Gate.io Review for Canada 2022
Making Crypto Simple
Gate.io is a veteran exchange in the crypto sector. This Chinese trading platform, founded in 2013, offers a diverse range of cryptocurrencies and trading instruments and reasonable trading fees.
Gate.io is one of the top 10 exchanges on Coinmarketcap with a 7.3 exchange score, and it’s one of the most prominent exchanges in terms of the trading volume.
In this review, we’ll discuss whether Gate.io offers a secure trading environment and quality customer service and see if trading on this platform is worthwhile. Read on!
About the Gate.io Exchange
Gate.io is a seasoned crypto exchange based in the Cayman Islands. The developers of this crypto project have combined cutting-edge technological solutions to create an efficient trading platform that offers instant asset transfers. You can manage your digital assets and trade cryptocurrencies through this platform using a wide range of financial products and instruments.
If you’re new to cryptocurrency trading, the Gate.io user interface might look intimidating to you at first. The dashboard’s multiple tabs provide links to many trading tools, informational articles, and professional Trading View charts of market fluctuations.
But don’t be disheartened. Even if the UI appears to be a little challenging to use at first, navigating the exchange’s web platform becomes relatively simple with some experience.
The GateToken (GT)
GateToken (GT) is the native token of the Gatechain public chain. On March 2, 2020, it became Gate.io’s exchange token.
GT was initially given away as a promotional incentive to Gate.io Point buyers, with a total supply of 1 billion tokens. As a vital part of the Gate.io ecosystem, GT can be used to move up the VIP ranks, pay trading fees, earn rebates on your trading costs, and more.
This crypto exchange is renowned for listing more than 1000 altcoins, including the most prominent ones on the market. The list of Gate.io’s supported coins includes Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Tether (USDT), Qtum (QTUM), Solana (SOL), ZCash (ZEC), Polkadot (DOT), Dogecoin (DOGE), Litecoin (LTC), Eos (EOS), Tron (TRX), Ripple (XRP), etc. Gate.io offers an equally impressive number of trading pairs too.
Gate.io helps you purchase and sell cryptocurrencies instantly. Whether using your credit card or debit card, you can buy your preferred coin through Gate.io with a single click.
In addition, customers may utilize a wide range of fiat currencies to purchase digital currencies on this platform. The US Dollar (USD), the Euro (EUR), the British Pound Sterling (GBP), and the Japanese Yen (JPY) are just a handful of the fiat currencies Gate.io supports. However, fiat deposits are not supported. You can purchase cryptocurrencies with Apple Pay, Google Pay, or credit cards.
Trading Fees and Limits
Unlike most exchanges that employ the liquidity maker fee/taker fee model, Gate.io determines the fee scheme according to your VIP tier level. According to this fee model, the more you trade through Gate.io, the smaller fees you pay. The fees range from -0.01% to 0.2% depending on your 30-day trading volume, GT holdings, and the total amount of your total holdings indicated in USD.
While crypto deposits are free on Gate.io, you pay a variable withdrawal fee for cryptocurrency withdrawals, determined by the coin’s blockchain traffic.
Gate.io offers a variety of novel trading tools and quantitative trading tactics. The following are some of the most popular financial products on the platform:
- Copy-trading – Copying a successful trader’s strategy is as simple as clicking a button with this innovative tool for automated trades.
- Spot trading/margin trading/ETF trading – Cryptocurrency investors can simply trade their favourite coins using leverage and exchange-traded funds (EFTs).
- NFT trading – There’s an NFT market on Gate.io for lovers of digital art tokens.
- Perpetual contracts – You can trade perpetual contracts on Gate.io with 100x leverage. Opening long and short positions in the order book can help you increase your profits.
- Gate.io Earn – This product is a good option for those who prefer passive income. HODL and Earn, crypto lending and crypto staking are just a few of the high-yield earning options available to crypto traders.
Is Gate.io Safe to Use?
Gate.io highly values protecting users’ assets. Gate.io’s developers have implemented all the standard security measures of the industry to safeguard users’ accounts and funds, such as the SMS/email activated two-factor authentication protocol (2FA), KYC verification for Gate.io accounts, hot and cold wallets for enhanced fund security, and so forth.
Unfortunately, despite all the efforts to secure the platform, Gate.io was subject to a cyber-attack in 2018.
Gate.io’s Security Breach Incidents
The cyberattack on the supply chain of the web-analytics platform Statcounter and the cryptocurrency exchange Gate.io in 2018 resulted in an undefined number of Gate.io users losing a considerable sum of money, though the exact amount hasn’t been made public.
According to ESET‘s IT security experts who detected the security breach, their clients’ scripts were altered by harmful malware. After the malicious script had been run, it initiated a financial transfer from the Gate.io accounts to the attacker’s wallet. In response to this security breach, Gate.io took the Statcounter script off their site.
The Gate.io support team is available to assist you 24/7 via live chat. Alternatively, you can submit a ticket through email, although response time is slower with this option.
Gate.io also features a help centre with many pre-answered questions and a blog where the executives keep you updated on all new additions to the exchange.
Gate.io Crypto Exchange Pros and Cons
There are many reasons why Gate.io could be the perfect fit for you. But, some elements in the exchange’s operation could dampen your initial enthusiasm. Here are Gate.io’s advantages and disadvantages:
- User-friendly platform;
- Instant purchases and passive earning;
- Live chat customer support;
- Affordable trading fees;
- No deposit fees;
- Access to NFT marketplaces;
- Android and IOS-supported mobile app;
- A wide variety of altcoins.
- Unregulated exchange;
- Does not comply with financial regulatory bodies of Canada, so Canadian residents cannot use its financial services;
- Doesn’t support fiat currency deposits;
- A somewhat cluttered user interface, which might feel overwhelming for beginners;
- This CEX has a history of security breaches.
The Bottom Line
If you’re looking for exposure to a wide selection of altcoins and affordable trading fees, then Gate.io could be your pick. It provides many trading options and cryptocurrencies. The exchange has quite a history of security breaches, but it increased its cyber security mechanisms in recent years.
However, as the exchange is not regulated, Canadian residents cannot access its trading services due to the crypto trading regulations in Canada.
But, all’s not lost. You can consider checking out Binance, KuCoin, or Coinbase as an alternative to Gate.io until the exchange achieves broader market freedom and the opportunity to offer its financial services to clients from different countries. These are some of the most popular platforms with the lowest fees in the business, so check out our reviews on them too!
Frequently Asked Questions
Yes. Gate.io engineers have designed a mobile app that stands out for its simplicity and ease of use to provide a more convenient trading process and improve user experience.
The Gate.io app offers simple trading widgets for beginners and more sophisticated functionalities for experienced traders. You can also set up ticker alerts and notifications and use a real-time chart to have a better insight into market conditions. Almost all trading options available on the exchange’s web-based platform can be accessed using the mobile app.
This exchange does not comply with financial regulatory bodies and limits its sphere of operation. Gate.io cannot provide financial services to Canada, the United States, Japan, and several other countries since it’s not a regulated trading platform.