Since the FTX crash, I’m sure you might be wondering what are the safest exchanges out there in the market for trading cryptocurrencies both in the spot and future! Well, let me introduce you to one of the most secure and reliable exchanges in the industry Gate.io.
With its cutting-edge security measures, user-friendly U.I., and commitment to providing live customer support 24/7, Gate.io has become a first choice for many crypto traders across the world. In this article, we’ll do an in-depth overview of Gate.io, starting with What it is, its security and Privacy customer support, and more. So, stay with us and read this article till the end.
Like Binance, Gate.io is becoming more and more popular in Pakistan.
What is Gate.io?
Many Binancians and traders, in general, assume Gate.io is a comparably new cryptocurrency exchange. But that’s not the case because, in fact, Gate.io is one of the oldest crypto exchanges operating from China.
The exchange was initially launched in 2013, naming as Bter.com but was rebranded as Gate.io in 2017. Since then, Gate.io has become the fastest-growing platform, with over 10 million active users.
Gate.io offers not only trading of numerous leading cryptocurrencies in the spot but also does features leverage and margin trading, along with an Initial Exchange Offering (IEO) platform and many other financial services such as margin borrowing or lending similar to Binance and other famous exchanges.
As of now, more than 1300 cryptocurrencies, including Bitcoin, Ethereum, and altcoins are listed on the platform with the biggest selection of cryptocurrency assets with other services such as decentralized finance, research & analytics, wallet services, and more.
Coin-Labs is the official partner of Gate.io. Therefore, if you sign up for Gate.io through the button above, you can receive the highest-rated fee discount (40%) in Pakistan.
Pros and Cons of Gate.io for Pakistanis
All crypto exchanges have their Advantages and disadvantages, just like others Gate.io also do have too. Here are some of the pros and cons of the platform.
Pros👍
Wide Range of Cryptos: Gate.io offers more than 1300 cryptocurrencies to trade on the platform. It includes the top twenty cryptocurrencies by market cap and uncommon coins that are hard to find. This is the main reason experienced investors choose this exchange, as it’s easy to find low-market cap gems.
Advanced trading features: As I explained above, in terms of features, you won’t be disappointed with the exchange. It won’t be wrong if I say it is a feature-rich platform. Apart from traditional coin trading, users can also access futures and leveraged trading, grid trading, and margin trading.
Reasonable trading fees: Gate.io charges a very low trading fee of 0.2%. In case if users hold the native token of the exchange, then these fees will be reduced to almost zero.
Accept about 50 fiat currencies: According to its official website data, Platform works in around 200 countries and accepts about 50 fiat currencies (such as USD, EUR, and more).
Cons👎
No fiat withdrawals: You cannot directly withdraw fiat money. If you want to withdraw your fiat funds, you must move your crypto to another exchange that allows cash withdrawal or use the P2P feature.
Poor English: Gate.io is a Chinese exchange. Due to this, Some parts are still in Chinese, and some English seems not to have been cracked by native speakers. Even terms of service often require a lot of work to understand and read.
Do I need KYC with Gate.io in Pakistan?
Yes, according to the newest platform’s policy, KYC is mandatory for all users.
Hence, every new user must verify their identity and do KYC (Know Your Customer) process before making any transactions on the platform. This process complies with the Counterterrorism Financing Act (CTF) and Anti-Money Laundering Act (AML). According to the documentation of the exchange, it does collect some information to verify the user’s identity manual. The whole KYC process is quite simple and will take less than a day for the confirmation of the identity of the trader.
Keep in mind users can only withdraw their funds only if they comply with all the platform’s regulations and have verified the KYC. However, users are free to deposit before completing the verification process, but it is not advisable. Because, if for some reason, you are unable to complete KYC, then all of the deposited amounts will be frozen.
The platform offers 2 Types of KYC verification one is basic, and the second is Advanced level. Below we have breakdown the advantages of both.
Basic Verification:
Basic verification requires basic details to complete the process, such as you’ll have to provide your I.D. Number (License, passport, National ID, driver’s license), then mention your nationality and Full name.
Users, with basic verification, can withdraw up to 100,000 USDT Per Day. However, there is no limit on Deposits and the size of the trade.
Advanced Verification:
Advanced verification is both I.D. and Facial Recognization that users can complete using the built-in camera of a Mobile/Laptop. There is also a third option of verification which is address verification. By completing that, traders can withdraw up to $8,000,000 US Dollars.
Gate.io Withdrawal Limits according to KYC level
There are no specific limits of withdrawal for Pakistanis. However, the exchange does have withdrawal limits globally, depending upon your KYC level.
| KYC Level | Withdrawal Limit Explained |
|---|---|
| New Customers (Basic Verification) Layer 1 | If you are a new user and have completed only basic verification, then you can withdraw only up to $100,000 a day. |
| Advanced Layer 2 verification | if your account is verified with KYC lever 1. You will be able to withdraw up to $2,000,000 per day. |
| Address Verification | For the KYC lever three verified accounts, the withdrawal limit is up to $8,000,000 daily. |
How to use Gate.io in Pakistan
Whether you are a newbie or an expert trading, using the Platform is quite simple because of its Easy to Navigate U.I. However, to make things a lot easier for beginners, we have a breakdown of each step on how to trade on Gate.io below. So, just follow the step-by-step guide and start trading with ease.
