: Exchange Review

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16 min read
Article review author
Laurel Murphy
Article head image
Rating: 3 / 5
Open Account
Easy, with no KYC verification required upfront.
Customisable and versatile with extensive features, though this comes at the cost of navigability. Not for beginners or the faint of heart.
Customer Support
24/7 availability, although wait times can be long.
Multiple hacks with high losses.
Slightly lower than industry standard, but confusing to determine and dependent on platform interaction/token holdings.
Crypto-only, no fiat; KYC required for withdrawal. No deposit fees. Overview

Founded in the fall of 2013, Cayman Islands based (formerly known as BTER) currently ranks among the 20 largest exchanges. With 650+ cryptocurrencies, it also boasts one of the most diverse asset portfolios. While has suffered several major security breaches, it remains a popular choice among traders for its huge stable of altcoins, sophisticated financial services, and robust rewards program.’s strengths lie in its unparalleled selection of altcoins and extensive array of financial services. For users that are looking for sophisticated trading tools coupled with hard-to-find coins, is a dream come true.

Opening an account on is easy, since no KYC verification is required upfront. Don’t be fooled, though; to withdraw funds users must verify their identities, a fact that has caught many unawares.

The interface is cluttered and can be difficult to navigate. However, this is because of the sheer number of features and contest opportunities, something that some users will undoubtedly appreciate.

Customer support is technically available 24/7, but wait times can be long. This is fairly standard for crypto exchanges, and by no means has the worst reputation.

Security on is a major drawback. While the exchange has instituted new security measures such as GateChain, its long history of hacks is enough to make privacy-focused investors wary. also loses points for being a crypto-only exchange; users cannot deposit fiat. However, the sheer diversity of the coins on offer lessens the sting. Other than that, deposit and withdrawal are fairly easy, though enhanced security measures mean that it might take a little longer than usual.

Fees are slightly lower than industry standard, and start at 0.2%. However, users have extensive opportunities to lower fees by holding’s native token, GT, competing in contests, taking part in promotions, and earning points by completing various jobs.

While it is a standout for coin diversity, the excessive security breaches and cluttered interface mean that is not beginner friendly.

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Pros / Cons

Advantages bg
Cons Icon
  • Terrible security track record and lack of transparency
  • Cluttered platform
  • No fiat deposits
Pros Icon
  • IEO Platform, for traders looking to invest in upcoming blockchain projects the minute they hit the market
  • Extensive investment products
  • No deposit fees
  • Diverse selection of altcoins
Open a account


It’s impossible to talk about’s security without mentioning the several times the platform has been hacked. Back in 2015, when the platform was known as BTER, 50m NXT worth around $1.65 million at the time, were stolen after an attack on a hosting server. Just months after that, the exchange’s cold wallets were apparently hacked and 7,170 BTC ( $1.75 million at the time, $260 million now, ouch) were stolen. Setting aside the concern that those cold wallets couldn’t have been very cold, two multimillion-dollar hacks in less than a year is cause for concern.

So BTER changes its name to, and continues on doing business. In 2018, hackers compromised a web analytics site in order to target, intercepting transactions and rerouting cryptocurrency into their own wallets.

in 2019, just a year later, the exchange was targeted with a 51% attack (a classic strategy where a group of miners that control more than 50% of a networks hash rate interrupt the recording of new blocks). 40,000 Ethereum Classic, worth around $200,000 at the time, was taken. does have a bug bounty programme running with industry standard bounties aid out in USDT, in addition to other security measures such as 2FA, login verifications, multiple account passwords, anti-phishing protocols, and blind IP logins.

If your track record is getting hacked so hard you change your name, and then continue to get hacked, it doesn’t look good.’s security failures are a major strike against it, and shouldn’t be overlooked.

Tips for users


Take advantage of’s HODL and Earn program to earn interest on your coins.


Remember, you can’t deposit fiat in If you want to buy some rare altcoins but don’t already own crypto, try buying some at an established exchange like Kraken or Coinbase.

Regulation is headquartered in the Cayman Islands. The exchange complies nominally with KYC and AML legislation, though notably requires identification only when users attempt to withdraw their funds.  While the exchange technically prohibits users from the United States in the User Agreement, is licensed in the United States as an MSB (Money Services Business). Accordingly, they do not provide derivatives services to US users pursuant with the requirements of the Securities Commission.

The exchange has also applied for financial regulatory licenses in Malta, as well as compliance licenses in Singapore and Gibraltar.


Like other exchanges, collects user data. The privacy policy and Section 5.2 of the User Agreement detail the extensive amount of data that gets collected, including personal information provided during the verification process, account and transaction information, geographical and device information, as well as data collected by browser cookies.

In addition to collecting user data, can use personal data for marketing, analysis, and operational purposes. User data can also be shared with third parties and law enforcement, or at the exchange’s discretion. also preserves the right to keep user data in order to fulfill legal obligations.

Users have the right to request that personal data be transferred to another party, and can object to data processing. Users who want to contact the platform with regards to their data can reach out to

Interface + User Experience

Crypto beginners beware: the interface might be bewildering. The exchange is known for having an extensive array of features, assets, games, and financial services and it shows. This is not an exchange for Grandma.

