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Gate.io Review - is it scam or safe?

Gate.io Review - is gate.io scam or good cryptocurrency exchange?

RATING: 3 / 15 REVIEWS

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts

 

Account type Minimum deposit Leverage Fee
Standard Undisclosed 1:1 0.2%*

 

*Withdrawal fees also apply.

 

A new crypto-exchange on the scene, Gate.io appears to offer a single account type with that has no margin trading options. This is the case with most such venues, which is not surprising, given the volatility of digital coins and the fact that leverage adds additional risks.

 

The company. Security of funds

 

Company

Country

Regulation

Gate Technology Incorporated

US

N/A

 

Gate.io is a newly-launched crypto-exchange that offers trading in more than 20 digital coins. The website is available in English and Chinese, so we suppose it also targets Chinese crypto investors This is not surprising as most large exchanges allegedly stopped trading by the end of September 2017, after the government banned Bitcoin and other digital coins.

 

The company operating the Gate.io brand and website is based in Virginia, US, but is not overseen by the local financial watchdogs, nor holding a NY Bitlicense (which is quite controversial). Although this not unusual for cryptocurrency exchanges, you should keep in mind that when dealing with unregulated companies, you are exposed to a counterparty risk.

 

>> 10 regulated brokers offering bitcoin trading <<

 

In terms of security features, Gate.io appears to be offering the usual fare of encrypted cold storage and also provides two-factor authentication.

 

Given its brief history, it is not surprising that this crypto-exchange has not yet been hacked. Besides, there aren’t any user reviews yet.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

Gate.io does not offer trading (fiat) currencies against digital coins, but only inter-cryptocurrency trading. Digital coins are also paird with USDT - a digital asset, backed by US dollars, which aims to keep a 1:1 price ratio). Major exchanges like Poloniex and Bittrex also support USDT.

 

The list of coins available at Gate.io includes, but is not limited to Bitcoin, LiteCoin, Ethereum, Qtum, OmiseGo, Dash, Ripple, EOS, Zcash, Doge Bat, etc. Trading instruments are grouped into several categories: USDT Markets, BTC Markets, ETH Markets. There is also an option to customize your own group, My Markets.

 

Currently, the most traded pair on Gate.io is QTUM/USDT.

 

Minimum initial deposit

No minimum deposit level is specified by Gate.io. Although this is not unusual in the crypto world, most forex brokers (some of which allow trading in Bitcoin and other digital coins) usuallyspecify an initial amount required to open an account with them on their websites.

 

Leverage

As we have already mentioned, leveraged trading is not supported by Gate.io. If you are sure you understand the risks involved in margin trading and really want to use some leverage, you can check out Kraken.

 

>> Brokers offering leveraged Bitcoin trading <<

 

Besides, all forex brokers that offer Bitcoin CFDs, like easyMarkets or IG, also provide leveraged trading. Keep in mind that with such brokers you are only be trading a financial derivative and not own the actual coins.

 

Fees

Overall, the fees provided by Gate.io are in line with offerings by other cryptocurrency exchanges. A fee of 0.2% applies to all trades executed on Gate.io:

 

 

In addition, withdrawal fee is deducted from the amount of the asset you request to withdraw and depends on the type of digital coin you choose.

 

Trading platform

 

Gate.io’s trading platform is web-based, as is the case with most cryptocurrency exchanges. With forex brokers the situation is quite the opposite, as most of them offer downloadable software (like MT4).

 

It is equipped with good charting, a perfectly functional order book, trading history, etc.Here, you may place an order with your preferred price and amount. When there is a matching opposite order, your order will fill or partially fill. The partially filled order will continue to fill with the matching orders.

 

Here is a preview of Gate.io’s platform:

 

 

Click on the image to zoom in.

 

Methods of payment

 

Gate.io accepts only blockchain transfers. Fiat deposit option is not available, you cannot use your credit card, which makes this exchange not that beginner friendly.

 

>> Bitcoin exchanges accepting credit card payments <<

 

While deposits at Gate.io are free, withdrawals are charged with fees, which vary depending on the type of digital coin. For example, Bitcoin withdrawals incur a fee of 0.0005, while withdrawals in USDT are charged with 5.

 

Also, keep in mind that withdrawals have daily limits. For example, one cannot withdraw more than 20 Bitcoins or 30000 Qtums in a single day. This also is a common practice in the cryptospace.

 

In addition, Gate.io provides wallets for all account holders for free. It uses cold storage and a hot wallet, so your sending address for a digital asset will not be the same as your deposit address.

 

Conclusion

 

Gate.io is a young crypto-exchange that appears to be operating out of the US. The platform offers trading in more than 20 digital currencies with rather competitive fees and mobile app is also available. However, it may not be convenient for all investors, as it supports only blockchain transfers in the cryptocurrencies that are being traded at the exchange. Here are, in a nutshell, the pros and cons of Gate.io:

 

Pros Cons
Competitive fees Does not accept (fiat) money transfers
More than 20 digital coins offered Unregulated
Relatively nice trading platform No leveraged trading
Mobile app available New company

 

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Spread

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Slippage

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Requotes

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Price feed

Pros

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Platform

Pros

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Deposit/Withdraw

Pros

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Customer service

Pros

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Summary

Pros

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Traders` reviews for Gate.io

so where do people trade then

Gates.io and HitBTC and Coinmama have overwhelming negative reviews of scamming people on all websites.

