Crypto ExchangesReview

Gate.io Exchange Review 2021 – Details, Trading Fees & Features

Gate.io exchange was established in 2013 under the name Bter.com. It was then rebranded to Gate.io exchange after China imposed the fiat-to-crypto trading ban in 2017. Hence, the exchange now focuses on crypto-to-crypto trading and Chinese Yuan OTC trading. Founded by Lin Han, Gate.io exchange aims to offer a secure trading platform to every Bitcoin believer.

Additionally, Gate.io is one of the oldest Chinese crypto exchanges. Also, its unique selling point remains to be the offered wide selection of trading pairs and altcoins.

Unlike other exchanges, the trading platform does not charge listing fees. Moreover, included among its services are margin lending and borrowing and margin trading with leverage on numerous cryptocurrencies.

Moreso, Gate.io exchange is listed as one of the Top 5 exchanges at Coingecko, with a full trust score (10). Even more, it is amongst the 6 exchanges in the world with a full score.

Meanwhile, the trading platform is offered in Chinese, English, Japanese, and Korean. Overall, Gate.io exchange serves the crypto community with over 600 markets, including Tether (USDT), eToro Chinese Yuan (CNYX), Bitcoin (BTC), Ethereum (ETH), and other time-limited markets.

Gate.io Exchange Details

Websitewww.kucoin.com
Available on mobileYes
Number of supported coins/tokens200+
Number of supported trading pairs480+
Native tokenKCS
Supported fiat currency50+
CEOMichael Gan
HQ LocationSeychelles
Company OwnerMek Global Limited

History Overview

Notably, the Cayman Island-based digital asset exchange focuses on providing exceptional services to the crypto industry. This means that it provides secure and reliable crypto services to consumers and companies internationally. To top it up, Gate.io is among the 20 exchanges with the highest trading volume daily.

Gate.io exchange’s top 10 trading pairs in terms of trading volume usually include Tether (USDT) as the pairing. Without a doubt, the vast number of trading pairs and its extraordinary high liquidity are impressive aspects of this exchange.

Following then, Gate.io exchange has 3 million+ users in over 130 countries. As a result, it aims to create a truly secure, safe, and transparent trading experience for its users. Due to its robust and consistent performance, rallying against price plummets, the crypto exchange has clinched a spot among the top crypto exchanges globally.

Platform Interface

Gate.io Mobile App Interface
Gate.io Mobile App Interface

After all, Gate.io exchange protects user funds by means of decentralized as well as centralized methods. Through its cutting-edge technology, the exchange also ensures an efficient and convenient trading system. It also ensures instant deposit and withdrawal services. Furthermore, it utilizes both hot and cold wallets in order to store funds.

Key Features and Functions

Particularly, Gate.io is a cryptocurrency exchange that offers diverse exclusive features. Users can trade in cryptocurrency markets, margin lend or borrow funds, and margin trade with 10x leverage. In addition, customers can participate in period investment plans, invest in IEO’s via its Gate.io Startup platform, conduct perpetual swap contracts, and much more.

Gatechain: Gate.io’s new-generation public chain developed to safeguard user asset security and facilitate decentralized transactions.

Gate.io Startup: The initial exchange offering (IEO) platform of Gate.io.

Index Perpetual Contracts: On this platform, Gate.io exchange traders can profit by going long or short with 1-20x leverage.

Crypto Loan: This allows funds in the spot account to be used for loan requirements. With this, users can lock their funds to borrow other capital that they require for trading. This can also be done without having to transfer their assets into their margin accounts.

HODL and Earn: This is a blockchain asset earning platform which facilitates stable earnings for your cryptocurrency investment. Moreover, it has various financial offerings including the term (lock-up) and non-term earning products.

Gate.io HOLD & Earn Interface
Gate.io HOLD & Earn Interface

Gate.io Periodic Investment Plan: Customers can invest a fixed amount of USDT in various cryptocurrency portfolios at a designated time. Also, they can redeem it whenever they want.

Crypto Lending: Allows users to loan their holdings to the exchange. In return, they will receive an interest payment, with a rate based on the asset and the duration of the loan.

Gate.io Voting Section: Users can vote for their preferred cryptocurrencies in a head-to-head duel between other cryptocurrencies.

Margin Trading: Gate.io exchange provides 3-10x leverage rates varying from market to market for margin trading.

