Gate Review 2024
- 1.Registration and account verification
- 2.Account protection
- 3.Account registered. What's next?
- 4.Available deposit and withdrawal methods
- 5.Trading conditions and available instruments on the Gate crypto exchange
- 6.Commissions and limits
- 7.Additional services of the Gate exchange
- 8.Mobile app
- 9.Reviews
- 10.Advantages and disadvantages
- 11.FAQ
Gate is one of the very first Chinese crypto exchanges, founded in 2013 under the name of Bter.com. The founder and permanent CEO of the platform is Han Lin. In 2017, due to the actual ban on fiat-to-crypto transfers for companies registered in China, Lin was forced to rebrand exchange, change the name of the site to Gate.io, and change jurisdiction to the Cayman Islands.
Gate.io provides traders with margin trading, ETFs for cryptocurrencies, futures, options and warrants trading, ample opportunities for passive income, including venture investments in crypto projects.
Registration and account verification
To register a new account on the exchange, you need:
- Go to the main page of the gate.io exchange;
- Click on the Sign Up button in the upper right corner;
Registration form on gate.io - Enter your email address into appeared form and create a password. Аdd a referral code to the Referral ID field (it will open up when you click on its title) and tick the checkbox to agree to the platform usage terms. Click on the Next button;
Attention! The exchange does not support registration for citizens of the United States, Canada, Cuba, Iran, North Korea, Sudan, Syria, Venezuela, Bangladesh, Bolivia, Ecuador and Kyrgyzstan.
- In the opened window you’ll be prompted to enter a password. It’ll be used to withdraw funds from the exchange account. The password you enter must not be the same as your account password. Click Create Account аfter entering the password.
Window and form for the password for funds withdrawal - In the next window, the exchange will ask you to pass the captcha and then send a link to the email specified in 3-rd point to confirm email;
Email with verifying link - Click the link in the letter. Exchange will open a window where you will be asked to enter the user account using previously specified email and password. Click the Log In button, after entering email and password;
User account login - Enter a verification code in a field in the opened window. Another code will be sent to your registration email. After entering this last code, registration will be completed;
Verification code
The second level is required to withdraw cryptocurrency from the account. Personal identification is required to get it. To get the second level follow the next steps:
- Login into your account;
- Go to your account settings. For this, hover mousе pointer over the person’s image in the upper right corner, and select KYC Verification. To pass KYC, you need to move the cursor to the Individual field and click Verify Now;
Verification section in your account - In the next window you’ll be offered instructions for obtaining KYC. Follow them to complete the process. The data verification procedure will take up to 12 hours.
Window with instructions for obtaining KYC
Account protection
Gate.io was hacked in 2015. Since then, the exchange pays a lot of attention to data protection and offers ample opportunities for personalizing protection. Consider the options:
Login 2-Step Verification
Two-factor verification by login. Enabled by default. The exchange sends an SMS to the phone number specified in the account (you must specify the number in the account settings), when enabled, or a verification code to the registration email (if the Google Authenticator option is enabled).
Google Authenticator (TOTP)
When this option is enabled, the authenticator sends a six-digit code to the email when: you log into your account, change settings, or withdraw money from your account wallet.
Mail setup
This option allows you to configure the conditions of Google Authenticator code sending. Checkboxes turn on sending a six-digit code when entering an account (Log In), withdrawing assets (Withdraw), changing account settings (Security settings).
Hardware Security Key (FIDO2/WebAuthn)
This option allows you to add hardware devices used as keys that confirm the selected actions. Hardware keys can be added to sign in to your account and withdraw assets.
SMS Setup
This option allows to set verification numbers sending via SMS. It could be added to changing security settings or funds withdraw action.
You can set password protection settings in the user account. They are highlighted in a special Password Management section in the KYC & Security window. Let’s consider them in more details:
Password
Set up a password for logging into your account. When you reset your current password, the exchange will automatically log out of your account.
Fund password
Setting a password for using assets for trading. By default, the exchange will ask for a password every hour (when set) if the current IP remains the same. The settings also allow you to enable password confirmation of each trading action with assets (Every time) or disable protection at all (Never).
