2019-11-19 02:38 |
The list of new cryptocurrency exchanges seems to be growing by the day. With the currently active and popular exchanges not being perfect and at times struggling with various issues, new competitors are popping up left and right and are looking to bring about solutions that will satisfy even the neediest of customers. One such trading site that positioned itself as an alternative to the exchanges currently dominating the market is Gate.io.
Gate.io became fully operational in 2017 and is currently owned by Gate Technology Inc. which is based in Virginia, United States. Their website is available in English and Chinese, signaling their intention to attract and serve investors that live in English/Chinese speaking countries or are themselves versed in those languages. Their website is accessible worldwide except in the United States, which require extensive legal terms to be met before a similar institution can operate there.
This lack of oversight by the local financial authorities isn’t exactly unusual in the world of cryptocurrency but should put any potential customer on their toes, as there is a real counterparty risk present when dealing with such institutions.
Despite their somewhat lackluster legal backing, the exchange has grown steadily and currently serves over 1.3 million customers. Gate.io has centered its strategy of breaking through on the cryptocurrency trading markets by offering its users easy access to a number of hard to find coins and up and coming projects. Their platform is a crypto to crypto exchange that supports BTC, ETH, USDT and QTUM trading pairs. This sets it apart from many other crypto-to-crypto exchanges that mostly support BTC and ETH trading of altcoins. Their current daily trading activity amounts to around 40 million dollars, putting it on the 22. place of the coinmarketcaps list of exchanges per daily volume.
RegistrationThe registration process is free and relatively simple, pretty much the standard procedure in the exchange industry. After clicking on the “new user signup” link placed below the login form for existing users, you will be redirected to the website’s signup page.
On the sign-up screen you will be asked to enter your username, email address, account password, and fund password which will be used to confirm your transactions. Make sure to use different passwords for your account and your funds, as the sign-up page will not allow you to create an account if they are the same. After that, you will need to fill out the Captcha and tick the User Agreement box. If you have filled out all the sections correctly, clicking on the create account will do exactly that. All you’ll have to do now is to click on the registration e-mail that will be sent to the address you provided and your basic, VIP-0 account will become operational.
Trading on Gate.ioTo start trading on Gate.io you will need to navigate to the trading screen, either by clicking on the trade button next to the currency shown on the home page or by finding the desired currency from the drop-down menu and then clicking the trade button under your preferred market. Once you select what you want to trade, the trading screen will open.
The left column contains tabs for BTC, ETH, USDT and QTUM. Clicking on one of these tabs will list out which cryptocurrencies you can trade for the selected coin.
The central part contains the graphical representation of your selected currency’s price history. Beneath it are indicators which can be used for identifying trends and future price movements. Some of the most basic ones like MACD, RSI, ATR, fast STO and slow STO are present; this should satisfy the average trader. Naturally just looking at the graph and the indicators won’t tell you much. If you click on the small gear above the graph you can switch into a “tools” mode, which will allow you to start charting and performing TA on the graph.
Under the graph segment you can notice the Buy and Sell boxes, as well as your open orders and past trades further below. Just below that is a “My Funds” section, containing information about the way your exchange balance is divided.
The right column contains information about the global markets, showing the prices that other exchanges are trading at. Finally, below that you can find the current buy/sell prices and trade history.
The website offers you limit trading option. You name your desired price and amount and when there is a matching opposite order, your order will be filled or partially filled. The partially filled order will remain active until it is completely filled out with the matching orders. It is possible to cancel an open order by accessing the Open Order page from Wallet> Open Order. More advanced trading options (like leverage trading) aren’t available on Gate.io; for those you will have to check an exchange like Kraken or Bitmex.
Then the asset “locked” in the order will be returned to your available balance.
Supported CurrenciesGate.io allows its customers access to 50+ cryptocurrencies with over 250 crypto to crypto trading pairs. The trading instruments are grouped into 4 categories: USDT Markets, BTC Markets, ETH Markets and QTUM Markets, per coins which you can trade them for. There is also an option to create a custom coin group, via the My Markets feature.
FeesThe fees at Gate.io are as pictured above. There are no deposit fees, while withdrawal fees are calculated individually for every currency. These fees are dependent on users VIP status, which is set based on his monthly trading volume shown in BTC.
For most coins, the fee is charged per transaction; regardless of the actual amount you are withdrawing. You will be notified of the minimum/maximum withdrawal limit for a coin whenever you wish to make a withdrawal. In addition, the maximum withdrawal limit is not necessarily equal to your daily limit. Your 24 hour daily limit can be raised and if you require a larger daily limit; to do so, you will have to submit a ticket with the support team.
How safe is Coinmama exchange? Click here to find out.
Gate.io main featuresGate.io looks to copy some of the best qualities that the top exchanges out there offer while implementing a few improvements which should make it stand out from the current batch of exchanges. Some of those qualities will be:
Functionality – he trading platform itself is similar to what other industry giants offer. A number of useful features such as an order book, trading history, and charting are included on their website. While there are platforms out there that offer a more polished experience, the website is functional and suitable for any trader. Gate.io also offers a solid mobile app for both iOS and Android users.Low Fee – The fees that Gate.io charges its users are in the lower ranges of the similar platforms. There is a single set fee of 0.2% applies to all on-platform trading. As for withdrawals, the fee is calculated individually for each token.Security – The security standard of the exchange has been raised very high. Their hot wallet which is used to store client funds is supported by a system of cold storages. Clients are subjected to the KYC standard. To perform the KYC verification you need to access your account and then click Wallet/KYC to upload your photo card and required information. There is also a second tier of verification (KYC 2) which can be accessed after completing the first one. Client accounts are secured by using two factor authentication and a combination of passwords. A standard login password is used in order to log into your Gate.io account. A rarely before seen addition is the so called “fund password” which is used to access trading and asset withdrawals. There is a “Bind IP” option which ensures that the website remembers the last IP you were logged in from. The two passwords are required to be different; any user who checked the “Bind IP” option on the login page should also take note to enter their passwords from a single device, as otherwise the website might detect IP issues.Customer Support – The website offers a FAQ feature and a New User Guide designed to help with any potential issues that a new user might come across. If your issue isn’t discussed in the mentioned sections, you can submit a ticket which will be addressed and responded to appropriately. The communication with the support team can be done either in English or in Chinese. They also have an active Twitter account and a Telegram group for all your support and communication needs. However they haven’t managed to escape the dreaded faith of low customer ratings, as the average rating of the exchange on various online support forums is below 3/5. This should be taken with a grain of salt; the fact with these ratings is that people who have had a negative experience will gladly comment on it, whereas those who had a normal one most of the times simply won’t be bothered to do the same.Final thoughtsGate.io is a relatively young and non-established platform that boasts a wide variety of crypto pairings accompanied with competitive fees. Their website is functional and does its job well, offering better options than the websites of some more popular competitors. The lack of trading options may be a drawback for more serious traders. It is currently positioned as an exchange that people go to when they want to trade a coin that hasn’t started trading on more established platforms. There is little to no information behind the exchange and its team. If you couple that with the issue of it being unregulated by any major financial law makers, some alarm bells start to ring. Knowing that, it might be best to never keep your funds stored on the exchange for longer periods of time. If you are feeling adventurous and want to purchase a coin that isn’t available anywhere else, Gate.io should be a good, temporary solution for your needs.
The post Gate.io Review 2020 – A Look At Fees, Features, Security appeared first on CaptainAltcoin.
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