Gate.io Review (Sep 2022): Why We Don’t Like It

June 2, 2022
Reviews

Gate.io is a Chinese cryptocurrency exchange that is one of the oldest in the market, being founded in 2013. It has thousands of supported cryptocurrencies, as well as a plethora of advanced trading features, such as spot trading, futures trading, leverage trading, crypto loans and crypto staking. However, its interface is unintuitive, and both the U.S. and Canada are on the list of the platform's prohibited countries, meaning that using this crypto exchange anywhere across North America is unadvisable.

Instead, I recommend CoinSmart, Bitbuy, or Newton, since they all offer more features and charge lower fees than Gate.io. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms.

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Offer ends September 31, 2022.

What Is Gate.io?

Gate.io is one of the oldest cryptocurrency exchanges today, and it's also the second-largest exchange in the world in terms of daily trading volume. The platform is a Chinese exchange that was founded by Lin Han in 2013, but due to the country's increased regulation of cryptocurrencies, the platform relocated to the Cayman Islands in 2017.

Gate.io currently offers support for more than 3,700 crypto tokens, making it easily one of the largest arrays of supported cryptocurrencies in the market today. The platform also has a myriad of different trading features, some of which include spot trading, leverage trading, futures trading, crypto staking, and many more.

To start off this Gate.io review, let’s take a deeper look at Gate.io’s pros, cons and features.

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    I bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
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Gate.io Pros & Cons

Gate.io Pros

  • A huge array of supported cryptocurrencies (3,700+).
  • A wide variety of trading features, such as spot trading and futures trading.
  • Competitive trading fees (0.20% for maker and taker fees at its lowest tier).
  • Has its own crypto token, GateToken (GT), and holding GT will reduce trading fees further.
  • Great exchange security.
  • A wide array of supported fiat currencies (50+).
  • “Big Data” Market Tracker gives very helpful insights into any market you choose.

Gate.io Cons

  • Not available for Canadian users.
  • Complicated and unintuitive crypto exchange platform.
  • Customer support is somewhat lacking.
  • Unintuitive mobile app.
  • Account verification can take days to complete.

Gate.io Features

1. Gate.io Desktop Platform

Gate.io has a pretty advanced trading platform that has a plethora of trading features, including spot trading, margin trading, token leverage trading, futures trading, perpetual trading (basically futures trading, but without settlement dates to worry about), and many more. Advanced crypto traders are going to have a blast using Gate.io, but the newer-to-intermediate crypto traders will have a rough time adapting to such a level of variety. Additionally, the platform's design is not user-friendly, and it'll take some practice to get used to using the exchange.

Gate.io allows you to conduct crypto-to-crypto trading through its spot trading platform, and it has a neat feature known as Flash Swap, which allows you to swap your crypto holdings for another cryptocurrency in as little as a single click, for free. Gate.io also has its own NFT marketplace, and it even has a novel feature known as copy trading, where you can literally copy the trading strategies of the exchange's top traders.

As for the exchange fees, you can expect to incur a maximum of 0.2% for maker and taker fees with Gate.io, which is great. In addition, you can reduce these fees even more by having crypto holdings in the exchange's native token, the GateToken (GT).

2. Gate.io Mobile App

Gate.io also has its own mobile app, which is available for Android and iOS devices, and the app will let you do everything that you can do on the desktop platform, making it one of the most versatile crypto apps around. However, as expected, this will also make the mobile app overwhelming to use, as the desktop platform is already filled to the brim with advanced trading features and charting.

As for the app's ratings, it has 4.4 out of 5 stars based on 24,000 reviews on the Google Play Store, and 2.9 out of 5 stars based on 1,000 reviews on the Apple App Store, indicating mixed user satisfaction with the mobile app. Common critiques of the app include the presence of advertisements as you open and use the app, as well as a faulty login system. Hearing such complaints from a crypto exchange is almost unthinkable in this day and age, and it makes using the app sound unpleasant.

3. Gate.io Security Features

Security is definitely one of the departments where Gate.io shines. They've added quite an array of security features to keep your funds and crypto holdings safe: for instance, their trading system has been developed entirely from scratch, and it regularly goes through security audits by professional auditing companies, passing their security tests frequently.

