Welcome to our Gate.io review on tradingreens.com/au, where we explore the features and benefits of this popular trading platform.
Gate.io review – History
Gate.io is one of the oldest Chinese crypto trading platforms. It was founded in 2013 by Lin Han and back then it was known as Bter.com. Lin Han also founded GateLabs, something we will talk about later in this article.
After enjoying two relatively successful years, the company encountered difficulties in 2015 when it experienced a hacking incident resulting in the theft of 7,000 BTC from cold wallets.
In 2017, the platform underwent a rebranding, becoming Gate.io, a move initiated in response to the Chinese government’s ban on fiat-to-crypto trading. Since 2017, the platform has shifted its focus to crypto-to-crypto trades and has achieved significant success, with a daily trading volume of approximately 3,500 BTC.
Gate.io review – Security
Since the hacking incident in 2015, the platform has put several different security measures in place to ensure it would not suffer another virtual attack like that.
The platform uses 2FA authorization via Google Authenticator, Login verifications, a fund withdrawal password, Anti-Phishing codes and other safety measures to ensure the platform is as safe as it can be.
Furthermore, user funds are secured via both cold and hot wallets. Gate.io is also asking for a more rigorous verification procedure for accounts with higher deposits, to ensure no illegal activities make their way to the platform.
Gate.io review – Is the Gate Token worth it?
GT, or Gate Token, serves as the native token for the Gatechain mainnet. It made its debut on March 2, 2020, initially named “GateToken.” Since then, it has grown in tandem with the Gate.io trading platform, evolving into a pivotal asset within the Gate.io ecosystem.
This token provides traders with numerous advantages, including trading discounts and exclusive access to activities. Gate.io is actively engaged in enhancing the value of the GT token by introducing additional benefits and features, further enriching its utility.
GT can also be used for generating potential profits via Buyback as well as being used as collateral for asset issuance. There are more benefits to it, but mentioning everything in detail would exceed the scope of this article, so we’d highly suggest taking a look at the token when you’ve got the time.
Gate.io review – Mobile App
Overall, we found the mobile app quite satisfactory. The design is well-crafted, and the interface is intuitive. While there are some minor initial annoyances with certain details, once you become accustomed to the app, it provides a smooth trading experience.
Design-wise the app is a little reminiscent of the Binance mobile app, so traders that have used that app before will be able to get into it rather quickly. The reviews for the Gate.io mobile app were rather positive overall, although there have been some customers that were not satisfied with the mobile app. Most of the users complained about the broken fingerprint function, meaning that they will constantly have to type in their login name and password over and over again.
Depositing funds is also a little problematic, as the app seems to always want to put 500 USD as the deposit, so you should always double-check before making your deposit.
Gate.io review – What are the pros and cons of Gate.io?
We have already mentioned some of the advantages of this crypto trading platform. Gate.io is a rather secure platform ever since they’ve doubled their efforts after the hacking incident, but there’s much more to this platform than that. For instance, Gate.io has a rather compelling list of cryptocurrencies on offer.
You’ll be able to trade 1400+ cryptocurrencies, making it among the most extensive trading platform when it comes to cryptocurrencies. On top of that, you have access to margin trading and leverage, with the latter offering up to 10x leverage. Additionally, the platform has pretty low trading fees, making it quite attractive for active traders.
On the downside, you’ll be greeted with high deposit fees, no traditional way of withdrawing fiat currencies and, at times, rather bad English on the website. The platform also doesn’t have a wide variety of guides at its disposal, so it’s not as user friendly as some of the other platforms we’ve reviewed.
Pros of using Gate.io
- Over 1400 cryptocurrencies
- Margin trading & leverage
- Great security
Cons of using Gate.io
- Not very user-friendly
- No Fiat withdrawals
- High deposit fees
Gate.io review – Customer support
Gate.io provides 24/7 live chat and although it’s good to know that you’ll always be able to contact customer support, the process to set up a live chat is more complicated than it needs to be.
Gate even provides a small guide on how to reach customer support via live chat.
This just shows that it would probably be a good thing, to make this part of the website a little more intuitive and easier to access. On top of that, the customer service also doesn’t seem to be that good and you’ll most likely not always get the answer you’re looking for when contacting customer service.
Reviews of Gate.io’s customer service are mixed, suggesting that your experience with the support staff is likely to be inconsistent.
Gate.io review – Fee structure
Aside from the high deposit fees Gate.io has a pretty fair fee structure. The platform also offers a VIP program, which lets you save a lot of money due to the Maker/Taker discounts being offered.
The more volume you trade per month, the more money you’ll be able to save during your trades, allowing you to reach potential profit margins more easily.
Gate.io review – Payment Methods
Gate.io is a crypto-to-crypto trading platform and as such classical payment options using fiat currencies are not provided. There are some workarounds to that when using certain e-wallets, but the platform itself will only allow cryptocurrencies, so if you prefer regular payment methods, then Gate.io may not be the right platform for you.
