Pros and cons of Gate.io
Pros
- Huge selection of cryptocurrencies
- Competitive trading fees
- Many ways to earn passive income
Cons
- Not a regulated exchange
- No fiat deposits or withdrawals
- High withdrawal fees for crypto
- No insurance fund
Gate.io cryptocurrency exchange – June 2023 review
Gate.io lets you buy and sell a wide range of cryptocurrencies, but is it the right platform for you?
No reviews yet.
Write a review
Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply.
8
Fiat currencies
1599
Cryptocurrencies
Details
| Product Name | Gate.io Cryptocurrency Exchange |
|---|---|
| Fiat Currencies | USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN |
| Cryptocurrencies | BTC, ETH, ETC, XTZ, CLV, EOS, OMG, BNB, LTC, LUNA & 1590 more |
| Deposit Methods |
Cryptocurrency |
| Trading Fee |
Maker: 0.20% Taker: 0.20% |
| Deposit Fees | None |
| Withdrawal Fees | Fees vary |
Overview of Gate.io
Gate.io is a crypto-to-crypto exchange platform that started in 2013 as Bter.com before rebranding to Gate.io in 2017. The exchange was originally based in China, but has since moved to the Cayman Islands. An important aspect of Gate.io is that it is an unregulated exchange. This means there is no oversight for the platform and this increases risks of using it.
Gate.io offers an extensive selection of cryptocurrencies for trading, with competitive trading fees. It also specializes in smaller market cap assets that many regulated exchanges will not list. Continue reading Finder’s Gate.io review to learn more about features, fees, and what it’s like to use the exchange.
- If this is your first exchange: Gate.io is likely too complicated for you and is unregulated. There is no way to deposit fiat, so you must already own crypto to trade on the platform. You are likely better served with a regulated exchange that accepts fiat deposits unless there is a specific asset on Gate.io you want.
- If you’re switching exchanges: Gate.io has an enormous number of trading pairs and many passive income earning features. Withdrawals can be expensive, but if there is a small cap asset you are interested in, it is likely on Gate.
Verdict: Is Gate.io any good?
If you are looking to trade cryptos across a wide range of trading pairs, with competitive fees, Gate.io might be a good choice. Its focus on listing smaller market cap assets draws in users who are interested in those coins and tokens. This is because they are often slow to be listed on any other centralized exchange, giving Gate.io an advantage. Gate.io is able to list whatever cryptos it wishes because it is unregulated. This means there is no protection for the consumer. It may be better to avoid the exchange if that statement is concerning. That being said, there are many ways to earn passive income on the platform and it is fairly easy to navigate if you are familiar with trading interfaces.
Finder ratings for Gate.io
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Staking/earning | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
| Overall score | 3 |
What to know about Gate.io
Gate.io has one of the biggest catalogs of crypto coins and tokens on the market, and has competitive trading fees. Trading fees can be further reduced by holding its native GateToken (GT). There are a variety of features that allow users to earn passive income. The platform also offers NFTs.
Traders should note that Gate.io is not a regulated exchange. This is why there are no fiat currency deposits accepted on the site. Though there are tons of supported digital assets, and deposits of crypto are free, withdrawal fees can often be high. Users looking to buy small market cap coins may find Gate.io to be a good platform. For anyone trading large cap coins, they would likely be better served with another exchange that is actually regulated.
Fiat withdrawal and deposit fees
| Deposit | Withdrawal |
|---|---|
| N/A | N/A |
Crypto withdrawal and deposit fees
| Deposit | Withdrawal |
|---|---|
| 0 | Varies by asset, but can be high. (ex 0.001 BTC, 2.5 LINK, 18 MANA) |
What is it like to use Gate.io?
Gate.io is a slightly more complex exchange compared to others on the market. There is a lot for traders to take in on the interface. It is more likely suited to experienced traders, but the platform has a lot to offer all users.
Getting started / Gate.io KYC
Gate.io requires all users to complete KYC before being able to access any of the features on the exchange. Once information is submitted, you must wait for approval.
Trading terminal
Gate.io offers an extensive trading terminal. There is a lot to look at for new users. Experienced traders will likely enjoy the options.
Gate.io Promotions
There are frequent promotions on Gate.io. This includes basic referrals, along with special trading activities. There are one-time tasks and bonus campaigns available.