Additionally, they use a Web Application Firewall (WAF) to deal with security vulnerabilities and data tampering, and whenever a threat is found, the firewall will automatically turn itself on. The exchange also uses third-party cloud security defence services to detect suspicious activity and attacks, and the exchange even has anti-DDoS countermeasures in place.

As for account security, you'll be able to set up two-factor authentication (2FA) through Google Authenticator (even though this is not a mandatory security feature), anti-phishing codes, IP address monitoring, email and SMS verification, Gate UKey/Yubikey protection, and security logs as well. Taking all of this into consideration, Gate.io is one of the safest crypto exchanges to use.

However, be aware that Gate.io's funds are not insured, and they're not a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) or with the Ontario Securities Commission (OSC). This is to be expected, though, as Gate.io is currently not operating in Canada.

4. Gate.io Customer Support

Gate.io is somewhat limited in terms of customer support channels you can use to communicate with them. You can send them an email and you can reach them through their live chat feature, but they don't seem to have any phone support and they also don't list their working hours, meaning that it's hard to predict when you'll be able to get help with your inquiries.

The platform also has an extensive FAQ section, as well as a cryptopedia that will give you extensive information on a myriad of crypto terminology. They also have a social media presence, and you'll be able to communicate with them through channels like Telegram, Twitter, Facebook, YouTube, Instagram, Reddit, and more. The kind of customer support you can get from social media channels is limited, however, so I'd recommend sticking to the channels I've listed below.

  • Email: support@mail.gate.io
  • Live chat: Available

5. Gate.io “Big Data” Market Tracker

One unique feature that Gate.io offers is its “Big Data” Market Tracker, which allows you to see indexes on market fear and greed as well as other data such as liquidations and contract positions. This means that you can monitor how people feel about different crypto markets at any moment, which can be quite an enlightening experience if you haven't studied a crypto market before.

Very few crypto exchanges offer a feature like this one, and considering how easy it makes predicting the behaviour of a crypto market, it's almost criminal that it's not a widespread functionality.

Cryptocurrencies On Gate.io

Gate.io offers support for more than 3,700 crypto coins, easily making it one of the largest arrays of supported cryptocurrencies in the crypto exchange market. Crypto investors looking to invest in unknown altcoins before the masses will find Gate.io's selection to be extremely useful.

Among the most popular cryptocurrencies supported by Gate.io, you can find tokens like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), USD Coin (USDC), XRP (XRP), Solana (SOL), Terra (LUNA), Cardano (ADA), and Polkadot (DOT).

Gate.io Fees

Trading Fees

Gate.io has a VIP tier fee structure that will be lower depending on your GT holdings and your trading volume. It looks something like this:

Tier30-Day Trading Volume/GT Holding RequirementGT Holding OnlyTotal Holdings (Account Value)Maker Fee (Standard vs. GT Debit)Taker Fee (Standard vs. GT Debit)
VIP 060,000 USD / 0 GT0 GT0 USD0.2% / 0.15%0.2% / 0.15%
VIP 160,000 USD / 20 GT100 GT2,000 USD0.185% / 0.139%0.195% / 0.146%
VIP 2120,000 USD / 50 GT300 GT4,000 USD0.175% / 0.131%0.185% / 0.139%
VIP 3240,000 USD / 200 GT1,000 GT10,000 USD0.165% / 0.124%0.175% / 0.131%
VIP 4500,000 USD / 500 GT2,500 GT20,000 USD0.155% / 0.116%0.165% / 0.124%
VIP 51,000,000 USD / 1,000 GT5,000 GT40,000 USD0.145% / 0.109%0.155% / 0.116%
VIP 63,000,000 USD / 2,000 GT12,000 GT100,000 USD0.135% / 0.101%0.145% / 0.109%
VIP 78,000,000 USD / 5,000 GT25,000 GT200,000 USD0.125% / 0.101%0.135% / 0.101%
VIP 820,000,000 USD / 10,000 GT50,000 GT400,000 USD0.115% / 0.06%0.125% / 0.094%
VIP 950,000,000 USD / 20,000 GT120,000 GT1,000,000 USD0.105% / 0.05%0.115% / 0.086%
VIP 10100,000,000 USD / 40,000 GT250,000 GT2,000,000 USD0.095% / 0.04%0.105% / 0.058%
VIP 11120,000,000 USD / 50,000 GT500,000 GT4,000,000 USD0.085% / 0.01%0.095% / 0.045%
VIP 12240,000,000 USD / 50,000 GT1,000,000 GT8,000,000 USD0.075% / 0.005%0.085% / 0.037%
VIP 13440,000,000 USD / 50,000 GT2,000,000 GT16,000,000 USD0.065% / 0%0.075% / 0.03%
VIP 14800,000,000 USD / 50,000 GT4,000,000 GT30,000,000 USD0.055% / -0.005%0.065% / 0.025%
VIP 151,600,000,000 USD / 50,000 GTN/A60,000,000 USD0.055% / -0.0075%0.065% / 0.022%
VIP 163,000,000,000 USD / 50,000 GTN/A100,000,000 USD0.055% / -0.01%0.065% / 0.02%

