Skip to content
Swen Keller
- Home
- /
- Cryptocurrency Exchanges
- /
- Gate.io Review 2024: Is...
Gate.io Review 2024: Is It legit and Safe?
Swen Keller
- URL: https://www.gate.io
- Headquarter: South Korea
- Year Founded: 2013
- Platform App: Web, Mobile
- No. of Cryptos: 1400+
- Fiats Available: USD, EUR, GBP, and 50+
- Withdraw Method: Cryptocurrencies
- Payment Method: Bank transfers, cryptocurrency deposit address, credit card (Apple Pay, Google Pay inclusive), P2P trading
Gate.io Review: Our Opinion
Gate.io is an established crypto exchange best fit for experienced traders looking to engage in futures and margin trading, perpetual contracts trading, and advanced crypto trading tools. That said, the platform isn’t easy to use as the exchange interface is difficult to navigate for English speakers. Gate.io also charges high deposit fees when compared to other cryptocurrency exchanges.
An Overview of Gate.io
The Gate.io crypto exchange, headquartered in South Korea, was founded in 2013 as a crypto asset exchange platform for global users.
Currently, Gate.io supports over 1,400 digital assets for crypto trading, hosts more than 12 million users globally, and is accessible in 224+ countries.
Gate.io is listed as one of the largest cryptocurrency exchanges in the world by trade volume and the platform has a daily trade volume of $4.95B.
For products, Gate.io offers the following: spot trading, P2P trading, leveraged trading, leveraged ETF, futures trading, margin trading, liquidity mining, perpetual contracts, staking, copy trading, NFTs, crypto lending, and secured loan.
Beyond its trading platform products, Gate.io also has the GateChain ecosystem powered by the Gate Token. The ecosystem features DeFi products like the Gate Bridge, which is a decentralized trading platform (DEX) that connects assets of various chains (it allows users to swap tokens between all blockchains that Gate Bridge supports).
Gate.io, in general, is a complete crypto suite that offers a wallet solution to store your digital assets as well as other services beyond crypto trading that take advantage of blockchain technology.
Pros
- Suitable for experienced traders
- Supports over 1,400 cryptocurrencies
- It has an NFT marketplace
- It offers cryptocurrency education
- It supports over 50 fiat currencies
- It offers advanced trading including margin trading, futures trading, and perpetual contracts trading
Cons
- It is not beginner-friendly
- High deposit fees
- It is not easy to navigate for English-speaking users
- Complex spot trading fee structure.
Gate.io Review: Unique Features
Gate.io HODL and Earn
Gate.io HODL and Earn enable users to earn passive income while holding their crypto assets in a lock.
Gate.io HODL and Earn offer 2 earning plans: POS & Earn and Lock & Earn.
POS & Earn
The Proof Of Stake & Earn plan runs on a non-term basis. With this plan, users can sell or withdraw their investments whenever they wish and still earn interest. To be eligible for this plan, users are only required to subscribe without locking up their tokens.
As already stated, this plan operates on a non-term basis so instead of getting their principal and interest at the lock-up due date, users can pull out their principal whenever they wish and still receive the accrued interest after 14 days.
The interest is calculated based on the average amount of cryptocurrencies in position within the last 14 days.
Users who wish to continue investing after withdrawing the invested token must manually select and participate in another PoS project.
Lock & Earn
This Gate.io earn plan is subscription-based. This means that once you subscribe to the plan, the number of crypto tokens you wish to lock up will be deducted from your Gate.io account balance and kept out of your reach for a specified period.
The lock-up period varies based on the term chosen.
At the end of the lock-up period, the principal and interest are automatically distributed to your account.
Users are not allowed to make any early withdrawals until the end of the term. Also, market price fluctuations can cause a drop in the asset’s locked price. If this happens, the investor bears the loss.
Gate.io does not have a fixed term for the Lock & Earn plan, every user gets to choose their preferred lock-up period before the agreement takes effect.
To participate in Gate.io HODL and Earn, go to the Gate.io website and click HODL & Earn. This will show you all the products currently available.
To go to the project you are interested in, click on the project’s image.
Click on the “Purchase Now” button to use your available crypto balance. If you do not have enough balance, you can buy more by clicking on “Buy Crypto”.
Follow the on-screen prompt to complete the process.
After completing the task, you’ll have the freedom to access your records at your convenience. To access your records, simply click on the “My Holdings” button.
GT Token
GT token is the exchange token of the Gate.io cryptocurrency exchange and the native asset of the GateChain ecosystem.
