Let’s take a look at the gate.io platform, with a complete analysis of this Exchange.
If you have wanted to buy a cryptocurrency that is found in a few exchanges, you may have seen it listed on this exchange. It has become increasingly popular, because they do a lot of cryptocurrency launches and have a growing list of cryptocurrencies to buy and sell.
Like many exchanges, it has a wide variety of options within its platform, but we will focus on those aspects that almost everyone uses and are more relevant. Such as the commissions it has, the usability of the platform, its security and the ease of depositing and withdrawing our funds.
What is Gate.io?
Gate.io has been operating for more than 8 years, and is located in Hong Kong. With over 621 currencies and 1381 trading pairs on the exchange. The volume of Gate.io in the last 24 hours is 600 million dollars, which is a high volume, which makes it one of the big exchanges. It is not the most popular exchange, but lately it is becoming more and more known.
Gate.io’s commissions are 0.20% when you buy and 0.15% when you sell your cryptocurrencies in spot. They are actually quite high, although they reduce as you trade with more volume as you can see the different levels. Currently the standard commissions found on the major exchanges is 0.10% when buying and selling and you are rarely going to see lower. This is a really small percentage if you have bought stocks or other types of assets on other platforms. So the commissions on this platform can be improved.
Security is another very relevant factor when you have your money on the platform. This platform has a 3/3 on cybersecurity accredited by certified, which is very positive, where usually exchanges of the same level, get a 2/3. The team and workers are public, so it is another aspect to trust the platform. In terms of regulation, it is accredited by coinfirm and AMLT, with little risk. If you create an account you will be able to see that you can use double authentication with the google authentificator app, which makes it more difficult to hack into your account.
Deposits and withdrawals
Depositing and withdrawing funds from your account is also another important factor to look at. On gate.io at this time, I have not been able to find any way to purchase with your credit card or by direct transfer of cryptocurrencies on this platform.
Therefore, we are going to have to buy the cryptocurrencies on another Exchange, and deposit them on gate.io. In my case I use Binance, which is very easy to deposit funds, and withdraw them from binance to deposit them in your gate.io wallet. So you can use them to buy and sell the one you want within gate.io. To do this, simply go to the deposit of the cryptocurrency you want to move from binance to gate.io and copy the address. Keep in mind the network you use, the best option is to use the TRC-20 tron network in case of USDT because of the low commission it has.
To withdraw funds, gate.io works in the same way as all other platforms, and with no extra fees. Go to the cryptocurrency you want and click withdraw. Here you can select the network you prefer depending on the cryptocurrency and withdraw to your metmask wallet or to another platform.
Regarding the usability of the platform, it is similar to most of the major exchanges, although with some differences in its operation. In the case of gate.io you have your cryptocurrencies in your balance, and in order to use them to buy and sell, you must go to trade, spot account, look for the pair you want to buy, go down to the green button and indicate the amount and click on buy. You will see that there are also other markets such as Margin, futures or ETF, although they have a higher risk and the possibility of losing your money faster.
Gate.io has many other options, such as blocked and flexible staking, cryptocurrency lending, their own wallet and network that they are working on. Besides, as we have mentioned, a platform for launching new cryptocurrencies, where you can vote for the next cryptocurrency listed on the Exchange, which is the most interesting part of the platform.
Is gate.io worth it?
As we have seen, the platform has medium-low commissions, high security and reliability, and a correct use, but without the possibility of buying cryptocurrencies directly on the platform by credit card or bank transfer. Still, I think there is a better alternative if you are looking for the best Exchange to buy and sell cryptocurrencies. Before we look at the best alternative, though, let’s see when it’s worth using gate.io. On coingecko, the platform has received a 9 out of 10 trust score.
When to use gate.io?
From my point of view, gate.io is very interesting to use when there are cryptocurrencies listed that are not found on other major exchanges, or to learn about new releases. In the world of cryptocurrencies, it is common for projects to start appearing on this type of exchange before going to the top 3, and gate.io is one of the first to list little-known cryptocurrencies. So in case you want to buy a cryptocurrency that is only found in gate.io or in few exchanges and not in the main ones, it is a great alternative. In addition to seeing new cryptocurrencies that may have potential before appearing on the major exchanges and voting for the new cryptocurrency you want on the platform.
We have been able to experiment with it, and it has surprised us in a positive way. It provides a simple way of working, credibility, and a very good help to its users if you find yourself in case you see any problems.
In this sense, our days using it have been good, I recommend that you look at it from different perspectives, to see if you have had a great experience, or any difficulties when using Gate.io.
Another intuitive way, is to look at the platform yourself with a small value to see how it is used and if it is really worthwhile. In our experience we have looked at it for quite some time, and have not found anything that is negative.
The best alternative if you are looking for the best cryptocurrency exchange is Binance. With commissions of 0.10%, in case you have their cryptocurrency in your account (Binance coin), they are reduced to 0.075% and a great amount of cryptocurrencies that you don’t find in other exchanges.
Plus a really easy deposit and withdrawal using your credit card for instant balance. And a great variety of options to earn money with your cryptocurrencies by staking with them. The number 1 Exchange, with more customers and volume of cryptocurrencies. If you do not have an account with Binance, in the description you will also find a link to create your account.
Below you can find the commissions on each platform, with screenshots of the platform itself:
Although commissions are an important aspect to consider, they are really so small when you buy or sell that if you are not a heavy user you will hardly notice any difference. Therefore, my recommendation is to choose your platform based on other aspects, and not by which one has lower commissions. The only case that makes sense is if you make a lot of purchases or sales, and then, if it can make a difference that %.
To see it in a better perspective, if you buy $1,000 of Bitcoin, you will be paying $1 in Binance, and $1.5 in Gate.io.
Gate.io is one of the platforms with more options to withdraw our cryptocurrencies, and as with many platforms, it does not have a withdrawal fee. The only commission you will have to pay is the gas fee, which is the cost of making a transaction on the blockchain you are using to withdraw funds.
So you will see different costs for withdrawing cryptocurrencies, depending on the network you use. But the platform does not take any commission. As it happens in other platforms like binance. If you use Ethereum network, the withdrawal fee will be higher than if you use Binance Smart Chain. But because they are networks where the cost to make a transaction is very different.
If you want to buy the platform’s native token, Gate Token (GT), you can find it on the Exchange itself, gate.io. It is also listed on other platforms, such as LBank, FTX and Bitfiniex. Although my recommendation is that you buy it on the platform itself, and use it to take advantage of the benefits that this token gives you on this platform. With discount commissions when making purchases or sales.
The KYC in Gate.io unlocks the full potential of this Exchange to withdraw and deposit funds without limits, or with a much higher limit if we have not passed it. So I recommend you to pass the KYC to also avoid that they can block your account if they see any suspicious activity or you have a large amount of funds in this Exchange.
The KYC is the same that we find in other platforms or investment platforms, where we must send a photo of our identity card and add the information that the platform asks us. In addition to a photo with the ID card or with a number to verify that we really are the person on the ID card. Once done, we will only need to wait and in a few days or less we will usually have the account with the KYC and everything that unlocks.
To withdraw your cryptocurrencies from Gate.io to metamask, you can do so by following these steps:
- Click on withdraw on Gate.io
- Select the cryptocurrency you want to withdraw
- Open your metamask wallet and click above to copy the address
- Paste the address in address in gate.io
- Indicate the network (the same network you are using in metamask)
- Indicates the amount
- Check out all the information and click on withdraw
- In a few minutes you will be able to see your cryptocurrencies in Metamask