Gate.io is a cryptocurrency exchange that has gained a lot of popularity recently, and for good reason. But is this in exchange that you should consider using? Or is Gate.io a scam that you should be avoiding? After all there is no need to get involved in this exchange. There are plenty of other known legitimate ones out there so if this was a scam you could easily avoid it. But the truth is that it’s not a scam. However… There are some drawbacks to using this exchange that I will go over.
In this review I will be going over the exchange looking at it from different angles. I’ll give a basic overview of what it is, some of the upsides to using it, how bad the fees are, the support they offer, safety concerns, what countries Gate.io is available to be used in and more.
Gate.io is a cryptocurrency exchange that was founded in 2017 by Gate Technology Inc., which is based in the state of Virginia in the US.
What this exchange offers is crypto-to-crypto trading. You can deposit one crypto on the exchange and trade it back and forth between many others, which is where the exchange really excels. Gate.io has over 250 different trading options, making it one of the largest exchanges out there if you look at it from this point of view.
If you’re looking to buy a cryptocurrency there is a good chance you can buy it at Gate.io, but of course you’re going to have to deposit cryptocurrency to buy it with first. This isn’t an exchange like GDAX or Coinbase where you can purchase cryptocurrency with fiat money such as USD, EUR, etc.
When it comes to the fees that this exchange charges I would say it’s pretty normal. It’s not all that low but they definitely aren’t high either.
A Look Inside The Exchange
You will be able to scroll through a long list of different trading pairs. Right now, with the screenshot you see below, I am on the list of USDT trading pairs but they also offer the trading pairs BTC, ETH, ETH Limited, and QTUM.
When scrolling through the list you can see a basic overview of the different coins on the exchange. You will see their price, their volume, their supply, their market cap, their 24hr change, and a basic little price chart to the very right. And all you have to do to trade a coin is click on the trade button to the very right…
So for example I clicked to trade bitcoin. Now you have a much more detailed price chart so you can really see what’s going on with the market and one thing that I really like is how off to the right hand side of the screen they have the “Global Markets” section where you can see what the same exact coin is trading at on other exchanges.
And of course at the bottom, where I have an arrow pointing, is where you can buy and sell the particular cryptocurrency you clicked on…
But of course before you make any trade you will first have to deposit your funds. In order to do this you will have to go up to “Wallets” at the top menu which will then bring you to this screen… You can go over to the left and click on coin deposit or you can click on deposit next to the individual cryptocurrency that you’re looking to deposit right on the main screen…
The Dreaded Fees…
Gate.io’s fees aren’t bad but they aren’t that great either. For trading they have a 0.2% fee across the board. It doesn’t matter what current sees your trading between you will get charged the 0.2% every time. If you think about it this fee is extremely low. I mean if you exchange $1000 worth of Bitcoin for Ethereum you will only get charged a two dollar fee. Not bad at all but compare that to Binance for example which only charges a 0.1% trading fee, which is half of that charged by Gate.io.
Deposit fees are free which is really nice but the withdrawal fees can be a bit high.. The withdrawal fees vary a lot depending on the currency you are withdrawing. Below is a chart that shows the fee structure and the different withdraw fees associated with the different cryptocurrencies that you can take a look at… You can also view the full chart at their fee page here.
Security… How Safe Is Gate.io Really?
When it comes to cryptocurrency exchanges regulation is a big deal. I understand that many cryptocurrency enthusiasts are against governments intervening but when you have unregulated exchanges there is no one checking in on them making sure they’re doing the right things, which means you are a lot more likely to be mistreated and potentially scammed.
Now you may think that because the company that founded Gate.io is based in the United States that they are subject to regulation in such, but this is not how it works. They do not hold a NY Bitlicense and are not regulated by the US in any way. As far as I know they are completely unregulated. This means you really have to trust that they are doing the right things.
But anyway, this definitely does not mean they are a scam. It’s just something to consider and think about before hand.
When it comes to account security things look pretty good. They give you the ability to set up Two Factor Authentication (2FA) to add another layer of security to your account. With 2FA you are required to enter a code from your phone when logging in. This is in addition to entering your password. So what this means is that it makes it a lot harder for hackers to get into your account and is pretty much a standard when it comes to cryptocurrency exchanges nowadays.
They also offer a feature where you can “bind IP” to your account. What this helps do is stop hackers from getting into your account because the system will see that they are trying to get in from an IP address that is not “bound”.
Is The Support Any Good?
The support that this exchange offers seems to be pretty decent I guess. You are going to find and exchange out there that offers exceptional support, other than maybe Coinbase and GDAX which offer phone support.
They offer your typical ticket support where you can submit a ticket to them and will receive a reply via email or another good option is you can chat with representatives via Telegram, which can be a good option at times.
I will say though that I have seen a fair number of complaints about the support offered. Now this isn’t unusual or anything with crypto exchanges but it’s worth mentioning. Some people claim that they receive broken English responses that are hard to understand and often times responses that do not answer their question or fix their problem in the least bit.
What Countries Can You Use Gate.io In?
I wish they would be more upfront with this information but unfortunately they are not and I had to do a little digging around to find it. They list the countries that are not supported by the exchange on their User Agreement page. If you live in the following countries you are not supposed to use the exchange: Bosnia, Herzegovina, Democratic People’s Republic of Korea, Ethiopia, Iran, Iraq, Syria, the Crimean region, Cuba, Uganda, Vanuatu, Yemen, and the United States of America.
HOWEVER…. It seems that they might just be saying this to avoid legal troubles in these countries because I know for a fact that if you live in the US, where I live, you are able to create an account as use the exchange. You can deposit funds, trade, withdrawal and everything. I have read some complaints from people claiming that they can’t withdrawal but some people do it just fine within these “banned” countries.
So I don’t really know what to make of this.
Conclusion on Gate.io – Is It Worth Using?
Gate.io is definitely not a scam but this does not mean it’s worth using. I think it’s a decent exchange but it’s not the greatest. They offer tons of different trading pairs which is awesome and all but I’m a little hesitant to use this exchange much just because of the lack of regulation. Also the fact that they aren’t upfront with what countries are banned to use the exchange is somewhat concerning. I’ve seen plenty of posts on forums from people creating accounts in banned countries without even knowing they weren’t supposed to. Now of course, like I said, it seems that people in banned countries are still able to use the exchange it’s just that they are not supposed to do so.
Something else to consider before using this exchange are the fees. If you are able to use Binance I would go with this exchange. As I explained above the fees are only half that what they are at Gate.io and Binance has been around for a while longer and is more trusted. Bittrex is also a great choice which I use regularly as a cryptocurrency trader and investor.
But join Gate.io if you want to. I’m not calling them a scam nor my saying you shouldn’t sign up to use the exchange. They offer trading pairs that I don’t even know if you can get on any other exchanges and this is great to see.
Anyway… I hope you enjoyed this review and found it insightful. Please leave any questions or comments you may have below and I will get back to you as soon as I can 🙂