Gate.io Review – Is it Legit? (May 2024)
An Experienced High Volume Crypto to Crypto Exchange Since 2013
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Overall Rating
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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 Asia and Europe.
Pros
- Over 400 trading pairs are available
- Margin trading is possible throughout
- An experienced exchange that still trades very high volumes
Cons
- USA & Canadian Traders Prohibited
- Trust issues have been raised by many users
- China-based and unregulated
- Overly complex and cluttered trading platform
Trust
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.
That being stated there have been multiple recent issues with non-responsive customer service.
Investment Products
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.
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.
Gate.io is often the first exchange to list new projects, ahead of other industry giants such as Binance, and this is what sets this platform apart.
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.
When it comes to actually trading, the standard fee for both maker and taker in the transaction starts at 0.2%.
There is also the option to have lower fees for holders of GT tokens or for users with high trading volumes. These fees can be as low as 0.055% for maker transactions, and 0.065% for taker transactions.
Trading Platform
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 is also a great option for new traders especially those that are looking for altcoins.
Customer Support
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 staff through the 24/7 live chat function. The last time we tested this we were able to communicate with a live representative within 2 minutes.
That being stated the live chat is often unhelpful and they are more often than not unable to actually assist a customer.
Summary
In all, while Gate.io is an experienced name in the industry and commands a lot of respect and processes a very high volume of trades especially in altcoins. You can easily access the most impressive range of altcoins and investment products on the market.
Unfortunately, the customer support can use work, when contacting them it always feels like you are communicating with someone who has no idea what they are doing, and this is quite unhelpful.
It should also be noted they do not accept USA or Canadian clients.
