Beginner’s Guide: How can Pakistanis Use Gate.io
Gate.io is a popular cryptocurrency exchange known for its wide range of crypto coins. The platform was established in 2013 and now supports more than 1,400 cryptocurrencies. Interestingly, over 13 million users from 220+ countries use Gate.io to make trades worth billions of dollars.
Despite being a popular global exchange, it’s not accessible in several countries and the exchange also has several restrictions on Pakistan. Nevertheless, here’s how Pakistanis can use Gate.io.
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Creating an Account on Gate.io
Creating an account on Gate.io is pretty straightforward and requires a simple procedure. Follow the steps below to register on the platform within 5 minutes:
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- Open your browser and go to the Gate.io website
- Click on the Sign Up button in the top right corner
- Enter your email address or phone number (whichever you prefer), and create a strong password
- Check mark the privacy policy checkbox and click Sign Up
- Enter the code you’ll receive via email or message (based on your chosen registration method)
- Hit Submit, and that’s it; your account has been created
KYC Verification
KYC verification is compulsory if you want to withdraw crypto assets from your Gate.io account. Even though you can deposit and trade without KYC, there are daily limitations for each case.
If you want to verify your identity to unlock more features, follow the steps mentioned below:
- Log in to your account and click on your Profile Picture in the top right corner
- Go to the KYC & Security tab. You can also go to the page directly, by hovering over your profile pic and clicking KYC (Identification)
- In the Individual section, click Verify Now
- Enter the details correctly in the required fields and double-check the information before clicking Confirm & Submit
It will complete your Level 1 KYC verification. You can also apply for the Level 2 KYC to increase daily limits and unlock premium benefits. Here’s how can you do that:
- Again, go to the KYC & Security tab and click Verify Now
- Enter the details and provide the front and back photos of your ID card
- Click Confirm & Submit and provide a clear, live photo from your device’s camera
- Click on the Submit button to start verification
If you want to surpass Level 2, you can apply for Level 3 KYC. This level only requires your Proof of Address, which more or less follows the same procedure.
Set Up Two-Factor Authentication (2FA)
Enabling two-factor authentication will add an additional layer of security to your account. Before enabling 2FA, ensure you have 2 out of 3 login methods bound to your account, which are:
- Phone Number
- Email Address
- Google Authenticator
To enable the feature, follow the steps below:
- Log in to your account
- Click on your Profile Picture and go to the Security Verification tab
- Scroll down to Login 2 Step Verification
- Toggle the Enable 2FA switch to ‘On’
Is Gate.io Available in Pakistan?
As per the updated website, Pakistan doesn’t fall under the restricted location section in the “Terms of use” page.
Therefore, gate.io might be available for Pakistani users.
Deposit Crypto on Gate.io
Since depositing crypto on Gate.io doesn’t require KYC, you can increase your account balance at the very moment you create an account. Follow the steps below carefully and make your first deposit:
- Log in to your account and click on Wallet from the top right corner
- Click on the Deposit button between Withdraw and Buy Crypto
- Select On Chain Deposit to take funds from other platforms
- Select the Coin you want to deposit and its Network, and then copy/paste the Deposit Address from the withdrawing platform. Make sure you enter these fields correctly. Otherwise, your funds will be lost forever.
- Click the Submit button and check your transaction history for the status
How can Pakistan Deposit Fiat on Gate.io
Unfortunately, depositing fiat currencies on Gate.io is not available. However, the feature will be added soon. You can deposit crypto to your account and convert it into fiat by selling coins. However, direct fiat deposits are not allowed.
Trading on Gate.io
Gate.io has made trading highly convenient for everyone by offering numerous options and opportunities. You can perform spots, futures, strategy bots, and copy trading on the platform at minimal fees. Below, we will discuss each opportunity in detail.
