Gate.io Exchange Review (Crypto Exchange Review + Fees + Coin List)

Gate.io is a cryptocurrency exchange based in Grand Cayman and launched in 2013. Gate.io is one of the top 10 crypto exchanges in the world by volume. Today, Gate.io serves over 80M worldwide users, has over $12B in daily trading volume, and serves users in over 224 countries.

The exchange requires KYC (Know Your Customer) identity verification or document protocols to be completed for use of the exchange. US users may use the exchange but services may be more limited, such as access to lending, margin trading, perpetual contract trading, and the trading of some other coins.

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History of Gate.io

Gate.io was launched in April 2013 but launched its first international version in October 2017. Its Wallet.io product was listed in August 2018, but its public GateChain blockchain was not established until late 2020. In 2021, Gate.io users exceeded 8 million, and the NFT box released its first NFT.

While it was originally based in China when it was founded, the platform moved to the Cayman Islands due to increasing regulation of the cryptocurrency market in China. Gate.io suffered a hack of 7000 BTC once in 2015 but was ranked the second most secure exchange in the world in 2019.

The company has 158 employees as of March 2022 and its CEO Lin Han originally founded the exchange under the name Bter.com. Today, Gate.io is known for its leading IEO (initial exchange offering) platform and other advanced financial services. Gate.io also has a ventures arm and a startup incubator arm known as Gate.io Labs today.

Gate.io is best for:

All types of cryptocurrency spot investors and even margin traders who desire access to crypto instruments and advanced crypto financial services on a top-tier exchange, along with a core offering of a handful of major crypto coins with high volume and liquidity.
Traders and investors who desire a variable, volume-based and tiered fee schedule that is competitive in its rates plus a strong IEO platform

PROS

Extensive suite of products
Large crypto ecosystem
Most extensive coin offering on the global market
Multiple purchase options
Data tracker built-in
P2P transactions
Liquidity mining
Copy Trading interface
Advanced charting
Advanced order types
Standard and pro interface options
Mobile and desktop friendly
Institutional services
Native token with discounts
Grants program

CONS

Sometimes poor English
Lack of regulatory clarity for US users
Not very user friendly
More suited for advanced users
High deposit feeds
No fiat withdrawals
KYC required

Pros & Unique Features

The best features of Gate.io are its extensive suite of products: spot trading, leveraged trading, leveraged ETFs, futures trading, quantitative trading, secured loans on crypto assets, as well as the ability to earn interest in crypto.

Besides this suite of products, Gate.io also offers an extensive ecosystem of crypto related services including a public blockchain called GateChain. These ecosystems include GateToken, Gate.io Ventures, Block.info, HipoDeFi, Wallet.io, NFT Magic Box with its range of NFT offerings and associated services, and Gate Labs.

As far as its crypto offerings, the exchange offers over 1300 coins and 2500 pairs, which is the most extensive offering on the global market. Users can buy crypto with a credit card or with bank transfer. Gate.io also offers a data tracker for users with futures aggregation data of liquidations, contract positions, and more.

Besides spot trading, the exchange also offers peer-to-peer push transactions, and flash swaps to swap one currency to another in one click. As far as crypto financial services go, the liquidity mining portal is where users can earn income from fees by providing liquidity. There are also provisions for parachain and slot auctions as well as for cloud mining.

A new feature for traders is called Copy Trading which allows traders to replicate strategies. As far as the exchange and trading interface itself, advanced charting is integrated with TradingView and order books and advanced order types are present for more advanced traders to use. There is both a standard and professional trading interface for users to pick from as well as mobile apps for both Apple and Android with which users can place orders and swap assets.

Gate.io offers several more niche services such as a startup/discounts offering section and more. Gate.io also offers institutional services for institutions with VIP privileges and other bespoke solutions beyond that offered for retail clients alone.

The exchange has its own native token called GateToken (GT) which affords traders slight advantages in trading fees. It is the native token of the Gatechain mainnet.

In addition, there is also an OTC desk for buying and selling large amounts of crypto without slippage. Okcoin offers deep liquidity and quick executions with this service.

Lastly, Gate.io also runs a grants program for supporting developers building on GateChain and beyond. As for customer support, Gate.io offers support via email and logging in for help tickets. The team also maintains a blog with announcements.