Gatechain Token: The native currency for the Gate.io and Gatechain ecosystems.

Apart from providing a platform to trade, Gate.io offers a wide range of features for the crypto market. For this reason, it has become a preferred exchange for users who want exposure to a variety of functions. The features are positively designed to be easy to use and also flexible for those who want to trade on the go.

Supported Cryptocurrencies

Gate.io is a reliable cryptocurrency exchange that supports 200+ cryptocurrencies, allowing trading and investing in various cryptocurrencies. These include BTC, ETH, EOS, Tezos (XTZ), and many other digital currencies.

Importantly, among its supported cryptocurrencies is Gatechain Token (GT). Notably, GT is the base currency for Gatechain and can only be acquired through Gate.io. As part of the ecosystem, the Gatechain token is used to pay the network’s transfer fee.

Evenso, the token operates on its own blockchain and only a total supply of 300 million GT will ever be issued. Currently, GT can be traded in various markets and exchanges. Furthermore, the token was created to particularly encourage GT holders to protect the network’s operations through Proof-of-Stake (PoS) mining.

Gate.io offers USD stable coin markets, Bitcoin markets, Ethereum markets, and Exchange token markets. Also, Low liquidity markets, Crypto ETF markets, and CNYX markets. In addition, it also provides markets with tokens with a supply that undergoes halving periods such as BTC and many more.

However, traders should take note that the types of tokens available for trading greatly depend on the location of the trader. Regulations on cryptocurrencies differ. Apparently, some tokens can be easily tradable in one country while they can be hard to trade in another country.

Withdrawal/Deposits/Trading Fees

Gate.io exchange offers instant deposit and withdrawals of cryptocurrencies, without any deposit fees. Compared to other exchanges, it provides low trading and withdrawal fees for its users.

Withdrawal fees

Withdrawals fees vary depending on the coin. On top of that, the withdrawal fee is charged per transaction regardless of the amount that is being withdrawn. For example, a fee amounting to 0.0005 BTC is charged when one withdraws BTC.

Withdrawal limits do apply depending on the currency being transferred. Importantly, the maximum withdrawal limit is not equal to the daily limit. Actually, the 24hr daily limit can be raised if the user requires a larger daily limit after submitting a ticket. In order to get a ticket, one has to submit the required KYC documents and email the Gate.io support team for the increased withdrawal limit request.

However, the digital asset platform does not offer any support for fiat currencies. Thus, the only way for account holders to fund or withdraw from Gate.io exchange is through a cryptocurrency wallet they provide free of charge.

Deposit fees

Moving on, to make deposits, users can click on the deposit button and generate an address. Gate.io exchange only accepts deposits in cryptocurrencies which is a disadvantage to new crypto investors. Therefore, users have to begin by purchasing cryptocurrencies from other exchanges. They then deposit them on the Gate.io exchange.

Trading fees

In terms of trading, Gate.io exchange offers both traditional spot trading, as well as margin trading. Spot and margin trading operate similarly. Instead, the margin trading platform allows customers to leverage their positions into larger quantities, effectively maximizing their profits (or losses). Cryptocurrencies are able to be leveraged by 3x, 5x, and 10x.

Furthermore, Gate.io offers leveraged trading on its platform where users can borrow from the exchange to bet more. A flat fee of 0.2% is charged for trading. Those that escalate to the higher tier will get a discount from the 0.2% trading fee. Above all, Gate.io allows trading on the go using its mobile applications available on Android and iOS smartphones.

The limit for transferring trading margin to contracts is 100 BTC in settled contracts and 1 million USDT in settled contracts. Traders have the option of choosing from 10, 20, or 30-day margin. Gate.io will liquidate your position if losses breach levels proving that one can no longer pay for them.

Gate.io Spot Trading
Gate.io Spot Trading

Below is the volume-tiered discount fee schedule for traders who exchange 3 BTC and more worth of cryptocurrency. This BTC volume is calculated from the user’s 30-day trading volume.