Spot
Spot trading involves buying/selling a crypto asset at the current market price for instant delivery. Gate.io offers opportunities for spot trading. You can quickly access the Gate.io spot trading page by following the steps below:
- Log in to your account
- Hover over the Trade button from the top and click on Spot Trading from the dropdown menu
- You will have the trends chart on the right and the order book in the middle. Select the Trading Pair from the dropdown menu above the chart
- On the left, you can enter details like spot price, amount, and limit, then click on Buy/Sell to initiate trade
Usually, Gate.io charges 0.15% or lower as spot trading maker/taker fees (depending on your trading volume). But when your monthly trades exceed 100 million USD, it will charge you a 0% maker free and up to 0.02% taker fee.
Perpetual Futures
If you’re interested in futures trading, Gate.io also facilitates such trades. These future trades are contracts whereby both buyer and seller agree to transact in the future at a mutually agreed price today. You can perform perpetual futures trading on Gate.io in the same manner as spot trading.
- Log in to your account and select Perpetual Futures from the Derivatives tab at the top
- Select your trading pair above the trends chart
- Enter the details of your trade in the right column fields. You can also enter leverage, and checkmark other boxes, before confirming the order.
Gate.io charges you perpetual futures maker/taker fees of 0.025% and 0.075%, respectively.
Gate.io Copy Trading
If you are new to the crypto trading world, you can easily copy experts’ trading patterns and strategies at Gate.io to increase your success rate.
- Log in to your account and click Copy Trading from the top menu
- You will get a list of experts and professionals in two tabs, i.e., Future and Spot
- Click on the trader whose profile excites you the most to analyze their strategies and trading patterns
- When satisfied, enter the maximum limit you wish to spend while following that trader, and click Quick Copy
Strategy Bot
Apart from following a specific trader, you can also get the assistance of strategy bots, designed by experts and veteran traders. While following a bot, you can apply its strategies to many of your trades.
- Click on the Strategy Bot from the top menu in your dashboard
- Click on the strategy you find interesting to analyze its effectiveness
- Click on the Follow button to start copying that strategy
Gate.io Finance
Besides offering various trading opportunities, Gate.io also provides many De-Fi products and services to boost your trading and financial earnings. Below, we will discuss some of these options.
Lend & Earn
If you haven’t invested your crypto assets in trading, you can still earn from those coins by lending them to others. By Gate.io Lend & Earn, you can offer your idle cryptocurrencies for lending to others and charge interest to earn passive income.
Crypto Loan
On the other hand, you can get crypto loans from others to execute your desired trading if you don’t have that coin in your wallet. You can also use the borrowed crypto as collateral for another crypto asset. Currently, you can set only BTC, ETH, EOS, and GT (native token) as collateral.
Liquidity Mining
You can also earn a handsome interest by providing liquidity to the platform. When you provide balance to the liquidity pool of a specific trading pair, Gate.io gives you a commission from the transaction fee charged from trades occurring on that respective pair. This technique is slightly risky but can generate a steady passive income.
Additional De-Fi Products
Apart from the above services, Gate.io also provides many other opportunities to generate income or make your trading better, such as:
- ETH2.0 Staking: Since Ethereum is about to fully convert into a PoS consensus mechanism, you can earn amazing rewards and generate consistent income by staking ETH.
- Cloud Mining: But if you feel like mining is still in trend but don’t have the necessary hardware to proceed, Gate.io offers you cloud mining. Here, you can mine crypto coins without buying any hardware, as the system is backed by powerful units on the platform’s end.
- Structured Products: You can also subscribe to different pre-packed products to improve your trading or staking abilities and boost your financial yields.
FAQs
- How can Pakistanis start trading on Gate.io?
Log in to your account. Go to the Trade button and select the type of trading you want to perform. Select the Trading Pair to analyze its charts and trends. When ready, set the amount and price of your order, and execute the order. - Add Image
- What is Copy Trading?
Copy trading is imitating expert or professional traders’ strategies and trading patterns to increase success chances. It is a technique favorable for beginners as they get an opportunity to learn a lot and gain experience from experts. - What DeFi services does Gate.io offer?
Gate.io offers numerous DeFi services, including, Crypto Purchase & Trading, Crypto Loan & Lending, Liquidity Mining, Staking ETH2.0, Duel Investment, Cloud Mining, NFTs.