Cons & Disadvantages

The main disadvantages of Gate.io are its sometimes poor English wording on its webpages and its relative lack of regulatory clarity for US users.

Additionally, many complain that the exchange is not very user friendly. Its services and offerings are increasingly varied and advanced and given its large crypto market offerings, they are best suited for more advanced crypto users.

Lastly, the deposit fees are on the higher end as are the trading fees for users at the lowest volume tier (flat 0.20% for both makers and takers) without accounting for any reductions for holders of its native GT exchange token. The exchange also does not allow fiat withdrawals. Users would have to withdraw crypto assets to another exchange that has and allows fiat off-ramps to cash their crypto out for fiat.

Some users maintain that the exchange is sending unclear signals as to whether US users can use the exchange or not as its terms of service and official status in the US are unclear, while the signup page for new users says US users are not supported. The help section says US users are allowed to use the exchange, and US users are not mentioned as banned in the TOS. Some webpages are in Chinese but most are in English.

Lastly, the exchange does require various levels of KYC requirements to be completed to use the exchange for all jurisdictions as per its KYC/AML policy, so this may be a con for those looking for a KYC-free service or exchange.

Gate.io Fees

Gate.io uses a variable, maker-taker fee model with tiers based on both transaction volume and maker status.

Trading fees are incurred when an order is filled by the exchange’s matching engine. If an order does not execute, there is no fee charged until it does execute at a later point, or it can be canceled. The full fee schedule can be found here.

Taker fees are charged on market orders that are filled immediately (takers of liquidity from the market), and maker fees are charged on orders that are not filled immediately but rather are placed in the orderbook as limit orders (adding to the market liquidity).

Market orders are always charged taker fees since they take volume from the orderbook, while limit orders are always charged maker fees since they add liquidity and volume to the orderbook. If an order goes on the order book partially or fully (a maker order), any subsequent trades coming from that order will be as a “maker.”

The standard spot trading fee rate is at 0.2% for both makers and takers, while paying fees with Gate.io Points grants users a 0.06% maker/taker fee rate. When paying fees with GT, the maker fee is 0.2% and the taker fee is 0.15% for the standard fee tier.

Gate.io Spot Trading Fees

User Tier	30-day Trading Volume (BTC) / GT Holding	GT Holding Only	Total Holdings (Account Value)	Maker Fee/GT holder fee	Taker Fee/GT holder fee
VIP 0	1.5 BTC/ 0 GT	0 GT	0 BTC	0.2% / 0.15%	0.2% / 0.15 %
VIP 1	1.5 BTC/ 0 GT	100 GT	0.05 BTC	0.185% / 0.139%	0.195% / 0.146 %
VIP 2	1.5 BTC/ 0 GT	300 GT	0.1 BTC	0.175% / 0.131%	0.185% / 0.139 %
VIP 3	1.5 BTC/ 0 GT	1000 GT	0.25 BTC	0.165% / 0.124%	0.175% / 0.131 %
VIP 4	1.5 BTC/ 0 GT	2500 GT	0.5 BTC	0.155% / 0.116%	0.165% / 0.124 %
VIP 5	1.5 BTC/ 0 GT	5000 GT	1 BTC	0.145% / 0.109%	0.155% / 0.116 %
VIP 6	1.5 BTC/ 0 GT	12000 GT	2.5 BTC	0.135% / 0.101%	0.145% / 0.109 %
VIP 7	1.5 BTC/ 0 GT	25000 GT	5 BTC	0.125% / 0.094%	0.135% / 0.101 %
VIP 8	1.5 BTC/ 0 GT	50000 GT	10 BTC	0.115% / 0.086%	0.125% / 0.094 %
VIP 9	1.5 BTC/ 0 GT	100000 GT	25 BTC	0.105% / 0.079%	0.115% / 0.086 %
VIP 10	1.5 BTC/ 0 GT	200000 GT	50 BTC	0.095% / 0.052%	0.105% / 0.058 %
VIP 11	1.5 BTC/ 0 GT	400000 GT	100 BTC	0.085% / 0.015%	0.095% / 0.045 %
VIP 12	1.5 BTC/ 0 GT	–	200 BTC	0.075% / 0.01%	0.085% / 0.04 %
VIP 13	1.5 BTC/ 0 GT	–	400 BTC	0.065% / 0.005%	0.075% / 0.035 %
VIP 14	1.5 BTC/ 0 GT	–	750 BTC	0.055% / -0.002%	0.065% / 0.03 %
VIP 15	1.5 BTC/ 0 GT	–	1500 BTC	0.055% / -0.005%	0.065% / 0.025 %
VIP 16	1.5 BTC/ 0 GT	–	2500 BTC	0.055% / -0.01%	0.065% / 0.025 %

Gate.io also charges a separate futures trading fee schedule that starts at 0.00% for makers and 0.05% for takers for the standard fee tier. These fees can be found here.

