Account Minimum: $0
Fees: 0.2% Standard Maker & Taker Fee
Best For: Wide Selection of Altcoins
Warning: Trading in cryptocurrency is highly speculative and carries a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose.
Gate.io is a cryptocurrency exchange based in China. They have actually been around since 2013 but rebranded in 2017 in their current form. The exchange offers an excellent range when it comes to the number of currencies available and the currency pairs that you can choose to trade. This includes a wide and ever-expanding range of altcoins some of which may be difficult to find elsewhere.
Gate.io also boasts impressive trading volumes and seems to be one of the top exchange choices for traders from China and have risen in popularity in the United States. They have recently attracted some controversy and negative attention though. This is something to be mindful of and that we will address in our trust section.
- Over 400 trading pairs are available
- Margin trading is possible throughout
- An experienced exchange that still trades very high volumes
- Trust issues have been raised by many users
- China-based and unregulated
- Overly complex and cluttered trading platform
Trust is a core issue for any trader using any exchange industry-wide. It is imperative that you feel and are provided with a safe, secure trading environment. This can be a little more complex in crypto trading with the lack of a strong regulatory environment like you would find with many forex brokers for example.
For that reason, a lot of trust is placed in the exchange’s past record and reputation among current users. Gate.io has been around since 2013 and deals with very large volumes rivaling top exchanges – points are initially in favor of Gate.io. They also appear to have a robust verification process in place that abides by all current KYC and AML procedures for crypto exchanges.
This is where problems begin to arise for Gate.io that cannot be overlooked. There are many reports that after initially approving account verification the exchange then reverses this decision after traders have deposited funds. This has essentially caused many traders to have funds locked in their accounts.
This has prompted many users and reputed review teams to label the exchange as a scam. While there are many positive aspects to the service, these reports are reflected in our review score and it is something we continue to monitor and update with your safety in mind.
Despite their trust issues, this is an area of frequent positive feedback for Gate.io. Focusing first on the number of currency pairs available you will find a total of more than 400 instruments to trade in. This includes a broad selection of coins, around 200 in total that can rival the choice you will find at any of the other top exchanges.
Since Gate.io is a crypto to crypto exchange that does not facilitate trading with fiat currency at all, you will find the majority of the coins available are paired up with USDT, Bitcoin, Ethereum, and QTUM.
Alongside an extensive range of altcoins to be traded, you will also have access to margin trading services with leverage that can extend to as much as 10:1 and other investment products and plans like lending services and the ability to invest in IEOs through a dedicated startup platform.
Commissions & Fees
In terms of commissions and trading fees that Gate.io charges, these remain competitive and in line with most of the other major cryptocurrency exchanges in the industry. Since they do not offer any fiat trading options you will not encounter a deposit fee at all.
When it comes to actually trading, the standard fee for both maker and taker in the transaction is 0.2%. This applies to both trading on margin and in the spot markets. It is a little higher than some of the other major names in the sector though there is the possibility to receive a discount if you trade in higher volumes. This tiered program allows for a discount starting at 5% if you have traded more than 3BTC and extending to a maximum reduction of 50% at higher levels. They also operate a point’s based system where you can earn points for trading which can then be redeemed against your trading fees.
The trading platform and trading view from Gate.io is something of a mixed bag. The platform itself is reasonably intuitive and performs all the major trading functions as you would expect without issue. The layout of the platform is also one that is familiar to most who have traded with any exchange before with charts in the middle, markets, and the order book on either side.
The platform does feel like there is too much going on though. You have many options including margin trading, trading volume, and many more features to contend with on the screen for a large number of markets. This can be daunting for new traders and seem overly complex. They also feature a limited degree of customizability to tailor your trading experience as a new or more advanced trader.
With these points in mind, the Gate.io trading platform is best suited to those with some prior trading knowledge and experience and perhaps not ideal for brand new traders.
Support from Gate.io is primarily available in two forms. The first of these is to search through their extensive support center that features a depth of FAQ about many aspects of trading. Within this feature, you may find the answer to many of the most common issues faced.
If that is not helpful then you can engage with the Gate.io support team. This support system can be accessed through a ticketed system. This ensures a reasonably fast response time within business hours though many traders may feel they would like a more instant response particularly when many other major exchanges and brokers can provide live chat functions.
In all, while Gate.io is an experienced name in the industry and still commands a lot of respect and processes a very high volume of trades. Its recent trust issues have really come forward to damage the reputation of the brand. It is true you can access a great range of altcoins and investment products on the exchange, and that they are delivered in a professional way and backed by solid support systems. Still, if they are to retain their current high position in the industry they will need to address the concerning issues surrounding account verification as mentioned in our trust section.