What is Gate Floor? Instructions for registering and using Gate.io platform (detailed)
In parallel with the explosion of the cryptocurrency sector, users’ demand for trading digital assets is also gradually increasing. Those involved in crypto now have more choices as many exchanges have been launched for a long time.
Besides popular exchanges such as Binance, Coinbase, Huobi Global,… gate.io is also one of the quite familiar exchanges with many outstanding features. Gate Exchange has quickly climbed to 8th place by trading volume in CoinMarketCap’s rankings.
Today, Coinvn98 will learn with you all about how to use Gate in the most detailed and easy-to-understand way. Let’s get started!
What is Gate Floor?
Gate.io is one of the oldest cryptocurrency exchanges in China and was launched in 2013 with the original domain name Bter.com. At that time, the exchange was run by CEO Lin Han. In 2015, this exchange was attacked by hackers and lost a large amount of assets of 7,000 BTC.
By 2017, Chinese authorities tightened regulations on the cryptocurrency industry, so the exchange changed its domain name from Bter.com to Gate.io. Since then, Gate.io has been managed by Gate Technology Inc., headquartered in Virginia, USA, and has focused on crypto transactions, eliminating fiat transactions to avoid legal problems.
To increase ease of access for users, Gate Technology Inc has launched GateChain – a decentralized exchange version of Gate.io operated on the Ethereum network.
Gatechain token (GT) is Gate’s own token, used in the trading network and is a product of the exchange’s ecosystem. In addition to supporting many forms of trading such as spot trading, margin trading, future contracts,… this exchange also has IEO sale programs and other areas such as Lending, Staking and Borrowing.
Gate platform supports trading pairs including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), NYX, Ontology (ONT)… with a 0.2% transaction fee. Compared to regular exchanges like Binance and Huobi, this is quite a high fee. Furthermore, the withdrawal limit on the exchange does not have a common regulation, but depending on different coins, there will be separate limits.
Instructions for registering a Gate account
Step 1: Access the link below:
REGISTER FOR A GATE ACCOUNT
Step 2: Fill in some information including: email, login password => Click Next step.
Step 3: Set payment password => Click Register now (set it different from your login password).
Next, proceed with Verify.
Step 4: Check the email received from Gate => Click on the link to activate your account.
Then you just need to enter your email and account password => Click log in => Confirm again => Enter the code sent to the email => Log in.
Instructions for identity verification (KYC) on Gate floor
To conduct transactions and withdraw coins on Gate, users are required to KYC. Please follow the steps I instruct below one by one!
Step 1: Go to account => Select personal certificate.
Step 2: Create a personal item, select Confirm now.
Step 3: Fill in the necessary personal information including:
- Real name and surname
- Re-enter your full name and real name
- Type of personal document (can choose ID card, passport or driver’s license)
- Enter personal document number: here, enter your ID card number or passport number
- Upload photos of the front and back of the document
Upload a photo of yourself, holding documents in one hand, and a piece of paper in the other that says “Gate.io + account ID”
Next, click “Confirm there are no errors, send”. Once done, you have completed KYC level 1 and after the exchange approves the information, you can trade and withdraw money.
However, to ensure higher safety, Gate floor recommends KYC level 2. Please click “Premium certification” when you have the KYC results for the first time! The operations will be similar to the steps I instructed above.
Instructions for activating 2FA security on Gate floor
Similar to some other exchanges, Gate floor also offers two forms to activate 2FA security: phone link and Google Authenticator link. In this article, I will choose to link with Google Authenticator because this form has many more advantages.
Step 1: Go to account => Select security verification.
Step 2: In the Google Authenticator Link section => Select Link now.
Step 3: Click turn on Google authentication link now.
Note: Please copy and save the key code for backup in case you lose your phone or change to a new phone!
Step 5: Enter the google authentication code and payment password into the box.
Step 6: Click the email verification code => Check your email and enter the code into the box => Click turn on google authentication and you’re done.
Instructions for depositing money to Gate floor
Step 1: At Wallet, select Deposit.
Step 2: Search for the coin you want to deposit => Select the coin’s criteria => Copy the wallet address => Send your child to the Gate wallet.
