Gate.io is one of today’s largest and most trusted electronic trading platforms. According to information gathered by CoinMarketCap, Gate.io is one of the top 10 exchanges with the biggest trading volume in the cryptocurrency market. So, What is Gate.io? Is it difficult to register an account on Gate.io? Let’s read the article below to learn this helpful information.
What is Gate.io?
Gate (Gate.io) is a centralized cryptocurrency exchange (CEX) established in 2013. As per CoinMarketCap data, Gate.io has consistently maintained a position in the top 10 cryptocurrency exchanges regarding trading volume throughout its almost 10 years of operation.
In addition to supporting spot trading, Gate.io offers a wide range of different transaction types, including leverage, margin, and futures trading, to satisfy user demands.
Some basic information about Gate trading platform:
- Name: Gate.io.
- Service: Cryptocurrency exchange.
- Established: April 2013.
- Founder: Lin Han.
- Headquarters: Cayman Islands.
- Website: https://www.gate.io
What does Gate.io offer?
Gate.io provides the following services:
- Buy Crypto: Purchase and sell fiat currency quickly. Supports many fiat currencies and fast payment methods.
- Spot, Margin, and ETF: Gate.io provides trading services for hundreds of cryptocurrencies, including BTC, ETH, and BNB. It also assists in leverage and ETF trading.
- Perpetual Contract: Two-way positions are supported in futures contract trading, with a maximum leverage of 100 times. You can increase your income by making Long/Short orders.
- Copy Trading: A variety of copy trading strategies are available on Gate.io. You can also duplicate the trading strategies of others.
- Gate.io Finance: This is a one-stop integrated financial services center, financial services such as Hodl & earn, fiat loans,…
- News: This exchange combines many different sources to support information exchange channels and services, including chat rooms and status updates.
The advantages and disadvantages of Gate.io exchange
Do you currently understand what Gate.io is? Let’s examine the benefits and drawbacks of Gate.io together to get a more complete understanding of this cryptocurrency exchange.
Presently, numerous clients believe that the Gate.io trading platform is the electronic trading platform offering the greatest advantages to users. The following are typical benefits.
Benefits:
- High security: This is demonstrated by the fact that Gate.io consistently supports users with account security such as 2FA features, trading passes, phone number verification, and identity verification.
- No deposit fees: This is the most outstanding feature of this Gate.io exchange, which means no costs are caused by making a coin deposit into Gate.io.
- Fast and smooth web loading speed: If you have ever visited Gate.io’s website, you certainly cannot deny this. As a result, buy and sell orders can be placed faster and without a wait.
- The trading app is available on mobile phone: Recently, Gate.io released a trading version for PCs running Windows and smartphones with built-in support for iOS and Android operating systems.
- Margin trading support: Gate allows investors to trade on margin with 3X leverage.
- Language support: Besides international languages such as English, Hong Kong, Chinese, Korean… The Gate trading platform also has the Vietnamese language.
- Variety of Trading: Gate offers a wide range of additional stop/loss support orders for users to experience in addition to the standard buy and sell orders.
- Support many Coins and Tokens: Besides all of the major coins, the Gate.io exchange also supports new tokens unavailable on other major exchanges. Most of which are tokens from ICO.
Moreover, Gate.io assists in a wide range of channels and services to its users, including email, Facebook, Telegram,… In case of a problem arises you will be assisted immediately by gate.io staff.
Drawbacks
Although Gate.io has a lot of great benefits, it also has some drawbacks. Usually as:
- Lack of clarity and detail regarding the development team and the company.
- Does not support transactions with Fiat (Fiat currency USD, VND).
- High transaction fees.
- Gate.io was once hacked. However, the Gate exchange has been upgrading its security technology to a fairly advanced level at this time.
- On Gate.io, the KYC procedure is a little trickier than on other exchanges. I found that it took longer to approve KYC information when I completed it.
Instructions for registering a Gate account
Prepare before registering
Review the following list and prepare a few things in advance to speed up the registration process:
- Email address
- Phone number
- Identification card (ID), passport or driver’s license.
Sign up for a Gate account
Step 1: Visit the Gate.io account registration page at: https://www.gate.io/
Step 2: Choose account registration method by Email or phone number. In this tutorial, I decided to sign up using my email. Fill in all required information, including:
- Email address
- Password
- Checking the box below to agree to the terms of service and privacy policy of the exchange.
