Are you considering buying or selling cryptocurrencies on Gate.io? In this post, we highlight the pros and cons of using Gate.io and whether or not it is a safe platform to use.
Sver the past fifteen years, cryptocurrencies have grown from little more than an idea to a major economic force. The industry as a whole is currently valued at more than $3 trillion. And there are few signs that this incredible growth is going to slow down any time soon. Instead, the rate at which new tokens and blockchain projects are launching has only increased. And established cryptocurrencies like Bitcoin and Ethereum have fully entered mainstream discourse.
Gate.io is one such exchange. In this article, we’ll cover the ins and outs of this platform, answering questions such as ‘What is Gate.io?’, ‘Who is it for?’, ‘How much are Gate.io’s fees?’, ‘Is Gate.io safe?’, and more. So, read on to discover everything you need to know about Gate.io before you decide whether to start using it for your cryptocurrency buying and selling needs.
What is Gate.io?
Bitcoin first launched in 2009. Gate.io was born just four years later (though it was called Bter.com at the time) in 2013. This was a time when cryptocurrencies were still in their infancy. Ethereum barely had a whitepaper at this time, and it wouldn’t launch for two more years. And yet, Gate.io was already doing business. That gives you an idea of how long this platform has been around. As a result, it’s gained something of a reputation. Though, it hasn’t always been a good one.
Nevertheless, Gate.io has been a major player in the crypto industry since its launch. And it is one of the fastest-growing cryptocurrency exchanges around, featuring a variety of advanced financial services. Not only will Gate.io allow you to invest in countless cryptocurrencies, NFTs, and other blockchain-based projects, but it also offers margin trading and lending.
But Gate.io’s advanced features aren’t the only thing that makes it more appropriate for experienced investors. Its remarkable number of cryptocurrencies, obtuse user interface, and limited availability within the USA make it a better option for advanced users looking to buy and sell niche tokens.
It’s also important to note that, like all online platforms and exchanges, Gate.io has been vulnerable to hacking. The exchange saw a cyber attack in 2019 that left them with over $200,000 in losses. Fortunately, they were able to recover around half of that amount. While they have put safeguards in place to prevent such an attack from reoccurring, the possibility is always there. And regrettably, the memory of that attack has clouded Gate.io’s reputation in certain circles ever since.
Pros & Cons of Gate.io
- Access to 1,000+ cryptocurrencies (availability of some may depend on user location)
- Advanced trading features, such as margin accounts and futures
- Includes an entire NFT platform, giving users the ability to mint and sell NFTs without fees
- Discounts and other benefits are available for GateToken (GT) holders
- Reliable 24/7 customer support
- Clunky user interface that can create confusion for new investors
- The number of options and features can overwhelm beginners
- Unavailable in New York and Washington state
- Higher fees for anyone who isn’t a GateToken (GT) holder
- Suffered a cyber attack in 2019 that has made some investors cool on the platform
Who is Gate.io for?
In some ways, Gate.io is designed to offer users everything they could possibly want from a crypto exchange. Not only does it make over 1,000 cryptocurrencies available, but it also includes advanced features like margin accounts, lending, an NFT marketplace, and more. While this is great news for experienced crypto investors who are looking for a central location where all their crypto needs can be met, it can be a bit overwhelming for newer (or even intermediate) crypto enthusiasts.
Is Gate.io Good for New Investors?
Inexperienced investors may be frustrated to discover that they can’t deposit traditional fiat currencies (like US dollars or Euros) into their accounts in order to make purchases. Instead, they’ll need to buy crypto coins from another exchange and transfer them to their Gate.io account. This unnecessarily complicates the process of buying cryptocurrencies for anyone who’s never invested before.
Gate.io has recognized this limitation and has recently addressed it by offering its users the chance to buy crypto through a third-party and have it directly deposited into their Gate.io account. Unfortunately, this leaves the user with exorbitant fees that they could avoid using other exchanges.
Along with all these idiosyncrasies, Gate.io has some limitations regarding where it’s available. While it does operate globally, there are a handful of locations that have banned its use.
So, is Gate.io available in the US? That depends on where you live within the US. Both New York and Washington states do not allow their residents to use Gate.io. So, people in those states will be unable to take advantage of Gate.io at all. And many of the platform’s more advanced features (like margin trading and its lending options) are unavailable in the US at large, as well as Canada and Japan.
All of this makes Gate.io a less than ideal choice for newer investors or investors located in New York or Washington.
Is Gate.io Good for Experienced Investors?
While newer and less experienced investors may have a difficult time with Gate.io, it’s a great choice for more advanced users. The sheer number of cryptocurrencies available will attract many investors who are looking for more niche, speculative investments. And the competitive fees (especially for GateToken holders) make it even more worth checking out.
Unfortunately, US citizens won’t be able to take advantage of Gate.io’s advanced features. So, experienced investors based in the US may want to look for another exchange as well. Those advanced users who live outside of the US, Canada, and Japan will get the most out of Gate.io. They’ll not only get a ton of great features, but they’ll also have access to hundreds upon hundreds of cryptocurrencies to trade.
