What is Gate.io Exchange?
Gate.io is the oldest Cryptocurrency exchange platform and has been operating from china since 2013. It was rebranded as Gate.io in 2017. After that, it became the fastest-growing platform with numerous leading cryptocurrencies, leverage and margin trading, an Initial Exchange Offering (IEO) platform, and many financial services such as margin borrowing or lending. It offers about 1300 available cryptocurrencies in the platform and the biggest selection of cryptocurrencies assets with other services such as decentralized finance, research & analytics, wallet services, and more.
Who is the founder of Gate.io Exchange?
Where is Gate.io Exchange located?
It is a private company based in the Cayman Islands, and its headquarters is in George Town, KY.
Do I need KYC with Gate.io Exchange?
All new users must verify their identity and know your customer (KYC) process before making any transactions. This process complies with the Counterterrorism Financing Act (CTF) and Anti-Money Laundering Act (AML). The platform will collect some information to verify their identity. The whole KYC process is quite simple and will take less than a day for the confirmation of the identity of the User.
However, users can only deposit funds if they verify the KYC, but this is not advisable.
Because with verification, you can perform trading on the platform or withdraw your funds if you complete your identity. Also, they have all rights to seize or block your account if Gate.io have to follow the sanctions laws. So it is essential to complete your KYC before using the platform.
Is Gate.io legit?
Gate.io is a trustworthy platform because it offers secure and safest trading options. There are also some built-in security options available. Gate.io continuously ranked among the top 10 cryptos exchanges. Also, the funds are stored in cold and hot wallets to maintain maximum security measures.
How to use Gate.io Exchange
The use of Gate.io is quite simple. There are a few steps to complete to use the platform. Here we are going to discuss the step-by-step guide to follow to start the use of Gate.io effortlessly.
1. Sign up
Go to the official website of Gate.io, and from the top right side, click on the sign-up option. To create an account, you must fill in all the details like your Nationality, Username, Email, and Password. You can also put in a referral I.D. if someone invited you. After filling in all the details correctly, you have to tick on the I agree with the terms and conditions of the exchange.
The next step is verifying your account, or you can verify it later while withdrawing your funds from the exchange. You can directly deposit your funds after signing up, but it is not advisable. To verify your account, click on the “Verify” button here. You must upload your Identity documents like your I.D. card, passport, or driving license. It may take up to 12 hours to complete the process.
3. Deposit Funds
To deposit funds, log in to your Gate.io account and select the deposit funds option. For deposit, you can use stablecoins like (USDT) or any numerous crypto coins. You can use your mobile app or Desktop to perform this task. Select the preferred crypto which you wish to deposit. Before transferring funds from a cryptocurrency exchange or hardware wallet, you must copy a unique code. Gate.io offers 23 different fiat currencies to buy crypto using your debit/credit card.
To buy any crypto coin or token, you must already have at least one crypto deposited to be held in the Gate.io exchange wallet. Exchange one crypto with any other, and you can cash it out like TrueUSD (TUSD), Tether (USDT), or any currency pegged to the U.S. dollar.
- Go to market Gate.io and select the relevant counter currency you want to trade. For example, if you have BTC and want to buy XRP, select the XRP/BTC pair.
- After selecting, you will be redirected to the Exchange page against the relevant crypto pair.
- Here enter the amount of XRP you want to buy with BTC. And the total amount will display, which will cost your account for this process.
To sell the coins and tokens listed on the Gate.io market, You must purchase one of many stablecoins or sell your crypto for another. You must follow the steps discussed in the Buying coins and tokens process. The only difference is that you have to select the BTC with the XRP option this time.
You can withdraw your funds from the wallet page you used to deposit.
- From the top of the Gate.io page, select the Wallets tab.
- Search the wallet of currency that you want to withdraw.
- Click on withdraw button.
- Paste the wallet address and enter your Funds password.
- Click on “Submit a request” to start the withdrawal process. It will take some time for the blockchain to confirm the process.
Pros and Cons of Gate.io Exchange
All crypto exchanges have their strengths and weaknesses. Here are some of the pros and cons of the platform.
- Wide Range of Cryptos: Gate.io offers more than 1300 cryptocurrencies to trade on the platform. It includes the top twenty cryptocurrencies by market cap and uncommon coins that are hard to find. This is the main reason experienced investors choose his Gate.io exchange.
- Advanced trading features: it is a feature-rich platform. Users can also access futures and leveraged trading with spot trading, which you look forward to on any crypto exchange platform.
- Reasonable trading fees: Gate.io charges a very low trading fee of 0.2%. Users can also reduce the fee by using the Gate.io utility token. However, this isn’t the lowest on the market, but it’s much better than the widest.
- Accept about 50 fiat currencies: According to its official website, Gate.io works in around 200 countries and accepts about 50 fiat currencies (such as USD). However, you can deposit INR, British Pounds, or U.S. Dollars. The exchange has you covered.
- Not User friendly: the major disadvantage of Gate.io is that the interface could be easier to use for new users. Some days it will take several attempts to complete the registration process, and KYC verification can take six hours.
- High deposit fees: Gate.io uses a third party to process fiat payments, which can result in higher deposit fees. Unlike other exchanges, free deposits via bank transfer are not possible here.
- No fiat withdrawals: you cannot withdraw fiat money using Gate.io. If you want to withdraw your fiat funds, you must move your crypto to another exchange that allows cash withdrawal.
- Poor English: Gate.io is a Chinese exchange. Due to this, Some parts are still in Chinese, and some English seems not to have been cracked by native speakers. Even terms of service often require a lot of work to understand and read.
How to trade in Gate.io Exchange
After verifying and depositing the required fund in your account, you can directly start trading your digital assets on Gate.io. There are two options for standard and professional trading according to their benefits.
If you are a new user, the standard one is best for trading as it has multiple trading charts, an order entry box, an order profile list, and a trading history. The professional interface is for experienced traders, and they have scope for technical analysis of the crypto market using different tools available on the platform.
Can I use Gate.io in the U.S.?
Yes, you can use the Gate.io exchange in the U.S., have access to 49 states, and participate in spot trading. You cannot use the platform in Washington (U.S.) and New York (N.Y.).
Gate.io withdrawal limit
You need to have more amount to be able to withdraw as there are some minimum limits for withdrawal. However, Gate.io has 3 stages of verification, and each level has a different withdrawal limit.
- New Customers: If you are a new user and your account is unverified, you can withdraw only up to $100,000 at once.
- KYC Lever 1: if your account is verified with KYC lever 1. You will be able to withdraw up to $2,000,000 per day.
- KYC Lever 2: for the KYC lever 3 verified account, the withdrawal limit is up to $5,000,000 daily.
Can I buy Safemoon with Gate.io Exchange?
Yes, you can buy SafeMoon with Gate.io. It is one of the best platforms to buy SafeMoon. It is just like other cryptocurrencies and subject to extreme market conditions, project team management, legal policies, and other unpredictable factors.