Gate.io is a cryptocurrency exchange that was founded in 2013 by Lin Han. It currently has between 101 and 250 employees and is headquartered in the Cayman Islands. Gate.io is one of the most popular cryptocurrency exchanges globally – boasting more than 10 million registered users. Its size and popularity may have you wondering whether Gate.io is the right cryptocurrency exchange for your investing journey.
The answer to that question will depend on the types of investments you want to make and how familiar you are with cryptocurrency investing, in general. We’ve put together this Gate.io review to help you figure it out. Keep reading to get the information you need to determine whether this platform is right for you or not.
The platform stands out by offering more than 1,300 cryptocurrency assets. This has earned it a reputation for being an altcoin exchange. And indeed, if you want to invest in a relatively rare cryptocurrency asset, Gate.io will often be the only major exchange platform that offers it.
Another thing to know about Gate.io is that the platform doesn’t allow you to deposit fiat currency, such as USD or Euro. The only way to fund your account is by transferring a cryptocurrency asset from another wallet.
It means that you need to buy cryptocurrency on another platform and transfer it over to Gate.io to use the exchange. You won’t have to go through this extra step on most other major platforms.
Is it safe to buy on Gate.io?
Gate.io was hacked in 2019, and more than $200,000 in crypto assets were lost. However, nearly half of these assets were later recovered.
Additionally, the team behind the website isn’t as transparent as other major exchanges, such as Coinbase and Gemini.
10 million people use Gate.io, and the vast majority do so without having any incidents. But facts like these may give you pause before placing your hard-earned assets onto the platform.
Gate.io’s fees start at 0.2% for both makers and takers. This is already quite good, but you can bring those down further by:
Holding a certain amount of GateToken (the company’s native cryptocurrency asset)
Increasing your trading volume
Paying your fees in GateToken instead of another cryptocurrency asset
You can take a look at the company’s fee page to get a closer look at how this all works. But the bottom line is that fees on Gate.io are lower than they are on many other exchanges – whether you take advantage of the various discounts or not.
- More than 1,300 cryptocurrency assets to choose from
- Low fees
- 24/7 live chat support
- Margin trading with 10x leverage
- Mobile apps for both iOS and Android
- Integrated staking features
The main point of differentiation for Gate.io is its wide selection of altcoins. No other major exchange has as many different cryptocurrency assets to choose from. So if you want to invest in an under-the-radar coin, Gate.io could be the place to do it.
Do they offer a wallet?
Gate.io offers a wallet that’s tied to your account in the same way that most other cryptocurrency exchanges do. You can use your wallet to do whatever you want on the Gate.io platform.
But if you want to access a web 3.0 app that isn’t on Gate.io, such as Uniswap or Aave, then you’ll need to withdraw the funds from your Gate.io account to a personal wallet like MetaMask to do so.
One thing to keep in mind is that there are withdrawal fees on Gate.io. These vary in amount based on the asset you want to withdraw.
Gate.io also has mobile apps for users on both Android and iOS devices. These apps offer the same general features that you can get on the main Gate.io website. It means that you’ll be able to perform the investment actions that you want on Gate.io regardless of whether you're at home or on the go.
Who should use Gate.io?
Gate.io is an exchange that’s best for advanced users. Its interface is fairly complex and will be a challenge for new cryptocurrency investors to navigate.
Additionally, you can’t deposit USD to the platform directly. That alone makes it pretty complicated for a new user to get started with investing on Gate.io.
That being said, the platform has one of the largest selections of cryptocurrency assets anywhere. It may have more altcoins available than any other centralized exchange.
So although Gate.io is complicated, it may still be the right platform for a more advanced user who is interested in investing in altcoins without having to pay the higher fees of a decentralized service like Uniswap or Sushiswap.
Can U.S. residents use Gate.io?
Unfortunately, Gate.io is not available to residents of the United States or Canada at this time. That’s due to the legal constraints around some of the tokens and features that are available on Gate.io.
However, the company is building out a new crypto exchange specifically for U.S. customers, which it’s calling Gate.us. As of now, that exchange is still under construction.
Compare Gate.io before you invest
Gate.io stands out with its wide selection of cryptocurrency assets as well as helpful features like margin trading and integrated staking. But it’s also a complicated platform that you can’t even deposit fiat currency into.
So, is Gate.io right for you?
The only way to figure that out is to understand what your goals are. Once you’ve figured that out, you can compare Gate.io’s features to the features available on other platforms to narrow down your decision.
Our crypto platform comparison tool is perfect for this. It highlights the pros and cons of all of the major cryptocurrency platforms so that you can quickly see which exchange will be best for your goals.
So why wait? Check out our comparison tool today to get started.