Gate
Conclusions
To sum up, Gate.io is a solid option to consider when choosing a crypto exchange. Despite a list of drawbacks like limited availability of countries, fees on both deposit and withdrawals and possible bugs the exchange still offers a solid list of available cryptocurrencies, easy account creation and limited no KYC withdrawals. If you are looking for a platform to trade with, Gate.io withstands competition and definitely is worth checking.
Final call is only up to you. Either way, no matter which exchange it is that you end up choosing, we really hope that you like this review and you found all the information you were looking for. If you would like to check review on the competitor platforms such as Binance, Kraken or Bybit before making your final decision, feel free to find them in Deals section of Cryptoset.
Gate.io review: What is Gate.io?
On Cryptoset we understand that sometimes it may be hard to choose an exchange to do trading with. Due to a growing popularity of crypto all over the world, now there are lots of exchanges available on the market each of them offering unique functionality, advantages and disadvantages. Understanding that, Cryptoset.gg’s team has prepared reviews of all the popular platforms you may consider. These articles will not only help you on deciding which exchange to go for, but all will guide you through the functionality and teach you how to sign up and start using the platform. This time you are reading a Gate.io review.
Given that Gate.io was introduced back in 2013, it is actually among the industry's earliest cryptocurrency exchange platforms! In addition to offering investors a platform for trading crypto, Gate.io can give its users detailed information about the cryptocurrency markets, their trends and important values in real-time. Gate io allows you to see the different prices of a large number of altcoins including price changes, trade volume, liquidity, and current pricing. What makes it even easier and quickier, all the values are presented graphically.
Although the platform appears complex, it is actually incredibly easy to use. Just choose the market you wish to trade in after creating your account. Additionally, you can make your custom markets in which you pre-select the crypto pairs you wish to keep an eye on. What is more, Gate.io is also available on mobile devices, its mobile app available both in Google Play and Apple AppStore.
Therefore, in this Gate io review we will investigate whether the platform is worthwhile and is it still competitive compared to platforms like Binance, Bybit or others. As usual, we'll walk you through the steps of signing up for an account on the website and placing your very first trade! After reading this Gate io exchange review you will be able to make up your own opinion on the platform and make a decision if it suits you or not.
Gate.io pros and cons
As one of the oldest and the most popular crypto exchanges, Gate io offers some decent advantages for its users. For a better understanding, in this section here we will go through all the Gate.io exchange pros and cons so you could have all the information you need to know.
Let’s start with advantages:
Large number of supported cryptocurrencies
Over 1,300 coins are traded on Gate.io which is a great plus. This contains numerous uncommon and hard-to-find coins in addition to nearly all of the top 20 cryptocurrencies by market capitalization. On a modern-day crypto market where you can find thousands of coins to trade with it is important for an exchange to offer a great section of them to its users. Experienced investors use the platform in large part because of its lost list of available coins which proves its importance.
Acceptance of over fifty fiat currencies
On its website, Gate.io claims to be active in more than 200 different countries and to process more than 50 distinct fiat currencies from all over the world. While it may sound unimportant, for the vast majority of people who simply want to make a deposit and start trading crypto it is a crucial thing. Moreover, it is a significant advantage for those who are considering Gate io as their first crypto exchange. Some of the competitors still do not offer fiat deposits at all, Gate io offers deposit options in Indian rupees, South African rand, US dollars, Euros and British pounds.
A selection of ultimate trading tools
A variety of interesting features is definitely making Gate io an ultimate exchange option. As with any cryptocurrency platform, some users can access leveraged and futures trading in addition to standard spot trading. It also provides cryptocurrency interest-earning products and an NFT trading platform. To make it simple, users can easily utilize Gate io as the only trading platform and it surely will cover most of the task users may have to resolve. However, it is important to keep in mind that certain counties, including the United States, do not have access to some of the advanced features. We will also mention that in a disadvantages list.
Cheap trading fees
Every modern crypto exchange aiming to become popular should always think of fees reduction. On Gate.io, the maximum trading cost that you can incur is 0.2%. What is more, traders can lower this cost in a number of ways, one of the most popular ones is by using Gate.io's utility token for making a payment. While it's not the cheapest available, this charge is also by no means the most costly.
As an every platform Gate io also have drawbacks which are also worth being investigated. So we are now moving to disadvantages of our Gate.io pros and cons section:
Unclear availability in the US
Regarding whether Americans are permitted to utilize its site, Gate.io is giving conflicting signals. The platform's regulatory status, the states in which it is permitted to operate, and the cryptocurrency that is off-limits to US residents are all unclear. For now it is only clear that several features are unavailable in the United States, Canada, and Japan, such as its loan product and margin trading, also there may be some restrictions on some cryptocurrencies. Moreover, even though citizens of the United States, Canada, and Japan are able to utilize the platform, albeit with restricted capability, some stated of the US like New York and Washington and completely restricted from Gate io due to legal regulations of these lands.
Complex UI and poor performance
Having a large product line has the drawback of making the interface confusing and cluttered, especially for new-to-crypto users. The actual Gate.io website can be considered crowded at best, and confusing at worst. Luckily the platform does feature a wizard option to help new users get started and pass the beginning steps. Additionally, some reviews report Gate io to have some technical issues such as common bugs and glitches. Many users face difficulties trying to sign up and pass the website verification. Good news is that the developers are constantly working on the platform improving so some of the complaints may be irrelevant at the time you are reading this.
