Gate io – cryptocurrency exchange with margin trading
Gate.io is a cryptocurrency exchange operating on the market since the fall of 2017. The legal owner of the platform is Gate Technology Inc, a company registered in Virginia. The exchange offers its customers a solid selection of altcoins and focuses on traders from English-speaking and Asian countries.
Gate is not licensed in any jurisdiction. There is no exact information about the owners of the exchange. In fact, Gate.io is the renamed Chinese exchange Bter, which ceased to exist in the fall of 2017 due to restrictions of the PRC regulator. Upon closing, the Bter administration recommended that users transfer their funds to Gate.io, using Bter credentials to authorize on the new exchange.
Gate.io is available in three languages: English, Chinese, and Japanese. The user can optionally choose a light or dark design.
Registration and Verification
To start registration on the Gate.io exchange, click on the New user signup link directly below the authorization form on the main page.
Fill in the standard fields:
- Username: login on the site;
- Password: password for at least 6 characters and at least one number;
- Email: email address;
- Fund password: payment password for transfers and trading (should be different from the usual password);
After filling out all the fields, a link will be sent to the specified email address to activate the account.
Verification on the Gate.io exchange is optional. But the exchange is increasingly asking users to confirm their identity when withdrawing amounts in excess of $ 1,000 in cryptocurrency equivalent.
To pass verification on the site yourself, click on your profile and go to the KYC section in your account.
The exchange asks to send a photo in which the user holds a leaflet with an internal user ID and an expanded passport. Both state and foreign passports are suitable. Verification of documents takes from 20 minutes to several days. After verification, withdrawal restrictions are removed.
Interface and trade on Gate.io
The trading interface of the exchange is partially available on the main page. For user convenience, markets are sorted by popular currencies in pairs:
- USDT Markets;
- BTC Markets;
- ETH Markets;
- QTUM Markets;
- ETH Limited;
- My markets.
There is a built-in search and the “Favorites” function (asterisk). Selected markets are then available on the My Markets tab.
The trading terminal looks standard. By default, the candlestick chart format is used, which can be switched to linear.
The graph is scaled in size as well as in the time span. Indicators and additional analytics tools are provided, such as Fibonacci levels, segments, and so on. Global markets are listed to the left of the chart, and cryptocurrency markets in alphabetical order to the right.
The interface for conducting transactions on the exchange is standard. You can enter both market and limit orders on the Buy and Sell tabs. Below is a history of transactions on the exchange. For convenience, you can select the price in USD. The glass and the general history of transactions in a pair are displayed on the right.
Upon completion of the transaction, the exchange asks for Fund Password.
The standard commission for transactions on the exchange is 18%. In this case, for active traders with a large monthly turnover provided ‘discounts’.
In terms of daily trading volumes, the stock exchange stably holds in the top 20. Cryptocurrencies such as Skrumble Network, Aeternity, SmartMesh are traded on Gate with the highest liquidity in the entire market. In total, over 100 tokens and coins and 300 trading pairs are available on the exchange. Traditionally, ICO tokens have chosen Gate.io as one of the first for listing.
Deposit and withdrawal of funds, commissions
The site does not work with fiat. Deposit and withdrawal are available exclusively in cryptocurrency equivalent. For financial transactions, use the Wallets section.
When depositing funds, no commission is charged. Payments occur after the transaction has accumulated the necessary number of confirmations in the blockchain. The minimum deposit size for different tokens and coins is different. For Bitcoin, it is 0.0001 BTC.
The withdrawal of funds is carried out with fixed commissions. For example, for BTC it is 0.002 BTC. And the minimum withdrawal amount is 0.012 BTC. Transfers inside the exchange using Gate.io codes are carried out without commissions.
Security and Support
At one time, the Bter exchange was regularly attacked by hackers and was even hacked several times. For example, in 2015, attackers stole 7,000 BTC from Bter accounts. In the days of Gate.io, no such incidents occurred. The site uses an SSL certificate, cold wallets for storing cryptocurrencies and offers users additional security tools:
- Two-factor authentication through Google Authenticator;
- SMS confirmations;
- Email alerts;
- Session history with input IP addresses, session duration.
The site has a special section for creating tickets. To go to it, select Help – Support. Click Submit a ticket for a new ticket.
Support accepts tickets in English and other languages of the site. Response time: from a few hours to a week.
Additional Exchange Features
Programs are successfully adapted for mobile devices, contain convenient drop-down menus, an intuitive interface, and even analytics tools.
Gate actively collaborates with new ICO projects, therefore, AirDrops tokens are regularly held on the site.
Information about listing new coins and tokens, swaps, updating or disabling wallets, deleting coins appears in the Announcements section. All key news is displayed on the main page.
After seven days after registration, users have access to chat. There are English and Chinese rooms.
Advantages and disadvantages of Gate.io
- Large selection of trading pairs;
- Active listing of new ICO tokens;
- Good liquidity in many markets;
- Adequate trade commission;
- The presence of a mobile application;
- Additional security tools;
- Airdrops and “discounts” on commissions;
- Verification is optional;
- User friendly interface.
- The lack of a Russian version;
- Communication with the Bter exchange;
- Lack of any licenses;
- Input / output on individual coins is regularly blocked;
- There are delays in the withdrawal of funds;
- Lack of margin trading with leverage.
In fact, Gate.io is the same Bter exchange after rebranding. With the new name, the platform works much more stable and so far has a good reputation among traders. Daily volumes are constantly growing, and for individual coins Gate sets the tone for liquidity.
However, “registration” in the USA may result in new restrictions for the exchange. In April 2018, the New York State Attorney’s Office requested Gate and 12 other US exchanges owner information and financial statements. It is possible that the state regulator will take restrictive measures regarding cryptocurrency exchanges.