When looking for a new cryptocurrency exchange, the first question you are likely to ask is, “Is it safe?” First, it’s essential to understand an exchange’s history and what it offers in terms of asset security and safety. Exercising caution is vital in keeping your funds safe, with fraudulent crypto scams on the incline. Over $1 billion worth of cryptocurrency has been stolen since January 2021, and it’s paramount to conduct your due diligence.
Gate.io is a leader in the digital asset exchange industry. With nine years in operation, the exchange has grown to serve millions of users worldwide, with one of the largest selections of cryptocurrencies and features. The platform prides itself on top-tier security and safety. Although you may see the exchange rank among the top on several reputable exchange ranking websites, you may still be cautious about trying a new platform. So, in this article, we’ll explore everything Gate.io has to offer in securing user funds.
About Gate.io
Gate.io, founded in 2013, is a veteran cryptocurrency exchange that offers the widest selection of cryptocurrencies among the top exchanges. The platform was ranked by Forbes Advisor as the best cryptocurrency exchange of 2021 and continues to maintain high rankings on CoinGecko and CoinMarketCap, based on metrics such as volume, transparency, and security.
In its earlier years, Gate.io was mainly focused on the Asia market, where it gained an excellent reputation with its users. However, as the platform expanded, it became a global cryptocurrency platform, offering services to millions of trusted users worldwide, bringing its reputation along with it. As a result, during past market peaks, Gate.io’s daily volume exceeded $10 billion, making it the second-largest exchange by daily trading volume at times.
Many users have cemented themselves on the platform due to the accessibility of new and promising crypto projects and its long track record of trusted service. Moreover, Gate.io presents an enormous selection of assets, a broad array of advanced trading tools, and support for Web3 technologies such as DeFi, NFTs, GameFi, and more. So, this begs the question:-
Is Gate.io Safe?
Before putting your trust in a platform such as Gate.io, you should understand all the steps the platform will take to protect you from hacks and security breaches. Understanding a platform’s level of security is especially important for new traders unfamiliar with crypto. Many unreliable and malicious actors are floating around, and interacting with the wrong platform could put you at risk. So let’s explore the lengths Gate.io will go to secure user funds.
How Gate.io Protects User Funds?
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Gate.io has implemented a comprehensive multi-layered security infrastructure to protect its users. This includes active and passive security features for logins and authentication, user asset management, platform security, company operations, software development, and enterprise asset storage.
Account & Asset Protection
One of the first layers of protecting users is account security. Every user account on Gate.io is protected by multi-factor authentication made available through SMS, Google OTP, Email, and optional hardware authentication through Ukey/YubiKey support. Users can utilize all of these options to maximize the safety of their accounts. Furthermore, security logs and suspicious activity monitoring add additional security behind the scenes.
In terms of user transaction and fund security within an account, Gate.io users are protected by features such as withdrawal whitelists and asset passwords. Also, to prevent malicious scam emails, phishing codes are utilized for users to distinguish between fake and genuine emails.
Platform & Asset Storage Security
The security of the Gate.io platform and user asset storage is complex for good reasons. First, all of Gate.io’s online services run on security infrastructure specifically designed to prevent exploits from all angles. This infrastructure includes cloud security defense for malicious traffic, attacks, and malware; encrypted data transmitted via Transport Security Layer; anti-DDoS measures; resilient DNS security; and web application firewalls to protect from intrusions, data tampering, and vulnerabilities.
Exploring the security of asset storage, Gate.io utilizes both online and offline storage and security methods to ensure user assets are safe. These methods include cold and hot wallets protected by various physical and encrypted security measures backed by emergency response plans. As a result, Gate.io’s asset storage has never been compromised as of June 2022.
What Is Gate.io’s Approach to Compliance and Regulation?
To keep up with regulations and compliance, Gate.io actively works with its global compliance teams and advisors to ensure the exchange meets all the legal requirements in its supported regions. Additionally, Gate.io was among the first exchanges to provide its users with verification that it holds 100% of user funds, receiving a third-party audit from Armanino LLP. This is critical when insolvencies and collapses happen to major entities like Terra and Celcius.
Has Gate.io Ever Been Hacked?
With nine years of history, you may expect Gate.io to have at least one incident of compromised user funds. Still, unlike many other exchanges, Gate.io has never had a significant breach. Although there was one incident in 2018 where a third-party service on the platform was exploited, this did not result in a major breach of user funds. The exchange stated that user assets on the platform were not lost, and its technical team took quick action as soon as the risk was detected, isolating and removing third-party services from its platform.
Taking on Responsibility for Users
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Furthermore, Gate.io has taken a proactive approach to support users affected by cryptocurrency hacks outside their platform. For example, in April 2021, Gate.io refunded over $2 million to victims of a hack on the PAID Network. This hack occurred on the PAID Network after its developer’s private keys were compromised, allowing hackers to modify the smart contract. This hack was not associated with the Gate.io platform. However, the company still responded to the incident and took it upon itself to reimburse victims that held PAID within the Gate.io platform.
Gate.io has demonstrated nine years of safe service to its users, supported by its comprehensive security measures. It’s easy to understand why Gate.io is among the leading cryptocurrency exchanges trusted by millions. The platform has demonstrated that it takes security very seriously and is willing to support its users in any way possible to provide them peace of mind in their cryptocurrency endeavors.
