Gate.io is one of the biggest and most popular cryptocurrency exchanges, boasting the biggest selection of cryptocurrencies for its users to buy and sell. It was founded in 2013 in China by Lin Han and is among the oldest Chinese crypto exchanges. In 2020, Gate.io launched its own token, entitled GateToken.
The key difference between Gate.io and ZenGo is that Gate.io is a Chinese-based centralized exchange that also offers Web3 capabilities, while ZenGo is a non-custodial NFT and crypto wallet that is Web3-ready and which puts a great deal of focus on protecting its users’ investment and empowering them to have control over their digital assets.
Gate.io charges varying withdrawal fees on a coin-by-coin basis. The amount you pay will therefore depend on which kind of crypto you’re attempting to withdraw. You can get more up-to-date info here.
Gate.io has very high withdrawal limits in general; however, as of the end of May 2023, new users are limited to $100,000 USDT for their first withdrawal. Accounts that pass the KYC1 checks can withdraw up to $2 million USDT, while those that pass the KYC2 check have a $5 million limit. You can find more up-to-date information here.
Typically, it can take anywhere from half an hour to a few hours to withdraw cryptocurrencies from Gate.io. However, the precise amount of time for each withdrawal will vary depending on the blockchain used.
There are a few common problems that may arise when withdrawing from Gate.io, especially if you’re not careful. If you enter the wrong amount or the wrong destination address, for example, the withdrawal may go bad. A more serious mistake is if you select an incorrect blockchain network for your money to be sent, which could lead to it being lost forever. That’s why it’s wise to always verify each withdrawal before confirming it. Gate.io may require KYC for withdrawals, which can be problematic for users who prefer to keep their privacy when interacting with centralized crypto platforms.
At the time of writing (May 2023), Gate.io does not currently offer any option for withdrawing fiat currencies. So, if you want to withdraw into fiat, you’ll need to first withdraw your crypto from Gate.io to a separate platform or secure wallet, like ZenGo, and then make a second withdrawal from there into fiat.
