A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Gate.io consists of four parts: general information, fees, deposit methods and security.
Gate.io is an American cryptocurrency exchange that launched 2017. As the exchange is American, US-investors can of course trade here. The exchange is available both in English and Chinese (the latter being very helpful for Chinese investors).
Gate.io’s main selling factor is their wide selection of trading pairs. You can find most of the new altcoins here. Gate.io also demonstrates an impressive trading volume. It is almost every day one of the top 20 exchanges with the highest trading volume. The trading volume amounts to approx. USD 100 million on a daily basis. The top 10 trading pairs on Gate.io in terms of trading volume usually have USDT (Tether) as one part of the pair.
The trading chart at Gate.io is quite intuitive. You have the classic diagrams in the middle, and current prices and price changes to thte left. Buy/sell-boxes are also in the middle (below the diagram) and some order history to the right. We feel that this trading chart makes sense and shows the most important information for most cryptocurrency traders.
Gate.io Trading fees
This particular trading venue doesn’t charge different fees between takers (normally called a taker fee) and makers (normally called a maker fee). This exchange’s fee model is instead something called a “flat fee model”. The flat trading fee is set at 0.20%. This fee is slightly below the industry average. The industry average is arguably around 0.25%.
Gate.io Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. In order to buy that house, you need to withdraw the funds. And when doing so, BAM! The exchange can make up for its lost income on the lower trading fees.
Gate.io are fair players in this regard and charges you a withdrawal fee of 0.001 when you withdraw BTC. This is in line with industry average.
The exchange does not accept any other deposit method than cryptocurrencies, so new crypto investors are actually restricted from trading here. If you don’t have any crypto but want to start trading here, you will first have to purchase cryptocurrencies from another exchange and then, as a second step, deposit them here.
This exchange’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges. Additionally, Gate.io use both cold storage and hot wallet to store funds. There are options to have 2FA (two-factor authentication). You can also choose to receive SMS-notifications upon certain events.
The exchange reviewed above has a large number of supported cryptocurrencies. If a large number of supported cryptocurrencies is an important factor for you in your choice of cryptocurrency exchange, you could also check out the following exchanges: