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Gate.io Review – Is Gate.io Scam or Legit?

Gate.io Exchange Rating
Account Types9.4
Trading Speed9
Customer Service9.2
Safety8.8
9.1
Conclusion
Read our Gate.io review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this Gate.io review before you sign up with the exchange.

Gate.io Review

Gate.io logo

We all want to be financially free to be able to live the life we’ve envisioned for ourselves and because of this we all try out various means to achieve financial success. And one of the many ways to do that is through investments. There are lots of investment opportunities in the financial industry but one that has stood out in the last couple of years are investments into the cryptocurrency market.

Investors and traders who have dared to invest in the cryptocurrency market continue to spread the good news of the market being filled with vast opportunities coupled with huge potential gains. The entire cryptocurrency market presently worths roughly $1.7 Trillion which is incredible liquidity because it is a relatively new market. With such liquidity, traders and investors have been able to make huge returns on their investments.

The high liquidity is a reflection of the mainstream adoption of Bitcoin and other digital coins in the financial space and this has led to more traders and investors showing interest and ready to invest in the cryptocurrency market. With more investors coming into the cryptocurrency market, this implies that more digital coins are being traded on various crypto exchange platforms.

Talking about crypto exchange platforms, they are virtual marketplaces that allow traders and investors to sell and buy various cryptocurrencies. They also provide the necessary support and trading tools needed by traders and investors to succeed in the crypto market. Crypto exchange platforms are basically pathways into the crypto market and serve as a middle man between buyers and sellers of various digital coins.

Just like every other market, the cryptocurrency market is designed in such a way that it is impossible not to make use of an exchange platform. As a result of this, traders are required to choose an exchange platform in the cryptocurrency market. For traders and investors to achieve their financial goals, choosing an exchange platform that is decent enough to meet their trading requirements becomes crucial.

In the cryptocurrency market today, choosing a legitimate and decent exchange platform now proves to be difficult as the market is highly saturated with a lot of exchanges promising to offer quality features and services. Most of these exchanges turn out to be scams looking to prey on inexperienced traders or at best mediocre and are unable to meet up with the standards of decent exchange platforms.

To then be able to separate the few decent exchange platforms from scams and mediocre exchanges investors do research the primary features of several exchange platforms before concluding as to if the exchange platform meets their trading needs.

To be sincere a lot of investors complain about how these researches can get frustrating and overwhelming. As a result, we’ve taken it upon ourselves to bring together an extensive review of decent and legitimate exchanges you can find in the crypto market and a great example is the Gate.io exchange platform. 

This is the Gate.io review. We’ll be talking about the features, services, benefits, and overall working of the Gate.io exchange platform so that you can have a clear insight into the operations of the exchange platform and why it’s one of the best the crypto market offers investors.

Exchange PlatformGate.io
Websitehttps://gate.io
Payment methodCryptocurrency
Withdrawal Fee0.0005 BTC
Spot trading Fee0.2%
Trading platformMobile App, and Web-based platform
Trading assetsBitcoin, Ethereum, Ripple, Litecoin, and so on
SecurityCold Wallet, Two-Factor Authentication (2FA), Secure Socket Layer Encryption, Know Your Customer.

Gate.io is a world-leading cryptocurrency exchange platform that was founded in 2013 enabling investors and traders across the globe to store and trade a wide variety of digital coins. The exchange platform is recognized as one of the best in the cryptocurrency industry ranking 27th on the list of top cryptocurrency in the world in terms of liquidity, spot market trading volumes, and traffic. Gate.io continues to expand its services and core offering such as Options, EFT, Futures, and derivatives for traders and investors to sell and buy digital coins using margin trading.

Gate.io website

Registration and Verification of Account

Signing up with Gate.io is quite simple and straightforward. To register with the exchange platform, you will have to undergo a registration process to own a trading account. You will be required to fill in and submit their email, username, and password. An email confirmation will then be sent to verify the email address which completes the basic process of account creation. Furthermore, you will be asked to submit a second password for the withdrawal of funds from your crypto wallet.

In terms of verification, users do not need proof of identification to start trading with Gate.io. Furthermore, users do not have to complete Know Your Customer (KYC) to start trading or deposit funds on the Gate.io exchange platform. However, users have to submit proof of identification and complete the KYC process before being allowed to withdraw funds out of their crypto wallet.

These inspections and assessments comply with the Anti-Money Laundering (AML) policies. It is a program established to protect exchange platforms from involving themselves in fraudulent and money laundering activities. To complete the Gate.io verification process, users must submit their name, phone number, date of birth proof of address, proof of identification, and passport photograph.

Security Protocol

Considering the regular hacks and fraudulent activities that have continued to place in the crypto industry, traders and investors now concern themselves more with the security measures put in place by exchange platforms so that they can be sure that the exchange platform they choose can adequately protect them from these widespread hacks and cyberattacks.

As for the Gate.io exchange platform, the security of funds and personal sensitive information of clients is of topmost priority. The exchange platform makes use of Two-factor authentication (2FA) and cold wallets to secure clients’ funds. Also, the Secure Socket Layer encryption is integrated into its system to protect various transactions on the trading platform and all personal data stored on its database.