For its crypto lending fees, VIP tiers receive fee discounts and therefore an effective fee after the discount. GT holding is based on the average of GT the user is holding for a period of 14 days. The VIP system is updated randomly every 24 hours.

If both trading volume and GT holding requirements are met, VIP tier will be raised immediately and be there for 60 days without downgrading. If meet trading volume requirements but not minimum GT holding, the VIP will go 1-tier lower, it will not go to Tier 0 directly. If only GT holding requirement is met, a raised VIP will take effect immediately but will not be there when GT holding fails to keep it.

Other Fees

Gate.io charges the following deposit, withdrawal, and other fees:

No account creation or maintenance fee
No deposit fees for any digital asset (fiat deposits accepted with fees ranging depending on the processor, for bank transfers the fee is at least 0.08%)
Withdrawal fees depend on the asset in question. The fee list is here. The BTC withdrawal fee is 0.001 BTC and that of ETH is 0.0022 ETH, for reference

There are no fees for signing up or for having an inactive exchange account, nor any fees for holding funds in an exchange account, and users may hold assets as long as desired.

Account Tiers & Limits

All users of Gate.io are required to undergo KYC verification procedures as per its KYC/AML terms.

Users who perform successful Level 2 KYC (“Advanced Identity Verification”) can enjoy increased transaction limits. All users have to complete at the minimum Level 1 KYC to obtain access to funding the exchange wallet.

Users without any levels of KYC cannot withdraw funds, use credit cards or debit cards to buy crypto, and cannot participate in Startup projects at all.

The requirements for documents for KYC and account tiers can be noted here.

For KYC overall, users are required to submit their name, address, DOB, nationality, government-issued ID, and a valid photo holding said ID, in addition to a valid email address and a mobile phone number.

As far as other limits, there are minimum and maximum withdrawal limits for single transactions which can be checked on the withdrawal page of each coin the user wishes to withdraw.

The daily limit can be raised while the maximum withdrawal limit is not to be raised. Users can submit a ticket to raise their daily limit. The maximum withdrawal limit is otherwise set at 100 BTC per day.

Users should be very careful not to store crypto long term inside of a Gate.io account as per its official terms, the exchange may seize crypto assets left untouched for two years. Additionally, it may impose KYC restrictions if a user deposits funds into the account before verifying KYC, which is allowed.

Crypto Security

Gate.io takes several steps to ensure optimal exchange security. Firstly, the exchange uses its own self-developed trading system that has been audited by professional auditing companies to pass their security tests. All website data is transmitted via an encrypted TLS connection for secure data transfer as well. There is a firewall present to deal with illegal intrusions and any data tampering.

Additionally, there exists malware defense systems and anti-DDOS attack systems as well to achieve higher security. All internal team computers are equipped with endpoint protection mechanisms that are protected by corporate firewalls.

Accounts also use multi-factor authentication so users are prompted for deposit, withdrawal, and trade orders. Users also have access to securing their accounts via SMS, Google OTP, email address, Yubikeys, IP address monitoring, withdrawal whitelists, funding passwords, anti-phishing codes, and more such as login password.

The Gate.io cold wallet is separated from its hot wallet solution and most assets are stored in the cold wallet. The exchange also adopts an institutional level multi-signature wallet. After an account’s security settings are changed, the user cannot withdraw for 24 hours minimum. Gate proposes a scheme using Merkle tree + third-party auditing. Users can verify that 100% of their assets are indeed stored on Gate.io. GATE also hired an independent virtual currency accounting and auditing company to help with the audit. Gate.io also maintains a bug bounty on HackenProof.

More security information from the Gate.io team can be found here.

Gate.io Review Conclusion

Gate.io is a good choice of a top tier exchange for all sorts of spot and margin traders around the world who desire access to its advanced suite of crypto financial services products along with extensive selection of crypto trading pairs.