GT Token is an important metric in Gate.io VIP tier escalation. There are 2 VIP schemes implemented by Gate.io. The first requires the holding of GT while the second requires a 30 days trading volume plus GT holdings.
GT Token holders enjoy trading fee discounts. The higher the tier, the higher the discount. GT holders also have access to participate in Gate.io activities that are exclusively available to only GT holders.
The initial circulating supply of GT tokens was 1 billion, but so far 51.54% of the token has been burned. 10% of the token supply has been stored and the actual circulating supply is 38.46%. The market cap of the token is at around $450,000,000.
GT tokens can be gotten in different ways. You can get the token by consensus node mining, delegated PoS, and participating in Gate.io activities. You can also buy it at the Gate.io spot market.
Gate.io Strategy Bot
The Gate.io Strategy Bot helps beginners and trading enthusiasts to make automated and intelligent trades. Users can trade using the strategy bot either by copying strategies or creating strategies. Users that create strategies are referred to as signalers.
The Gate.io strategy bot platform has many signalers who have created tested and trusted strategies. Signalers on the platform get between 5%- 30% dividends for the strategies created.
Beginners or inexperienced traders can make profitable trades by copying a strategy. The performance of a specific strategy can be viewed on the leaderboard. While copying of strategies is free, Gate.io gives 5% of the profit to the strategy creator at the end of the trade.
Gate.io users can copy trade strategies in both the web and mobile app platforms.
To copy strategies in the web platform, do the following:
Go to the Gate.io website, tap the navigation bar and click “Copy Trading”
Select “Strategy Bot” and choose the strategy you wish to copy in the “Leaderboard” or “Strategy Pool”.
Next, click “Copy” to enter the creation page. Fill in the required fields and click “Create”
To copy strategies on the Gate.io mobile app, do the following:
Login to your account on the Gate.io app and click “Strategy Bot” on the homepage.
When the strategy bot page opens, you will see a selection of trading strategies in strategy ranking.
Pick your preferred strategy and click “Free replication”
Alternatively, you can click on “I Want to Follow” to enter the strategy creation page.
Once you fill in the required fields, the strategy will be copied.
You can view all copied strategies in the “My Strategies” section on the Strategy Bot Page on the website and mobile app.
Copied strategies on Gate.io are independent of the original one. This means that if the original creator of the strategy terminates their strategies, the copied strategies will not automatically end, except the copying trader ends it manually.
Gate.io will always send a platform message or app notification to strategy copiers when the original creator ends their strategies.
Cryptocurrencies Available on Gate.io
Gate.io supports over 1,400 cryptocurrencies for trading. Supported cryptocurrencies include Bitcoin, Ethereum, Litecoin, Chainlink, USD Coin, Dogecoin, Polkadot, Bitcoin Cash, Ethereum Classic, Avalanche, Binance Coin, Hedera Hashgraph, XRP, etc.
Can You Buy and Sell NFTs on Gate.io?
Gate.io offers an NFT marketplace called Gate NFT that allows users to buy and sell NFTs. Beyond buying and selling NFTs, Gate NFT also features free minting for creators, NFT drops, and customized marketing and promotion services.
However, the NFTs on the platform lean more towards the Asian market, and it is hard to find the type of collections you’ll see on marketplaces like OpenSea or Ribble. And just like the crypto exchange, communication in English is a bit confusing.
So native English speakers may find the marketplace difficult to navigate if they need to rely on the FAQ sections.
Gate.io Review: Fees
Gate.io crypto exchange offers a complex and tiered spot trading fee structure that’s dependent on various factors such as your 30-day trading volume, the amount of Gate Token you hold, and your USD account balance.
The crypto exchange uses the maker and taker model as well, to charge its trading fees.
There are various ways you can reduce the trading fees charged by the exchange but primarily it is by choosing to be debited in the Gate Token.
