Gate.io Overview
When it comes to Cryptocurrency, the world is expanding rapidly. With the emergence of altcoins such as Cardano, Dogecoin, and Polygon, investors can have a portfolio as diverse as any found on the NY Stock Exchange.
While Bitcoin still has upside, investing in Altcoins gives you the possibility of seeing massive profits. Analysts believe Bitcoin could still 7x or 10x over the next few years. At the time of this writing, three altcoins have 10x'd this week alone. Beyond profit is the added security of not having your eggs in one basket.
One reason there is so much opportunity has to do with the enormous upswings and volatility crypto experiences, sometimes within a span of a few hours.
As a serious investor, there are three significant factors to success—research, access to trades, and a speedy way to make them.
Because of its decentralized nature, no single exchange or brokerage gives you access to every single coin. You'll need a few exchanges to make sure you have access to the crypto you want.
On top of that, you want to make sure that if one of your exchanges goes down, you have additional options so you won't miss out on a profit-making trade opportunity.
This review is of Gate.io, an emerging exchange with some unique tools to help maximize your crypto holdings. We will go over its core features, user experience, and offerings to help you determine if Gate.io is worth having in your investment arsenal.
Gate.io the Company
Gate.io was founded in 2017 and sold to Virginia-based company Academi. They have a substantial reach into Asia. It's worth noting that Academi is not a financial company. Its holdings include private military contracting services such as Blackwater Security Consulting.
Gate.io Account Setup
Getting signed up for a Gate.io account was slightly confusing.
Right off the bat, a pop-up appears with a lot of legal jargon. It tells you countries and states not supported, and other things such as what you are allowed to trade based on where you live. Be sure to read it carefully to make sure you are allowed to hold an account.
Signup using the mobile app was much easier than trying to do it on a desktop. If you're an iPhone user or utilize FaceID, it is easier to set it up during your initial signup than to go back after the fact.
Tip: Gate.io uses wording and phrases that aren't very intuitive. During your signup, they will ask you to create an "account password." When you move to the next screen, they will again ask you to create an "account password."
Please don't be confused. It's asking you to create your trading key/passphrase. It's what you use before you initiate your trade. Again, vague labeling may be a challenge during signup.
Funding Your Account
When it comes to crypto exchanges, funding your account can be highly challenging. Many exchanges don't allow you to use fiat currency (USD, CAD) which means you have to purchase elsewhere and send it in.
Gate.io offers a great option to buy crypto using a credit or debit card through their third-party partners. You can buy Bitcoin, Ethereum, or Litecoin. The marketing says funds will reach your Gate.io wallet within an hour. It was our experience that it took up to two days.
If you have crypto in other wallets, you can also send it straight into your Gate.io wallet for use.
Tip: You may have to call your bank or card issuer before you make your crypto purchase. Several users have reported the transaction getting flagged and needing to verify it with their financial institution.
User Interface & Navigation
Both the web-based and mobile applications are serviceable to navigate and use.
A nice feature of the trading screen on the desktop version was that everything you can do related to that Cryptocurrency is viewable on the page. More details on this come later, but you can access quantitative trading (bots) and futures from a single trading screen.
The web-based interface is clean but doesn't give you as much access as the mobile application. The app opens with a landing page that helps you get from tool to tool very quickly.
Overall, the user interface is easy to get around once you get the hang of things. The only issue is that they are highly cluttered.
Tools and Research
You have all the standard research tools such as charts, RSI indicators, history, and order books. The chart tools included are helpful, especially for those new to reading charts.
Because of the reduced screen real estate, using the tools on the mobile app was not as easy as the desktop. They compress much of the controls to work in a tighter space.
Overall, they are a good set of tools but nothing out of this world.
Trading Digital Currency
The primary reason most investors use Gate.io is the variety and access it gives investors to altcoins that are not yet available on other exchanges.
Gate.io lists dozens of "micro-cap" coins on their exchange. As Bitcoin has reached one trillion dollars in market cap, these coins are below fifty million dollars.
Their willingness to add emerging, micro-cap coins sooner than its competitors gives investors a chance to invest in them before they hit the larger market of millions of other users where they can 10x and even 50x in value.
Ease of Use & Dependability
The platform has been stable and experiences minimal downtime. During recent increased volatility, Gate.io performed well in completing trades without any issue. At the same time, transactions conducted by similar exchanges were experiencing longer queues and wait times.
This service is not the easiest to use. From awkwardly positioned tools to buttons that don't lead anywhere, it is a service that is still rough around the edges when it comes to user experience. With that said, the fundamental trading tools work great.
Gate.io Fees
Besides "gas" fees outside of Gate.io's control, their transaction fees are very competitive. They charge a flat fee of .20%, which is under the industry average of .25%
Tools For Crypto Investment
Gate.io has developed ways to invest your crypto apart from simply buying low and selling high.
Futures
Like traditional stocks, Gate.io allows you to trade futures on various cryptocurrencies. An added function is the ability to leverage your investment. A word of caution, because of the volatility of crypto markets, use leverage with care.
Trading Bot
This tool allows you to day trade twenty-four hours a day without having to be tied to your computer screen. Once you enter your parameters, the bot will issue the trades for you.
Futures Trading Bot
Similar to their classic trading bot but for futures. You can utilize leverage just as with traditional futures.
CTA Signal Trading
For experienced traders, Gate.io is offering a tool that allows you to develop a fully automated trading strategy based on tracking MACD trend signals, RSI, and Double Moving Averages.
With backtesting, you can test drive your strategy before letting it go live.
Gate.io Review Final Thoughts
Gate.io is not the most elegant solution. It has many things that it will need to work on in the future. With that said, the variety of coins it gives you access to and the innovative automated trading tools it is developing are worth strong consideration.
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