One of the leading cryptocurrency exchanges is Gate.io. It was originally called Bter.com but in 2017, it changed its name to Gate.io.
One of the leading cryptocurrency exchanges globally is Gate.io, founded in the year 2013. Initially, it was named Bter.com by its then CEO Lin Han. Unfortunately, there was a hacking of 7,000 bitcoins in the year 2015, which shook its base entirely. Then in 2017, it closed its domain. But slowly, with the USA investment and by dropping fiat trading, Bter.com rebranded in the market as Gate.io, and after that, there was no looking backward.
Gate.io’s registration address is in Virginia, USA. It is a part of the Gate technology Inc. corporation but doesn’t have any official license. The user interface is modified to work in English, Japanese, and Chinese. It is amongst the most significant 20 companies with more than a hundred types of coins available. There are more than 300 currency combinations, and trading operations are enormous in number.
One thing you must realize is that this exchange completely lacks fiat currencies. Therefore, the minimum investment for the account depends on which currency you are choosing. For example, the minimum investment for bitcoin is 0.0001 BTC.
Gate.io has joined hands with Tradingview to improve its charting features, indicators, and tools for drawing. Now the users can change the time frames, can add chart indicators, and set alerts. Though the interface sometimes does not work correctly, still it focuses on the price action. In addition, the interface is designed to do technical analysis with a more remarkable cart window.
Gate.io has also been famous for providing charting tools and information for effectively trading altcoins, DeFi tokens, and stable coins. Via crypto investments, it also offers HODL earnings. It also provides an option to borrow other cryptocurrency assets by pledging another crypto asset.
If you wish to create an account with Gate.io, you just need to follow a few simple steps.
Next, you have to verify your KYC in the following way-
Security is a key feature of any cryptocurrency exchange. There are various risks of breaching privacy and information through hacks when you deal with such a high amount of money. For this security reason only, Gate.io was once closed in 2017.
But after some good quality US investment and robust security measures, they improved their authoritative value. Also, in 2019 there was a hack report of 4,200 ethereum coins worth about $271,500. But fortunately, the funds were returned safely to the exchange, and security has been tighter than ever.
Gate.io has been integrated with many industry-standard security protocols so that funds of the customers and exchanges are kept safe. The various services present in Gate.io are-
They do not use the famous ‘Universal 2nd Factor (U2F)’ protection but ensures the funds are kept safe by utilizing cold and hot wallets joined with other security handiwork. Though it has KYC verification, it still does not regulate the customers’ exchanges, and obligations for the customers are also unknown.
To improve the Gate.io experience, it has both android and iOS mobile versions. It recently released the new android version (2.5.8) and iOS version (2.4.0 Test flight). These new versions have Passphrase Red packets and Yearly reports as new features. In addition, the functioning has been improved, and markets, chatrooms, withdrawal, fiat lending, Gate.io live interface have been upgraded as well as optimized.
You can install the android version from the ‘play store’ and the iOS version from the ‘app store.’ Sometimes, the download process might be hampered by restrictions from a third-party app. Go to the settings and give permission access to the app for its optimal performance.
You have to remember that they do not accept fiat currencies. To check if Gate.io supports the coin or does not follow-
Gate.io being an old cryptocurrency exchange is supported by most of the countries throughout the world except the countries such as Citizens and residents of Washington state (USA), New work state (USA), Cuba, Sudan, Syria, Iran, North Korea, Venezuela, and Pakistan. It is available in major countries including India, Germany, Sweden, USA, UK, Spain, Russia, and Australia.
The fee segment of Gate.io is somewhat in the middle in the crypto exchange world. It does not offer the lowest fees like in eToro or Binance but still charges fees below the current market level. They also have a sound discount system. The order size has to be a minimum of $10 in value.
Payment fees: Users can use crypto coins to fund their accounts. The deposit fees are nil, and the withdrawal fee is also meager compared to other cryptos. In general terms, around £20 is the withdrawal fee, not regarding the withdrawal amount.
Trading fees: Higher trade volumes in few cryptos stands for higher liquidity for the exchange. This also means a lower fee rate for active investors. Nonetheless, the maker fee ranges between 0.2% for VIP 1 to 0.055% for VIP 16, and the taker fee ranges between 0.2% for VIP 1 to 0.065% for VIP 16.
Withdrawal fees: Though it’s not relatively high, a standard blockchain fee is charged for withdrawing money from Gate.io crypto. The withdrawal fees are mainly depended on which coin you are funding.
How to deposit money
Remember that there is no option to buy crypto for fiat deposits.
How to withdrawal money
The pros and cons of this crypto exchange are:
Gate.io is a platform made for each type of crypto enthusiast. It brings in updates and upgrades with changing times and patterns to cater to its users. The makers continuously track different ways to make the exchange easy to use for traders with different skill levels and expertise.
Gate.io provides a safe trading environment where the exchange is self-regulated. They also claim to be never affected by market manipulation, though the legal status remains unclear. Notably, other than being a crypto exchange, it can also act as a financial trading platform with services like ‘Period Investment Plans,’ which lure customers. Recently, Gate.io has also launched the NFT platform for its creators, which will provide services like minting, promotion, creation, and auctioning NFTs.