Here are the trading fees for the spot market on the platform:
VIP 0
- Volume Traded: 0 USD
- Gate Token Held: 0 GT
- Account Balance: 0 USD
- GT Debit (Maker/Taker): 0.15% / 0.15%
- Normal Maker and Taker: 0.2% / 0.2%
VIP 1
- Volume Traded: 60,000 USD
- Gate Token Held: 100GT
- Account Balance: 2,000 USD
- GT Debit (Maker/Taker): 0.139% / 0.146%
- Normal Maker and Taker: 0.185% / 0.195%
VIP 2
- Volume Traded: 120,000 USD
- Gate Token Held: 300GT
- Account Balance: 4,000 USD
- GT Debit (Maker/Taker): 0.131% / 0.139%
- Normal Maker and Taker: 0.175% / 0.185%
VIP 3
- Volume Traded: 240,000 USD
- Gate Token Held: 1,000GT
- Account Balance: 10,000 USD
- GT Debit (Maker/Taker): 0.124% / 0.131%
- Normal Maker and Taker: 0.165% / 0.175%
VIP 4
- Volume Traded: 500,000 USD
- Gate Token Held: 2,500GT
- Account Balance: 20,000 USD
- GT Debit (Maker/Taker): 0.116% / 0.124%
- Normal Maker and Taker: 0.155% / 0.165%
VIP 5
- Volume Traded:1,000,000 USD
- Gate Token Held:5,000GT
- Account Balance: 40,000 USD
- GT Debit (Maker/Taker): 0.109% / 0.116%
- Normal Maker and Taker: 0.145% / 0.155%
VIP 6
- Volume Traded: 3,000,000 USD
- Gate Token Held:12,000GT
- Account Balance: 100,000 USD
- GT Debit (Maker/Taker): 0.101% / 0.109%
- Normal Maker and Taker: 0.135% / 0.145%
VIP 7
- Volume Traded: 8,000,000 USD
- Gate Token Held: 25,000GT
- Account Balance: 200,000 USD
- GT Debit (Maker/Taker): 0.07% / 0.101%
- Normal Maker and Taker: 0.125% / 0.135%
VIP 8
- Volume Traded: 20,000,000 USD
- Gate Token Held: 50,000GT
- Account Balance: 400,000 USD
- GT Debit (Maker/Taker): 0.06% / 0.094%
- Normal Maker and Taker: 0.115% / 0.125%
VIP 9
- Volume Traded: 50,000,000 USD
- Gate Token Held:120,000GT
- Account Balance: 1,000,000 USD
- GT Debit (Maker/Taker): 0.05% / 0.086%
- Normal Maker and Taker: 0.105% / 0.115%
VIP 10
- Volume Traded: 1000,000 USD
- Gate Token Held: 250,000GT
- Account Balance: 2,000,000 USD
- Discounted Maker and Taker: 0% / 0.058%
VIP 11
- Volume Traded: 120,000,000 USD
- Gate Token Held: 500,000GT
- Account Balance: 4,000,000 USD
- Discounted Maker and Taker: 0% / 0.045%
VIP 12
- Volume Traded: 240,000,000 USD
- Gate Token Held: 1,000,000GT
- Account Balance: 8,000,000 USD
- Discounted Maker and Taker:0% / 0.037%
VIP 13
- Volume Traded: 440,000,000 USD
- Gate Token Held: 2,000,000GT
- Account Balance: 16,000,000 USD
- Discounted Maker and Taker: 0% / 0.03%
VIP 14
- Volume Traded: 800,000,000 USD
- Gate Token Held: 4,000,000GT
- Account Balance: 30,000,000 USD
- Discounted Maker and Taker: 0% / 0.025%
VIP 15
- Volume Traded: 1,600,000,000 USD
- Account Balance: 60,000,000 USD
- Discounted Maker and Taker: 0% / 0.022%
VIP 16
- Volume Traded: 3,000,000,000 USD
- Discounted Maker and Taker: 0% / 0.022%
Gate.io also offers a fixed-rate trading fee system for specific crypto pairs where it charges zero maker and taker fees. Some such pairs include BTC/USDT, CDT/ETH, LINK/ETH, etc.
Deposit and Withdrawal Fees
Gate.io charges dynamic fees for crypto withdrawals based on the specific network of the particular digital asset withdrawn. The crypto exchange does not facilitate fiat withdrawals.
To deposit funds using fiat currency the fees charged depend on the payment processor used as the platform uses third-party services such as Moonpay and Simplex to facilitate most fiat currency payments.
So unlike most cryptocurrency exchanges, it is not possible to deposit fiat currencies free of charge on Gate.io.
Gate.io Review: Payment Methods
Gate.io’s primary payment method is cryptocurrency deposit via USDT. However, for users who want to make payments using fiat currency, Gate.io connects with third-party services such as Moonpay and Simplex to offer bank transfers, credit card payments, and P2P trading.
Gate.io Review: Security
Gate.io is considered one of the most secure major crypto exchanges in the world.
It stores users’ crypto assets in a combination of both hot and cold wallets.
The hot wallets are secured with various security features including Cloud data risk control, multi-signature, MPC/threshold signature, etc. The hot wallet is also protected by professional service provider HSM.
The cold wallets used by Gate.io are secured with multiple signatures, remote backup, private keys, etc.
Gate.io has been audited by reputable third-party auditing forms. It also has an anti-malware defense through an anti-robot graphic verification code (CAPTCHA).
