard the assets and privacy of its customers. The exchange platform hosts several industry-leading security measures to ensure that Gate.io is a safe and secure crypto platform.
Gate.io utilizes a range of bank-like security measures to protect the integrity of its digital infrastructure, including the following:
- An in-house developed trading system that is professionally audited by third parties to ensure that the systems consistently pass security tests.
- Secure transmitting of all website data on Transport Layer Security (TTLS) connections.
- Corporate firewalls including the Cloudflare Firewall Enterprise Edition and Web Application Firewalls to protect against unauthorized intrusions, data tampering, and other vulnerabilities.
- Robust and tested Distributed Denial of Service (DDoS) countermeasures.
Wallet & Asset Safety
Gate.io uses a combination of hot and cold wallets to safely store your digital assets. The private keys for Gate.io’s hot wallets are protected by multi-signature processes and cloud data risk control mechanisms. Gate.io indicates that their cold wallet storage infrastructure and systems have not experienced any security intrusions to date. Private keys are protected by multiple layers of security and are backed up remotely.
Crypto.com has partnered with Ledger to integrate their institutional-grade custody wallet, Ledger Vault. All user cryptocurrencies are held within the secure and offline Ledger Vault where Hardware Security Modules (HSM) and multi-signature technologies are required for access. Digital assets held in cold storage are insured by up to USD $750M against physical damage or destruction or theft by third parties.
Based on our reviews of the top crypto exchanges in the world, Gate.io places an emphasis on withdrawal security compared to its competition. Gate.io incorporates two or more additional security authentication processes to ensure that unauthorized parties are not able to withdraw customer funds or assets. You will note following account creation, that Gate.io will request you to set a unique password for withdrawals. Withdrawals of funds or assets can only be undertaken 24 hours following ID verification and an SMS or email needs to be verified to confirm the action.
Customer Account Security
Gate.io possesses an abundance of account security measures that are implemented to give you sound peace of mind. These include a variety of authentication methods (e.g. SMS, email, and Google Authenticator), anti-phishing coding, IP whitelisting and address monitoring, security logs, unique passwords for withdrawals, and gate UKey and Yubikeys. Your account can also be bound to the IP address of a specific device so that unauthorized logins on unknown devices can be promptly identified.
Has Gate.io Been Hacked?
In March 2021, tokens held by Gate.io on the PAID network were subject to a breach in security systems where an unknown hacker minted 59.4 million PAID tokens. At the time, these were worth approximately $166 million. The root cause was believed to be the compromisation of a private key that enabled the exploitation of the upgrade function of the smart contract powering the network.
In response to the loss of customer assets, Gate.io compensated more than 1,300 of its customers by reimbursing approximately $2 million worth of PAID tokens.
Deposit & Withdrawal Fees
Gate.io will not charge you any fees to deposit cryptos such as BTC, ETH, TRON, or ALGO into your account wallet. Similarly, fees are not incurred for withdrawals of crypto, however, a standard blockchain network fee will apply. Gate.io also sets daily limits on the volume of crypto that can be withdrawn and varies for each digital asset.
The purchasing of cryptocurrencies with fiat currencies on Gate.io is facilitated through several third parties. As is normally the case with such setups, expect to pay slightly higher fees. Visa and Mastercard credit card fees typically range between 1.1% and 3.8%. This, of course, does not include any fees that may be charged by your financial institution.
Transaction fees for crypto purchases made by bank transfer and Legend Transfer start from 0.08%. P2P trades will incur a maximum fee of 0.2% which is collected by Gate.io when the trade is 100% completed. P2P trading fees have the potential to be lowered depending on your VIP level.
Spot Trading Fees
Gate.io’s spot trading fees on the exchange are based on a maker and taker structure that starts at 0.2% and 0.2%, respectively. This is competitive in the crypto market but is slightly higher than other global exchanges such as Binance where trading fees start at 0.1%.
Spot trading fees can be reduced, depending on the 30-day trading volume, and/or by the volume of the native coin held (Gate Token). For example, if the trading volume for the past 30 days exceeds the equivalent of 6 BTC, and 200 GT are held, then maker and taker fees are reduced to 0.165% and 0.175%, respectively.
Futures Trading Fees
Futures trading fees are very competitive in the crypto market and follow a maker and taker structure which starts from 0.06% and 0.06%, respectively. Similarly, to the tiered spot trading fee system, futures fees can be reduced based on the number of GT held or a 30-day trading volume.
Crypto Lending Fees
Depending on your Gate.io VIP status, you may be entitled to receive discounts on crypto lending fees. Initial lending fees at VIP 0 start at 18% and can be eligible for a 70% discount (5.4% lending fee) if VIP 16 is attained.
Which Countries Does Gate.io Support?
Gate.io supports investors and traders worldwide including residents of the United States, Australia, Japan, Canada, France, and Singapore. If you reside in the United States, then you may experience some restrictions on the use of Gate.io’s features due to regulatory reasons. According to the User Agreement, persons residing in Korea, Sudan, Iran, Iraq, North Korea, Libya, Macedonia, Somalia, Syria, Crimea, Venezuela, and Yemen are not permitted to use Gate.io’s services.