If you’re an experienced trader or just good at puzzling out complicated interfaces, should pose no problem. The interface is versatile and highly customisable, with different exchange views for every financial product. Spot traders can use either a Standard or Professional exchange view. Users can even customize the type of black (which I found delightful) or use bright mode. Overall, the interface is one of’s strengths.

Logging in is easy, with automatic email verification and a captcha puzzle to deter bots. Navigating the exchange is a little difficult thanks to the extensive features and products. There’s also a strong likelihood that users will be confronted with a popup promotion for contests, which can get a little old.

Overall, the main barrier to using is the general lack of trust. With its abysmal rating on TrustPilot, frequent complaints on Reddit, and history of hacks, I don’t know how confident I would feel trading on While the exchange has made security strides with GateChain, it still lags behind industry standard.

Users be warned that in the User Agreement section 4.7, makes it clear may seize your abandoned property if you have not logged into your account on the site for an uninterrupted period of two years. While no one should use exchanges as wallets, this is a great reason not to use to hold large volumes of assets.

How does compare?

When it comes to sheer number of altcoins, is a real standout. Users just won’t find that kind of choice in other major exchanges reviewed at CoinCub. However, you can’t buy crypto with fiat on, so you’ll need to head to another exchange first. Try beginner-friendly Kraken or Coinbase.

In terms of security, definitely lags behind. With several hacks and an ongoing lack of transparency, it’s clear that isn’t the safest place to hold your crypto. If you’re willing to sacrifice choice for safety, look to Kraken or, which both have exemplary security protocols.

Customer Support

With a 1.8 star rating on Trustpilot, it’s clear that customer care is not’s strong point. Most complaints center around difficulty withdrawing funds, long waits to reach customer support reps, locked funds, and a difficult to navigate interface.

It does appear that customer reps are active on Trustpilot, though mostly only to tell disgruntled users to email customer service. There is also a Reddit, but it doesn’t seem like staff are active in answering user complaints.

To reach customer support, you can email them at or reach the help desk @DeskTechGATEio on Telegram. Users can also access a 24/7 live chat on the website, though response times can be very slow.

The exchange currently maintains a help center, where answers to common problems can be found. While not as clear or well-formatted as some other exchange help centers, it is decently set up and generally adequate.

Opening an Account and Trading

Opening an account on is quick, especially since they don’t require KYC upfront. All you need is your email address and a phone. To register, head over to, click the Signup button on the upper right hand corner, and fill in the form to create your account. Users need to create two passwords, so make sure to enter both into your password manager. If you aren’t using a password manager, start.
Users with a verified account enjoy more privileges, and can withdraw funds from the exchange. To verify your account and fulfill KYC requirements:

Log into your account, hover over the avatar icon in the upper right hand corner and select KYC verification from the dropdown.

From there, enter your identifying information, ID document type and number, and upload photos of your ID and you holding your ID.
Officially, verification can take anywhere from 2 to 12 hours, but be prepared to wait longer if there is a large influx of users.
04 also strongly encourages users to set up security verification by adding two-factor authentication, setting up anti-phishing codes, and adding SMS verification.

To deposit money, click on the Wallet dropdown menu and select “Deposit”.
Once on the deposit page, choose the type of coin you wish to deposit. Remember, does not support any type of fiat deposit.

To withdraw funds, choose “Withdraw” from the wallet dropdown menu. You’ll be asked to choose the coin, the amount, and the receiving address.
In order to withdraw funds, you must be KYC verified. As an additional security measure, users must enter their fund password and a one-time email code to prevent fraudulent account usage. Fees operates a 12-tier fee system, with GT holders and people with points enjoying fee discounts. Fees operate on a maker-taker system, with a starting rate of 0.2% per transaction. This is slightly below industry standard, although the plentiful opportunities to earn discounts means that trading on can be significantly cheaper than average, fee-wise.

There are no transaction fees when depositing crypto into, although there is a market-adjusted withdrawal fee. The fee schedule depends on the asset. To avoid unpleasant surprises, check the withdraw tab on the fee page before trading.

News was recently in the news for being one of Forbes’ top picks for crypto exchanges in the UK, coming in just below industry heavy hitters like Binance, Coinbase,, and Gemini. With 600+ coins, Forbes pronounced one of the best exchanges for traders in search of rare and elusive coins.

Joining other platforms, has announced plans to launch NFT Magic Box, a platform for minting and auctioning NFTs.’s investments in the Solana blockchain ecosystem also made the news, with investment arm Gate Labs funding providing projects access to growth opportunities within the Asia-Pacific region.


Which countries can use supports cryptocurrency traders and investors all over the world to the platform with the exception of the following countries:

Bosnia and Herzegovina, Democratic People’s Republic of Korea, Ethiopia, Iran, Iraq, Syria, the Crimean region, Cuba, Uganda, Vanuatu, and Yemen.

Does have a wallet?

Yes, has several custodial wallet options, all of which you can find on the page.

What coins are available on currently offers 650+ coins, which is too many to list here. All major coins are supported.

