Based in China, Gate.io is one of the oldest crypto-to-crypto exchanges in the industry. It was first founded in 2013 but rebranded in 2017 in its current form. While the exchange offers a wide range of products, trust is a big issue for the company. Let’s dive into Gate.io for a better understanding.
Is Gate.io Safe?
When it comes to trust and security, we have to say that Gate.io may not be the best option. In the crypto exchange world, the lack of a strong regulatory environment is inevitable and Gate.io does not break the chain in terms of security. The company is unregulated, therefore the only information about its security is its reputation and feedback from its existing clients.
Unfortunately, there are many reports that the exchange cancels account verification once the users deposit funds which literally means that your money is locked in your account. Although the client base is very large for the company and trading volume is one of the highest in the industry, you should consider that some users evaluate the situation as a scam.
Range of Products and Services
Despite the safety issues, the range of products and services is what makes Gate.io special among many other crypto exchanges. There are over 200 cryptocurrencies available on Gate.io including the rising stars of the near past, altcoins. When it comes to currency pairs, the number of instruments is even higher with 400.
Remember that Gate.io is a crypto-to-crypto exchange, not a fiat-to-crypto one. Therefore, the major part of available coins is paired up with USDT, Bitcoin, Ethereum, and QTUM.
Besides an exceptional range of coins, margin trading services are also offered by Gate.io. You can enjoy the leverage up to 10:1 with other tools like investing in IEOs through the trading platform.
Fees and Commissions
Gate.io achieves to stay competitive in the industry with its offered fees and commissions. There is no deposit fee because fiat currency is not an option as we stated before.
The standard trading fee is 0.2% per transaction for both maker and taker. That can be considered slightly higher than some of the big names in the industry but the fees are decreasing if you trade in larger volumes. The discount rate is 5% if you trade more than 3 BTC and keeps increasing until 50% at the highest levels of the trading volume. The company has also a point system in which you earn points proportional to the trading volume and you can use these points in your next trades as a discount.
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