Creating An Account With Bitfinix
Account Creation & Verification
Creating an account with Gate.io is a straightforward process that can be completed in about 5 minutes. Since Gate.io needs to comply with Know-Your-Customer (KYC) protocols, you will need to verify your identity by providing a copy of a government-issued form of ID, as well as a selfie photo holding your ID.
How To Fund Your Account
Gate.io was originally a crypto-to-crypto exchange where accounts were funded with digital assets. You can still deposit crypto from an external wallet into your account and Gate.io supports an impressive range of coins that can be used to finance your account. Nowadays, you can also choose to buy over 1,200 cryptocurrencies using fiat currencies including USD, GBP, JPY, AUD, KRW, EUR, HKD, CHF, MXN.
Ease of Use
Gate.io caters to novice and advanced crypto traders alike by providing standard and professional trading interfaces to choose from. It goes without saying but the standard interface is a simplified version and is well suited for beginner traders.
The standard interface places an emphasis on accessibility to a wide range of features. Switching between your coin of choice against USDT is easy to perform on the panel located on the hand side. Compared to the professional version, the charting window is smaller and the space is allocated to the buying and selling panels where you can place a range of various order types and conditions. Since TradingView is integrated into charting interfaces of both the standard and professional interfaces, you have access to the full suite of advanced indicators and chart types. However, drawing tools are not available.
The professional trading interface is perfect for advanced traders who know how to analyze the price action of trading pairs. Compared to the standard version, the charting window is much larger and takes center stage where it can be fully utilized. An added bonus is the ability to read the order books and depth chart simultaneously rather than toggling it on and off.
The TradingView suite of indicators, tools, patterns and even annotations is located on the left-hand side of the charting panel. The order panel is more compact but still sports the usual features that you would see. In terms of responsiveness, layout, and features, the professional trading interface is very similar to the trading interfaces found on FTX and ByBit.
If you prefer to take your crypto trading with you then you will appreciate the iOS and Android compatible mobile apps. The Gate.io apps are fully equipped with the platform’s products and services.
Customer Support & Reviews
If you are having technical issues or want to learn more about the products and services offered by Gate.io, then the Help Centre is your primary resource. The section is well-structured into several categories to make finding information easier. We found the search tool to be highly functional in displaying relevant articles. In the Help Centre, you will find the following categories:
- Guides on how to get started with Gate.io.
- Spot, margin, futures, and leveraged EFT guides.
- Articles on how to aptly manage your crypto assets and earn a passive income.
- Learn about quantitative trading strategies using Smart Quant.
- Access to the Community Centre and Gate.io announcements.
If you can’t find what you were looking for, then you can contact customer support by live chat, email, or via a request form. There is currently no support for direct phone assistance.
Gate.io offers several educational and customer support features that will benefit a wide range of crypto users.
- Cryptopedia – This is essentially an abbreviations list of blockchain and cryptocurrency-related terms and descriptions.
- Bitcoin Halving Countdown – A countdown timer showing the number of days left until the next Bitcoin halving event, a brief history of BTC, and a schedule of historical halving events.
- Gate.io Blog – A library of general interest cryptocurrency articles.
Gate.io is a premium provider of innovative and advanced crypto services and financial products that caters to a broad range of experience levels. However, the key downside is that its fiat gateway is fairly limited as the platform has partnered with third parties to enable you to buy crypto with fiat currencies. Additionally, some of its advanced trading features such as margin and futures trading are not available to traders located in the US, Canada, or Japan.
If Gate.io doesn’t suit your crypto trading needs then you may want to consider the following reputable exchanges that offer a similar range of products.
- FTX and FTX.US – If you’re located in the United States then you would have heard about FTX.US. FTX.US is a serious crypto trading platform that hosts a number of advanced crypto products and services including spot markets, futures, leveraged tokens, and volatility products. Compared to Gate.io, FTX is aimed at a similar audience, however, may not be suitable for beginners with no experience.
- Gemini – Gemini is a New York-based crypto exchange that supports US and Canadian traders. The platform places a strong emphasis on the security of its digital infrastructure and held assets. If you are an everyday type of crypto user then you will appreciate the high-quality crypto products that Gemini offers.
- Binance – Binance is known for its market depth, liquidity, and traffic. The platform is well-equipped with a range of innovative and advanced crypto features and hosts an outstanding trading interface.
- KuCoin – In terms of traffic, liquidity, and trading volume, KuCoin is commonly featured in the top five exchanges in the world. The platform boasts a user base of over 10 million investors and traders across 205 countries with exception of the United States. Notable products and services include spot, leveraged margin and futures trading, a P2P marketplace, and a free trading bot to automate your trades.
Frequently Asked Questions
Does Gate.io Support US Traders?
Traders residing in the United States, Canada, and Japan are eligible to use Gate.io. However, there are some restrictions in place due to regulatory reasons. Individuals from these countries are not allowed to use lending, margin trading, perpetual contract trading, and some digital assets are not supported.
Can Australians Use Gate.io?
Australian traders can create and verify a Gate.io account to buy, trade, and sell a vast array of digital assets across several of its crypto financial products. Gate.io supports the purchasing of cryptocurrencies with AUD using credit cards or bank transfers through its third-party partners.
Our Gate.io Verdict
Gate.io is a serious crypto platform that caters to beginner and experienced traders. You should consider Gate.io if you want to conduct altcoin trading in the spot, options, or derivatives markets.
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