If you’re looking for a new alternative to the existing cryptocurrency exchanges you have no further to look than Gate.io, which has just come into operation in 2017. It was created with a goal of offering users access to otherwise difficult to find coins and new projects, and it seems to be seeing good early success. Additionally, it was designed to help investors find information about current market trends and specific coins.
Gate.io is available in English, Chinese, and most recently Korean, so it is obviously targeting the Asian markets. Even though it is registered in the U.S., it doesn’t accept U.S. customers as it hasn’t met some of the more stringent requirements put in place by U.S. authorities. You’ll also find very little information available about the team behind the company running Gate.io, but the exchange has been growing significantly despite this lack of transparency.
There’s no fiat deposits or withdrawals at Gate.io as it acts specifically as a crypto to crypto exchange. The primary cryptos used in trading pairs are Bitcoin, Ethereum, Qtum and U.S. dollar tether. Daily trading volumes are in excess of $30 million, with the majority of trading in Ethereum, EOS, Bitcoin, Tron and a new coin called NKN. It is currently (July 2018) the 37th largest exchange listed on Coinmarketcap.
Gate.io is accepting new registrations, but does not support residents of the U.S., Canada or Japan. Otherwise, accounts are freely created through the remainder of the world.
Gate.io Review: Key Features
Exchange Funtionality – Gate.io offers a web based trading platform, which is similar to most cryptocurrency exchanges. You’ll find a detailed order book, trading history and solid charting for those using technical analysis. Those who’ve used some other top exchanges will agree that the experience here isn’t as polished, but the exchange remains both responsive and functional. There is also a mobile application for iOS and Android for those who prefer mobile trading.
Low Fees – Gate.io has a flat low fee structure that charges 0.2% for all trades executed on the platform. There are no deposit fees, but there is a small withdrawal fee that is dependant on which cryptocurrency you’re withdrawing.
Excellent Security – To begin with, client accounts are secured with a combination of two-factor authentication and a combination of passwords. There is a login password used to access your account, but then there is a separate fund password which is used to access the trading platform and withdrawals. The two passwords cannot be the same, and Gate.io recommends using an internet service with a fixed IP address when setting passwords. In addition, cold storage wallets are used for any cryptocurrencies held on the platform.
Customer Support – As is the case with most cryptocurrency exchanges, the first line of support is handled through an online FAQ and New User guide. Thos who have more specific and unique issues can submit a support ticket to the Gate.io support team. Tickets can be submitted in English, Chinese or Korean. It is also possible to contact support via the Twitter account or Telegram group hosted by the exchange.
Registering at Gate.io
Registering for a Gate.io account is fast and easy. First start by visiting their website at https://gate.io/ and click the link that says “Signup” in the upper right corner. This will take you to the signup page, although you may first have to confirm that you aren’t a resident of the U.S., Canada or Japan first.
As you can see, you’ll need to enter a username, a unique login password of at least 6 characters, a valid email address (used for verification), a fund password that will be used to trade and withdraw funds, and finally the CAPTCHA code.
Then tick the User Agreement box and click “Create Account”. You’ll soon receive a confirmation email to the address you supplied in the registration form. The confirmation email will contain a link you need to click in order to confirm your account.
How to Trade on Gate.io
You can go to the main markets page to select the trading pair you’d like, or can also choose from the drop-down menu under “Markets” by choosing the button that corresponds with the altcoin you want to trade.
After choosing a trading pair your get the exchange screen. This screen contains a wealth of information, although it can be somewhat overwhelming for new traders. If you’re overwhelmed you should take the time to familiarize yourself fully with the screen and the options for trade.
On the left you’ll see tabs for each of the major cryptocurrencies – BTC, ETH, QTUM and USDT. Under those tabs are the altcoins you can trade against the majors.
In the center of the screen is the price graph of the chosen pair, and under that are Buy and Sell boxes for performing trades. Below that, at the bottom of the center portion is the trading history of your account.
Finally on the right you’ll see global market data, which gives you the prices at other exchanges. Under that is the order book and recent trade history for the pair.