Earning interface
Gate.io offers a variety of options for earning passive income. They can all be accessed at the Finance tab. There are lending, mining, and other interest-bearing options.
Gate.io Customer service
Gate.io offers a live chat option for customer service. The responses are made by a bot unless you click to contact a human. It does not take long for a person to answer, though the answers are often unhelpful according to reviews on Trustpilot.
Does Gate.io have good customer support?
Gate.io offers little in the way of customer support. There is a live chat option that initially directs you to the FAQ. Failing to find an answer in there, you can talk to a bot. If that doesn’t solve the issue, then users can choose to speak to a human who responds fairly quickly (under 2 minutes when requested by Finder). The only other contact is by email.
Both methods of customer service have been rated poorly by sites such as Trustpilot. Poor reviews indicate a lack of helpful answers, or really slow response times. Users are advised to do due diligence before registering for any exchange, including Gate.io.
| Support offered | Wait times | |
|---|---|---|
| Contact us form | ✅ | Days to weeks |
| Live chat | ✅ | 5 minutes or less |
| Phone | 🅧 |
List of services on Gate.io
Gate.io offers a wide selection of services for its users. This includes the ability to earn passive income on the platform, copy trading, NFTs and promotions.
Earning on Gate.io
Gate.io provides traders with multiple earning services. There is a basic investment plan as an option. There are also mining options for dual-asset liquidity pools, single asset vault lending, cloud mining and more. HODL&Earn is a service that allows users to earn an APR of 4–50% depending on assets. There are minimum deposit amounts for this service, along with lock-ups.
Copy Trading on Gate.io
Apart from the spot and futures markets available on Gate.io, it has recently introduced Copy Trading. This allows traders to copy other users’ trading strategies. In exchange for letting their strategies be copied, the trader gets a 5% piece of the profit you get from their strategy.
Gate.io NFT trading
Gate.io has a devoted NFT section called NFT MagicBox. Here users can find Initial NFT Offerings (INOs), along with an NFT market. Traders can buy new NFT projects using INO, or buy and sell existing NFTs on the marketplace. The top NFT projects on Gate.io are also listed.
Promotions on Gate.io
Gate.io runs lots of promotions for its users. These range from basic tasks like verifying your account, to more complicated tasks like participating in Futures trading. There is also a Daily Attendance check-in that rewards users for logging in and checking in on the reward page. Rewards are paid out in USDTest, which can be used to participate in special activities. The refer-a-friend program pays out a 40% commission every time your referral completes a trade.
Trust rating
Gate.io is an unregulated exchange. This means that there is no authority overseeing its actions. Despite this, the exchange has strong security, and has only been hacked once in its history. Gate.io has no insurance policy for users.
Past hacks
There have been no hacks of Gate.io under its current iteration. However, it started as Bter.com, which was hacked successfully in February 2015. During the hack, 7,170 BTC was stolen from the platform. The company announced that affected users would be repaid in batches using the exchange’s future profits in conjunction with a BTC loan they received. There have been no hacking incidents since.
Security audits
There have been no audits of the exchange’s security systems. In 2020, the company had an audit to prove Bitcoin reserves done by Armanino. It proved it had the reserves to cover customers’ holdings. However, it is the only asset it has had audited, and it proves nothing about the security of the exchange.
FCA Status
Whilst crypto trading isn’t regulated in the UK, the Financial Conduct Authority (FCA) maintains a register of crypto firms that have passed AML and counterterrorism checks. However, since Gate.io doesn’t have a UK entity you won’t find it on the FCA’s register.
Insurance
There is no insurance provided for users of Gate.io. However, in instances where users’ accounts were affected, the company reimbursed them out of pocket.
Signing up on Gate.io
Compare Gate.io against other exchanges
Table: shows partner brands and other brands, sorted by popularity
Warning: your capital is at risk. The value of investments can fall as well as rise, and you may get back less than you invested. Past performance is no guarantee of future results. This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.
1 - 3 of 11
Gate.io FAQ
Is Gate.io safe?
While Gate.io has lots of options for security on the platform, it has been hacked in the past. In addition, the exchange is unregulated. Do your own due diligence before using Gate.io.
Where is Gate.io located?
Gate.io is located in the Cayman Islands
Can UK residents use Gate.io?
Yes, UK residents can use Gate.io.
Who is the owner of Gate.io?
Gate.io was founded in 2013 by Lin Han.
*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