Step1: Sign up
The First step in trading on the Gate.io is to Sign-up. For that reason, go to the official website of Gate.io, and from the top right side, click on the sign-up option. To create an account, you must fill in all the details like your Nationality, Username, Email, and Password. You can also put in a referral I.D. if someone invited you to earn some additional rewards. After filling in all the details correctly, check the User Agreement and Privacy Policy box and click on the Sign Button.
Gate.io Referral Bonus Code 2023
Gate.io Referral Code: 12453076 (Highest Discount in Pakistan 2023)
When you sign up Gate.io using the Bonus code “12453076”, you will get 40% off on every trading fees.
Step2: Verification
The next step is verifying the account; users can verify directly while signing up or mark it as they like. Traders are free to directly deposit funds after signing up, but it is not advisable as you can end up losing if, for some reason, such as region restriction, you are unable to complete KYC.
To verify your account, click on the “Verify” button here and then must upload Identity documents like your I.D. card, passport, or driving license and complete the process as described in the article above in the KYC section. Once all is done, wait for a moment to let the Exchange Support team verify your identity. According to Platform’s estimated verification time mentioned in the official documentation, the KYC process can take up to 12 hours to complete.
Step3: Deposit Funds
Once the verification process is completed, now it’s time to deposit funds before trading. So, In order to deposit funds, log in to your Gate.io account and select the deposit funds option. For deposit, you can use stablecoins like USDT or numerous other cryptocurrencies, whatever you hold on Private wallets such as Metamask, Trust wallet, or any other centralized exchange. For this process, traders are free to use a mobile app or Desktop, whatever they like. So, select the preferred cryptocurrency (Altcoin or token) which you wish to deposit. Now, copy the Deposit Address provided on the Platform or scan with a Q.R. code to easily deposit with just a few clicks.
Once the deposit is completed, bear in mind it won’t directly reflect on your account; rather, it will first go through “Processing” via Blockchain, whatever the coin is using. Once validated on the Blockchain, the amount will then reflect on your Gate.io Account Balance sheet.
Step4: P2P Trading
If you already don’t have any crypto, as you are a beginner, Well, no worries because with the help of the Peer-to-Peer, also known as the P2P feature available in the exchange, you can Purchase USDT and other listed coins using fiat currencies such as USD, GBP, EUR, INR, and many more.
If you are from Pakistan, you can purchase Stablecoins using Pakistani Rupees.
Step5: Spot Trading
Once you have bought cryptocurrency via P2P or deposited it through other exchanges or private wallets, now it’s time to trade it. As mentioned before, hundreds of cryptocurrencies are listed on the exchange. So, select your desired pair, whatever you like, for example, USDT/BTC, ETH/USDT, or XRP/BTC pair.
- After selecting, you will be redirected to the inner page of the specific currency trading. A pair chart along with an order book will appear.
- Here enter the amount of XRP you want to buy with BTC. And the total cost amount user will be needed to buy XRP will be displayed.
Sell
If you already hold XRP or any other cryptocurrency and want to trade it for BTC or stablecoin, then do the same process. First, select the relevant pair. Put the amount you wanted to sell at the specific price and click on Sell to trade.
Keep in mind there are two ways to sell on the exchange. You can sell coins at the market price using the Price condition option or place a limit order. With the help of limit order, you can manually put specific per coin amount you want to sell on. Once the market price matches your selling price, you manually put the order will be filled.
Withdraw
Traders can withdraw their funds from the wallet page where before they used to deposit.
- From the top of the Gate.io page, select the Wallets tab.
- Search the wallet of currency that you want to withdraw.
- Click on the withdraw button.Paste the wallet address and enter your Funds password.
- Click on “Submit a request” to start the withdrawal process.
It will take some time for the Blockchain to confirm the process, and once it is done, as explained before, the balance will reflect on your withdrawal account.
FAQs
Can I use Gate.io in the Pakistan?
Yes, you can use the Gate.io exchange in Pakistan. Now, officially, Gate.io offers to trade for Pakistani users across the country.
Is Gate.io legit in Pakistan?
In the beginning, Pakistan was one of the restricted countries for Trading on the platform. However, now Pakistani users can trade on Gate.io simultaneously. However, some countries still come with restrictions, such as Cuba, Iran, Syria, and more. As far as the question of the trustworthiness of the platform.
Gate.io is considered one of the most safest trading options because of built-in multiple security layers and a 2FA verification system. All of the Gate.io funds are stored in Cold and hot wallets, so accessing them for hackers is comparably harder than other exchanges.How to trade in Gate.io in Pakistan?
After verifying and depositing the required fund in your account, you can directly start trading your digital assets on Gate.io. There are two options for standard and professional trading according to their benefits.
If you are a new user, the standard one is best for trading as it has multiple trading charts, an order entry box, an order profile list, and a trading history. The professional interface is for experienced traders, and they have scope for technical analysis of the crypto market using different tools available on the platform.Who is the founder of Gate.io?
Gate.io was founded in 2013 by Lin Han, who is also the founder and CEO of Gate Labs and currently serves as CEO of the exchange as well.
Where is it located?
Gate.io is a private company based in the Cayman Islands, and its headquarters is in George Town, KY.
Can I buy Safemoon with Gate.io?
Yes, traders are free to buy as many SafeMoon as they want on the Gate.io. According to us, it is one of the best platforms to buy SafeMoon. However, keep in mind the Safemoon token is considered a risky altcoin to trade and is subject to extreme market conditions. Gate.io supports the SafeMoon project and allows users to purchase it directly using the USDT stablecoin.