Significant deposit fees
Even though trading fees are pretty low, the depositing fees of Gate.io are pretty high compared to other cryptocurrency exchanges. The fees are high mainly because the exchange solely uses third-party partner companies to handle fiat payments. What is really not good is that it is impossible to deposit money for free via bank transfer, which is available in the most competitor exchanges.
Fees for withdrawal in fiat currencies
At the moment of publishing, you have an option to withdraw assets from Gate.io directly to your bank account, but you will be charged a fee which may vary depending on which asset are you trying to withdraw. However, it worth mentioning that earlier users did not have such option at all which implied that investors needed to transfer their cryptocurrency to another exchange like Binance or Kraken that did permit cash withdrawals in order to get their fiat money back. This completely ruined user experiences so this feature has been added to Gate.io. Considering this, it is good having this option added, but paying a fee is definitely a drawback.
These are all the main pros and cons of Gate.io we have found. The platform is balanced in terms of advantages and disadvantages: it is hard to say it is an ultimate solution for trading, but at the same time we definitely can not call it poor. Anyway reading all the mentioned above points you can make a decision if the listed drawbacks are crucial for you. If you anyway want to sign up on Gate.io keep on reading as now we are going to describe the process of signing up and setting up your account for trading. Shall we proceed?
How to start trading on Gate.io
As with any other exchange, to start trading you need an account first. Our todays platform offers an fast and easy sign up process which separates you from the full functionality such as Gate io margin trading, futures trading and many others. So, let’s start with registration guide:
Step 1: Visit Gate.io and click the Sign Up button.
Step 2: Create a username and password, paste your email address, and select your country on the screen that appears.
Step 3: Next you'll be required to confirm your email address, as you usually do when signing up on any website;
Step 4: Basically, you are now all set! Once your email is verified all you have to do is login and begin trading. Simple as that! please pay attention that you will be required to receive and type in an email code for additional security when you log in for the first time. Don’t worry it is a simple security measure which protects your account.
As you can see above, Gate.io registration process is indeed easy and quick and usually takes just a few minutes to complete. In addition, you may have also noticed that KYC is not mandatory on registering. Generally, you can now go straight in and place your first trade and you won’t be restricted in any functionality or charged with any extended Gate io trading fees for that. This significantly simplifies the first engagement with a platform and allows users to try it out with no hassle. Certain competitors exchanges require id verification at the moment you attempt to register on the site.
Once you are done with registration, you want to make your first deposit to start trading. Here is how it is done:
Step 1: After logging in, find Account Settings in the upper-right corner of the screen and select Funds Management section. Choose "Deposit" from a dropdown menu to start depositing process.
Step 2: You will be displayed fields to fill in to perform your first deposit. Go through 3 easy steps filling in a coin, network and address and confirm your payment at the end of that. Usually, it may take up to 10 minutes for the deposit to show up on your Gate.io balance after you make it. You can start trading from this point on!
Cool thing that depositing also does not require KYC so it is always a fast and smooth process. Apart from that, for those who do not want to upload their personal information but still would like to do some crypto trading the exchange is the only solution. Those users are still getting a selection of currencies to choose from and low Gate.io trading fees.
So to sum this up, registration process is fast an easy and do not require any efforts from you. Once you are signed up and started trading, transactions fees is one of the most important thing that worries every trader. Let’s take a deeper look at them too!
Gate.io Withdrawal Fees
Before moving to Gate io withdrawal fees let’s take a deeper look at trading fees first. Speaking of the trading fees, even though they are considered to be low, the values offered by Gate.io are not the lowest nor the highest in the industry: the maximum maker/taker charge is 0.2%. Luckily, there are multiple methods for users to lower trading fees.
To reduce the commission you can choose paying using GateToken (GT), the utility token of Gate.io. By using the GT token, all traders can receive a 25% discount on trading fees which is a great discount if you are doing hundreds of transactions daily.
You can also consider purchasing a bundle of GT Points. If a user purchases the bundle, he might receive a 30% to 70% reduction on trading fees. The most affordable plan costs $120 for 200 points. Here you should some math on your own to decide if it gives enough profit for you to cover expenses of the bundle. The offer is extremely profitable for daily traders doing lots of trading every day.
Moving to Gate io withdraw to bank account overview, it is important to mention that it is impossible to analyze the fees as they are dynamic and may vary depending on which coin would you like to withdraw. Regardless of the amount you are withdrawing, there is a fee for most coins and every transaction. The withdrawal cost is generally minimal, though it varies depending on the coin. To check the exact cost log into the account you have created using the guide above and visit the withdrawal page for the coin you are interested in.
Speaking of Gate io withdrawal limit, there are some restriction depending on type of the account you use. Unverified profiles are limited to $100 of daily limit. Profiles with KYC verification Level 1 and Level 2 are limited at $2000 and $5000 respectively. Generally speaking, the limits are considered generous, moreover there is a $100 Gate io withdrawal limit without KYC while most exchanges does not allow unverified withdrawals at all.