Instructions for buying and selling coins on Gate exchange
Step 1: In the Trading section, select Coin Trading
Step 2: Select the trading pair => Enter the price and quantity of coins you want to buy or sell => Select buy or sell and you’re done.
Similar to other exchanges, Gate floor’s interface is also quite simple. The left column is the trading pair, the middle of the screen is the price chart, and the right column is the buy and sell orders.
Instructions for withdrawing coins on Gate exchange
Step 1: At the wallet, select withdraw money.
Step 2: Select the type of coin you want to withdraw => Select coin standard => Enter wallet address and address name.
Step 3: Enter the number of coins you want to withdraw => Fill in payment password => Receive email verification code => Enter code => Fill in google authentication code => Click send to withdraw request and you’re done.
Instructions for getting referral referral links on Gate floor
Because Gate floor has a quite attractive commission bonus program where both referrers and participants enjoy this incentive. So, below I will guide you how to get a referral link to introduce to your friends!
Step 1: In the rewards section, select Referral commissions.
Step 2: Gate Floor will provide you with some links as shown below, please copy and send to your friends to receive preferential policies!
Advantages and disadvantages of Gate floor
Advantage
- Strict security factor: Users are required to use 2 passwords including a normal password and a payment password. There are also security features 2FA, KYC, phone number verification,…
- Fast transaction speed: Gate floor has a fairly fast processing speed for coin buying and selling orders, helping to save time for users.
- There are full mobile applications and extensions: Gate Floor develops full applications on both phones with Android & IOS operating systems and on PCs.
- Supports many forms of transactions: Users can choose forms of transactions such as spot trading, margin trading, and IEO token sale.
- Multi-language support: Gate currently supports 15 different languages and Vietnamese is one of them.
- The commission reward is quite preferential: Referrers will receive 30% of participants’ trading fees for 1 year and participants will receive a 10% discount on trading fees in the first year.
Defect
- There is very little information about the floor’s development team: Therefore, it is difficult to evaluate the professional level and experience of the Gate floor’s developers.
- Does not support transactions with Fiat types such as USD or VND.
- The KYC process is quite complicated: Identity verification must go through many steps and the exchange’s information approval process also takes a long time.
- Transaction fees are quite high: Gate’s transaction fee is 0.2%, higher than some other exchanges, such as Binance and KuCoin with only 0.1%.
- No fixed withdrawal limit: Gate offers withdrawal limits for each different cryptocurrency.
- Gate exchange was once hacked: This exchange was hacked when it still took the old domain name, leading to many people still not really trusting the security of the exchange.
Some frequently asked questions about Gate floor
Should I trade on Gate or not?
Although not too friendly for newbies, Gate platform supports Vietnamese and the interface is quite simple so it is quite convenient for users.
In addition, Gate also supports many forms of transactions such as spot trading, margin trading, contracts trading, margin lending, and borrowing. This exchange also has their own IEO sale programs called Startup.
Is Gate floor safe or not? Has the exchange ever been hacked?
In the past, Gate was hacked for the first time in 2015, causing a loss of up to 7,000 BTC while still using the old domain name. The most recent time was in January 2019, the exchange was hit by a 51% hacker attack, resulting in a loss of 40,000 ETC.
This is also the reason why many people are still skeptical about the safety of the exchange despite going through a quite complicated KYC process and activating 2FA security. So, users should probably not deposit all of their assets into exchange wallets.
Has Gate launched its own token yet?
Gatechain Token (GT) is a private token issued by Gate exchange. This is also a newly launched product of the exchange and belongs to the Gate Chain ecosystem. Furthermore, GT is the first token to be opened for IEO sale of the gate.io exchange.
What is the deposit and withdrawal limit on Gate?
Unlike other exchanges, Gate does not set a general withdrawal limit for all coins. Instead, the exchange sets daily withdrawal limits for individual coins. For example, each day, users can only withdraw a maximum of 100 BTC, 3,000 ETH or 30,000 USDT.
Is KYC really necessary?
As I explained above, conducting KYC is mandatory for users to withdraw money on Gate. If you do not do this, your account will be ranked level 0 and will hardly be able to use the floor’s features.
summary
Gate is a cryptocurrency exchange with many convenient features and quite attractive commission rewards for users. Although it is still not comparable to other leading major exchanges, such as Binance, this is probably still one of the options worth experiencing.