However, you should also know that all the most popular cryptocurrencies are available here. So if you like digital currencies and if you prefer paying with them and withdrawing funds in form of cryptocurrencies, then Gate.io is a rather good choice.
Gate.io review – GateLabs
Earlier during our review we mentioned Gate Labs. Gate Labs is a new company founded by Lin Han, the CEO of Gate.io. Gate Labs serves as an investment company for Gate.io and its goal is to extend the business across the globe.
This demonstrates positive growth for the platform. For instance, Gate Labs played a significant role in contributing a $100 million investment into the Solana Blockchain, in collaboration with MATH Wallet, NCG Ventures, HashKey, the Solana Foundation, and Huobi, the latter of which we have previously reviewed.
Gate.io review – Gate.io Startup
One of the features we really liked about the Gate.io crypto trading platform was the Gate.io Startup feature. This feature basically offers you to buy assets at a discount, providing you with decentralized blockchain assets such as BTC, ETH and more.
It’s a good way to get started without having to spend too much money, so it’s a great first step into the trading business.
Gate. io review – Exchange trading tools
When using Gate.io you’ll have access to many different trading tools. Technical analysis charts will help you predict market movements, allowing you to find all the latest data about global markets as well as letting you dive into trade histories.
With the right mindset, you’ll be able to see repeating patterns and make use of your knowledge when the markets begin to shift once again.
Gate.io review – What can I trade on this platform?
1400+ cryptocurrencies are offered on the Gate.io crypto trading platform. With such a huge selection of digital currencies, you’ll be as flexible as it gets when it comes to your trading strategy. There are few platforms that are able to compete with such an extensive offer, so gate.io is easily among the best when it comes to the number of digital currencies on the platform.
Margin trading is also available on Gate.io and on top of that you have access to leverage of up to 10x. You should, however, consider doing your own due diligence first. Remember: Some assets can be rather volatile and a trade can easily swing in both directions. Never risk more money than you can afford to lose.
Exploring the Advantages of Etoro and Gate.io: Choosing Your Ideal Crypto Trading Platform
In the world of cryptocurrency trading, selecting the right platform is paramount. Our review will highlight the pros of Etoro and Gate.io, two leading exchanges in the crypto sphere.
We’ll delve into the strengths of each, from Etoro’s user-friendly interface and social trading features to Gate.io’s wide range of supported cryptocurrencies and advanced trading tools.
By the end, you will possess the knowledge needed to make an informed decision about which platform best aligns with your trading needs and preferences.
Pros of using eToro
- Etoro’s social trading platform is renowned for enabling users to follow and replicate the trades of experienced investors, making it an ideal choice for beginners seeking guidance.
- User-Friendly Interface: Etoro offers an intuitive and easy-to-navigate platform, making it accessible for traders of all experience levels.
- Diverse Asset Selection: Etoro supports a wide range of assets, including cryptocurrencies, stocks, commodities, and more, providing traders with ample diversification options.
- Regulation and Security: Etoro is regulated by top-tier financial authorities, instilling confidence in users about the platform’s security and compliance with industry standards.
- Educational Resources: Etoro offers a variety of educational materials, including webinars, tutorials, and a dedicated educational platform, helping traders enhance their knowledge and skills.
Pros of using Gate.io
- Extensive Range of Cryptocurrencies: Gate.io boasts an extensive selection of cryptocurrencies, including many lesser-known coins and tokens, allowing for diverse trading opportunities.
- Competitive Trading Fees: Gate.io offers competitive trading fees, making it an attractive choice for traders looking to optimize their costs when dealing with various cryptocurrencies.
Gate.io review – How to do spot trading on Gate.io
If Gate.io is the right platform for your needs you’ll probably want to know how you can do your trades on this platform. To make the whole process a little easier for you we’ve prepared a little step-by-step guide on how to trade on Gate.io
In this guide we’ll focus on spot trading specifically, but your trading experience will generally follow the same pattern, so it’s a good starting point.
Step 1:
Create an account on Gate.io and log into it. Next you should be looking for the Trade section at the top of the navigation bar. Once you’ve found that click on Spot Trading. You can now pick between Standard or Professional. For this example we’ll go with Standard.
Step 2:
Next you want to choose your preferred pair to trade. In this example, we chose the GT/USDT pair.
Step 3:
Now you can set the buying/selling price as well as the amount. After that click on buy or sell, depending on if you want to buy or sell.
Step 4:
You can also set the prices via the last prices on the order book feature, for a more convenient way to set up your buying/selling price.
Step 5:
Confirm the price and amount by clicking on the Confirm Order button. Afterwards click on Place Order.
Step 6:
Once you place the order, you will have the ability to view it in the “My Orders” tab located at the bottom of the page. You’ll also be able to cancel your order on the My Orders page.