Step 3: Select Sign Up
Step 4: Verify and finish the account registration process by entering the 6-digit code provided in the email containing a code for confirmation sent by Gate.io.
Steps to register a Gate.io account
Identity verification (KYC) on Gate exchange
To engage in exchange transactions, users must complete identity verification (KYC) after making an account on Gate.io.
Step 1: Choose Verify Now.
Identity verification steps (KYC) on Gate.io platform
Step 2: Choose your Country of Residence and Nationality, type your ID number and entire name. Click on Next.
Step 3: Select a facial recognition method, such as:
- Facial Recognition with PC camera
- Scan code with Gate.io APP (by smartphone)
- Gesture recognition
Users only need to take a photo of the front and back of the ID card and a portrait of their face. After that, click Submit to send the request for identity verification and wait for its approval.
The steps for identity verification (KYC) on the Gate.io platform
Setting Fund Password
After KYC verification, Gate.io requires users to set a Fund Password in order to protect user assets. When users transfer money, this password will be used as a layer of security
Step 1: When the pop-up interface requesting that you set a fund password appears, select Go to Settings.
Step 2: Make sure the password you enter is at least six characters long and differs from the one you used to log into your account
Step 3: Confirm password.
Step 4: Select Send Email code and enter the 6-digit code sent to the email address.
Step 5: Confirm & Modify.
Steps to set a fund password for Gate.io
Enable 2FA security
Bybit accounts will have an additional layer of security when Two-Factor Authentication (2FA) is implemented.Most exchanges advise users to activate 2FA in order to provide increased security for their assets. Bybit exchange uses 2FA codes from Google Authenticator.
Step 1: In the Profile section, select Security Settings.
Step 2: In the Google Authenticator box, select Turn on.
Steps to activate 2FA on Gate.io
Step 3: Use your Android or iOS phone to download the Google Authenticator (GA) app by scanning the QR code in the first step.
Step 4: Scan the QR code in 2nd step to link with GA and create a 2FA code for your Gate.io account.
Step 5: In the Email box, select Send Code to receive a 6-digit code to the user’s email address. Then enter that code in the Email box.
Step 6: In the Google Authenticator(TOTP) box, enter the 2FA code for Gate.io displayed on the GA application.
Step 7: To finish enabling 2-layer authentication for Gate assets, choose Confirm.
Instructions for using the Gate trading platform
Deposit & withdraw on Gate.io
To deposit coins into Gate, follow these steps:
- Step 1: In the Wallet section, select Onchain Deposit.
- Step 2: Decide which coin to deposit.
- Step 3: Select the coin’s Network.
- Step 4: Send coins to the wallet address (Address) shown below. To prevent asset loss, make sure you send the correct coin and network.
Steps to deposit coins on Gate.io
To withdraw coins from Gate exchange, perform the following steps:
- Step 1: In the Wallet section, select Onchain Withdraw.
- Step 2: Decide the coin you want to withdraw.
- Step 3: Enter the wallet address you want to withdraw coins from.
- Step 4: Select the coin’s Network.
- Step 5: Enter the amount of coins you want to withdraw and select Next.
- Step 6: Enter the fund password and 2FA code to confirm the coin withdrawal transaction.
Steps to withdraw coins from Gate.io exchange
Buy and sell Bitcoin & Altcoin on Gate.io
I’ll walk you through Spot Trading, the simplest method of buying and selling in this section.
Step 1: In the Trade section, select Spot and enter the coin you want to trade.
Step 2: In the placing trading order area, select Buy or Sell.
Step 3: Select the type of trading order you want to place, including:
- Limit Order: Allows users to set their desired buy/sell price. A Limit Order is only executed when the market price reaches the predetermined limit price
- Market Order: Allows users to buy an asset at the time of placing the order. Market order transactions are typically matched right away and prioritized among other orders waiting for matching.
- Stop-Limit Order: This order will have 2 price levels: Stop price and Limit price. The limit order will be promptly posted to the order book and await order matching once the price reaches the stop price.
Step 4: Choose the price you want to place the order.