Anti-Phishing Code
Setting up an additional code that will be sent along with the exchange system notifications to the user’s email. If there is no code in the letter, then the message is fraudulent one.
Security logs
The section shows records of IP-addresses from which the user was logged in an account.
Account registered. What’s next?
After registering an account and passing verification, you can use all the available features of the exchange: trading on the spot market and derivatives, take a part in projects that allow passive income, venture projects, structured products, mining and copy trading. For all this, you will need to deposit money to the exchange.
Available deposit and withdrawal methods
To replenish the balance on Gate.io you need:
- Login to the gate.io exchange account;
- Select the Wallet in the upper right corner on the main page. Then select the Deposit in the drop-down menu;
Deposit replenishment from the main page - Get in the Coin field in the opened window. Select the token with which the deposit will be replenished. In the Chain field, select the network through which the replenishment will be made;
Replenishment of the deposit on gate.io - Copy the QR-code or wallet address for transfer in the window below the Сhain field. It is the address to which you need to send tokens to replenish the deposit. To do this, you will need to paste the copied code into the appropriate field in your wallet app;
- The exchange will confirm the transfer of funds within an hour after the transfer to the wallet in the app is completed.
Gate.io supports 2 withdrawal options:
- To the specified address (for example, to a cryptocurrency wallet);
- As a push-transfer by UID (for example, in a P2P-exchange).
To withdraw cryptocurrency to any address, you must:
- Login into user account;
- Hover mousе pointer over the Wallet in the upper right corner on the main page of the exchange, and select Withdraw in the drop-down list;
Gate.io main page and Withdraw line in the drop-down menu - There are fields for filling out an application for withdrawal of funds in opened window. To Address button must be active (lit red) for transfers to the selected address;
- Choose the type of cryptocurrency (Coin Code), the blockchain in which the transfer will be carried out (each currency will have its own list of available networks). Then add the address for transfer and its description, set the amount of coins. Add the password for the assets (if it was set and active) and the password sent to your email. Finally click Submit Request button.
Processing window for the transfer of the crypto to the specified address
To make a push transfer, you need to:
- Login to user account;
- Hover mousе pointer over the Walle in the upper right corner on the main page of the exchange, and select Withdra in the drop-down list;
- In opened window click Push Transaction button;
- In the next window fill in the fields with the UID, phone or e-mail of the recipient, add the amount of transferred and received funds. Click Confirm Transfer after filling in all the fields.
Gate.io push transfer window
Trading conditions and available instruments on the Gate crypto exchange
After replenishing the deposit account, you can start trading on the crypto exchange. Trading options on Gate.io include the spot market (to x10 margin trading), a wide variety of derivatives and copy trading.
Spot
In the spot market through Gate.io you can trade:
- With no shoulder;
- With leverage up to x10;
- ETFs for cryptocurrencies, including long and short accelerated ones by 3 and 5 times.
You can choose an asset that suits you by moving the cursor to the upper left menu on the main page of the exchange to the Trade. Trading opportunities for the spot market will be indicated on the left side of the drop-down list.
Derivatives
Gate.io supports a wide range of derivatives:
- Futures with and without expiration, nominated in BTC and Tether;
- Options;
- Warrants;
- CBBC (Callable Bullish/Bearish Contracts).
Available derivatives are also presented in the top left menu on the main page of the exchange. You need to hover the mouse pointer over the Trade to see the list of options. Trading opportunities for the derivatives market will be indicated on the right side of the drop-down list.
Copy Trading
Copy trading is a relatively new service for Gate.io. It allows you to construct your own automated trading strategies from a set of rules or to copy ready-made strategies from other users of the service. The copied strategy works for a certain period.
The strategy creator receives 5% of money from all users who copied it. The service provides opportunities for testing strategies and a comprehensive user guide. Copy trading is available from the main page of the exchange by clicking on the Copy Trading.
Commissions and limits
Trading fees on Gate.io are depend on the user’s trading volumes in the last 30 days and from the market in which trading takes place. For example, for a zero trading level in the spot market, the fee for the maker and taker is 0.2%. For the futures market – 0% for makers and 0.05% for takers.