While the exchange has been hacked a handful of times, its security procedures are adequate now and in line with those of other top tier exchanges. However, the exchange is unregulated and has a confusing TOS that makes it unclear whether or not US users are allowed to use the exchange or not. KYC is additionally required for withdrawals, which makes using Gate.io a risky proposition for users in jurisdictions that are unclear whether or not they can use the exchange.

Otherwise, the exchange offers a wide range of lending, financial, and institutional services and even discounts for users of its native exchange token. Users can also enjoy market maker rebates as well as high volume trading incentives with lower fees.

Gate.io offers access to 1300+ cryptos and simple to advanced trading interfaces, mobile apps, futures trading, leveraged ETFs, quantitative trading, secured loans on crypto assets, interest products, and even its own public blockchain network called GateChain
Intermediate to advanced traders trading margin or futures who desire access to even more advanced trading instruments without KYC or with more clear regulatory outlook, would prefer to pick a different exchange such as Binance or FTX

Other Alternatives

For customers who desire access to a simpler user interface and less complicated products,, or those who do not desire to participate in cryptocurrency futures trading either Bittrex, OKX, Coinbase, and Voyager can make great alternatives, however with a much smaller amount of cryptocurrencies offered to trade.

Beginners, buy-and-hold investors, and low volume traders may prefer the easy to use features and functionality of Coinbase with its brand presence, US regulatory approval, and cryptocurrency education that even provides the chance to earn free cryptocurrency for learning. This way, US users can be assured that they can use the exchange without any regulatory issues.

Coinbase is best designed for buy-and-hold investors or casual to intermediate cryptocurrency users though has a much smaller selection of cryptocurrencies offered compared to Gate.io—402 pairs vs. Gate.io’s 1300+ coins—while active traders who need access to order books and advanced charting functionality may prefer using Coinbase Pro, FTX, Binance, or KuCoin though their fee structures and product offerings differ, and they all use volume-tiered fee schedules just like Gate.io.

For customers who desire to trade and invest in stocks in addition to top cryptocurrencies and do not mind having a smaller selection from which to choose or only desire access to the top 20 cryptos on the market, Webull and Robinhood are brokers that offers US equities and a small selection of cryptocurrencies.

Other competitors to Gate.io include OKX, OKcoin, and Kraken.

Gate.io vs Coinbase

Coinbase is better in some aspects of functionality and regulatory clarity but does not offer as many trading product options when compared to Gate.io.

Gate.io offers margin trading, but Coinbase does not. Also, Gate.io wins in the fee department, as the base volume tier starts at 0.20% which is a bit lower than at Coinbase, and Gate.io’s tiers reduce further with volume, maker status, and even give rebates, especially for holders of its native token.

Coinbase is a public US company and offers transparency into its industry-leading security along with its brand reputation, while Gate.io is not registered in the US and it is not clear whether or not US users can confidently use Gate.io without getting barred from their account and assets seized. All US users should practice caution and stick to alternatives such as Coinbase.

Ultimately, advanced users who desire both competitive fees and a greater selection of trading products than what Coinbase offers may find the choices below equally valuable.

Gate.io vs FTX

FTX will win against Gate.io for advanced traders, unless specifically seeking Gate.io’s IEO products or suite of services. FTX offers 323 coins and 492 trading pairs, which is far lower than those of Gate.io, albeit plenty if compared to the global crypto market options.

Derivatives traders who want to trade margin, extensive crypto futures pairs, or leveraged tokens and options will prefer FTX since Gate.io does offer derivatives and margin however the infrastructure is not built out or known for this product as it is for FTX.

FTX is known for its extensive futures pairs and top-class matching and liquidation engine for advanced derivatives traders, while Gate.io also offers a full-featured trading experience with high trading volume, however FTX is known for catering to active derivatives traders and optimizing for high order volume and trading execution speed.

FTX cannot be used by US persons and neither can Gate.io can, though FTX offers a US version of its exchange whose trade offerings are far more limited than its parent global exchange and do not at all compare to FTX International’s selection, but still wins as a choice compared to Gate.io.

International users who can use FTX International may prefer FTX for these reasons over Gate.io. US users trading at FTX US need to do KYC procedures and likewise for Gate.io, KYC is required but it is unclear for US users if they can use the exchange or not. Fees are slightly more competitive at FTX, since FTX offers both fee incentives for volume and for holders of its FTT token.

