GateBits

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information & Regulation

GateBits is allegedly a multi-asset broker registered in Australia that claims to provide its clients with various tradable financial instruments with flexible leverage up to 1:400 and floating spreads on the web-based trading platform via six different live account types. Here is the home page of this brokers official site:

As for regulation, it has been verified that GateBits currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.02/10. Please be aware of the risk.

Market Instruments

GateBits advertises that it offers access to a wide range of trading instruments in financial markets, including forex, cryptocurrencies, stocks, commodities and indices.

Account Types

GateBits claims to offer six types of trading accounts, namely Self Managed, Basic, Gold, Platinum, Diamond and Libra, with minimum initial deposit requirements of $250, $5,000, $10,000, $25,000, $50,000 and invitation only. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.

Leverage

The specified leverage for different account types at GateBits varies between 1:100 and 1:400. Clients on the Self Managed account can experience leverage of 1:100, the Basic, Gold, Platinum, Diamond and Libra accounts with a leverage of 1:200, 1:320, 1:350 and 1:400 separately. However, according to the regulations, British and Australian brokers have to limit their clients to 1:30, while US brokers cant provide more than 1:50. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads

All spreads with GateBits are a floating type and scaled with the accounts offered. The Basic, Gold, Platinum and Diamond accounts can enjoy spreads of Basic Spreads, Gold Spreads, Platinum Spreads and Diamond Spreads separately. However, the actual EUR/USD spread is around 3 pips, which is twice the industry standard.

Trading Platform Available

Instead of the world's most advanced and popularly-used MT4 and MT5 platforms, GateBits gives traders a web-based trading platform. Anyway, you had better choose brokers who offer the leading MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors.

Deposit & Withdrawal

GateBits says to accept deposits via Credit Cards (MasterCard, Visa), Wire Transfers, as well as several forms of e-payments ((APM, EFT), and withdrawals with credit cards or wire transfers. The minimum initial deposit requirement is said to be $/€/£250, and the minimum withdrawal amount is $100. There are some quite outrageous withdrawal fees - 1% with a minimum withdrawal fee of $30 and the maximum withdrawal fee of $300.

Bonuses & Fees

GateBits claims to give some bonuses. However, you would have to reach a turnover of 50,000 the bonus amount to withdraw the bonus or profits associated with it. The broker also states that if you try “to withdraw 20% or over of your deposit, the subsequent bonus shall be revoked and any consequential profit” - which means that you might not be even able to withdraw most of your deposits.

This broker also charges an inactivity fee of $99 after just 30 days of no trading activity.

Customer Support

GateBits‘ customer support can be reached by telephone: +61 870713966, email: support@gatebits.com, live chat or send messages online to get in touch. However, this broker doesn’t disclose other more direct contact information like the company address that most transparent brokers offer.

Pros & Cons

Frequently Asked Questions (FAQs)