Gate.io, a well-established cryptocurrency exchange in the market, was founded by Lin Han in 2013. In 2015, the exchange rebranded from Bter.com to Gate.io after the Chinese government banned fiat-to-crypto trading. With this change, Gate.io abandoned cryptocurrency trading pairs with fiat and shifted its focus to crypto-to-crypto trading.
Currently, Gate.io remains an unregulated cryptocurrency exchange in terms of volume and market liquidity, with an approximate daily trading volume of 3500 BTC. In recent news, its parent company, Gate Technology Inc., successfully raised $64 million worth of cryptocurrencies for its upcoming decentralized exchange project called Gatechain (DEX). Additionally, Gate.io launched a successful IEO (Initial Exchange Offering) platform called Gate.io Startup.
However, it is important to note that Gate.io is not available for residents and citizens of certain countries, including Washington (USA), New York (USA), Cuba, Iran, North Korea, Sudan, Syria, Pakistan, Venezuela, and Crimea.
In this article, we will discuss the deposit and withdrawal methods at Gate.io, the fees charged by the exchange, and whether Gate.io is reliable and safe for investing.
Deposit and withdrawal methods at Gate.io:
Gate.io does not accept fiat deposits, so in order to trade on the platform, users need to transfer their cryptocurrencies to the exchange. This may be a simple task for experienced cryptocurrency market players, but beginners may face difficulties.
While deposits are free, there is a withdrawal fee for each cryptocurrency, which varies depending on the currency. Traders should also be aware of the withdrawal limits imposed by Gate.io. For example, the maximum withdrawal limit is 100 BTC per day, but users can request higher limits by submitting the required KYC documents and contacting customer support.
Gate.io Fees:
Gate.io charges competitive fees similar to other cryptocurrency exchanges. The exchange does not charge any deposit fees, and the spot and margin trading fee is 0.2%. There is a small withdrawal fee for each cryptocurrency, which varies depending on the specific currency.
Here is a comparison of Gate.io’s withdrawal fees with those of other exchanges:
Currency / Withdrawal Fee
Gate.io
Bithoven
Binance
HitBTC
Poloniex
Bittrex
Bitcoin (BTC)
0.001 BTC
0.0015 BTC
0.0005 BTC
0.001 BTC
0.0005 BTC
0.0005 BTC
Ethereum (ETH)
0.003 ETH
0.0428 ETH
0.01 ETH
0.00958 ETH
0.01 ETH
0.01 ETH
Litecoin (LTC)
0.01 LTC
0.053 LTC
0.001 LTC
0.003 LTC
0.001 LTC
0.01 LTC
Ripple (XRP)
1 XRP
6.38 XRP
0.25 XRP
0.509 XRP
0.15 XRP
1 XRP
EOS (EOS)
0.1 EOS
0.01 EOS
0.1 EOS
3.7 EOS
Regular
Unlisted
Monero (XMR)
0.05 XMR
0.09 XMR
0.0001 XMR
0.09 XMR
0.015 XMR
0.0001 XMR
Tron (TRX)
0.1 TRX
150.5 TRX
1 TRX
290.5 TRX
Unlisted
1 TRX
Tether (USDT)
3 USD
20 USD
4.7 USDT
45 USD
10 USD
5 USD
Is Gate.io Reliable and Safe to Invest?
Gate.io takes measures to protect users’ funds, including the use of hot and cold wallets and other security practices. Higher deposit accounts require more extensive customer verification (KYC & KYC2) to ensure immediate withdrawal processing.
However, it is important to note that Gate.io is an unregulated exchange, and its legal status and obligations to customers are unclear. While Gate.io has no history of hacks, its previous platform, Bter.com, experienced a hacking incident in 2015 where approximately 7,000 BTC were lost.
Gate.io offers various security features for user accounts, such as two-factor authentication (2FA) using Google Authenticator, 2FA SMS, login checks, additional withdrawal passwords, antiphishing codes, and blind IP logins. However, it does not offer Universal 2nd Factor (U2F) protection, which is considered the safest form of protection against unauthorized access.
Gate.io has not yet responded to the 10 complaints made by users on the site at the time of publishing this article. It is unfortunate, but it is hoped that customer support will address these concerns soon.
Conclusion:
Gate.io is a reputable cryptocurrency exchange that caters to experienced crypto traders. It offers a wide range of altcoins, 10x margin trading, perpetual contracts, an IEO platform, and financial services like margin lending and borrowing. While beginners may find it overwhelming, Gate.io provides a platform for experienced traders to find what they are looking for.
Disclaimer:
The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.