Gate.io is this a scam? Reviews and description

In 2017, the platform underwent a rebranding and changed jurisdiction, moving to the Cayman Islands. This happened because of the strict policy of the Chinese authorities. Let's try to find out, crypto exchange Gate.io - is it a scam or an honest project?

Why Gate.io

Average daily volume cryptocurrency trading at Gate - 500 million dollars a day. Thanks to this, users get liquidity and fast exchange even on unpopular trading pairs. A total of 485 altcoins were listed. The leaders in volume are BTC/USDT, ETH/USDT and ADA/USDT. They account for 22%, 14% and 6% trades respectively. In addition to the usual trading and exchange, users make transactions with leverage. The level of leverage depends on the client's status and average volumes. In addition, the platform features futures on leading assets - Bitcoin, Ethereum, Polkadot, ChainLink.

There are dual-currency products. Gate positions them as an opportunity to earn regardless of the cryptocurrency price. Separately, it is worth mentioning the level of security on the site. In the past, the crypto exchange repelled at least two major attacks of hackers.

Along with this, an additional cryptocurrency lending module has recently appeared on Gate.io, where the lender is the ultimate trader. With this tool, players can lend their saved cryptocurrency to other users and earn additional profits. Within crypto-lending, potential borrowers can enter into contracts without intermediaries, which reduces costs and makes the market fairer.

The trader can manually set the amount of the possible loan, the interest rate, as well as the total duration of the loan. If the client is not aware of the average market rate, the exchange offers to set it automatically according to the current readings of the published loans. If we speak about Crypto Loan, this module provides the pledge for borrowing of other cryptocurrency. In Crypto Lending module trader becomes a lender himself by setting his own conditions.

Cryptocurrency loan from Gate.io refers to digital borrowing, supporting more than 20 tokens. With this feature, traders can lend cryptocurrency with a primary rate of 70% (with a maximum amount of USD 5,000,000). Users can pledge coins with EOS, GT, ETH and BTC tickers. All registered clients of the cryptocurrency exchange can apply for a loan.

Newbies and traders with little trading experience can connect to regular streams from Gate.io. The "Live" section publishes information on upcoming broadcasts, which are only held in Chinese. Speakers talk about the challenges and prospects of the digital economy, important trader skills, and the latest news from the cryptocurrency industry. At the same time, Gate.io publishes archive recordings from the streams and expert videos on various topics. It is possible to watch the broadcast only after registration - the stream is not available in the guest mode.

After the rebranding in 2017, the platform administrators further strengthened security measures. There appeared two-factor authentication, anti-phishing codes, the ability to set a separate password for deposit and withdrawal, and other features. For example, the user can bind the account to its IP address. On the site gate.io Russian is available. But the translation is poorly done - a lot of omissions and distortions. Some sections, such as the FAQ, are not translated at all, even if you select the Russian version (How to make money on cryptocurrency?).

How to exchange cryptocurrency on Gate.io?

Gate.io does not support fiat currencies. It is impossible to exchange cryptocurrency for classic money here. But there are stabelcoins Tether, USDCoin, DAI. In order to exchange a cryptocurrency, the user needs to open the Market or Trading section. In the list that appears, select the desired pair, or enter the ticker of the altcoin in the "Search" field. It is located on the left side of the Trading section. After selecting a cryptocurrency, the user will see a chart of the market rate. Below it, there is an order form. Here, the client can buy or sell the desired cryptocurrency. For example, Ethereum for USDT or USDT for Ethereum. For a regular exchange, a "Limit Order" will do. In this form it is necessary to specify:

• Asset price. This is the value for which the user wants to sell his cryptocurrency.
• The number of coins. Below it there is a scale with percentages, from 25 to 100%. This is a quick selection of the amount. By selecting 25% when exchanging, for example, Ether, the trader will deposit 25% of all available ETH from his deposit into the order.
• The third field shows how many desired coins the trader will receive for the deposited assets. Below you can set up the transaction fee.

After entering the parameters of the order, you need to click "Buy" or "Sell", depending on the type of deal. On the same page, in the "My Orders" section, the status of current transactions and the history of completed exchanges are shown.

Verification on the Gate platform

The site intrusively requires verification of the client's identity. Without it it is impossible to withdraw funds. You can go to the KYC section from your profile by selecting the menu item "Identification" in the list on the left. Then you need to click on "Individual" if the client is a natural person or "Organization" if you want to create an account for a legal entity.

Verification consists of two steps. The first is filling out the form and sending the documents. The form has to be filled out like this:

• Specify the country of citizenship by selecting from the drop-down list.
• Write your full name in the Latin alphabet, as in the passport.
• Write the name again.
• Select the type of document for identification. It can be an ID-card, passport or driver's license. For Russians, driver's license or passport is preferable, because they contain data in Latin alphabet.
• Two scans must be attached to the application form: the front and back side of the document. If you are scanning a passport, you need a scan of the main page, with a photo and passport data.

