In this Gate.io Review, we will be looking into all of Gate.io's features and assess whether or not Gate.io is a good choice.
Background And History
Gate.io is operated by Gate Technology Inc. Gate.io is dedicated to security and the user experience, offering the user not only a secure, simple and fair Bitcoin exchange but also promising to safeguard your asset and trading information.
Crypto-to-crypto trading is buying one crypto with another crypto. The practice consists of matching orders at the best price at the right time. Crypto can be exchanged for crypto directly. USDT/BTC refers to the exchange of USDT and BTC.
Margin trading is when you use your crypto holdings as collateral to borrow more from the exchange, to amplify your trading power. Margin trading is similar to margin trading at the stock market, where investors increase their profits as well as their losses by using leverage
Perpetual contract trading that Gate.io offers is a derivative for crypto, which differs from the traditional futures mainly in that it has no settlement date. Users can keep the position as long as they desire. A perpetual contract resembles spot trading.
A derivative for crypto, you can go long or short based on your prediction of the future market movement. Gate.io offers flexible leverage for you to arbitrage or hedge. The maximum leverage is 100X. Use our Gate.io Referral ID and start saving!
Fiat currency is not supported on Gate.io. You can only deposit crypto-currencies that are supported. For supported coins.
Take bitcoin for example:
1.Access your account first. Then click Wallet to access the wallet page, Where you can view wallet status for each coin and access the Deposit or Withdrawal options or trade page of the coin.
2.Enter the coin's code on the searching box to get the entry of this coin.
3. Click the Deposit button of the coin entry to access the deposit page to generate a deposit address distributed to you. Every user on gate.io has one unique address.
4. Then you may send your Bitcoin to your deposit address. You may copy the address directly or scan the QR code bar when entering your receiving side on your wallet or another exchange.
Once your transaction is sent, it will be credited to your gate.io account when the transaction is confirmed on blockchain by two blocks. You will now see your deposit record displaying under the Recent Deposit Records with the status as Done.
You may choose a trading pair on the homepage by clicking the trade button under your desired market.
You may place an order with your preferred price and amount. When there is a matching opposite order, your order will fill or partially fill. The partially filled order will continue to fill with the matching orders.
If your order keeps open for a while, you may want to cancel the order. To cancel it, please access the Open Order page from Wallet> Open Order. Then the asset "locked" in the order will be returned to your available balance.
Deposit: Zero Fee
No deposit fee is charged at Gate.io.
Low Trading fee
Tier based discount and Maker-Taker fee schedule
Trading Fee Overview
1. 1 Point=1 USDT in trading fee deduction but the cost of 1 point is about 0.3 USDT based on OTC trading. So Gate.io multiplies 0.3 to calculate the effective fee when using Point.
2. If you enable GT debit, you can debit the trading fee from your GT balance to enjoy a further discount off from the standard fee percentage.
Low Withdrawal Fee
For a majority of coins, a fee is charged per transaction, regardless of the amount you are withdrawing. While the withdrawal fee varies for each coin, the fee is low in general. Please log in to your account and access the withdrawal page for the coin you're interested in to check the fee.
Low Fee for Perpetual Contract Trading
Trading fee for Perpetual Contract:
For perpetual contracts, Gate.io uses a Maker-Taker fee schedule, where takers pay a fee and makers receive a fee rebate.
Further discount using Point.
If you have Point in your contract account (transfer it from the exchange account to the contract account first), you can use Point to cover part of the taker fee.
For the taker fee, 0.025% will be paid in BTC, that part will be given to the maker as a reward.
The remaining part, 0.05%, can be paid by Point. 1 Point=1 USD in fee deduction. Gate.io will use the BTC_USD index price as the exchange rate to calculate the quantity of points to be deducted.
The trading fee is charged based on the position value, irrespective of the leverage.
Gate.io provides wallets for all account holders for free. Click the Wallet tab on the top of the webpage to access the wallet page. Then you may click the Deposit button on the right side for a specific coin to generate the deposit address for that coin.
Gate.io uses cold storage and a hot wallet, so your sending address for a digital asset will not be the same as your deposit address. Please do not send your asset from Gate.io directly if the sending address is relevant to the transaction, for instance, when you are participating in ICO and the assets will be sent back to the sending address.
If you deposit any digital asset to Gate.io that is not listed on your deposit page, it is not possible to return the funds. It is your responsibility to ensure that the address to which you are depositing is listed on your deposit page.
Gate.io HODL&Earn provides users many ways to earn passive income by just holding.
For lock-up and earn product, which is similar to term deposit where users should lock up crypto for a certain period. No early withdrawal is allowed. Interest and principal will be released automatically when the term ends.
There are also PoS staking products, similar to checking account deposit where you can use the crypto any time you want while earning daily interest with the balance crypto (if no less than a mini threshold).
Gate.io is trying to get as many coins as possible to the PoS staking list and offer as high as possible staking interest to users.
The minimum/maximum withdrawal limit is for a single transaction only, indicating the minimum/maximum amount Gate.io allows you to withdraw for a single transaction for a given blockchain asset. You may check it on the withdrawal page of each coin you want to withdraw.
The maximum withdrawal limit is not necessarily equal to your daily limit (24h).
The daily limit can be raised while the maximum withdrawal limit is not to be raised.
If you want a larger daily limit you may submit a ticket.
Gate.io Pros & Cons
- Many crypto assets
- Low fees
- No withdrawal or deposit fees
- User friendly
- No fiat deposits
- Unregulated exchange
- The app is a bit clanky
Gate.io Review: Verdict
Gate.io has a lot of crypto assets, fees are very low, and its interface is very user-friendly.
Gate.io was rated as one of the top exchanges in terms of cybersecurity by CER, that being said, it has had a hack in the past.
Gate.io's security systems were breached in 2019, the hack resulted in 4,200 Ethereum Classic coins being stolen, worth approximately $271,500. The stolen funds were reportedly returned to Gate.io.
A downside to Gate.io is the fact that it lacks some basic elements like buying bitcoin with credit and debit cards and funding your account with a bank wire transfer or an e-Wallet solution like PayPal.
All in all, Gate.io offers a lot of different crypto assets which can be traded in a quick and easy manner and that is its greatest advantage, for those looking to trade these crypto assets, it can be a great choice.
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