What is Coingate?
Coingate is a cryptocurrency exchange registered in Lithuania. According to information from the exchange, it first opened up its doors as early as in 2014.
As main advantages with the platform, Coingate promotes that it supports a large number of cryptocurrencies (more than 50), that they have a vast majority of its cryptos in Cold Storage and that they are working closely with "world-renowned companies".
50+ Supported Cryptos
On a positive note, a large number of supported cryptos means that even a more exotic altcoin trader can stay at this platform and will not have to look elsewhere to cater for all his/her specific trading needs. On the flip side, however, this might also mean that there could be more scam coins available for trading here. Exchanges with a smaller number of supported cryptos generally only support the bigger crypto projects, which have all been subject to numerous due diligence processes and that are – in most cases – properly vetted. A newly launched altcoin has not been subject to the same scrutiny. Our assessment of the cryptos supported by Coingate is that they are fairly well-vetted, and the newest/smallest altcoins can't be traded here anyway.
On the date of first writing this review (29 March 2021), Coingate stated on its website that they already had 212,000 registered users that together had completed more than 1.2 million transactions. This is naturally comforting information, showing a large market acceptance for the Coingate-platform.
According to information from Coingate, the platform does in fact accept US-investors, as long as they undergo KYC-verification. But we do, as always, urge any US investors to form their own opinion on the permissibility of their trading at Coingate. It is worth metioning here that we received an email from a US-investor on 22 October 2021 stating that you could only access the platform at all as a US person if you signed in from an area outside the US. If that's true, then this platform is not at all suitable for US investors.
Coingate Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at Coingate:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Coingate Trading fees
This particular platform is more a cryptocurrency store than a cryptocurrency exchange. They sell cryptocurrency from their own inventory, and do not facilitate transfers from one Coingate-user to another. Accordingly, it is difficult to compare the fees charged by Coingate with the industry average trading fee at a regular centralized exchange (0.217% for takers and 0.164% for makers, according to the latest market industry report on the subject).
Fees here start are set at 8.00%.
These fees are actually very high, even in comparison with other platforms offering the same type of services.
Coingate Withdrawal fees
To our understanding, Coingate does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure.
Generally speaking, to only have to pay the network fees should be considered as below global industry average when it comes to fee levels for crypto withdrawals.
Coingate lets you deposit assets to the exchange in many different ways, through wire transfer, debit card, and even through the Swedish payment intermediary Klarna. Seeing as fiat currency deposits are possible at this trading platform, Coingate qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.