The second step is to send a picture of the client. You need to take selfies holding the document you attached to the form. The site also requires you to take a paper on which the client's ID on the exchange must be indicated. The ID can be found in the verification section, as well as in the account settings. All uploaded files must be in JPG or PNG format, the weight of the file must not exceed 4 megabytes. According to the exchange, verification will take from half an hour to 12 hours.

Deposit and withdrawal

To deposit funds, you need to go to the profile on the site gate.io and open the "Coin Deposit" menu item. In the Coin list, select the desired cryptocurrency. The exchange will automatically create an address to transfer assets from a third-party wallet.

After that, it remains only to open a wallet and send the cryptocurrency to the address created by the exchange. The transfer is also available with the help of QR-code. To use it, open your mobile wallet and scan the code with a camera. Minimum deposit for major cryptocurrencies:

• Bitcoin - 0.0001 BTC.
• Ethereum - 0.0001 ETH.
• Tether - 0.0001 USDT.
• Litecoin - 0.0001 LTC.

To withdraw, go to the "Coins Withdrawal" section. Here is a list of all available coins and tokens. Using the switch above the list, you can hide wallets with a zero balance and work only with active addresses. In the list, select the asset you are interested in and click on "Withdraw", next to the name of the coin. A form for sending funds will appear. Here you need to:

• Specify the address to which the system should send funds.
• Add a description of the transaction.
• Specify the transfer amount. The fee will be shown below.
• Enter the password to withdraw coins, if any.

Then click the "Submit Request" button. The minimum withdrawal amount for Bitcoin is 0.0150 BTC, the maximum is 100 BTC. The minimum for Etherium is 0.11 ETH, for Tether - 70 USDT.

Cryptoexchange Commissions

As with many competitors, the website gate.io There is a progressive commission scale. The amount of commission charged is reduced if the client accumulates the required volume of trades per month or retains exchange tokens - GT. Discounts are also possible if the total balance of the account is held. The basic rate for both maker and taker - 0.2%. The first discount a client can receive if his trading volume in a month exceeds the equivalent of 1.5 BTC, or 100 GT will be placed on his account. Then maker's commission will be 0.185%, taker - 0.195%. The requirements for the other loyalty levels are shown in the table. Maximum level: trading volume 75 000 BTC, balance 2500 BTC, commission maker - 0,055%, taker - 0,065%.

Withdrawal fees

Gate.io offers competitive withdrawal fees:

• Bitcoin - 0.001 BTC.
• Ethereum - 0.003 ETH.
• Litecoin - 0.01 LTC.
• Ripple - 1 XRP.
• EOS - 0.1 EOS.
• Monero - 0.05 XMR.
• Tron - 0.1 TRX.
• Tether - 3 USDT.

For traders working with Ethereum, Tether and Tron, the site will be one of the most inexpensive options in terms of commission. But the withdrawal in Bitcoin or Monero here is much more expensive than competitors. For example, at Binance users can withdraw BTC by paying 0.0005 BTC for the service.

Gate Bonuses

The crypto-exchange pays attention to various loyalty programs, contests and prizes for its clients. Rewards for activity can be discounts on transactions, GT tokens, increased percentage for farming and internal points.

Tasks for beginners

New users get points if they complete the tasks offered by the exchange. The list of tasks is constantly being updated, but here are a few examples:

• 30 points for the first deposit.
• 30 points for the first deal with an open-ended contract.
• 50 points for three invited referrals.
• 30 points for exceeding the trading volume of 10 BTC.

The points you receive cannot be exchanged for cryptocurrency or sent to anyone. But they can be used to pay commissions, thereby saving money on transactions. Keep in mind that accrued bonuses are not counted in the loyalty program balance assessment.

Voting for the listing

Listing is the procedure for introducing a new cryptocurrency to an exchange to make it available for trading. Gate.io puts some tokens up for voting. If users vote for a particular coin, it will appear on the exchange. At the same time, Gate and crypto-projects hold contests related to the election. For example, voting on the Defi Yield Protocol listing. All participants who vote "yes" will become participants in AirDrop if the token makes it to the exchange. The total amount of the giveaway depends on the number of participants who supported the project's listing.

Reward for raising the level

Earlier we already talked about the loyalty program - by increasing the volume of trades, the client reduces the commission of the exchange. But another Gate bonus program is related to this. A client who increases his level receives an additional reward in the form of points. They also cannot be sold or exchanged, but can be used to cover commission.

Referral program

The site has its own referral program. Users can invite other people and receive a percentage of their trades. The "referral program" here is flexible and can be customized to suit your goals. For example, the system allows you to create not just a referral link to the site, but also to invite a person to a specific section of the site. Whether it's spot trading, futures, or farming, you can select a link to each of Gate's products in the "My Promotional Referrals" menu.