Step 5: Enter the quantity you want to place an order.
Step 6: Select Buy or Sell.
Steps to buy (or sell) coins on Gate.io
Guidelines for using the margin trading feature on Gate.io
Users need to borrow additional coins in order to trade margin on Gate.io. In this section, I take the BTC/USDT pair as an example.
Trade margin interface on Gate.io
Borrow coins
Step 1: Transfer coins from Spot trading account to Margin account:
Choose Transfer from the Wallet section, then provide the following information:
- From: Select Spot.
- To: Choose Isolated Margin.
- Coin: Select the trading pair and coin you want to transfer (BTC).
- Amount: Enter the amount of coins you want to transfer.
Choose Confirm
Steps to transfer coins from Spot account to Margin
Step 2: Get additional Bitcoin loans.
- Click Margin in the Trade section.
- Point at the BTC/USDT trading pair, then choose Loan and BTC.
- Choose BTC coin and input the desired amount of BTC to borrow in the Borrow section.
- To finalize the loan, click Confirm.
Steps to borrow coins on Gate.io
Nevertheless, users ought to comprehend the fundamentals of coin borrowing on Gate.io.
Users of the Gate.io platform can margin x3 times their initial capital. Accordingly, if a user has 2 BTC, the maximum quantity that can be borrowed is 4 BTC (a total of 6 BTC can be deposited), and cannot borrow more than the limit.
Users who borrow any coin have to pay back that coin.
- Amount to pay = loan + interest.
- Interest = loan amount x interest rate x number of days.
Every 24 hours counts as a day. The platform will still count 1 day even if the loan period is shorter than 24 hours and the user has paid the loan.
Margin trading
Users can begin margin trading on Gate.io by completing the similar steps below after completing the additional BTC loan:
Step 1: At the trade margin interface, point to the trading pair, select Futures and BTC/USDT.
Step 2: When placing an order, users can select:
Leverage level: Between 1x – 125x.
Trading orders: Limit, Market or Conditional. Specifically, in the case of Conditional Orders, users must establish a trigger price before the order can be considered formally placed.
Price: Order price.
Size: Amount of BTC you want to place an order.
Place a Buy (Long) or Sell (Short) order.
Users also need to be aware of the following options:
Post-Only: Option that appears when placing Limit Orders or Conditional Orders. Post-Only guarantees that the user’s Limit Orders are entered into the Order Book. Thus, users will receive a Maker rebate. The order will be canceled if it matches right away.
Reduce-only: Reduce-Only will make sure that no position order is accidentally placed in case the user’s position is closed/stopped, or liquidated.
Steps to trade margin on Gate.io
Frequently asked questions on Gate.io when trading coins
Should people trade on Gate.io?
Gate.io consistently receives great reviews and is among the top 10 cryptocurrency exchanges worldwide. In addition to having a user-friendly interface for newbies, Gate.io offers simple and fast account registration, KYC verification, and transaction processes.
As mentioned at the beginning, Gate supports over 1,700 cryptocurrencies, and offers a range of features for all users’ needs and experiences in the cryptocurrency market, from beginners to experts, such as spot trading, margin, contracts, lending, borrowing…
Users can lock their tokens for a period of time to receive interest and make profits by using the services in the HODL & Earn section.
Is the Gate.io platform reliable and secure? Has Gate.io been hacked yet?
Gate.io was last hacked in January of 2019. At that point, there was a 51% attack on the exchange, which led to losses of up to 40,000 ETC, or roughly 200,000 USD.
Having learned from the attack, Gate.io has added additional security layers to user accounts, requiring the creation of two passwords, turning on 2FA authentication, KYC verification, simultaneously, the exchange commits to 100% being tested for Proof of Reserves.
Besides, Gate.io also can prove to users its reputation throughout its ten-year operation.
However, in order to reduce the risk of asset loss, users should only:
Store a small quantity of cryptocurrency assets on the exchange (since the exchange may have control over the assets in the wallet).
Withdraw most of your assets to a non-custodial wallet like Coin98 Wallet to have full control over your assets
Is Gate.io a scam?
Gate Exchange returned all assets to damaged accounts after a hacking incident in 2019. Consequently, no user has been defrauded by the Gate.io exchange since it began operating.
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