by Jake Wengroff
Operating since 2013, Gate.io is one of the oldest cryptocurrency exchanges for those outside of the U.S. (Gate.us is coming soon for U.S. customers). Founded in China but now headquartered in Grand Cayman, Gate.io boasts it has over 10 million registered users and offers the ability to trade over 1,400 cryptocurrencies safely, quickly and easily. The Gate.io platform is mainly for professional traders, as it offers more advanced features, such as margin trading and derivatives.
Is Gate.io Safe?
Gate.io suffered a breach in February 2019, losing around $200,000 of cryptocurrency to cybercriminals who, strangely, returned half of it only a few days later, according to MIT Technology Review. Gate.io was able to bounce back and regain customers’ trust, however. In April 2019, Gate.io raised almost $3 billion for its initial exchange offering (IEO) during the first phase of its in-house Gatechain Token sale.
According to software review site G2, Gate.io is considered as one of the safest and most reliable global cryptocurrency platforms and is consistently ranked among the top 10 cryptocurrency exchanges based on liquidity and trading volume on CoinGecko. Gate.io has been verified by Blockchain Transparency Institute’s (BTI) market surveillance report and was also rated 4.5 by Forbes Advisor, making it one of the Best Crypto Exchanges for 2021, notes G2.
Pros of Gate.io
Security is a strong point of Gate.io. The exchange ranks amongst the most secure cryptocurrency exchanges in the world and continues to add more development to its security mechanisms.
Gate.io uses both hot and cold wallets in combination to store users’ funds and personal information, in addition to offering two-factor authentication (2FA) with Google Authenticator, SMS notification, login verification, anti-phishing code, blind IP logins and a separate fund-withdrawal different from the login password.
Gate.io’s long history in the cryptocurrency markets and its ability to withstand challenges (i.e., cyberattacks) and earn the trust of its users are other testaments to the exchange’s abilities.
Cons of Gate.io
Several reviewers on G2 have noted that while making deposits on Gate.io is relatively straightforward, withdrawals can be difficult. There have also been complaints about slow-to-respond customer service.
Another issue with Gate.io centers on fees. While there are no deposit fees, and the withdrawal fees, according to CryptoNewsZ, are 40% lower than the global average, the trading fees are higher than the industry average. The trading fees structure at Gate.io is different for spot markets and margin trading markets. The spot trading fee charged per transaction at Gate.io is 0.2% (flat trading fee), which reduces as the trading volumes increase. However, this is slightly higher than competitors Binance or KuCoin, whose charge per trade is 0.1%.
However, trading fees can be reduced by 25% by using the Gate.io tokens (GT).
Keeping Crypto Assets Safe Across Exchanges
Accessing and transferring crypto between different exchanges can be risky. The platforms on which crypto transactions take place can be subject to a breach, and once a cybercriminal obtains a crypto’s private key, it may be extremely difficult for the rightful owner to have recourse, or even prove their ownership of those assets.
The industry needs market-driven solutions that can keep up with the ever-complex marketplace of crypto assets. TransitNet is creating the industry’s first third-party title registry that demonstrates proof of ownership of crypto assets, to add a layer of protection for investors in cryptocurrencies and assets.
Join the forefront of the new crypto infrastructure. Request an exclusive registration for TransitNet’s title registry when it launches today.
Jake Wengroff writes about technology and financial services. A former technology reporter for CBS Radio, he covers such topics as security, mobility, e-commerce and the Internet of Things.
Sources
CryptoNewsZ – Gate.io Review 2022
G2 – Gate.io Reviews and Product Details
MIT Technology Review – Once hailed as unhackable, blockchains are now getting hacked
CoinTelegraph – Exchange Gate.io Sees Almost $3 Billion in Orders in First Week Of IEO for Native Token