Gate.io review
- Regulator registration
- None
- Supported assets
- 2446
- Fiat currencies
- 64
Our verdict
Gate.io lets you buy and sell a wide range of cryptocurrencies, but is it the right platform for you?
Gate.io is a fully-featured exchange targeted at experienced traders or those seeking a massive range of cryptocurrencies.
There are over 2440 cryptocurrencies available to trade which makes it one of the biggest exchanges in the world for altcoin trading.
There are also a number of advanced trading features, earning options and lending available. Trading fees are as low as 0% for selected pairs on the spot market.
Gate.io is a crypto-to-crypto trading platform which means it does not support AUD trading. You can still purchase crypto with a credit or debit card by using a third-party service like Banxa, which will deposit your purchased crypto into your Gate.io account for trading.
Customer service is lacking, and you will be directed to a chatbot first. You can speak with a human on request although there is some difficulty communicating as English does not appear to be the primary language used by staff.
Gate.io is not registered with AUSTRAC. This means there is no regulatory oversight of the platform in Australia which increases risks of using it.
- If this is your first exchange: Gate.io is likely too complicated for you and is unregulated. There is no way to deposit fiat without using a third-party service, so you must already own crypto to trade on the platform. You are likely better served with a regulated exchange that accepts fiat deposits unless there is a specific asset on Gate.io you want.
- If you're switching exchanges: Gate.io has an enourmous number of trading pairs and many passive income earning features. Withdrawals can be expensive, but if there is a small cap asset you are interested in, it is likely on Gate.io.
Pros
-
Earn passive income. Gate.io has a number of earning options available including lending, staking and liquidity pools.
-
Low fees. Gate.io spot market fees are as low as 0% for a large number of popular trading pairs.
-
Lending services. You can borrow against your cryptocurrency holdings.
-
Feature-rich. Gate.io has a huge range of features which make it a one-stop-shop for altcoin trading.
Cons
-
Not regulated. Gate.io is not regsitered with AUSTRAC, which is the regulatory body for Digital Asset Exchanges in Australia.
-
Poor customer service. User reviews on websites like TrustPilot report poor customer service.
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Poor UX. Some parts of the interface are poorly designed and at language is at times unclear.
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High withdrawal fees. Withdrawal fees for some cryptocurrencies can be quite high.
Details
Product details
| Product Name | Gate.io |
| Fiat Currencies | AUD, USD, EUR, GBP, CHF, NZD, JPY, HKD, CNY, ZAR & 54 more |
| Cryptocurrencies | BTC, ETH, ETC, XTZ, CLV, EOS, OMG, BNB, LTC, LUNA & 2437 more |
| Deposit Methods |
Bank transfer Credit card Cryptocurrency Debit card PayID |
| Trading Fee |
Maker: 0.20 – 0.055% Taker: 0.20 – 0.065% |
| Deposit Fees | None |
| Withdrawal Fees | Cryptocurrency: Fees vary |
Ratings breakdown: How we scored Gate.io
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
How we rate our crypto exchanges and platforms
Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology for more information.
Our score and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.
About Gate.io
Gate.io is a crypto-to-crypto exchange platform that started in 2013 as Bter.com before rebranding to Gate.io in 2017. The exchange was originally based in China, but has since moved to the Cayman Islands.
Gate.io is not registered with AUSTRAC.
Gate.io supported assets
Gate.io supports over 2445 cryptocurrencies. In total, Gate.io carries 19 of the top 20 cryptos by market cap.
Popular assets on Gate.ioGate.io fees review
Deposit and withdrawal fees
| Transaction type | Fee |
|---|---|
| Deposit funds | None |
| Withdraw funds | Cryptocurrency: Fees vary |
Gate.io uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee.
| Type | Fee |
|---|---|
| Maker | 0.20 – 0.055% |
| Taker | 0.20 – 0.065% |
Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.
Gate.io deposit methods
- Bank transfer
- Credit card
- Cryptocurrency
- Debit card
- PayID
How to sign up on Gate.io
Before you can get started trading on Gate.io, you'll have to go through a Know Your Customer (KYC) verification process (which usually involves proof of identification).
- Get started
Visit Gate.io's site. After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your Gate.io account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on Gate.io.
About the Gate.io app
The mobile app is designed for easy and convenient trading and provides access to most of the same features as the desktop exchange.
You can customize your dashboard to get crypto market insights, and set automatic buys and price alerts.
The platform includes access to a number of markets, advanced order types, earning and lending.
| App store | Rating | Total reviews |
|---|---|---|
| Google Play | 3.3 stars | 51.8k reviews with 500m downloads |
| Apple Store | 3.7 stars | 244 reviews |
Is Gate.io safe?
Gate.io not registered with AUSTRAC. This means it is not subject to the laws and regulations that apply to Digital Currency Exchanges in Australia. Despite this, Gate.io receives a trust score of 9.10 from CoinGecko and a AAA security rating from cer.live.
Past hacks
Gate.io was hacked in 2018 for approximately $234.33 million worth of assets. Some reports claim that this was done by North Korean hackers, who are infamous for targeting cryptocurrency exchanges.
Gate.io was also hacked in 2015 when it operated as bter.com. Approximately 7,170 BTC was stolen from the platform's cold wallets. The company announced that affected users would be repaid in batches using the exchange's future profits in conjunction with a BTC loan they received.
Security audits
There have been no audits of the exchange's security systems. In 2020, the company had an audit to prove Bitcoin and Ethereum reserves done by Armanino. It proved it had the reserves to cover customers' holdings. However, it is the only asset it has had audited, and it proves nothing about the security of the exchange.
Insurance
There is no insurance provided for users of Gate.io. However, in instances where users' accounts were affected, the company reimbursed them out of pocket.
Keeping your crypto secure
All centralised exchanges, including Gate.io, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $129 |
Price (USD) $49.99 |
See more of the best crypto wallets
Gate.io customer support
Gate.io offers little in the way of customer support. There is a live chat option that initially directs you to the FAQ. Failing to find an answer in there, you can talk to a bot. If that doesn't solve the issue, then users can choose to speak to a human who responds fairly quickly (under 2 minutes when requested by Finder). The only other contact is by email.
Both methods of customer service have been rated poorly by sites such as Trustpilot. Poor reviews indicate a lack of helpful answers, or really slow response times. Users are advised to do due diligence before registering for any exchange, including Gate.io.
If customer service is important to you, you might want to consider an exchange with local customer support such as CoinSpot, Swyftx or Coinstash.
How to reach Gate.io customer support
- Contact form
- FAQ page
- Live chat
- Telegram
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James Finder
Cryptocurrency editor
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