Gate.io vs Gemini

Gate.io and Gemini are two exchanges with some similarities in their offerings, however Gemini takes the more direct and simple route with its offerings and has the advantage of regulatory clarity, while Gate.io’s offerings are much more complicated to use.

There is a slight difference in fees to start, giving Gate.io the edge for solely fees: the minimum fee tier at Gemini starts at 0.35% for takers and 0.10% for makers, with a flat transaction fee between $0.99-$2.99 and 1.49% transaction fee for trades over $200, so there are extra fees per transaction and extra “auction” fees, while Gate.io starts at 0.20% for those not holding its exchange GT token and also offers volume-tiered fees and even maker rebates.

US investors and traders are allowed to use Gemini with KYC compliance since Gemini is regulated and based in the USA, however as a result, Gemini offers no margin or futures products, while Gate.io is not officially clear for its usage for US users, and is not regulated either, but does offer margin.

Gemini offers 62 coins and 86 trading pairs which is much smaller as compared to that of Gate.io’s 1300+ coins selection. Gate.io also offers far more advanced crypto financial services and products than Gemini does.

Gate.io vs Kraken

Kraken offers margin trading at up to 5X leverage even for US investors and several other margin offerings, which is a win over Gate.io’s lack of regulatory clarity or clear offerings to US users. Simply put, US users may prefer Kraken for its regulatory compliance and strong track record.

Kraken uses a maker-taker fee schedule, starting at 0.16% maker fees and 0.26% taker fees at the entry level which is a bit more competitive even at the entry volume tier level than Gate.io’s 0.20% maker/taker entry level volume tiered fee structure.

Kraken offers a large overall variety of cryptocurrencies and pairs (over 90 coins, over 400 pairs), but this is not quite as large as that of Gate.io (1300+ coins), so users who value a large selection and advanced traders who seek margin will prefer Kraken by far.

If an active trader wishes to trade other instruments beyond crypto and prefers not to KYC, he or she may prefer other exchanges such as Bybit or OKX, but if he or she prefers a much larger selection of crypto only instruments and does not mind KYC, Kraken wins.

Kraken is accessible in 48 US states with KYC and is regulated and licensed by FinCEN in the USA, while US users cannot clearly use Gate.io and it is not regulated.

Gate.io vs Binance

Binance is the leading global crypto established exchange by trading volume, offering a similar amount of coins as Gate.io—over 351 coins and over 1300 pairs.

Traders looking solely for the most advanced trading options such as high leverage margin and futures products specific to crypto only will prefer Binance, as it offers many USDT futures pairs that are not offered even on FTX, the other derivatives leader, at the moment.

Binance’s maker-taker fee schedule is better in its competitiveness compared to that of Gate.io, starting at 0.1%, however Binance also offers further 25% reduction in fees if paid in BNB, so this is a win for Binance, alongside its offering of reduced fee tiers for higher volume and even maker rebates.

Binance also offers a more extensive web and ecosystem of products, support, and liquidity, especially given its larger daily volume as compared to Gate.io, though Gate.io is still in the top 10 exchanges for daily volume. Binance is the most popular and well-known futures market in the global cryptocurrency industry and well-known for its extensive futures pairs.

The Binance exchange is not at all accessible to US persons and US customers will have to use Binance US which is a much more limited version of its global parent site, with only 64 coins and 130 pairs, which is a lot more limited than either Binance International or Gate.io both, however it is well regulated for US users. The main difference therefore between Binance and Gate.io is regarding their scope of advanced financial services and their offerings such as launchpads as well as their regulatory outlook and official terms of use for US investors.

Binance requires full KYC now to trade even spot products, and Gate.io requires full KYC compliance as well to use, but unlike for Binance or Binance US, it is not clear how US users can use Gate.io.

Advanced traders and intermediate users alike who value a large selection of cryptocurrencies, products like staking, lending, and more, competitive fee structures, and futures and margin products will probably prefer Binance, but Gate.io may win in regards for its unique IEO offerings for which it is known.

FAQ – Frequently Asked Questions

Is Gate.io Safe?

