Oleg Galeev

6 months ago

Gate.io Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?

Gate.io review featured image

Launched in 2013, Gate.io is one of the top cryptocurrency exchanges in the world with $12 billion+ daily trading volume. No surprise, Gate.io has tons of altcoins and fees are extremely low. The interface is not beginner-friendly and this is the most common reason why many people give up on Gate.io. But if you figure out how to use it (it’s quite easy though), you will get access to 1000+ of crypto altcoins.  I constantly use them just only for this purpose. We created an account to see if it’s worth using for Canadians.

Just to save your time, Canada is on the list of disallowed countries under Gate.io terms same as the US and many other counties. Because of this, they can randomly block your account at any time so we WOULD NOT recommend using it. If you are looking for a similar exchange, we would recommend using Kucoin instead or checking our list of the best crypto exchanges in Canada

If you are still interested in using them, here is our Gate.io review.

Gate.io Summary

Gate.io summary from their main page

Gate.io offers many trading features including spot trading, futures trading, loans and crypto staking. It also offers its own chain – Gatechain, with its own native token – GateToken (GT). With low maker/taker trading fees of 0.2%/0.2%, you can get even lower fees if you hold GateToken. The more you hold, the cheaper your fees.

To buy crypto with Gate.io, you can deposit crypto for free, use a credit card using a third-party provider such as Coinify, or connect your USD bank account to the OTC desk. With OTC, the trading fee is 3.5% plus a $30 wire fee for trades of up to $2,000. The more you trade the cheaper your fees. You can purchase BTC, ETH, XRP, BCH, LTC, EOS, ETC, USDT, TUSD, PAX and USDC with the OTC desk. You can trade these for 1000+ of altcoins on the Gate.io exchange. 

  • Gate.io logo

    7.5/10

  • Pros & Cons

    • Thousands of altcoins available to trade
    • Advanced trading features and tools
    • Unique features
    • Comprehensive help and data available
    • Low trading fees
    • Get additional benefits by holding GateToken
    • OTC Desk
    • NFT marketplace
    • CAD bank accounts not supported
    • Must use third-party for card purchases
    • Some trading options not available to Canadians
    • Not beginner-friendly
    • Bad app reviews
  • Fees

    • Free crypto deposits 
    • Some free crypto withdrawals minus network fees
    • Other various crypto withdrawal fees
    • 0.2%/0.2% maker/taker fees
    • 0.15%/1.5% maker/taker fees when paid in GT
    • Lower trading fees when holding 100+ GT or 0.05+ BTC
    • $30 + 3.5% bank transfer for up to $2,000 (USD only)
    • Various third-party fees for card payments
  • Coins

    Over 1000

Gate.io Features

Gate.io has many features similar to other large exchanges such as Binance. You can do spot trading, leverage trading, trade futures contracts, lend crypto, and more. Keep in mind that not all of these services are available to Canadians due to regulations. However, Canadians still use them since there is no way to block them unless Gate.io disables them.

There is a “big data” market tracker where you can see the market fear and greed index as well as other data such as liquidations and contract positions. If you’ve never seen data about crypto markets before, this information can be quite eye opening. You can see how people feel about the crypto market at any given time. For example, if more people think it will dip or crash, there will be more short positions open. 

Screenshot of “big data” market tracker on Gate.io

To swap crypto instantly, you can use the Flash Swap option. It allows you to trade one crypto for another in just one click. 

To earn interest on your crypto you can provide liquidity to the liquidity pools. For example, providing liquidity for the NFTb/ETH pool will get you 2199% APR. 

NFT and liquidity mining on Gate.io

Gate.io also has its own NFT marketplace where you can buy, sell, and mint NFTs.

NFT market place on Gate.io

There is also a new feature called copy trading where you can copy the trading strategies of Gate.io’s top earning traders. 

Gate.io also has a referral program where you can earn 40% commissions on your friends’ trades. If you decide to try them, we will highly appreciate it if you use our referral link to sign up 😉 

Gate.io Registration & Verification For Canadians

In order to use all of the features on Gate.io you will need to verify your account. First, sign up to Gate.io with a username, email and password. Once you’ve verified your email you can navigate to the verification page in your dashboard. Here, you can select to verify yourself either as an individual or as a business. 

Next, upload the front and back of your government-issued ID.

Signing up with Gate.io

Then, upload a selfie with you holding a note your name and date and your ID. Many people feel cautious about this step but it’s a common practice for big crypto exchanges.

Getting verified with Gate.io

To verify your business, you will need to provide the same documentation as an individual in addition to your business license. 