Is safe?

Every crypto exchange is a target for hackers, and trading crypto carries inherent safety risks. However, has been compromised several times. While they have taken security measures to prevent further breaches, cannot be considered the safest crypto exchange at this time.

What is the minimum deposit for

There is no minimum deposit on, though users should remember that fiat currency is not supported.

How do I access support?

If you want to reach support, try emailing them at Telegram users can reach the help desk @DeskTechGATEio. Users can also access a 24/7 live chat on the website.

Users also have access to help center, where answers to common problems can be found.

Are USA / Canadian / Japanese users supported on

As of now, American, Canadian, and Japanese users are supported on However, they may not be able to access services such as lending, margin trading, perpetual contract trading, and some coins.

Supported Countries supports cryptocurrency traders and investors all over the world to the platform with the exception of the following countries:

Bosnia and Herzegovina, Democratic People’s Republic of Korea, Ethiopia, Iran, Iraq, Syria, the Crimean region, Cuba, Uganda, Vanuatu, Yemen, Japan, Canada and the United States of America.’s Services

Gate Token

In 2020 joined several other exchanges and minted its own token, GT. As the native token of the Gatechain mainnet, GT can be used to secure lower fees, attain VIP status, and participate in owner-only activities.

Altcoins galore

If there’s one reason to use, it’s the incredibly extensive selection of altcoins, with 650+ on offer. If there’s a coin you’re looking for, it’s probably on

Financial products

On, users have access to extensive financial services, including spot, futures, and margin trading. Traders can also avail of the Perpetual Contract. Unlike traditional futures contracts, perpetual contracts have no settlement date, using a peer-to-peer exchange mechanism to match its price to the underlying Index Price.

At the time of writing, the maximum amount of leverage is 10x, which is low compared to other exchanges.

Gate Labs + Gate Launchpad has launched a suite of features aimed at supporting startups and cryptocurrencies just as they get established.

Gate Launchpad is a platform for investors to gain access to IEOs, or Initial Exchange Offerings. IEOs have outstripped ICOs (initial coin offerings) due to the higher perceived level of due diligence. Traders can invest in promising blockchain projects, and projects have built-in publicity.

Early in 2021, launched incubator Labs, an initiative aimed at supporting early-stage startups with resources, support, and seed funding. Rewards offers users plenty of opportunities to gain points which can be exchanged for lower fees. In order to earn points, users can complete different kinds of jobs, with 1 USDT trading fee deduction for every point earned.

Jobs are split up into tiers, with tasks catalogued as novice level, experienced, trading volume, and growth. Users can also earn points by inviting friends. It’s a brilliant strategy by to get users to stick with the platform. App

Users who want to trade on the go can use the app, available on Android and iOS. With a 2.5 star rating on the App Store, it’s not the most highly reviewed app, but it does work. 


Users can take advantage of’s free wallet service, To use the wallet, click the Wallet tab on the upper right hand corner of the app after logging in.

Since uses cold storage as well as a hot wallet, a user’s sending address will not be the same as their deposit address. also offers for business, an enterprise grade custodial wallet that provides 100% collateral. wallet services do support dApps (decentralized applications), as well as major crypto assets BTC, ETH, EOS, BCH, BCHSV, Tezos, Tron, ATOM, AE. It also provides free EOS CPU power renting service.

Users should remember that is a custodial wallet, so any funds held within are controlled by the exchange, not by the user. Not your keys, not your coins.


GateChain is’s public blockchain designed for onchain asset safety and decentralized trading. GateChain’s base currency is USDG, though users can collateralise GT and “high-quality blockchain  tokens” to produce USDG.

GateChain is suitable for DEX (decentralised exchanges), with an impressive 2000+ transactions per second and 4 second block confirmation. GateChain’s other DeFi infrastructure highlights include decentralized lending, liquidity mining, a decentralized governance mechanism, cross-chain integration, as well as decentralized Oracle and KYC.


New to crypto? Here’s our guide!

FAQ Image #1 01 Why Bitcoin? It seems like the buzz around Bitcoin just keeps growing. Bitcoin is a constantly evolving technology with a passionate community. What is it about the digital asset that makes it such a controversial topic and attractive investment?
FAQ Image #2 02 How to Get Started with Bitcoin It can be difficult to get past the technical jargon surrounding bitcoin (BTC) and other cryptocurrencies in order to figure out how you can buy and store them. Beginners can purchase Bitcoin, for example, on many exchanges using fiat currency like U.S. Dollar, Euro or British Pound.
FAQ Image #3 03 Blockchains 101 Blockchains are a type of database where data is stored in blocks that are chained together. As new data comes in, it is entered into a block, which is then chained to the previous block. The Bitcoin blockchain serves as a ledger that records every Bitcoin transaction in history.
FAQ Image #4 04 Bitcoin in the Real World Ok - you’ve found an exchange, bought your Bitcoin, and stored it safely. What’s next? By now you can buy just about anything with Bitcoin if you try hard enough, from Amazon gift cards to an old master painting. You can also convert your BTC to fiat with ATMs, an exchange, and more.