What is Gate io - Complete Information

The Gate.io platform is one of the most popular cryptocurrency exchanges on the web. It allows users to easily buy digital currency at market value or use one of the more advanced coin trading options. These include margin trading, futures, perpetual contracts, and even crypto lending and borrowing.

The Gate.io exchange kicked off operations in 2013. Initially based in China, the company later moved to the United States, where it sees a huge daily trading volume. From its headquarters in Mclean, Virginia, Gate.io now supports more than 500 cryptocurrencies for trade and around 30 for direct purchase. 

Gate.io is one of the few exchanges to support users from Canada, and Japan, where legal and political problems have caused issues for many industry peers. However, users from these countries have access to a scaled-back service. I’ll explain that later in this Gate.io review. So, keep reading.

How To Use Gate.io

The service has an excellent user interface comparable to most leading crypto exchanges. However, while writing this Gate.io review, I tested the platform and found the number of options overwhelming for complete beginners. 

Let’s see what I mean.

Trading interface

For starters, all the important links are at the very top of Gate.io’s home page, with buying and trading on the left and logging in, signing up, and help on the right.

And if you’re a registered user, clicking or tapping the three dashes will bring up your account links.

The search function is particularly impressive, bringing up the relevant markets based on whether you type in a currency name, trade type, or another term. From the main window, it’s also easy to browse markets just by scrolling down the left.

The window displays the current market’s charts, while your order book is to the right. Users can also opt for a simplified trading view which looks less cluttered. Moreover, light and dark screen options are available depending on your preference.

Again, beginners might find the layout a bit much, while experienced traders will appreciate all the charting tools and a vast array of options. They consider Gate.io trustworthy and secure, having stood the test of time where others have failed. 

If you are new, let’s delve a little deeper.

Getting started 

Creating an account on the Gate.io crypto exchange is easy enough. You must select your country or region, enter a username and strong password, along with your email and a checkbox certifying you’re over 18 years of age. Furthermore, a message warns you cannot sign up from a restricted country or certain US states.

You also need a second password to enable you to withdraw funds, providing an extra level of security.

Once registered, you need to verify your email with the link Gate.io sends you, and you’re free to browse the exchange. However, to start buying, selling, and trading, further verification is required. That’s because the Gate.io exchange follows the Know Your Customer (KYC) protocol.

This means you must verify your personal details with copies of identity documents. These include a photo ID like a driver’s license and a recent bill or official letter containing your name and address. You can easily attach scans or smartphone photos of these from within your account page. Typically, Gate.io reviews these and fully unlocks your account within a couple of hours.

Although the verification process might seem like a hassle, it’s one way to keep Gate.io safe and allows it to keep operating without government interference. 

Buying crypto

If you don’t have any crypto to transfer to your account wallet, you can buy directly at market value using the following Gate.io payment methods:

• bank transfer
• debit card
• credit card
• online payment services and apps 

The latter vary from country to country, but Gate.io PayPal purchases are currently one of the major services that are off the table for the time being. 

You can buy crypto quickly and automatically via a simple interface, or you can enter the market for a peer-to-peer trade. Not every digital currency you’ll find on the exchange is purchasable in this manner, but the following are

You can also choose the fiat currency you wish to use to make the purchase, though it makes sense to choose your native currency so as not to incur foreign currency exchange charges on your card.

Just hit ‘Buy Crypto’ on the top left to start the basic process.

One useful feature is ‘flash swapping.’ This is a quick transaction process where you can exchange one held Gate.io coin for another without going through the trading window. For the privilege, the price will be slightly higher than the market value. These are sometimes called currency swaps by other exchanges. 

Deposits and withdrawals

Gate.io deposit fees are non-existent for cryptocurrencies, minus any standard network fee outside of the platform. Technically, there is no minimum deposit requirements but the minimum order trade size is around $1 in value for all trading pairs. Note, however that there’s no Gate.io fiat deposit option.

To cash out, simply hit the Wallet link at the top of the page and go to withdraw. Here you choose the currency, if you hold multiple, and enter another wallet address. This is all protected by two-factor authentication.  

And while there’s no Gate.io minimum withdrawal, maximum daily limits vary per coin because their values differ. 

Gate.io withdrawal time is as fast as the network can handle. Generally, this is considered ‘instant,’ but in reality, it will be anywhere from a few minutes to a couple of hours. It could be over a day in rare cases, but this is outside of the platform’s hands.

Spot trading

Under the trade link, you can jump straight into spot trading, where you exchange one cryptocurrency for another. There’s a standard display and a professional display, depending on your experience.

Choose your currency pair and go for the current market price or set a limit order in the hope of a more favorable purchasing or selling price. 

As mentioned above, the Gate.io minimum trade is valued at around $1 for all trading pairs, so beginners are not priced out of the market when starting out.

Margin trading

Gate.io leverage is available for margin trading, which means trading at a value several times higher than the crypto or assets you actually hold. You can base your margin on the entire basket of your assets (i.e., gross margin) or isolate funds specifically for margin trading.

At Gate.io, you can borrow funds for margin trades from other users in the marketplace. To protect all parties involved, the platform reserves the right to force liquidation. This observes the total capital of the margin account, and if the risk is higher than the ability to cover losses, forced liquidation occurs. Fortunately, you cannot go into a negative balance and can only lose your initial investment. 

The amount of Gate.io leverage you can set and the amount of funding you can acquire depends on the market. Leverage falls between 3x and 10x, which is lower than some exchanges that stretch to 100x. 

