Gatecoin – Regulated Bitcoin & Ethereum Cryptocurrency Exchange?
What is Gatecoin?
Gatecoin is a Hong Kong-based cryptocurrency exchange founded in July 2013 by a former investment banker. Gatecoin first made headlines for being the first exchange to list ETH back in August 2015. Ever since, Gatecoin has been known for listing Ethereum tokens associated with decentralized applications built on the Ethereum blockchain.
Gatecoin was also the first bitcoin exchange to offer segregated client bank accounts in Europe. And, it was one of the first cryptocurrency exchanges to be listed as a regulated Money Service Operator in Hong Kong. To be a Money Service Operator, Gatecoin needs to hold customer funds in separate bank accounts from the company’s own funds. In the case of a disastrous financial event where the company’s funds are drained, a Money Service Operator like Gatecoin can still give money to clients.
Today, you can find Gatecoin’s cryptocurrency exchange online at Gatecoin.com. As of July 2017, Gatecoin was sitting at the number 48 spot in terms of 24 hour trading volume among all cryptocurrency exchanges and all cryptocurrencies.
Some of the most popular Gatecoin pairs include ETH/EUR, BTC/HKD, ETH/BTC, and BTC/USD.
Here are some of the features that distinguish Gatecoin from other cryptocurrency exchanges:
Gatecoin uses a market maker rebate program to ensure high liquidity on its exchange. The platform also has an instant buy/sell feature that lets you easily and instantly swap between currencies.
Compliant and Transparent:
Gatecoin claims to be a role model in terms of compliance standards. The exchange is regulated in Hong Kong, and its KYC and AML processes are backed by an independent compliance solutions provider.
Like all exchanges, Gatecoin promises to be highly secure. The company’s exchange system is decentralized, modular, scalable, and secure. They apply bank-grade security procedures like reconciliation processes. As mentioned above, Gatecoin also maintains segregated client accounts and keeps customer funds separate from company funds – a legal requirement as part of being a registered Money Service Operator in Hong Kong.
Advanced Trading Tools:
Gatecoin promises to provide cutting-edge, low-latency trading across its platform.
Easy and Efficient:
Gatecoin easily lets you buy and sell bitcoin, Ether, and other blockchain assets. Major fiat currencies accepted by the platform include the USD, EUR, HKD, and CNY. The exchange also offers live data streaming, a fully documented REST API, and a dedicated support team.
Smart and Mobile-Optimized Interface:
Gatecoin lets you trade using your tablet or smartphone with ease. Gatecoin strives to provide an intuitive trading experience, and constantly works on improving its online platform to make it more interactive and efficient for users.
Compliant International Trading:
Gatecoin has partnered with financial institutions around the world, letting you transfer funds quickly and at low cost.
Trades under 50 BTC are assed a maker fee of 0.25% and a taker fee of 0.35%. Like most exchanges, Gatecoin has a sliding fee scale ranging from 100 to 20,000 in volume in each rolling 31 day period. The highest-volume traders pay a maker fee of 0.02% and a taker fee of 0.1%.
Money transfers, on the other hand, vary depending on the type:
- SEPA Transfers (EUR): Free to deposit, 1 EUR to withdraw
- International Transfers (EUR): 10 EUR, withdrawal fee depends on bank
- Hong Kong Transfer (USD): 10 USD, withdrawal fee depends on bank
- International Transfer (USD): 7 USD, withdrawal fee depends on bank
- Hong Kong Transfer (HKD): 50 HKD, withdrawal fee depends on bank
- International Transfer (HKD): 50 HKD, withdrawal fee depends on bank
Gatecoin Verification Requirements
Gatecoin will only accept transfers to and from bank accounts that have the same name as the one attached to your Gatecoin account.
Gatecoin has three levels of verification, including Tier 0 (Not Verified), Tier 1 (Verified), and Tier 2 (Certified). The higher your verification level is, the more actions you can perform.
Tier 0 (Unverified)
Tier 0 accounts are not verified. You cannot deposit or withdraw cryptocurrencies or fiat currencies from an unverified account. To reach tier 0, you need to register and validate your email.
Tier 1 (Verified)
Tier 1 accounts are allowed to deposit and withdraw an unlimited amount of cryptocurrency. However, they’re restricted to a maximum of $50,000 USD worth of fiat currency deposits and withdrawals. To reach Tier 1, you need to upload proof of ID, upload proof of residence status, and answer a questionnaire about the source of your funds.
Tier 2 (Certified)
Tier 2 is the highest level of verification with Gatecoin. Certified accounts can make an unlimited amount of deposits and withdrawals in cryptocurrencies and fiat currencies. To reach Certified status, you need to provide a true copy of your ID (hardcopy), a certified true copy of your proof of residence (hardcopy), and a signed source of funds questionnaire. You need to mail these documents to Gatecoin’s physical address in Hong Kong (or make an appointment and visit their office in-person). You also need to schedule a Skype call or in-person verification with a Gatecoin compliance officer.
The Gatecoin Limited address is:
1804 Lucky Centre
165 Wan Chai Road, Hong Kong
The verification process is clearly explained from your account screen. You can email scans of your documents to [email protected] Alternatively, Gatecoin lets you visit the company in-person (say, if you want your account to be approved as quickly as possible) by walking into their Hong Kong office.
Gatecoin is a Hong Kong-based bitcoin exchange founded in July 2013. The exchange is regulated and registered as a Money Service Operator, which gives consumers an additional level of protection against lost funds (the exchange segregates customer funds from company funds for additional protection).
Ultimately, Gatecoin typically sits in the 40 to 50 range among the most popular cryptocurrency exchanges in the world. Gatecoin is particularly popular with traders holding Hong Kong Dollars (HKD), and traders can access good liquidity on HKD/ETH and HKD/BTC pairs.