Deposit & Withdrawal Fees

Gate.io has no deposit fees, but it does have a few withdrawal fees you'll need to be aware of. Here are the withdrawal fees for some of Gate.io's most popular tokens, as well as their withdrawal limits:

CryptocurrencyWithdrawal FeeWithdrawal Limit
Bitcoin (BTC)0.001 BTC (~50.56 CAD)100 BTC
Ethereum (ETH)0.011 ETH (~41.29 CAD)3,000 ETH
Tether (USDT)40 USDT (~50.96 CAD)300,000 USDT
Binance Coin (BNB)0.005 BNB (~2.57 CAD)10,000 BNB
USD Coin (USDC)2 USDC (~2 CAD)100,000 USDC
XRP (XRP)2.8 XRP (~2.5290272 CAD)80,000 XRP
Solana (SOL)0.049 SOL (~6.32149 CAD)2,000 SOL
Terra (LUNA)0.054 LUNA (~6.27534 CAD)96,000 LUNA
Cardano (ADA)2.2 ADA (~2.51 CAD)500,000 ADA
Polkadot (DOT)0.11 DOT (~2.6466 CAD)20,000 DOT

3 Exchanges I Recommend Over Gate.io

Gate.io isn’t a bad exchange, but it’s also not the best in Canada: its user interface is difficult to use (especially for beginners), and because Canada is on its list of prohibited countries, creating an account with this exchange is unadvisable as you could be subject to account blocking without warning.

That’s why I recommend any of these three exchanges over Gate.io:

  1. CoinSmart: With trading fees of just 0.2%, quick deposits and withdrawals, and best-in-class customer support, CoinSmart is my go-to exchange for making large purchases due to its extremely low fees. Get your $50 signup bonus with CoinSmart here.
  2. Bitbuy: With trading fees ranging from 0% – 1.5%, tight spreads, and a well-rated mobile app, there's no questioning why Bitbuy is one of the most popular exchanges in Canada. Get your $50 signup bonus with Bitbuy here.
  3. VirgoCX: With support for more than 50 cryptocurrencies, instant account verification, and a beautiful website and app, I recently signed up with VirgoCX and have been pleasantly surprised every step of the way. Get your $30 signup bonus with VirgoCX here.

Here's a quick summary of these three exchanges:

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 bonus ends September 31, 2022.

★★★★★

Rated 4.9/5

Low Fees

Trading fees: 0% – 1.5%
Security: 99% cold storage
Signup bonus: $50

$50 bonus ends soon.

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5

How To Withdraw From Gate.io

To withdraw fiat (cash) from Gate.io, follow these steps:

  • Log in to your account and go to “Wallet” – “Withdraw”. Make sure that “To Address” is selected
  • Choose the fiat currency you wish to withdraw.
  • Fill in the address, Address Deion (optional), tag, amount, fund password, SMS code, email code, and TOTP/Gate authenticator code (if TOTP has been set up).
  • Click on “Submit request”.
  • After clicking on “Submit request”, you will be asked to check all information and confirm the withdrawal.