Gate.io Fees

Fees on Gate.io vary depending on what type of trade you are making, how much your 30-day volume is, and whether or not you hold GateToken. It’s one of the lowest in the industry.

  • Free crypto deposits 
  • Some free crypto withdrawals minus network fees
  • Other various crypto withdrawal fees
  • 0.2%/0.2% maker/taker fees
  • 0.15%/1.5% maker/taker fees when paid in GT
  • Lower trading fees when holding 100+ GT or 0.05+ BTC
  • $30 + 3.5% bank transfer for up to $2,000 (USD only)
  • Various third-party fees for card payments

Gate.io Currencies & Deposit Methods

  • Credit/debit card using third-party service
  • USD bank transfer to OTC desk
  • Crypto deposits

While Gate.io has many great features and thousands of altcoins to trade, it’s not so easy for Canadians to deposit fiat currency. If you’re an individual not a business, you are only allowed to connect a bank account that supports USD. Even business accounts on Gate.io do not support Canadian dollars. 

You can use a credit/debit card (where accepted) on any of the third party services mentioned on Gate.io. These include Coinify, Banxa and Simplex. Keep in mind that your Canadian bank may or may not allow the transaction. We had no problem depositing fiat though but there is a better way to avoid third-party fees.

The simplest (and cheapest) way to trade on Gate.io is to purchase crypto on a Canadian-friendly crypto exchange and then send your crypto to Gate.io to trade for the altcoin of your choice. I use Newton for such a purpose, it’s probably the fastest and cheapest crypto exchange in Canada and extremely easy to transfer to Gate.io account. Gate.io is very similar to Binance in this sense. It’s perfect for trading your crypto for another crypto, but not so great for buying crypto directly unless you are okay with potentially high card fees.

Gate.io Security and safety

Is Gate.io safe for Canadians to use? Yes, Gate.io is quite a reputable exchange. Forbes Advisor gave it a 4.5-star rating and named it one of the best crypto exchanges of 2021. Gate.io utilizes hot and cold storage to keep customer funds safe. On its website, Gate.io says it is the first exchange to invest millions in security and law funds. They also claim to be fully compliant and certain features such as futures trading is not available to Canadians because of regulations. They can block your account at any time.

To secure your account, you can enable two-factor authentication. 

We would also recommend just transferring all your crypto assets to your personal crypto wallet. In this case, your assets will be as safe as possible. Not your keys, not your coins.

Gate.io Mobile and Desktop app

Gate.io’s iOS app has a 2.5-star rating from 700 reviews and a 2.5-star rating from 10,000 reviews on Google Play. It is quite low, we would recommend using a desktop app.

Many reviewers have said that they cannot log in, that the 2FA does not work, you are often sent to blank pages and overall a bad user interface. We never had such issues though. 

Gate.io mobile app screenshot (main page)

The UI is the same as the desktop trading platform, but simply fits into a phone-sized screen. Features are not simplified much, so there is no difference in ease of use when using either desktop or mobile. 

Gate.io mobile interface

The desktop version is just as complicated and therefore not really suitable for beginners. It offers many advanced charts and trading features. 

Gate.io desktop app interface

However, if you’re looking to simply trade one crypto to another as fast and as easy as possible, then you can use the flash swap option. Flash swap is perfect for beginners.

Gate.io flash swap screen

Gate.io Customer support

There is a helpful help centre and blog on the Gate.io website which teaches you how to use their many features. They also have a live chat function and you can submit a support request when you’re logged in. Unfortunately, Gate.io has many bad reviews on Trustpilot with people complaining that they are unable to withdraw or that customer service is slow or does not respond. 

Conclusion

Is Gate.io legit? Yes, it is. While it’s not so easy or cheap for Canadians to purchase crypto directly, you can deposit crypto for free. Gate.io is one of the better exchanges for trading altcoins because there are 1000+ cryptocurrencies available. However, Canada is on the list of disallowed countries under their terms so we would recommend not to use it. If you are looking for a similar exchange, we’d recommend Kucoin. If you are a beginner, then we would recommend skipping on both and using Coinsmart, which is designed specifically for Canadians and extremely easy to use. 

Indeed, Gate.io has many great tools and trading options, although not all of them are available to Canadians. Still, it’s fun to browse the NFT marketplace and the copy trading and big data tools are interesting features. 

It’s not the best for Canadians due to the many limitations we mentioned in this Gate.io review. If you decide to use Gate.io we will highly appreciate if you use our referral link to sign up

Gate.io rated as a #12 in the list of the best crypto exchanges for Canadians

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Author

Oleg is a crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun. 

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