  • Cold Wallets

The Gate.io exchange platform keeps and secures about 95% of all digital assets in cold wallets in an offline location far away from cyberattacks. The remaining 5% is then kept in hot wallets for clients daily trading activities such as trade execution and withdrawal of funds

  • Secure Socket Layout (SSL)

The SSL encryption is incorporated into the Gate.io security system to ensure the integrity of data and adequate privacy. The secure socket layout organizes a system of communication security that disseminates information to all computer systems utilized by Gate.io such that any breach or threat to security is instantly discovered and reported so that rapid and timely action is taken to curb such threat.

  • Two-Factor Authentication (2FA)

The 2FA offers additional security to clients’ trading accounts and sensitive trading activities such as withdrawals, logins, and changes of passwords. The 2FA blocks access of third parties’ logins into the trading account without the approval of the account holder. Gate.io supports the Google Authentication app and SMS to set up the 2FA.

Trading Platform

The Gate. oi exchange platform designed its trading platform such that it is suitable for both newbie and experienced cryptocurrency investors offering a Professional and Standard user interface.

The standard user interface is designed to cater to the need of newbie investors. The trading view of the standard user interface consists of trade history, order entry box, price chart, and order profile list. The order box is very simple to use and big enough to be easily noticed by new traders.

The professional version uses a minimal and more compact user interface than the standard. The user interface is modeled to concentrate on technical analysis and price action using a bigger chart window. However, it is equipped with the same features as the standard version and allows investors to make use of different indicators to analyze charts.

Gate.io like so many other reputable exchange platforms integrated its trading platform with TradingView which offers an array of indicators, drawing tools, and charting features. Clients can switch between time free, set alerts, and add chart indicators just by clicking on the charts. This fosters smooth and easy navigation of charts, display of preferences, and change of various features.

Execution of trades on the Gate.io trading platform is very straightforward, although, the user interface when trading derivatives on the trading platform is quite different from spot trading. The primary differences between the interface of spot trading and trading derivatives lie in the contract details and leverage slider. All-in-all, the user interface of both the derivative and spot market is robust,  user-friendly, and fitted for various traders regardless of the level of their trading skill.

The Gate.io exchange platform also offers a mobile app to its clients who prefer to monitor and oversee their trades on the go. The mobile app can be downloaded and installed on Android and iOS devices. Gate.io has recorded over 50,000 downloads of the mobile app and has averaged a review rating star of 3.1 out of 5. The mobile app offers the same functionalities such as execution and monitoring of trades as the web-based platform

Commissions and Fees

Gate.io charges different commissions for trades executed in the margin and spot markets. The exchange platform charges a trading fee of 0.2% on every trade executed during spot trading and continuously reduces with an increase in trading volume. This trading fee is quite expensive when compared to its competitors like KiCoim and Binance which charge a trading fee of 0.1% per trade on its spot trading. However, to be able to compete effectively with its competitors, Gate.io further offers a discount of 25% on its spot trading fee.

For the Futures market, Gate.io charges makers fee and takers fee of -0.025 and 0.075% respectively. This is quite competitive when compared to its competitors in the crypto market.

Withdrawal and Deposit Fees

The Gate.io exchange platform charges zero commissions and fees on deposits of funds. However, withdrawals of various digital coins from the exchange platform do attract commissions and fees such as the standard network fee. Gate.io charges a withdrawal fee of 0.0005 BTC on every BTC withdrawal from its crypto wallet. 

Withdrawal and Deposit

Gate.io is a crypto-to-crypto exchange platform and as such does not accept fiat currencies as deposits. For new traders looking to trade with Gate.io, cryptocurrencies must be transferred first to the exchange platform. And since Gate.io supports a wide variety of digital coins, it shouldn’t be difficult to transfer cryptocurrencies from an external wall to the exchange platform, although newbie traders might find it challenging

As mentioned earlier, deposits into trading accounts are free and withdrawals attract a decent fee on every cryptocurrency withdrawal. However, there’s a maximum threshold of 100 BTC per day on withdrawals but clients can ask for an increase in the threshold provided they’ve completed all KYC processes. With the Gate.io exchange platform, all withdrawals and deposits are processed instantaneously and the processing time depends on the blockchain speed.

Customer Support

A decent exchange platform knows how important customer service and support is to investors and as a result do its best to provide the needed assistance and help to investors in the crypto market.

The Gate.io offers decent customer support to its clients whenever needed. The exchange makes available a system of support tickets where clients can always submit requests and complaints to support agents. An FAQ section is also available on its website answering common questions new investors might ask about the features of the exchange platform.

Final Thought

With everything that has been said about the Gate.io exchange platform, it is an excellent option for investors across the globe. Its services which include perpetual contracts, spot trading, and 10X margin trading give it a competitive advantage over other exchange platforms. Irrespective of investors trading experience the Gate.io exchange platform is well capable of meeting their needs

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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