š„I've been in crypto for a long time and used countless exchanges over the yearsābut today, I want to share an experience that genuinely shocked me. Hopefully, it helps you avoid the same mistake.
Many of you are familiar with the āConvertā button found on exchanges like Binance and Gate.IO. It's usually used for turning small leftover balances into something usableānothing major.
Today, I decided to take a small position in $FIS with a tight stop. It was just meant to be a quick trade. I had about $98 sitting in Gate.IO (I like to keep small amounts spread across exchanges for safety). After entering the trade, I noticed the market was moving slowly, so I chose to exit early.
Hereās where I went wrongā¦
Instead of closing the trade with a Market or Limit Order, I absentmindedly hit the Convert button. Honestly, no idea whyāmaybe just muscle memory.
To my shock, I only got $82 back.
They took $16 just to convert FIS to USDT. No warning. No fee breakdown. Justāgone.
Thatās over 16% in "fees" for a simple conversion. And it wasnāt even a losing tradeāFIS looked solid, and I still believe itās heading toward $0.197. But I exited early and paid to do it, all because of that one misclick.
I'm not posting this for sympathy, likes, or attentionāand definitely not to be mocked. Mistakes happen.
Iām sharing this because Gate.IOās Convert function feels like a trap, and more people need to be aware. If this post saves even one person from the same mistake, it was worth it.
Still canāt believe they can take $16 on a $98 conversion with zero transparency. Thatās not a fee. Thatās robbery.
Pleaseābe cautious. Avoid using Convert for actual trades, especially on Gate.IO. Stick to Market or Limit Ordersāyou'll know exactly what you're getting.