To withdraw crypto from Gate.io, follow these steps:

  • Log in to your account and go to “Wallet” – “Withdraw”. Make sure that “To Address” is selected
  • Choose the crypto coin you wish to withdraw.
  • Choose your preferred chain.
  • Fill in the address, Address Deion (optional), tag, amount, fund password, SMS code, email code, and TOTP/Gate authenticator code (if TOTP has been set up).
  • Click on “Submit request”.
  • After clicking on “Submit request”, you will be asked to check all information and confirm the withdrawal.

In Summary

Gate.io is a Chinese cryptocurrency exchange that is one of the oldest in the market, being founded in 2013. It has thousands of supported cryptocurrencies, as well as a plethora of advanced trading features, such as spot trading, futures trading, leverage trading, loans and crypto staking. However, its interface is unintuitive and both the U.S. and Canada are on the list of the platform's prohibited countries, meaning that using this exchange anywhere across North America is unadvisable.

Instead, I recommend CoinSmart, Bitbuy, or Newton, since they all offer more features and charge lower fees than Gate.io. For the best possible crypto trading experience, you can’t go wrong with any of these three platforms.

CLAIM MY $50 BONUS
Offer ends September 31, 2022.

Gate.io FAQs

Is Gate.io Safe & Secure?

Yes, trading with Gate.io is completely safe and secure. They've developed their trading system entirely from scratch, regularly pass security tests and audits, and have their own Web Application Firewall (WAF) system.

Is Gate.io Legit?

Yes, Gate.io is legit for several reasons: it's the second-largest crypto exchange in the world in terms of trading volume, it has 10 million users worldwide, and it goes through security audits regularly as well.

Is Gate.io Legal In Canada?

No, Gate.io is not legal to use in Canada. In fact, Canada is one of the prohibited countries currently listed in their User Agreement, alongside the U.S. and several others.

Is Gate.io Trustworthy?

Yes, Gate.io is a trustworthy exchange for several reasons: it has an extensive KYC procedure that you need to complete before being able to withdraw any funds, it has millions of users worldwide, and it has third-party cloud security defence services.

Does Gate.io Verify Accounts Instantly?

No, Gate.io does not verify accounts instantly. If your account needs to go through the verification process, these are the documents you’ll need to provide:

  • Full legal name (twice).
  • Your ID information.
  • Photos of both sides of your ID card.
  • Photo of yourself holding your ID.

For Level 2 KYC verification, you'll need to provide the following on top of the documents we covered above:

  • 4 photos of you posing in different gestures that follow the last 4 digits of your UID.

OR

  • Facial recognition through the Gate.io platform (either through your PC's camera or your mobile's camera).

Is Gate.io Good For Canadians?

No, Gate.io is not a good exchange for Canadians, mainly because the platform doesn't operate in the country. If you’re looking for the best overall trading experience, I recommend using CoinSmart, Bitbuy or Newton instead. Each of them offers quite a bit more than Gate.io, and I’m confident you’ll have a better experience with them.

How Well Is Gate.io Reviewed On Reddit?

Reddit’s review of Gate.io is uncertain: some Redditors have good things to say, while others don’t. Of course, Redditors are known for their brutally honest opinions, so take what they say with a grain of salt.

Can I Buy Dogecoin With Gate.io?

Yes, you can buy Dogecoin with Gate.io. If you want to buy Dogecoin through a crypto exchange that is fully regulated in Canada, though, I suggest using CoinSmart, Bitbuy or Newton instead.

Is Gate.io Insured?

No, Gate.io’s crypto holdings are not insured.

Gate.io Referral Code

You don’t need a referral code to get your signup bonus with Gate.io. Simply sign up using our signup bonus link and then deposit $100 or more into your account.

Does Gate.io report to the CRA?

No, Gate.io doesn't report to the Canada Revenue Agency (CRA). In fact, Canada can be found on the list of prohibited countries on Gate.io's User Agreement, meaning that they have no intentions of working in the country and/or with any of its regulatory entities.

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