Gatecoin Review
4 stars - "Gatecoin Review" Gatecoin Review
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Gatecoin Review

Written on: May 3th, 2016 | Author: David M

wire  sepa

wire  interac

USD  EUR  HKD

BitCoin  ethereum  rep

Important info
  • Trading Fees :  0.02-0.35%
  • Order types:  Market, Limit, Stops
  • venture capital:  unknown
  • Office location :  Hong Kong
  • Mobile:   Responsively Designed
  • Email This email address is being protected from spambots. You need JavaScript enabled to view it.
  • US Customers Accepted? :  Yes
  • Institutional Accounts? :  Yes
Pros and cons
  • Excellent place for Ethereum trading, as well as Ethereum derived tokens.
  • segregated client accounts
  • Solid spot for euro trading; second to none for HKD.
  • They put the K in KYC.
  • While in the top 10, USD liquidity is a bit low comparatively.

UPDATE: Gatecoin has been hacked and more than $2 million taken.  They are currently raising funds to compensate lost client funds.  Good luck to Gatecoin, this is obviously a big disappointment.  

HP

EXCLUSIVE: $10 free when you make your first deposit!

Summary

Gatecoin is a regulated exchange based in Hong Kong utilizing an international banking network to facilitate relatively quick and cheap depositing for international clients. While USD bitcoin traders, particularly those in the states, might find more convenience and liquidity at other exchanges, Ethereum trading is solid. For euro holders, gatecoin is second only to Kraken in both bitcoin and ethereum liquidity, and for Hong Kong residents this is THE place to trade. Couple all this with segregated client accounts in both fiat and crypto, and gatecoin proves itself an excellent choice for trading.

Security

All fiat accounts segregated and held with major financial institutions. Ditto cryptocurrency accounts, which are maintained in segregated wallets most of which are kept in multisig cold storage. Regular audits ensure cryptocurrencies balances add up, and the results are published.

Two factor verification is offered via google authenticator or by direct SMS.

Gravitas

GateCoin is registered in Hong Kong as a Money Service Operator, which is quite demonstrative of their seriousness in the market. CEO Aurelien Menant is an extremely visible and respected member of the Hong Kong bitcoin community, where he co-founded the Bitcoin Association of Hong Kong. Gatecoin is apparently working with local banks to facilitate quicker and cheaper remittance payments using bitcoin as a solution. Gatecoin has set up a multi-country banking network meant to quicken and cheapen international wires - also used to speed up and cheapen their clients wire transfers - and segregates customer cash and bitcoin deposits which is the subject of monthly third-party audits. They are also the driving force behind the lovely bitcoin startup bitcharities, which allows for charitable giving via bitcoin to a number of worthy causes, without payment processing deductions.

All this is to say, GateCoin is a serious and respected exchange that customers may utilize with confidence.

Opening an Account

Plug in your email and password from the homepage, write down your generated userID, and get started on the mandatory 5-step verification process.

  1. Step 1: Name and nationality
  2. Step 2: Contact details - phone, address, country of residence
  3. Step 3: Verify email. You should have received by now a welcome email that includes a verification link. Click that, plug in referral code "bitreview" for XXX, and hit save.
  4. Step 4: Proof of ID and address: You'll need to pull out your camera and take a snapshot of your driver's license or passport, as well as a bill, paycheck, bank statement or some other official form which depicts your address, and is dated within the last three months.

These steps are required for verification, which allows for unlimited crypto deposit and withdrawal, as well as $10,000 in accumulative deposits and withdrawals. For unlimited fiat deposit and withdrawal, certified copies of your ID and residence proofs - meaning notarized by a lawyer - must be sent via snail mail to the Gate Coin offices in Hong Kong.

To many, this will be prohibitive, limiting any substantial trading to cross-crypto pairs. However, for those willing to jump through these KYC hoops, they'll be rewarded with use of an excellent exchange. For institutional accounts, the additional information may be found here.

Once verification is sorted, you'll be offered the below payment options with associated fees. Please note - GateCoin has an international network of accounts to facilitate local-esque depositing in multiple locations. This allows for very cheap wiring relatively speaking. Please ensure the intermediary Bank info is included in orders.

Payment Type Location Currency Amount Deposit Withdrawal
SEPA EU euro Any Free €4
Wire International euro/usd <60,000 0.1 (max €30)  0.125 (max €30)
Wire International euro/usd >60,000 0.1 (max €30) 0.05 (max €100)
Local Wire Hong Kong HKD Any 0-100 HKD 0-100 HKD

 Software

dash

After login you'll find yourself on the dashboard, which shows balances in your digital and fiat currency balances and a summary of all recent transfers. Navigate to "Trade" located on the left sidebar to get started, assuming you've made your deposit or crypto transfer.

trade-page

The trade slip offers limit or market orders with stop loss or take profits, triggered or trailing. Users may toggle through the available markets - bitcoin, ethereum, Augur REP, and DIGIXDao trading against USD, EUR or HKD. And that is most likely why you are here, as Gatecoin leads the market in REP and Digix volume, and is second only to Poloniex in Ethereum turnover - without the massive dogginess that Poloniex brings. And actually Gatecoin holds its own in the bitcoin market as well, offering the second most btc/eur liquidity behind Kraken, with USD liquidity top 10 overall. And of course, their HKD book is the only game in town, with over $1m in volume daily.

There are some nice bits and bobs under the market data tab, including charting tools from tradingview, a "cross rate matrix" showing the latest prices against one another of all the currencies supported by the platform, a periodically updated section with news and commentary from gatecoin, and some bitcoin network stats.

Fees

Volume* Maker % Taker %
50 0.25 0.35
100 0.20 0.30
200 0.15 0.25
500 0.12 0.20
1300 0.10 0.16
2600 0.08 0.14
5200 0.06 0.13
13000 0.05 0.12
20000 0.04 0.11
20001+ 0.02 0.10

*Rate based on rolling 31 days

Mobile

The product is responsively designed, but as yet no apps have been developed.

Bottom Line

Gatecoin is a very good bitcoin exchange, particularly for those trading in HKD or euro traders looking to buy Ethereum. 

Use this link, deposit, and get $10 free!

Bitcoin Price (USD): 853.48