Gate.io exchange is not recommended for a new trader
Writing from my own experience with gate.io and why I will not recommend gate.io exchange to anyone who would like to do the trading for the first time in her/his life. I have nothing against gate.io and this is purely writing from personal experience of using the exchange and my personal point of view and my opinion. I had tried a couple of the services provided by gate.io and I'm going to write just that.
This is how www.gate.io exchange interface looks like when you first go to the website
Gate.io have their own application to download from the App Store and Google Play Store. Let start with how to sign up to why I don't recommend to a new trader, but for a seasonal trader yes I think gate.io will be okay for you because you know the term and how to navigate better on the site due to the experience you accumulated from trading.
The sign up page
Here is where you sign up for an account to start trading at gate.io. The fund password is important for second layer protection, every time you execute for trade or close a trade after an hour, it will ask for your fund password. After you had filled up all the signup column, you can't start trading yet. You need to complete their KYC with your identification ID or your driving license and follow the instruction. After that, you need to wait for your KYC to be verified then only you can start trading. At this point, you can only deposit your cryptocurrency to the account.
Market: where the traditional trading happen
There are many wallets for different services, this is extremely IMPORTANT
Why it's important? because it took me a few days to figure this out. I tried googling about it but couldn't get a straight forward answer. At first, when you deposit your fund into gate.io, the fund will go to Exchange Account which will act as your main wallet. If you would like to trade at Margin Account, you need to transfer fund from your Exchange Account to your Margin Account. Each of the wallets is an independent wallet from each other, therefore, if you don't want to trade at Margin Account, you need to transfer your Margin Account fund to Exchange Account.
Contract Account Wallet
Each of the wallets tab you will see deposit & withdraw or transfer but there is 1 wallet that does not have this button which is Contract Account so how do you withdraw the fund to Exchange Account? I will show you how so that if you ever want to trade at gate.io, at least you know where to withdraw your fund.
Look at the red rectangle box
- You click Fund Transfer
This is where confusing because gate.io is using a different term to represent the wallet
- Spot Account mean Exchange Account
- Future Account mean Contract Account
Remember each of the wallets is standalone, so if you have any fund that was transferred in to initial trade, then you will need to transfer out if you're no longer want to trade. Therefore, this is my very opinion why it is not recommended for a new trader to use gate.io. The UI/UX is not really friendly, it is not easy to navigate too.
Margin Trading
Margin trading, am still learning about it. That how the interface looks like at gate.io.
Perpetual contract
Before you initiate your perpetual contract, you can try at the Testnet in order to have the experience and an understanding of the perpetual contract.
Disclaimer: Please trade with conscious! this is just my personal opinion about why it is not suitable for a new trader.
Have you ever tried using Kucoin. I find it quite an easy exchange to use. It has a mobile app as well which is really useful for traders on the go :)
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Hey @culgin, not yet. I haven't try kucoin yet. Thanks for the recommendation, am going to check it out.
Kucoin is good. The best thing would be the fact that they offer more interesting pairs than binance, for example. Take a look at the GAS/NEO pair on Kucoin. I’ve made very good profits with it. Tip: the GAS price paid using NEO, has never been so cheap.
Keep in mind that NEO and GAS are from the same company, so exchanging between “friends” not only could be safer but make everything easier to deal with.
Also, my second favorite pair on Kucoin is XMR/ETH. Just keep looking at other charts on other exchanges so you don’t fall into a wrong price.
The biggest trick of Kucoin, in my humble opinion, would be the low volume on the pairs I’ve mentioned. This allows you to earn from the scarcity of coins on the exchange, not having to worry that much about the direction of USD charts, because you will be accumulating CRYPTO only. Have a nice day fellas! I love steemit and being a steemian :)
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I am astounded that people do this of all things with crypto, haha. I certainly don't have the stomach for it. My goodness @joannewong if you can do this on a habitual basis my hat is off to you. I prefer the "Junior Edition" of just following coin values and trading those, and even that is hard enough for me. Best of luck, bring some of those massive profits back with you over here to the simpleton steem based economy would you? Lol, nice post thanks for laying this out in excellent detail.
Hey @cryptkeeper17, thank you for commenting on my post😄 😄. I'm curious about trading for quite some time and thinking to myself, if I didn't try it now then when do I need to try to get some experience? It is just my opinion, I think trading in cryptocurrency is way better than trading at stock. Never try never know right? Thank you for the compliment though, am still learning to write a long post that bring some value to the community 😃
You are 100% on trading crypto. The only thing hanging over the heads of all them is some international (or large block of nations) outlawing it, or regulating it into obscurity after making us jump through countless hoops. Other than that I couldn't agree more. I used to follow the DOW here hourly wondering what was going on. Now I spend that time on coinmarketcap and get watch all the craziness there.
I agree 100% with you. Have you try @coingecko? Similar to Coinmarketcap, they're number 2 and the best thing is @coingecko have an account in steem communicating with steemians and did invest in steem blockchain too.
I have not up to this point but have now! Thanks for the heads will definitely check it out in the future, thanks a bunch!
Your welcome @cryptkeeper17, since we are in cryptocurrency topic. Now seem like a shopping time 😁
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When you transfer funds between spot and futures accounts, is it done internally within the exchange or do you have to pay networm fee?
How about deposits and withdrawal to your own wallet? Are they easy and do they have minimum withdrawal limit?
I can see why they separate spot and futures accounts, what I want to know is will they also liquidate user spot account if they get rekt with their futures account?
Posted using Partiko Android
Great post but Gate.io is good exchange https://9blz.com/gate-io-review/