All Gate.io website data is transmitted through an encrypted Transport Layer Security connection (HTTPS). The cryptocurrency exchange also deals with illegal intrusions, vulnerabilities, and data tampering with Web Application Firewall (WAF).
Gate.io secures users’ accounts with over 10 multiple security solutions. Available security features include Withdrawal Whitelisting, IP address monitoring, OTP via Google Authenticator, fund password, anti-phishing code, additional fund withdrawal password, etc.
All withdrawals from users’ accounts must pass at least 2 or more security authentications and identity verification before approval. Also, users are not allowed to make any cash withdrawals from their accounts within 24 hours after a password change.
Gate.io Review: Staking Rewards
Gate.io offers interest rewards of up to 240% APR via different products including crypto lending, auto-investment, cloud mining, slot auctions, liquidity mining, dual currency product, and structured products.
Each program offers different lock-and-earn periods, with some programs requiring a lock-in period of 30 days.
Gate.io Review: Supported Countries
Gate.io is available in almost all the countries of the world except for a few including the United States and Canada.
Supported countries include Australia, Japan, Jordan, Malta, South Korea, Kazakhstan, Monaco, Belgium, Nigeria, Austria, Bahrain, Malawi, etc.
Opening a Gate.io Account
To open a Gate.io account go to the Gate.io website and click the Sign-Up button located in the upper right corner.
Next, on the Create Account page, select register with Email or Phone Number depending on the most convenient option.
Enter your email address and choose a password then click Sign Up. If you choose your phone, you’ll need to select your country code from the drop-down menu and enter your mobile number without the code.
Gate.io will send a verification code to your provided email address or your mobile device. Enter the 6-digit code and hit Confirm to finish Sign Up.
After the above, you’ll be redirected to the Gate.io login page. That’s it!
Gate.io Review: Trading Experience
Gate.io offers a mobile app and web trading platform. The trading interface features products like spot trading, futures trading, margin trading, and perpetual contracts.
There are also trading tools that advanced traders will find useful like trading charts and technical analysis tools.
In general, its trading experience is best suited for experienced traders. Beginners will find the platform confusing and difficult to use.
Gate.io Review: Customer Service
Gate.io crypto exchange provides 24/7 customer support via live chat and email.
The Live Chat displays a preselected list of FAQs that users can go through, if the user’s inquiry is not in the list, they can type in the question and hit “Send”.
Users who want real human customer support can type “Human Customer Service” and click “Send”.
Gate.io Review: Customer Satisfaction
Gate.io customer reviews on third-party review platforms like TrustPilot show that many customers are not satisfied with the services provided by the customer support team. Customers complain primarily of navigation problems and ease of use.
Does Gate.io Offer Education?
Yes, the exchange offers education via the Gate.io Learn platform that features cryptocurrency courses on Bitcoin, NFTs, Web3, Ethereum, DeFi, and the Metaverse.
The platform also supports translating the course into different languages aside from English.
That said, like most explanations on the exchange, native English speakers may need to put in additional effort to understand the courses adequately.
Is Gate.io Right For You?
Gate.io is best for advanced users looking to carry out margin trade, derivatives trading, futures trading, and other expert transactions. Beginners will find the exchange a little too much.
Final Thoughts
Gate.io offers a large selection of cryptocurrencies and it’s one of the largest crypto exchanges in trade volume. However, the exchange charges high fees even for deposits and poor English translations of its website’s texts. That said, professional traders will find the platform very compelling as it has tons of crypto services and products for traders who want to do more than buy and sell.
Our extensive analysis of the Crypto Exchanges doesn’t stop here. You can also read about our Bitget review as an alternative to Gate.io.
FAQ
Most frequent questions and answers
If you’re looking for a larger selection of digital assets, Gate.io is better.
There isn’t enough information as to whether Gate.io is allowed in the United States but the exchange does not hold the required license to operate in New York for example.
To withdraw funds on the Gate.io mobile app, launch the app, go to Wallet on your dashboard, and tap Withdraw. Alternatively, you can tap on Spot Market to withdraw a particular cryptocurrency.
Besides Google two-factor authentication, Gate.io allows the user to secure their account against blind IP logins by also offering SMS login verification to safeguard your account on the platform from malicious actors.
No, you cannot withdraw your funds from Gate.io without KYC (Know Your Client). This is because Gate.io operates as a regulated exchange, so in compliance with regulatory laws, they must request customer information. However, you can deposit without KYC.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, or use any specific exchange. Please do not use this website as investment advice, financial advice, or legal advice, and each individual’s needs may vary from that of the author. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.
To view our privacy policy read here.
