Gate.io Review – is it scam or safe?

Gate.io Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team

Gate.io Review – is it scam or safe?

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A new crypto-exchange on the scene, Gate.io appears to offer a single account type with that has no margin trading options. This is the case with most such venues, which is not surprising, given the volatility of digital coins and the fact that leverage adds additional risks.

Gate.io is a newly-launched crypto-exchange that offers trading in more than 20 digital coins. The website is available in English and Chinese, so we suppose it also targets Chinese crypto investors This is not surprising as most large exchanges allegedly stopped trading by the end of September 2017, after the government banned Bitcoin and other digital coins.

The company operating the Gate.io brand and website is based in Virginia, US, but is not overseen by the local financial watchdogs, nor holding a NY Bitlicense (which is quite controversial). Although this not unusual for cryptocurrency exchanges, you should keep in mind that when dealing with unregulated companies, you are exposed to a counterparty risk.

In terms of security features, Gate.io appears to be offering the usual fare of encrypted cold storage and also provides two-factor authentication.

Given its brief history, it is not surprising that this crypto-exchange has not yet been hacked. Besides, there aren’t any user reviews yet.

Trading conditions

Trading instruments (cryptocurrencies)
Gate.io does not offer trading (fiat) currencies against digital coins, but only inter-cryptocurrency trading. Digital coins are also paird with USDT – a digital asset, backed by US dollars, which aims to keep a 1:1 price ratio). Major exchanges like Poloniex and Bittrex also support USDT.

The list of coins available at Gate.io includes, but is not limited to Bitcoin, LiteCoin, Ethereum, Qtum, OmiseGo, Dash, Ripple, EOS, Zcash, Doge Bat, etc. Trading instruments are grouped into several categories: USDT Markets, BTC Markets, ETH Markets. There is also an option to customize your own group, My Markets.

Currently, the most traded pair on Gate.io is QTUM/USDT.

Minimum initial deposit
No minimum deposit level is specified by Gate.io. Although this is not unusual in the crypto world, most forex brokers (some of which allow trading in Bitcoin and other digital coins) usuallyspecify an initial amount required to open an account with them on their websites.

Leverage
As we have already mentioned, leveraged trading is not supported by Gate.io. If you are sure you understand the risks involved in margin trading and really want to use some leverage, you can check out Kraken.

Besides, all forex brokers that offer Bitcoin CFDs, like easyMarkets or IG, also provide leveraged trading. Keep in mind that with such brokers you are only be trading a financial derivative and not own the actual coins.

Fees
Overall, the fees provided by Gate.io are in line with offerings by other cryptocurrency exchanges. A fee of 0.2% applies to all trades executed on Gate.io:

In addition, withdrawal fee is deducted from the amount of the asset you request to withdraw and depends on the type of digital coin you choose.

Trading platform

Gate.io’s trading platform is web-based, as is the case with most cryptocurrency exchanges. With forex brokers the situation is quite the opposite, as most of them offer downloadable software (like MT4).

It is equipped with good charting, a perfectly functional order book, trading history, etc.Here, you may place an order with your preferred price and amount. When there is a matching opposite order, your order will fill or partially fill. The partially filled order will continue to fill with the matching orders.

Methods of payment

Gate.io accepts only blockchain transfers. Fiat deposit option is not available, you cannot use your credit card, which makes this exchange not that beginner friendly.

While deposits at Gate.io are free, withdrawals are charged with fees, which vary depending on the type of digital coin. For example, Bitcoin withdrawals incur a fee of 0.0005, while withdrawals in USDT are charged with 5.

Also, keep in mind that withdrawals have daily limits. For example, one cannot withdraw more than 20 Bitcoins or 30000 Qtums in a single day. This also is a common practice in the cryptospace.

In addition, Gate.io provides wallets for all account holders for free. It uses cold storage and a hot wallet, so your sending address for a digital asset will not be the same as your deposit address.

Gate.io Review – is it scam or safe? Conclusion

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