 Tier

Trading Fee discount

30 days Volume

VIP0No Discount<3BTC
VIP15%≥3BTC
VIP210%≥6BTC
VIP315%≥12BTC
VIP420%≥25BTC
VIP525%≥50BTC
VIP630%≥150BTC
VIP735%≥400BTC
VIP840%≥1000BTC
VIP945%≥2500BTC
VIP1050%≥5000BTC

Apart from the volume tier discount, the platform also offers a point plan discount for traders. Specifically, Gate.io offers a 1 USDT discount trading fee deduction for every point a user owns. The points can be purchased through the user’s Gate.io wallet section using USDT tokens.
Gate.io Market Fees 2020

Gate.io exchange provides its users with competitive market fees. Interestingly, fees presented by the exchange are considered one of the lowest in the industry. Also, as you increase your trading volume, the exchange also offers a discount on your trading fee.

Tier

Meet trading volume + GT holding requirements
30-day Volume/GT holding

GT holdings only.
GT holding

Total holdings only (account value)

     Maker
   Standard Fee/GT debit

     Taker
Standard Fee/GT debit.

VIP03BTC / 0GT0 GT0 BTC0.2% / 0.15%0.2% / 0.15 %
VIP13BTC / 20GT100 GT0.1 BTC0.185% / 0.139%0.195% / 0.146 %
VIP26BTC / 50GT300 GT0.2 BTC0.175% / 0.131%0.185% / 0.139 %
VIP312BTC / 200GT1000 GT0.5 BTC0.165% / 0.124%0.175% / 0.131 %
VIP425BTC / 500GT2500 GT1 BTC0.155% / 0.116%0.165% / 0.124 %
VIP550BTC / 1000GT5000 GT2 BTC0.145% / 0.109%0.155% / 0.116 %
VIP6150BTC / 2000GT12000 GT5 BTC0.135% / 0.101%0.145% / 0.109 %
VIP7400BTC / 5000GT25000 GT10 BTC0.125% / 0.094%0.135% / 0.101 %
VIP81000BTC / 10000GT50000 GT20 BTC0.115% / 0.086%0.125% / 0.094 %
VIP92500BTC / 20000GT120000 GT50 BTC0.105% / 0.079%0.115% / 0.086 %
VIP105000BTC / 40000GT250000 GT100 BTC0.095% / 0.052%0.105% / 0.058 %
VIP116000BTC / 50000GT500000 GT200 BTC0.085% / 0.015%0.095% / 0.045 %
VIP1212000BTC / 50000GT1000000 GT400 BTC0.075% / 0.01%0.085% / 0.04 %
VIP1322000BTC / 50000GT2000000 GT800 BTC0.065% / 0.005%0.075% / 0.035 %
VIP1440000BTC / 50000GT4000000 GT1500 BTC0.055% / 0%0.065% / 0.03 %
VIP1580000BTC / 50000GT 3000 BTC0.055% / -0.005%0.065% / 0.025 %
VIP16150000BTC / 50000GT 5000 BTC0.055% / -0.01%0.065% / 0.025 %

Accepted Payment Methods

Nonetheless, all payment methods in Gate.io exchange are done using cryptocurrencies. The trading platform does not support any fiat currencies. Addedly, it is an exclusive crypto-to-crypto exchange. To trade, clients will first have to buy crypto at another exchange using fiat and then come trade on Gate.io.

This method is convenient for veteran crypto traders and not newbies who have just begun trading. Depositing funds into a Gate.io account is done via cryptocurrency transfer. Fiat deposits are also not accepted.

Controversies & Issues

One of the major challenges with Gate.io’s cryptocurrency exchange is that it’s unregulated. As of the time of writing, there is no mention or proof of the exchange being regulated or authorized by national regulators from any country. More so, this lack of regulatory approval may undermine the trustworthiness of the exchange for more conservative users.

Adding on, the platform exempts itself from the regulations in the United States, Canada, and Japan. This means Gate.io does not operate in these countries or support citizens of these countries with any platform functionality. Hence, residents here are not allowed to register for a Gate.io account.

Before the rebranding of Gate.io in 2017, Bter.com experienced a massive hack in 2015. Consequently, this cost them a total of 7,170 BTC, roughly $1.75 million at that time, from its cold storage. In response to this, the company shut down its platform and rearranged withdrawals for user balances.

The stolen funds were broadcast through this transaction, as per the announcement. Moreover, the bitcoins appear to have been split into a number of separate wallets since the alleged intrusion.

Prior to this, Bter.com had suffered another hack on its servers, of which 50 million NXT, worth roughly $1.65 million at the time, were stolen.

While in 2018, hackers planted malware on StatCounter to steal bitcoin revenue from Gate.io’s account holders. Consequently, hackers were able to attack Gate.io exchange by compromising a third-party organization through a tactic known as a “supply chain attack”.

