What is Gate.io? A comprehensive guide

What is Gate.io? A comprehensive guide

Gate.io is a cryptocurrency exchange platform founded in 2013, which offers a wide range of cryptocurrency services. 

Gate.io was originally founded in China under the name Bter but rebranded in 2018 to Gate.io alongside its global expansion. The platform now offers over 1,400 cryptocurrencies and more than 2,500 trading pairs. Gate.io is a company consisting of GateChain, a blockchain project, and GateToken, the platform's proprietary token.

According to a report by Bloomberg, Gate.io has between $1.6 billion to $1.8 billion in total exchange assets.

In this article, we will be outlining the key features of Gate.io, how it works, the safety features, and also novel features of the platform.

Who founded Gate.io?

Dr. Lin Han, a Chinese scientist, founded Gate.io. The inspiration behind Gate.io was Han’s own experience with Bitcoin. After discovering Bitcoin in the early 2010s, in Bitcoin’s early days, Han fell victim to scammers and lost roughly 100 BTC (which by today’s valuation at the time of writing would be roughly £8 million). 

This experience inspired Han to create his own platform for trading digital assets, and in 2013, Bter.com was launched. Following China’s tightening on crypto in 2017, Han relocated the project to the Cayman Islands to expand the company and appeal to a more international user base. 

Gate.io is a Chinese company, however, the company is not based in China and operates outside of China’s restrictions.

Is Gate.io safe?

Gate.io prides itself on being very safe – likely due to Han’s inception of the platform stemming from his own lack of security. 

According to CER, a cryptocurrency safety review platform, Gate.io has a double AA resting, with a security score of 88%.

Gate.io has a section on its website titled ‘Security Plan’ which outlines all the features that the platform implements to ensure security for its users.

Here are three of the main security features of Gate.io.

Self-developed trading system

Gate.io uses its own trading system, and each module is iterated independently. This means that Gate.io is incredibly difficult to hack, as it uses a unique system that is not used elsewhere. The system is also consistently audited by auditing companies to ensure that they pass security tests.

Third-party cloud security

Gate.io has implemented additional third-party cloud security defence services to make sure that it's protected from malicious traffic and attacks. It also has Captcha installed as additional protection against malware.

Anti-DDOS attack

Gate.io consistently and rigorously improves its anti-DDOS attack mechanism to ensure that it is secure. This is done through four steps: Detection, Response, Defeat and Recording.

User security features of Gate.io

For users of the platform, Gate.io has a multitude of safety features to ensure that users’ digital assets are kept safe.

Cold wallet storage 

As any crypto users will know, cold storage is by far the most preferred method of cryptocurrency storage as it is not held by any central authority – only the user. It means that in the event of a company collapse or a widespread breach, the cryptocurrency held by the user is kept secure. With Gate.io, the vast majority of user funds are stored in offline cold wallets.

Two-factor authentication (2FA)

Users of Gate.io have the option of adding two-factor authentication to their accounts, which means that they will require a second device to access their accounts. This makes it almost impossible for hackers to access the user's account virtually, as they would need both devices. 2FA on Gate.io can be set up with Google Authenticator or Yubico’s YubiKey.

Anti-phishing measures

Gate.io employs anti-phishing codes in the communications of the platform so users can always identify legitimate communications and fraudulent ones trying to steal information.

Withdrawal whitelisting

To make sure that crypto cannot be withdrawn to unknown wallets, users have the option to pre-authorise specific addresses for withdrawals, so only the listed wallets will work for withdrawals. This prevents attackers from being able to steal funds with APP fraud, as it will be impossible even for the user to withdraw to an unknown wallet.

Gate.io restricted countries 

Gate.io is supported in over 180 countries, which it has been allowed to do since its expansion in 2018.

However, Gate.io is currently restricted in several key countries such as the USA, China, France and the UK, as it does not comply with local laws.

Gate.io is currently restricted in:

• Bolivia
• Canada
• China
• Crimea
• Cuba
• Donetsk
• France
• Germany
• Hong Kong
• Iran
• Luhansk
• Malaysia
• Malta
• Myanmar
• Netherlands
• North Korea
• Singapore
• Spain
• Sudan
• Syria
• United Kingdom
• United States
• Uzbekistan
• Venezuela

It is important to note that Gate.io used to be available in the UK, but it is not anymore. Until 6th October 2023, Gate.io was available in the UK, but after regulatory changes, the platform was made unavailable overnight, even with spot trading. This left many users in the UK scrambling to remove all their assets from the platform.

Novel features of Gate.io

Gate.io has several novel features that make it stand out against other crypto platforms, and make it an attractive option for anyone looking for more advanced tools in the crypto space.

ICOs & Startup Token Sales

Gate.io has a proprietary ‘Startup’ program which allows users to take part in new crypto projects and “high-quality blockchain startup projects. It allows new companies to gain traction in the crypto space and also allows beginners to get involved with projects from the start.

NFT Marketplace

Similar to PancakeSwap, Gate.io has an NFT marketplace that allows users to buy, sell, and even create their own NFTs. The platform also includes guides on NFTs and how to invest in them correctly.

Conclusion

Gate.io is a reliable and trustworthy cryptocurrency platform that is currently 12th on CoinMarketCap’s Top Cryptocurrency Spot Exchanges. However, unfortunately, due to regulation clashes, Gate.io is still unavailable in the UK and the US. If Gate.io is accessible in your region, then it is a worthy option.

Remember, this article is not financial advice and you must always do due diligence before signing up to any platform. Crypto is a highly risky, often unregulated investment that can go down as well as up.

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