Let’s look at the following example. Suppose you have the equivalent of $400 in your account and borrow $100, bringing the total to $500, and you put it on Bitcoin. In this case, if the BTC value rises by 20%, you will earn $100. But at 10x leverage, you’d make a profit of $1,000, enough to pay back the lender and any fees, with plenty left behind just for you. 

Futures

If you’re a Gate.io pro, you might want to consider investing in futures and margin trades rather than just buying and selling on the spot. 

Futures are derivatives of digital assets settled with USDT (a stablecoin pegged to USD) and BTC. The process creates a contract to buy or sell these assets at a set price at a set time in the future. In other words, you’re betting on making a profit based on a rise and fall in the price on the market.

Perpetuals

Perpetual contracts are the same as futures but without a settlement date. You can hold or trade the instrument for an indefinite amount of time. Of course, the purpose is to settle when it’s most beneficial to you. These can be highly leveraged, and like margin trading positions, can be automatically executed to control risk to the market.

On the Gate.io platform, perpetuals can be  found under Derivatives on the Trade link.

EFTs

The Gate.io crypto exchange facilitates exchange-traded funds for cryptocurrencies in the form of tokens. They can be bought and sold during the day but function much like a traditional mutual fund. You’ll find over 100 to choose from under the Trade tab, and they can be leveraged 3x and 5x.

Once again, ‘handsfree leverage’ means the automated system handles liquidation.

Copy trading

The Gate.io exchange has implemented a copy trading system that allows users to follow and ‘copy’ the trades and strategies of other successful users. There are ‘general strategies’ that can help beginners and more elaborate trading approaches employed by the exchange’s ‘top gainers’.

Copy trading isn’t without its risk, but the nature of the system shows proven long-term winners and lets you follow along for the ride. 

There’s a lot of data to ensure you don’t make a mistake, including the best earners and their strategies, the most copied strategies, the most profitable strategies based on results, and various other parameters. For example, if you prefer the Gate.io ETH market, you can search and implement strategies just for that.

To get started, choose from the above or use the filters at the top to select your market, strategy type, running time, and average rate of return. There’s also a search bar if you know the name of the trader you wish to copy. 

Rewards

The Gate.io platform likes to reward its users for regularly using its services. Rewards are issued when you meet certain conditions, including simply transferring your first funds for trading. 

The HODL & Earn system offers asset holders fixed and flexible term interest on their crypto. Investors are rewarded within 7 to 28 days, depending on the chosen arrangement. 

Notably, interest may be issued via coins like ATOM, ALGO, E.O.S, Tezos, and USDG, not necessarily the Gate.io coin you prefer to hold.

NFTs

Non-fungible tokens or NFTs are a relatively new phenomenon in the crypto world but are already a popular and fun endeavor. Above all, they provide a money-making opportunity if approached correctly.

In short, an NFT is a unique digital token (hence non-fungible) that cannot be copied or replaced. Therefore, owning one means you are the only person on earth that has it.

Most NFTs are created through the Ethereum Blockchain, and the Gate.io crypto exchange facilitates their sale and trade.

NFTs, for the most part, represent digital content and art. Everything from a fun meme or talented drawing to a piece of digital music can be sold as an NFT. Creators selling NFTs are selling full ownership of that work, and the blockchain ensures there is only one legitimate owner.

Yes, there’s nothing stopping anyone from copying a digital image online but only the NFT holder is the owner of the actual original piece. Much like an experienced art collector might have a real Monet, while others have fake copies of it. 

In many ways, it’s just a bit of fun, and it’s not known quite what the future holds for NFTs, but if you want to join in as a creator, buyer, or trader, hit the NFT link at the top of the exchange to enter the marketplace. You’ll need some Gate.io ETH to make a purchase, though you can also use the equivalent in BTC, USDT, and GT.  

API

The Gate.io Application Programming Interface (API) is fully available for developers by clicking the ‘more’ link at the top of the page and scrolling to API. Here you will find documentation for WebSocket and SDK.

This lets you create your own interfaces, trading bots, strategy builders, and other programs based on the Gate.io platform and its historical data. 

Community

Gate.io is more than just an exchange. It’s also a community for its traders. You can create a full profile page, follow other users, be followed, and interact with each other. This includes public and private chats, forums, and the ability to consume the latest news and ideas together. 

While it’s not quite Facebook, the growing community spirit brings a higher level of trust to the platform and allows a space for beginners to learn organically.  

US customer limitations

Due to regulatory hurdles, Gate.io's US customers can't use the exchange since 21.03.2022. Residents of Canada and Japan, have limited access. Namely, they are  free to open an account but are restricted to buying crypto at market value and basic spot trading. Even then, not all coins are available. They might also be prevented from margin trading and perpetuals. 

If you are from the US a VPN or proxy will not work when registering an account because you will be required to share copies of identity documents.

Other completely banned jurisdictions include:

• Cuba
• Iran
• North Korea
• Sudan
• Syria
• Venezuela
• Crimea

Desktop app

The Gate.io desktop app allows for a distraction-free window for the browser-style platform without the need to actually open the browser. This is more convenient for some and keeps your activities out of the Chrome history. 

Versions are available for Windows and macOS, both with the same interface. It lets you launch the exchange quickly from the dock or taskbar, more easily switch between accounts, and manage an extra level of notifications. 

Furthermore, if you’re concerned about privacy, you can lock the app behind an extra password (beyond your regular login) and use Apple Touch ID on the Mac version.