Gatecoin – a cryptocurrency exchange available for all.
Gatecoin exchange review
Crypto traders who look for the services of spot trading, can apply to Gatecoin based in Hong Kong. The exchange was founded by the company Gatecoin Limited in 2013. In 2017, the company signed the agreement with Coindash, which joined the partnership with Gatecoin ICO.
Apart from BTC, the exchange also offers Bitcoin Cash, Ether. As for the fiats, Gatecoin currency list includes USD, HKD and Euro.
Gatecoin currency list is short but it has two biggest tokens, which are in high demand among cryptocurrency users. There are a lot of venues of this kind that do not widen the assortment but specialize on most prominent and, consequently, profitable coins, such as Koinim. Other cryptocurrency sites choose different marketing policy trying to add more virtual coins. If the list of cyprocurrency pairs offered to you is not enough, it is recommended to apply to xBTCor SouthXchange with big diversity of digital coins. There are a lot of crypto exchanges online so each person has the opportunity to find the best offer.
It should be noted that users can find just spot trading on the site of Gatecoin. Most crypto exchanges offer the same service. You should find other sites when leveraged trading is needed.
Security and verification
Customers became more cautious nowadays. Some of them lost funds at Vircurex due to freezing of assets. Others lost favorite cryptovenue such as Abucoins, closed by Polish government. Despite these unfavorable events, the customers are more subjected to risks of hackers’ attacks. But not in the case with Gatecoin, which thoroughly cares about its security, especially after cyberattack in May when amount of losses exceeded 2 million dollars.
The exchange has introduced standard methods of protection such as:
Two factor verification;
Assets kept in cold storage;
Segregation of assets in different online wallets.
The last point was introduced to be able to withdraw funds easily. Though serious security measures are followed strictly, it is still advised not to store big amounts on the account. It is safer to keep funds in own wallets.
Gatecoin verification is necessary for security reasons. The venue is rather strict concerning this issue. Those who want to trade should deliver necessary documents – ID and proof of address, in particular. There are different levels of verification on the exchange. The level of verification determines the amount of money you are allowed to withdraw. The customer who passed the first verification level is not able to withdraw more than 50,000 dollars. One should have verification of a higher level to be able to withdraw more money.
American users are also accepted at the service though users from certain states are served with a range of conditions that are specified on the site.
OTC trading of coins is also available on Gatecoin. It is important to agree upon it with managers of the company.
Deposits and withdrawals
Those who need to deposit funds, use bank transfer. Here are some facts to remember connected with this issue:
1. The fee of transfer depends upon the address of the sender. Domestic bank transfer is less expensive than international one. Depositing euro, the user does not pay to the service. However, later fee is charged for withdrawal of euros:
a. SEPA charges 5 euros + 0.5% of the sum
b. Foreign customers face the limit of 50 Euro per single transfer
2. If customer needs to deposit American dollars, then he will have to pay 7 dollars no matter what the amount is transferred. If you withdraw money, the fee varies as the bank of the user determines the fee.
3. When depositing Hong Kong dollars, the fee is 50 HKD. Withdrawal fee varies depending upon the customer’s bank.
4. It is important to remember about additional fees charged for transfers at different banks.
The huge drawback of the exchange is lack of opportunity to deposit funds with banking card.
Why choose Gatecoin
It may seem that Gatecoin is far from being a unique platform. The services it offers can be found at other places as well. At this it is important to remember that it was the first marketplace, which added Ether in 2015 thus contributing to popularity of new coin.
The customers like convenience of use and functionality. The account holder is able to see the orders for sale and purchase, an order book and a trading history. Advanced traders highly appreciated the trading tools along with basic indicators offered there.
There is a FAQ section on the site. If something is not clear you can always contact Gatecoin support via social media.
The developers have come up with Gatecoin API you can find on the site. You can test it and have a look at implementation examples on Github.
Gatecoin – a cryptocurrency exchange available for all. ❋ ✩ ✮ -
average rating 5 from 5
(based on 147 user reviews)