Another setting is the percentage of rewards. It works like this: the invited user gets 30% of commission, and the referral is returned 10% of his commission. This balance can be changed. For example, leave 10% from the award, while 30% return referral. This will make your link more attractive. Or vice versa, you can take all 40% from the commission, while referral will not get anything.

Gate.io complaints

Gate.io is a large exchange with millions of users. Like any large product, it receives positive and negative reviews. Among the disadvantages of the platform, users often name:

• High commissions on Bitcoin transactions, compared to other venues.
• Mandatory identification of the user. There are complaints that the document processing time exceeds the declared maximum of 12 hours.
• No protection for Universal 2nd.
• Periodic problems with the authorities in China, due to which users feel distrustful of the exchange. For example, in September 2020, the Chinese office of the project was searched. Later, it turned out that the police intervention was due to investors' complaints about the decentralized Kimchi project. Its tokens were placed on Gate.

There is no possibility to transfer crypto-assets into fiat currencies and withdraw them into bank accounts.
Otherwise, the platform has won a good reputation. It is known that in the fall of 2018, hackers attacked the exchange in a clever way - they hacked a third-party attendance counter, which they used to spoof the BTC withdrawal page. Exchange administrators quickly responded to the vulnerability and stopped the theft of funds. As of 2021, this is the only successful attempt to hack Gate.

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Crypto exchange regulation

The cryptocurrency marketplace Gate.io is operated by Gate Technology Incorporated. This firm is registered in Singapore, later moved to the Cayman Islands. Thus, Gate is under the jurisdiction of this Caribbean state. Some of its departments are located in China, Singapore and Hong Kong. The administration of Gate.io platform takes the obligation to ensure the safety of customers' financial assets, their personal data, transaction information. Nevertheless, in accordance with the law, Gate is obliged to release the necessary data to law enforcement authorities, if any customer is under investigation.

Read the user agreement at gate.io

Gate.io User Agreement

The User Agreement is published on the official website of the platform. It can be found in the menu at the bottom of the home page. The agreement is available in English. Using the services of the platform and opening an account here, the client automatically agrees with the rules. An important point of the agreement is the acceptance of risks by the client. The user who has made a deposit, must understand the possibility of losing their assets. The exchange is not able to protect him from personal errors related to trading or investment. Also, the platform is not obliged to compensate for losses incurred due to errors in the transfer of funds. That is, if the client gave the wrong address and sent the cryptocurrency to the wrong place - that's his problem.

The agreement confirms that Gate.io is legally located in the Cayman Islands, which means that any legal issues must be resolved in that jurisdiction. The platform itself undertakes to comply with the laws of this state, including the rules against money laundering and terrorist financing. This means that the exchange is obliged to identify the customer and block transactions if it considers them to be criminal. To summarize the main points of the user agreement:

• The client takes the entire service "as is", with all the possible errors and flaws.
• Clients are responsible for their own money, transactions, and transactions on the exchange.
• Clients take their own risks and are responsible for financial losses.
• Users are required to be verified.

If the exchange suspects criminal intent of the transaction, it can block the accounts, without having to prove anything.

Customer Service

The support service accepts requests by e-mail, chat, as well as through the ticket system. Despite the fact that officially the stock exchange supports the Russian language, in practice requests in English are processed several times faster. Contacts for contacting:

• Technical user support: [email protected]
• Business offers: [email protected]
• Chat on the site.
• Feedback form.
• Tickets in your personal cabinet.
• Reference Center.
• Social media.

Gate.io is a scam?

Gate - is one of the largest crypto-exchanges in the world. Every day $500 million worth of transactions pass through it. The platform has existed since 2013 and is located in a popular jurisdiction. The platform is open to the audience. It is followed by 85,000 people on Twitter, and many elements of its code are publicly available on GitHub.

CoinMarketCap rates the exchange at 6.5, which is higher than Huobi Korea, Bithumb, EXMO and OkCoin. Gate.io received the maximum three stars for cybersecurity from CerTified. This exchange is considered a reliable project. The complaints encountered on the Internet are most often related either to technical lapses or to users' own mistakes. But it is important to remember the first rule of an investor - do not keep all assets in one place. Do not place cryptocurrencies for a long time in an exchange account. A "cold" wallet is better suited for such purposes.

Conclusion

Crypto Exchange Gate.io - is an experienced platform offering state-of-the-art features. In addition to cryptocurrency exchange and trading, farming investments and futures transactions are available here. A good loyalty program will help to save on commissions, and a flexible referral system can generate additional income. For newcomers, the site's interface can seem cluttered and confusing. Also, many related products are too risky for inexperienced traders. Therefore the exchange is designed for those who have already worked with less advanced platforms.