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Gate.io Review 2023
Gate.io info
Headquarters Cayman Islands
Website https://www.gate.io/
Leading Blockchain Universities
Daily volume trading $897.16 million
Number of cryptocurrencies 650+
Cryptocurrency Fees Maker/Taker 0.2%/0.2%
Minimum deposit None
Digital Wallet Yes
Currency Crypto
Deposit Method Bank Transfer
Coincub Score
Easy, with no KYC verification required upfront.
Customisable and versatile with extensive features, though this comes at the cost of navigability. Not for beginners or the faint of heart.
24/7 availability, although wait times can be long.
Multiple hacks with high losses.
Slightly lower than industry standard, but confusing to determine and dependent on platform interaction/token holdings.
Crypto-only, no fiat; KYC required for withdrawal. No deposit fees.
Gate.io Review
Founded in the fall of 2013, Cayman Islands based Gate.io (formerly known as BTER) currently ranks among the 20 largest exchanges. With 650+ cryptocurrencies, it also boasts one of the most diverse asset portfolios. While Gate.io has suffered several major security breaches, it remains a popular choice among traders for its huge stable of altcoins, sophisticated financial services, and robust rewards program.
Gate.io's strengths lie in its unparalleled selection of altcoins and extensive array of financial services. For users that are looking for sophisticated trading tools coupled with hard-to-find coins, Gate.io is a dream come true.
Opening an account on Gate.io is easy, since no KYC verification is required upfront. Don't be fooled, though; to withdraw funds users must verify their identities, a fact that has caught many unawares.
The interface is cluttered and can be difficult to navigate. However, this is because of the sheer number of features and contest opportunities, something that some users will undoubtedly appreciate.
Customer support is technically available 24/7, but wait times can be long. This is fairly standard for crypto exchanges, and Gate.io by no means has the worst reputation.
Security on Gate.io is a major drawback. While the exchange has instituted new security measures such as GateChain, its long history of hacks is enough to make privacy-focused investors wary.
Gate.io also loses points for being a crypto-only exchange; users cannot deposit fiat. However, the sheer diversity of the coins on offer lessens the sting. Other than that, deposit and withdrawal are fairly easy, though enhanced security measures mean that it might take a little longer than usual.
Fees are slightly lower than industry standard, and start at 0.2%. However, users have extensive opportunities to lower fees by holding Gate.io's native token, GT, competing in contests, taking part in promotions, and earning points by completing various jobs.
While it is a standout for coin diversity, the excessive security breaches and cluttered interface mean that Gate.io is not beginner friendly.
Gate.io Security
It's impossible to talk about Gate.io's security without mentioning the several times the platform has been hacked. Back in 2015, when the platform was known as BTER, 50m NXT worth around $1.65 million at the time, were stolen after an attack on a hosting server. Just months after that, the exchange's cold wallets were apparently hacked and 7,170 BTC ( $1.75 million at the time, $260 million now, ouch) were stolen. Setting aside the concern that those cold wallets couldn't have been very cold, two multimillion-dollar hacks in less than a year is cause for concern.
So BTER changes its name to Gate.io, and continues on doing business. In 2018, hackers compromised a web analytics site in order to target Gate.io, intercepting transactions and rerouting cryptocurrency into their own wallets.
in 2019, just a year later, the exchange was targeted with a 51% attack (a classic strategy where a group of miners that control more than 50% of a networks hash rate interrupt the recording of new blocks). 40,000 Ethereum Classic, worth around $200,000 at the time, was taken.
Gate.io does have a bug bounty programme running with industry standard bounties aid out in USDT, in addition to other security measures such as 2FA, login verifications, multiple account passwords, anti-phishing protocols, and blind IP logins.
If your track record is getting hacked so hard you change your name, and then continue to get hacked, it doesn't look good. Gate.io's security failures are a major strike against it, and shouldn't be overlooked.
Opening an Account and Trading
Opening an account on Gate.io is quick, especially since they don't require KYC upfront. All you need is your email address and a phone. To register, head over to https://gate.io/, click the Signup button on the upper right hand corner, and fill in the form to create your account. Users need to create two passwords, so make sure to enter both into your password manager. If you aren't using a password manager, start.
Users with a verified account enjoy more privileges, and can withdraw funds from the exchange. To verify your account and fulfill KYC requirements:
1. Log into your Gate.io account, hover over the avatar icon in the upper right hand corner and select KYC verification from the dropdown.
2. From there, enter your identifying information, ID document type and number, and upload photos of your ID and you holding your ID.
3. Officially, verification can take anywhere from 2 to 12 hours, but be prepared to wait longer if there is a large influx of users.
4. Gate.io also strongly encourages users to set up security verification by adding two-factor authentication, setting up anti-phishing codes, and adding SMS verification.
5. To deposit money, click on the Wallet dropdown menu and select "Deposit".
6. Once on the deposit page, choose the type of coin you wish to deposit. Remember, Gate.io does not support any type of fiat deposit.
7. To withdraw funds, choose "Withdraw" from the wallet dropdown menu. You'll be asked to choose the coin, the amount, and the receiving address.
8. In order to withdraw funds, you must be KYC verified. As an additional security measure, users must enter their fund password and a one-time email code to prevent fraudulent account usage.
Gate.io Supported Currencies
Which countries can use Gate.io?
Gate.io supports cryptocurrency traders and investors all over the world to the platform with the exception of the following countries:
Bosnia and Herzegovina, Democratic People's Republic of Korea, Ethiopia, Iran, Iraq, Syria, the Crimean region, Cuba, Uganda, Vanuatu, and Yemen.
Does Gate.io have a wallet?
Yes, Gate.io has several custodial wallet options, all of which you can find on the Wallet.io page.
What coins are available on Gate.io?
Gate.io currently offers 650+ coins, which is too many to list here. All major coins are supported.
Is Gate.io safe?
Every crypto exchange is a target for hackers, and trading crypto carries inherent safety risks. However, Gate.io has been compromised several times. While they have taken security measures to prevent further breaches, Gate.io cannot be considered the safest crypto exchange at this time.
What is the minimum deposit for Gate.io?
There is no minimum deposit on Gate.io, though users should remember that fiat currency is not supported.
How do I access Gate.io support?
If you want to reach support, try emailing them at [email protected]. Telegram users can reach the help desk @DeskTechGATEio. Users can also access a 24/7 live chat on the website.
Users also have access to help center, where answers to common problems can be found.
Are USA / Canadian / Japanese users supported on Gate.io?
As of now, American, Canadian, and Japanese users are supported on Gate.io. However, they may not be able to access services such as lending, margin trading, perpetual contract trading, and some coins.
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