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About Gate
Gate.io is a cryptocurrency trading platform founded in 2013. This exchange is considered one of the best cryptocurrency trading platforms and is currently ranked among the top 30 exchanges in the world in terms of traffic, liquidity, and trading volume.
Gate is a Bitcoin exchange platform that supports the trading of Btc, Ltc, Ethereum, Qtum, and other blockchain assets. The platform gained worldwide popularity within a few years, so now it works in almost every country in the world. Gate.io is one of the oldest Chinese exchanges founded by Lin Han.
Until 2017, this exchange was called Bter.com. It was renamed Gate.io when the Chinese government banned the exchange of cryptocurrencies with fiat currency. The token of this exchange is GT, which traders can use to pay and exchange currencies.
Who is the CEO of Gate?
Lin Han is considered the CEO of this exchange. Lin Han received his bachelor’s degree in software engineering from Peking University and his master’s degree in mathematics and computer science from Tsinghua University. In 2013, Lin Han founded one of the oldest exchanges in China.
How does Gate Exchange work?
The simplicity of the user interface of websites and software is of particular importance. Almost all users prefer a comprehensible and simple platform for such a multi-purpose exchange. The Gate.io interface is almost simple.
The various features and capabilities of this exchange make this user interface confusing, but on the other hand, these capabilities also have many advantages. From the main menu, users can easily access various trading options such as margin trading, lending, borrowing, financial services, token platform (IEO) and wallet review, and more.
Overall, the user interface of this exchange looks cluttered due to a large number of features, but its good point is that it has three different modes that can be selected. Gate Exchange Startup IEO platform in 2019 became the most profitable platform for buying tokens. In 2019, the Startup IEO platform became the most profitable platform for buying initial tokens. Users of this platform can purchase the latest cryptocurrencies.
Gate Exchange supports a variety of trading methods. We will examine them in the following.
In this exchange, limited orders (Limit Order), Grid Trading and Time Condition orders can be done. Limit Order works like all other exchanges; the user enters the coin price and the order enters the order book immediately. If the price reaches the selected level, the order will be completed. Grid Trading allows the user to set an order that only enters the Order Book when the selected price conditions are met.
These orders are entered into the order book based on the selected time interval; this means that the user can place orders at set intervals, provided the purchase is made within a few hours. Unlike some other exchanges, Gate.io offers margin trading. This service is useful, but for professional traders.
Although the use of the Gate.io trading platform is suitable for new and experienced traders, the user interface is less user-friendly compared to competitors such as KuCoin or Binance. Gate.io accepts more than 100 cryptocurrencies, including BTC, ETH, XRP, XLM, BSCS, and EOS. This exchange does not accept Fiat deposits. Therefore, traders need to convert traditional currencies to cryptocurrencies in order to use this platform.
Features
Some of the features of Gate.io are as follows:
1-The platform has an easy-to-use interface designed for novice and professional traders.
2- The exchange provides real-time market information and essential tools to traders for effective trading of Altcoins, Stable coins, and Defi tokens.
3- This exchange offers a trial version through the Gate.io test network
4- This exchange has a low transaction fee system without zero deposit fee and nominal withdrawal fee.
5- Customer support services are available 24 hours at this exchange.
6- Lending to users, Yield farming and currency stacking are unique features of this exchange.
Pros
1-Gate.io offers a wide range of choices with 180 currencies and more than 400 markets.
2- There are no deposit or withdrawal fees other than the 0.2% transaction fee.
3- Gate.io offers the IEO platform. IEO is one of the best you can get and it works well on smartphones.
4- Gate.io has a very high level of security that protects information from threats.
Cons
1-Gate.io has no possibility to deposit Fiat money.
2- No specific company monitors this exchange.
3- The development team of this platform lacks transparency.
4- The exchange interface is a bit cluttered and not suitable for beginners at all.
Is Gate.io a safe crypto exchange?
This trading platform was disbanded after a security breach and relaunched in 2017 under the name Gate.io. Currently, the security of Gate.io users and servers is much higher. This exchange offers many security features to protect users’ capital. These features are as follows:
- Two-factor authentication (2FA) with Google Authenticator
- Two-factor authentication with SMS.
- Extra password to withdraw funds.
- Anti-phishing code
- Login with Blind IP
It should be noted that the Universal 2nd Factor or U2F security key is currently the safest method of protection, but the Gate.io exchange does not use it. Even with the authentication for this exchange, the exchange is still unlicensed and its legal status is not entirely clear. It should be noted that the Gate.io exchange system was hit by a security breach in 2019, but the stolen funds were returned in an unknown way.
The previous version of this exchange (Bter.com) was also repeatedly targeted by hackers and lost around 7,000 BTC units. As already mentioned the hacker’s attack was the reason for the closure and reopening of the Gate.io exchange. Despite this security background, Gate.io is one of the most secure cryptocurrency trading platforms and its development team is working to improve security.
Final words
In this article, we took a detailed look at the gate.io exchange and its features, strengths, and weaknesses. Gate.io is one of the best crypto exchanges used by experienced traders. The exchange offers features such as permanent contracts, margin trading, an IEO platform, financial services including participation in periodic investment programs, and margin loans.
Source: Pipsafe.com
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