WARNING: Before You Choose Gate.io
If you fall into the small target market of people for whom Gate.io is a good option, you’ll want to go through their identity verification process first. It’s mandatory for users to complete this process before they withdraw any of their cryptos. One of the reasons that this is important to note is that you do not have to have the process completed to begin transferring cryptocurrencies into your Gate.io account.
This could lead to big problems when you’re ready to withdraw funds if something goes wrong with your account verification process. So don’t deposit anything until you have been approved and verified.
Gate.io offers a host of great features for anyone who lives in a country/state that hasn’t restricted them. Unfortunately, the US, Canada, and Japan all have limitations on what you can and can’t do through Gate.io. Most locations will allow you to conduct spot trades, though, so if that’s all you’re looking to do, you should be good to go.
Here’s a look at some of Gate.io’s most valuable features (availability of all features is determined by user location).
Discounts & Benefits for GateToken (GT) Holders
Gate.io is more than a simple crypto exchange. It’s an entire platform that’s designed to especially benefit those who have supported it by investing in its native token, GateToken (GT). Token holders will enjoy discounts on fees as well as access to exclusive offers and benefits, like upcoming ICOs.
Over 1,000 Cryptocurrencies to Choose From
Gate.io is known for its incredible selection of cryptocurrencies. Not only can you buy and sell traditional cryptocurrencies like Bitcoin and Ethereum, but you’ll also be able to trade niche tokens for a variety of blockchain projects and more. If you’re looking at sheer numbers of tokens, few exchanges can rival Gate.io.
Advanced Trading Options & Features
As with most any other crypto exchange, Gate.io will allow you to conduct spot trades. But that’s far from all. You’ll also be able to seamlessly transfer crypto assets between accounts, quickly swap one currency for another, create and sell NFTs, copy the trading strategies of other, more experienced investors, take advantage of margin accounts and futures, and much more. Gate.io is built for users who want to squeeze every last drop of potential out of the crypto market.
Features a Robust Mobile App
Gate.io offers a full-featured mobile app that puts the entire platform into the palm of your hand. Both iOS and Android users will be able to buy, sell, trade, and more after downloading it from the Apple App Store or Google Play Store.
Currently, the app has been downloaded over 50,000 times and is highly rated.
Gate.io’s fees aren’t the lowest on the market. Though at 0.2%, they are on the lower side. And they’ll go even lower if you use GateToken (GT) to pay them. Gate.io requires a minimum of $10 for each transaction. The discount you receive by using GateTokens will increase as the transaction amount goes up.
Gate.io doesn’t have any fees for deposits or withdrawals as long as they are cryptocurrencies. However, since Gate.io uses third parties to process any fiat currency deposits, there will be fees on those. And those fees can be incredibly steep. There is currently no way to deposit funds for free via bank transfer. In addition, you cannot withdraw fiat money from your crypto account. You’ll first need to move it to another platform that’s capable of exchanging it.
Is Gate.io Safe?
While the shadow of Gate.io’s 2019 hacking incident still looms over the platform in the minds of many investors, the reality is far more optimistic. After that attack, Gate.io stepped up its security measures.
As a result of those efforts, Cryptocurrency Exchange Ranking (CER), a firm that evaluates and ranks crypto platforms on their cyber security measures, listed Gate.io’s cyber security measures at number one in the fall of 2020. While its rankings have fallen some in the past two years, it’s still viewed as a leader when it comes to cybersecurity.
Here are some of the key measures Gate.io has put in place to ensure your crypto is safe.
“Most” Assets Are Held Offline
While Gate.io hasn’t reported exactly what percentage, they do claim that “most” crypto-assets are held offline in cold storage. This reduces the likelihood that they’ll be lost due to a cyber attack.
Audited By a Third Party
Gate.io uses an outside security firm to conduct regular security audits, including the testing of its cyber security systems and protocols. They also use third-party anti-malware software.
Offers User-Level Security Measures
In addition to their platform-level security measures, Gate.io also takes advantage of user-level measures. This includes two-factor authentication(using SMS and e-mail), the creation of a unique withdrawal password, and more.
So, if you’re wondering, “Is Gate.io safe?” the answer is, “Yes. It’s as safe as nearly any other crypto exchange out there.”
With that said, you should always do your due diligence when investing. Reading online professional and user reviews is a great way to get a handle on the platform’s overall safety and customer service.
Gate.io is a unique crypto exchange that offers an incredible selection of cryptocurrencies, both mainstream and niche. The platform’s features are unrivaled as it offers advanced trading options like margin accounts and futures. Unfortunately, its clunky interface, (at times) poor English, and limitations based on residency status make it difficult to recommend for US-based investors.
If you’re an advanced trader who’s based somewhere outside the US, Canada, and Japan, and you’re looking to invest in niche cryptocurrencies, then Gate.io may be perfect for you. Otherwise, there are other options out there that will fit your needs more efficiently and effectively.