While it looks overwhelming at first, it is actually very well designed and organized, making it easy for traders to find all the information they need before placing a trade.
When you place an order you are able to simply accept the current market price, or you can fill in your preferred price and the amount of coins you’d like. As long as there is a matching order on the order book your order will be filled, either fully or partially. If the order is only partially filled the remainder of the order will remain open until it is filled with a matching order, or cancelled by you. If you choose to cancel an order you can do so from the Open Orders page, which is under the Wallet menu. Cancelling an order will return any funds that are tied up to be returned to your balance.
Gate.io Review: Currencies Supported by Gate.io
Gate.io does not support fiat currencies, although it does provide support for the USDT and over 250 crypto-to-crypto currency trading pairs. There are a large variety of altcoins to be traded against BTC, ETH, QTUM and USDT.
A partially list of some of the more popular coins available at Gate.io includes Bitcoin, Ethereum, Litecoin, Ripple, Dash, Qtum, OmiseGO, EOS, Zcash, and Dogecoin. Newer entrants to the market such as Ontology, Nebulas, and Zilliqa are also available. In fact, Gate.io is always adding new coins. The trading instruments are grouped into several categories such as: USDT Markets, BTC Markets, and ETH Markets. There is also an option to create a custom group, via the My Markets feature.
Withdrawal fees can change from time to time based on the individual cryptocurrency network fees, but there are no deposit fees at Gate.io and the trading fee is a flat 0.2%. Discounts from the 0.2% trading fee are available for those who trade high volumes. A full list of fees can be found here. Note that withdrawal fees are typically per transaction and have no relation to the amount being traded. This means it is more economical to withdraw larger amounts since the fee remains the same.
There is also a minimum and maximum withdrawal limit for each coin and for each single transaction. The limits are all in relation to a single currency in a single transaction. It is also possible that the maximum withdrawal limit won’t be equal to your account daily limit. If you find you need your 24-hour withdrawal limit to be raised you can submit a ticket to make the request to have the limit increased.
Is Gate.io Safe?
The exchange has not been hacked so far, and it uses cold storage to keep funds secure. For client accounts the exchange features two-factor authentication, dual passwords, SMS notifications and KYC verifications.
The dual passwords are something unique that I haven’t seen at many exchanges. Basically users need one password to log into their Gate.io account and a second, different password to trade and to make withdrawals. Gate.io makes the following suggestions when registering with the exchange:
· Set strong login password and fund password.
· Check the Bind IP box for login.
· Enable two-factor authentication for your account.
· Secure the email tied to your Gate.io account with a strong password and two-factor authentication.
In addition to the security measures already mentioned, there is a tiered verification system for accounts with large deposits. You may not know your account is in this until a withdrawal gets stuck in verifying status. If this happens it is necessary to go through the KYC2 verification.
To perform the KYC verifications you first log into your account, click Wallet and then KYC. You can then upload your photo ID and the other information asked for by Gate.io. Once you’re through this KYC1 stage you will immediately be taken to the KYC2 verification, and once that is completed your account is fully verified and your withdrawal will be processed. It is only necessary to go through the KYC1 and KYC2 steps once.
Gate.io Review: Conclusion
Even though Gate.io is a relative newcomer to the world of cryptocurrency exchange, it is off to a good start, with a broad range of tokens for trading, and new ones being added regularly. The trading functionality and charting may not be the best, but it is solid, and there are features that can’t be found even on more established sites. We can’t say that the site is exceptional or a stand-out from other sites, but those who hold a good deal of Qtum, or who are looking for smaller altcoins to trade could benefit from an account here.
While the site is available in English, its too bad that U.S. and Canadian traders aren’t accepted. It really does seem that the exchange caters to Chinese and Korean traders, despite being incorporated in the U.S. It’s also a bit unsettling that the team behind Gate.io remain a mystery, and that the exchange seems to be taking any steps necessary to remain completely unregulated. These concerns may lead traders to avoid large trades at Gate.io, but it still remains attractive for listing hard to find cryptocurrencies.