Achievements

Being one of the earliest and largest exchanges, Gate.io strives to be open, transparent, and cooperative. Gate.io has invested millions in security and law funds to add extra protection for user’s crypto assets. The exchange has achieved some milestones over the years adding new features. Included is Crypto Loan, 100% collateral transparency, and getting almost $3 billion worth of orders during the first phase of its in-house token sale.

In 2019, global organization Blockchain Transparency Institute awarded Gate.io a certification mark based on its real trading volume. BitUniverse revealed a list of global crypto exchanges that actually own the supposed digital assets at the end of 2019. Gate.io exchange was amongst the top 10 on the list with apparent digital assets which contain 30,000 BTC.

Gate.io ranked second in the “Top-100 Exchange by Cybersecurity Score” assessment conducted by the CER Team in July 2019. It was then awarded a 3-star certification by CERTIFIED (CER). The exchange is certified as one of the most secure cryptocurrency exchanges in the world

In February 2020, Gate.io released an announcement of Proof of 100% Collateral. Hence, it became the first-ever mainstream exchange that commits to providing 100% collateral.

Moreover, in July 2020, it also upgraded its Initial Exchange Offering (IEO) platform to Startup 2.0. This provides various and more flexible services to project teams whilst guaranteeing security for the users.

Crypto-rating website CryptoRank noted that the yield rate of Gate.io’s Startup IEO projects ranks third in the world as of July 25, 2020. In fact, it has the highest yield rate of 971.53% and a current average yield rate of 159.98%.

Through what has been termed Gatechain security solutions, Gate.io has channeled funds and resources towards securing its platform. This also includes creating the GTLaw and Safety fund, worth hundreds of millions of dollars.  The fund secures users’ assets with both centralized and decentralized solutions.

Pros and Cons

Pros

  • Trade on the go with mobile app
  • Simple registration process
  • Supports 200+ currencies and 400 markets
  • Excellent IEO platform
  • Provides real-time information on cryptocurrency markets for users

Cons

  • Does not permit fiat deposits
  • Unregulated exchange
  • Complicated interface
  • Lack of transparency in the team information

Final Score

  • Services offered: 3/5
  • Cryptocurrency support: 4/5
  • Fees: 4/5
  • Security: 3/5
  • Review Score: ⅘

Summary

In conclusion, Gate.io exchange is dedicated to providing rapid, efficient, and authentic trading experience and platform for crypto users. The platform has dedicated time and effort to refine user-centered and service-oriented products while upholding the highest standards of integrity.

Apart from the variety of altcoins, it also lures investors with its lucrative 10x margin trading, perpetual contracts,  and best-in-class IEO platform. Also, financial services like margin lending, borrowing, or periodic investment plans. Moreover, its funds are held in cold storage, and users can attach 2-Factor Authentication (2FA) as an extra layer of wallet security.

FAQs

>What is Gate.io?

Gate.io is a cryptocurrency exchange established in 2013 under the name Bter.com. Founded by Lin Han, it aims to offer a secure trading platform to every Bitcoin believer.

>What is Gatechain Token?

Gatechain Token (GT) is the base currency for Gatechain and can only be acquired through Gate.io. GT is also used to pay the network transfer fee, becoming a crucial part of the Gate.io exchange ecosystem. Additionally, the token operates on its own blockchain and has a total supply of 300 million.

>Is Gate.io safe for trading?

Gate.io is an unregulated cryptocurrency exchange. Hence, this may lead to users having fear of whether their digital assets are safe. However since after the rebranding, the exchange has not experienced many hacks and was awarded a 3-star CER certificate.

>How do I open a Gate.io account?

Signing up for the exchange is relatively easy, as instructions and necessary links are provided on its official website.

>What are the payment methods accepted in Gate.io?

All payment methods are done using cryptocurrencies. Hence, the platform does not support any fiat currencies as it is a crypto-to-crypto-only trading platform. When one wants to trade, they will first have to buy crypto at another exchange using fiat and then come trade on Gate.io.

To learn about the latest news and updates about Gate.io, follow CoinQuora’s Exchanges News section.

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Chloe Demir

A devoted news specialist who is passionate about the blockchain and crypto industry. She writes news and feature articles based on the latest developments in the market. She is always updated and on the go.

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