Yes, it is mostly safe, but caution should still be used, especially for US users who may be forced to comply with KYC even despite having unclear guidelines regarding the acceptance of US users. Additionally, Gate.io has suffered a handful of hacks before, but is a very popular and top 10 exchange, so it is regarded as safe and relatively trustworthy to use.

More security information from the Gate.io team can be found here.

How long does Gate.io Withdrawal take?

Withdrawals are Gate.io may first be subject to security reviews. After that is processed, the transaction will be processed a while later. It may take 0.5 to a few hours in general, according to support.

For crypto withdrawals, on average, it takes from 30 minutes to several hours for a transaction to be confirmed. Please note that for crypto, the number of confirmations required for actual depositing of funds is determined by every receiving platform individually, for each particular currency, according to its own security standards.

Is Gate.io a good exchange?

Where is Gate.io located?

Gate.io Inc. is located in the Cayman Islands.

Does Gate.io require KYC?

Yes, the exchange requires KYC verification for all intents and purposes. Users may deposit assets before completing KYC but this is not recommended in case KYC is not passed and the assets become stuck in the custody of the exchange itself.

Users who perform successful Level 2 KYC (“Advanced Identity Verification”) can enjoy increased transaction limits.

Users without any levels of KYC cannot withdraw funds, use credit cards or debit cards to buy crypto, and cannot participate in Startup projects at all.

The requirements for documents for KYC and account tiers can be noted here.

What are the Deposit and Withdrawal Methods and Fees for Gate.io?

Gate.io offers the following deposit and withdrawal methods, with the corresponding fees:

Crypto assets: deposits—no deposit fees
Fiat deposits are charged a 0.08% minimum fee for bank transfers and this fee can range depending on the provider used for credit or debit cards
Withdrawal fees for crypto assets depend on the asset in question. The fee list is here. The BTC withdrawal fee is 0.001 BTC and that of ETH is 0.0022 ETH, for reference
Fiat withdrawals are not supported, crypto asset withdrawals only

What is the Minimum Withdraw Amount for Gate.io?

The minimum withdrawal amount for crypto assets ranges and is not publicly listed on the support site, but users report that the minimums range from 25-50 USD stablecoin equivalent and 0.1 ETH for ETH.

How do you withdraw from Gate.io?

Instructions for withdrawing from users accounts can be found here from official support.

Users can withdraw from the wallet by navigating to the “Wallet” page after logging into their account, selecting their virtual currency, and then selecting the “Withdrawal” button.

From there, the user should select the destination address to which he or she wishes to withdraw or click “register an external address,” go to the user’s email inbox to verify.

Then, fill in the details of the withdrawal including toggling the correct currency and be sure to include a tag or memo if needed.

The withdrawal options including the blockchain network and any associated fees will then populate on the screen.

Finally, the user clicks the “Withdraw to address” button, opens his or her email, and confirms the withdrawal.

Is Gate.io a wallet?

No, Gate.io is a full-featured cryptocurrency trading exchange, but offers users a custodial wallet as part of its exchange services.

How to use Gate.io?

Using Gate.io can be done by going to gate.io, creating an account on the platform, first undergoing KYC verification procedures, and then depositing any trading funds into the account (either crypto assets or fiat deposits) and then getting access to the market offerings and begin trading.

User Reviews

Users review problems and red flags with Gate.io involving KYC issues, lack of strong support, high minimum withdrawals. u/CryptoRecovering says, “Honestly it’s a shitty exchange. There’s no way around saying it. They’ve got KYC issues, nonexistent customer support, poor user experience layout, and high minimum withdrawls. I will never recommend them as a first option. The only reason I have an account at all is the coin selection, and even that becomes less of an issue as my preferred coin here, Ergo, is getting more listings on actually reputable exchanges.”
When asked “Is Gate.io that awful?” Many users report no issues with Gate.io on this thread. “I trade since long time there and had never any problem.”
Users compare Gate.io to other top tier exchanges. This review sums up the general sentiment: “Used it no problems for a few months, always able to withdraw. Deposits a little slow for confirmations but never delayed more than what they said.UI too cluttered and wonky, but can place and execute orders which is all I needed. But only used it for tokens / coins not yet on other places.So in the end it was reliable, the most important point. But not super friendly to use.”
Some users report locked funds and coins. “I sent funds to my account 2 days ago over BEP20, and they haven’t arrived to my wallet. … Sometimes, they increase the minimum withdrawal an amount up to $550.”