There are also discounts on commissions when paid with Gate.io points and native GT token. A table of trading levels and current commission rates can be viewed on the Fee page.
How to trade on the Gate cryptocurrency exchange
After an account is created and the deposit is replenished, you can start trading. Let’s consider the simplest sequence of actions for making a trade in the spot market on Gate.io:
- Go to the spot market terminal. To do this, select the Trade on the main page, and Spot Trading in the drop-down list (Standart terminal template);
Where to look for the Trade - Trading terminal window will open. Select the currency pair we need, for example, BTC/USDT. You can do it in the column on the left side of the terminal. The price chart of the pair will open in the middle part of the terminal;
Terminal window - Scroll down the active screen until the buttons for buying and selling an asset appear;
Part of the terminal window with buttons for selling and buying assets - To buy anything you need to select the type of order (Limit Order is set by default. You make a purchase when a certain price is reached with such setting). Set the number of coins you want to buy in the Amount BTC field, and click Buy (USDT – BTC) button. The specified amount of BTC will be purchased.
To sell an asset, you will need to go through the same steps, but filling fields above Sell (USDT – BTC) button and then selling the asset.
Additional services of the Gate exchange
In addition to trading services, Gate.io offers ample opportunities for additional earnings and additional services for various purposes.
Cryptocurrency Landing Page
The Crypto Lending service allows you to lend cryptocurrency to traders on the exchange for a certain percentage per day. Gate.io takes a commission of 18% of the money you earned. You can read more about the service on the Help page.
Loans
The Crypto Loan service allows users to borrow currency they don’t have. But to borrow it the user has to provide a guarantee in the currency he has. The user pays interest to the creditor for the usage of debt. A detailed guide to using the service can be found on Crypto Secured Loan page. The same category of services includes the Margin Borrowing service, which allows you to borrow cryptocurrency for margin trading.
Mining
Mining is presented on Gate.io in several forms:
- Cloud mining through the Cloud Mining service. Allows you to buy mining contracts and rent a cloud hashrate for it;
- Liquidity mining through Liquidity Mining and Lending & Single-Asset Vault services. It implies the provision of coins for the implementation of exchange operations and the receipt of a reward in the form of a percentage for this.
Cryptopedia
Cryptopedia is a blockchain encyclopedia where you can find explanations of concepts related to crypto. It includes glossary of terms, instructional videos and comics (Chinese only).
Giveaways
Giveaways is a service with contests for traders and short tasks for all users, where you can get cryptocurrency as a reward.
NFT BOX
NFT BOX is an internal NFT-platform of the exchange that allows you to create NFT tokens for free, sell and buy them, collect your own collections and take part in auctions.
Referral program
In addition to services that allow you to earn money by manipulating tokens, Gate.io also has a fairly developed referral program. The user can receive up to 40% from commissions registered referrals.
Mobile app
Gate.io has a mobile app working on iOS and Android. You can download it by clicking on the smartphone icon in the upper right side of the main page of the exchange or by using the QR-code that appears when you hover the mouse pointer over the same icon. The app is also available on Google.Play and AppStore.
Reviews
Based on reviews on trustpilot.com and other similar services, users criticize Gate.io for:
- Slow support;
- High commissions, especially for transactions in pairs with bitcoin;
- Slow cryptocurrency withdrawal with delays of up to several days;
- Slow verification of documents.
On the other hand, praise was given to:
- The number of coins available for trading;
- Additional earning opportunities;
- Support, which after a while, still solves users problems;
- Low commissions if you use opportunities to reduce them.
We recommend you don’t rely solely on ratings and try each platform on your own. It is worth paying close attention to the content of reviews: texts written by real people, as a rule, are informative and substantive. The final decision regarding the work on any exchange always remains with you.
Advantages and disadvantages
FAQ
- Login into your account on the exchange;
- Select the Wallet on the main page, then Deposit in the drop-down menu;
- In the next window select a token for replenishing the deposit, the network in which the transfer will be made and copy the code or QR-code that will appears;
- Log into the wallet application you use and paste the copied code into the field where the transfer address is indicated.