Bitfinex requires a minimum of 10,000 USD worth of coins to register for trading

Coinbase is only for US and limited alt coins

Etherdelta had hope, got hacked and is slowly getting back on track.

Its like a clownfest of tech geeks developing websites to scam people during a digital gold rush and i cant wait for the corporate world to step in holding the hands of world governments to regulate and replace all these fools. If these morons oprated with trust, it would be very difficult for the whales to come in and replace them but they're thinking make a buck now and get out instead of stay for the long haul.

To all the newbies, especially if your living outside the US, you can start with Changelly for bitcoin, their fees might not be the best but i purchased several times from them and the amount they take cant be noticed even if your just investing 150 dollars to test the waters.

Blockchain is a good place to store the coins and swap them for Etherum so you can trade on Etherdelta.

I havent tried poloniex or Kucoin but the latter also has alot of scam reviews. Its ridiculous that people have to inquire extensively just to trade in alt coins. I just wish google or Amazon come in and sweep the market with their own exchange

beginner 02/18/2018

Big scam and fraudulent company

Criminals and Liars. Avoid this app and this website and their wallet all together. They stole XRP from me and my friend, pretending they could not find record of transaction sent, which never arrived at my friend's wallet. We have been emailing them for weeks and dozens of times, provide them with transaction Hash and screenshots from my wallet and all the records we could possibly show and they kept lying and asking for more information and more screenshots and transaction Hash, even though it was sent in first inquiry. Extremely shady business practice, have in mind they keep all their customers coins in ONE SINGLE WALLET. Every customer that signs up with them has same wallet address and than there is a separate Tag for that customer. Incredibly stupid and pointless system that can be very easily hacked and than everyone's coins can be stolen. There are many exchanges and many wallets out there on the market, and this was by far the worst and the most pointless experience I had in all the time I traded cryptocurrency. This is nothing else but a half baked scam operation, providing extremely bad service for most customers and stealing from the rest if they can get away with it. Criminals and liars, stay away from this garbage company, their extremely poor rating here speaks enough about all the bad experiences so many people have to go through and those positive reviews are mostly fakes they post themselves. Disgraceful and shameless criminals.

Dean Taylor 02/09/2018

gate.io is a big scam!!!!!!!!!

Hello! Three days ago i deposited 3eth on gate.io to buy some tokens but the price went up too much so i wanted to withdraw my 3eth back to myetherwallet when i pushed the withdrawal button my eth disappered there is no txid and on status operation it says BCODE (it should say DONE). So i newer got my eth! I send them five support tickets and got no answer in three days. I dont now what to do now, is there a way to report them so that more people dont loose their money.

Zlatko Alagic 01/26/2018

US Citizens not allowed

I bought Medibloc on this exchange with no issues. Then I found out from someone else that it states on gate.io’s user agreement page that US citizens are not allowed to use the exchange. I checked and it does say this along with some other countries. Not sure where this leaves me. Any info would be appreciated.

Kathy 01/23/2018

What country is gate.io operating out of?

Would be nice to know for tax purposes

Kent 01/19/2018

Cardano

I bought Cardano yesterday but the status in my wallet is showing "Suspended for maintenance" this morning, is this normal?

Sleem Hasan 01/17/2018

Cannot Withdraw

Tried to withdraw litecoin but it stays in verifying status. No response on support tickets. Do not use it.

Rene 01/13/2018

Scam Site

Sorry I only looked on the reviews elsewhere. I experienced the same withdrawal issues as outlined in the other reviews.

Warren 01/12/2018

Something Needs to Improve But Thank God

After some jitters and inability to track my transaction on the block chain, 2 of my withdrawals came thru. I'm grateful. Hope you guys will be lucky too. They clearly need to do better to boost ppls confidence

Warrenton Dixon 01/12/2018

Scam

Its a scam, my withdraw is loss

Charles 01/10/2018

i suspect its a scam site


i mistakely registered on this site gate.io a crypto exchange, and deposited some amount via litecoin . now i tried to withdraw my litecoin . but it is not intitiated checked via block explorer. and the money is deducted. i suspect it is scam site. ( i will continue to post my desaster expierence with this site and post reviews on all leading websites and forums about this site , i will post my queries status also , and if withdrawl is successful will update / delete the reviews everywhere ) ticket id is . #55442

amrish pandey 01/08/2018

It is a SCAM!!!!!!! Fake transaction ID

It is a big scam stay away from it. I lost my bitcoins there. They would give fake transaction ID which withdrawing your money, which doesn't exist on blockchain.info.

Anon 01/07/2018

Scam

These guys are running a scam

Please don't deposit there

I tried depositing twice both the times these guys have doped me of my hard earned money... My ether is gone from my old wallet and is no where to be found in their wallet as well

They have no support and even the chat is not activated for new user

A total sham website

Himanshu 01/06/2018

There are far better exchanges

Big spreads low liquidity.
Check that you are able to withdraw your traded coin. Withdrawals are often suspended "for maintenance" (Yeah)
So you may have to trade for another coin that can be withdrawn losing several % in the spread.
USDT costs $18 to withdraw unless you get io ticket.
USDT withdrwal is quick.
Wouldn't recommend as there are much better exchanges out there.

Theobold 11/21/2017

Don't trust BTER

So this is BTER, I would not trust it. I thought China made exchanges illegal there?

Hueristic 11/19/2017
Forex
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