Gatehub Review ▷ What the wallet with integrated exchange has to offer!
Trading in cryptocurrencies usually has to take place via an exchange. In principle, these exchanges work like normal exchanges, but are mostly online and have no physical presence. Some exchanges only trade in one currency while others trade in different currencies. They usually require small fees and also have a minimum deposit limit. Now read our GateHub Exchange and Wallet Review.
What is Gatehub?
One crypto exchange that has received a lot of attention lately is Gatehub. Gatehub is a UK-based cryptocurrency exchange and wallet for Ripple (XRP) users. The exchange uses the coin to trade over the Ripple network, but claims on its website that it has no affiliation with Ripple.
Gatehub was founded in 2014 and is led by Enej Pungerčar (CEO) and Sergij Foski (COO).
Which coins does Gatehub support?
Gatehub enables existing Ripple users to quickly transfer coins in and out of the network. Gatehub also helps new users learn about Ripple and its uses. Although Gatehub mainly for Ripple intended, users can also trade popular coins like Bitcoin, Ethereum, and others, trading against EUR, USD, and other fiat currencies. Coin-to-coin trading is also possible.
Gatehub has a dedicated gateway for digital assets. It's called GateHub Fifth and it offers services like BTC, ETH, ETC and REP output on the Ripple network.
How to use Gatehub
As a new user, registration on Gatehub is easy.
Get an account with the # 1 UK Based Exchange For Ripple, calm down and get your XRP.
- Navigate to the Gatehub homepage and then click the Sign Up button.
- Next, you need to choose a password. You will also need to create a recovery key in case you lose your password. Make sure you keep the recovery key in a safe place. Next, you need to confirm your login details by clicking on the activation link that was sent to you by email.
- Next you need to choose the account type (in most cases individual) and confirm your identity by providing your phone number, name, photo, profile and your respective documents.
- Now confirm your phone number.
- Next, you'll choose a Gatehub name to use for receiving funds. You also need to provide some profile information and upload valid documents.
- Don't forget to activate 2-factor authentication for your account. This is not absolutely necessary for crypto transactions, but for banking transactions.
Benefits of Gatehub
The Bitcoin-News.one examined the specifics of Gatehub and found that there are seven key advantages the Exchange has over its competitors:
# 1 FIAT acceptance
One of the greatest advantages of Gatehub is that users can directly exchange cash for XRP or other digital coins. The fiat currencies supported by Gatehub are US dollars (USD), euros (EUR), Chinese yuan (CNY), and Japanese yen (JPY). Gatehub also accepts payments by bank transfer, including SEPA (Single Euro Payments Area) transfers.
Although Gatehub is based in the UK with an office in Slovenia, it is easily accessible across the EU. (There may be some changes after Brexit, however.)
# 2 Low trading fees
Trading fees are something every crypto trader is concerned about. The more money you exchange, the higher the fees. Although most exchanges charge less than one percent of the trading amount in fees, it can get expensive in the long run.
This is why traders always prefer an exchange with low fees. The fees for trading with Gatehub are between 0,2 percent and 0,3 percent per transaction, depending on the currency traded.
This is far less than the cost of many other exchanges. However, there are also some exchanges such as Coinfloor with 0% fees. However, deposits and withdrawals are usually calculated on exchanges without trading fees. While Gatehub isn't free, it's definitely cheap.
# 3 Multiple coins are supported
Gatehub is primarily an exchange for Ripple, but also supports several other coins, which are called altcoins. The following coins can also be used: BTC, BCH, ETH, ETC, REP, DASH, QAU, XAU and XLM.
# 4 Ease of use
Gatehub is not only intended for experienced traders. The user interface is optimally designed for both beginners and professionals.
Therefore, the easy-to-use platform is of great help to those who are new to crypto trading. The exchange has all the necessary functions such as a functional order book, order history, price and market depth charts. The platform can be easily navigated by beginners.
# 5 mobile app
Do you want to trade on the go or keep an eye on your cryptocurrencies? Gatehub makes this easy with the mobile app for Android and iOS. The app is free to download and has all the functionality of the desktop site. With the Gatehub mobile app, you can trade, swap and make deposits and withdrawals on the go.
# 6 wallet service
There is a GateHub Ripple Wallet where users can store their coins and record their transactions on the public Ripple Ledger. The Gatehub wallet is similar to any other Cryptocurrency wallet, but there is a minimum deposit as with all XRP wallets. The minimum deposit of 20 XRP cannot be withdrawn and is a requirement for the account to function.
# 7 location
GateHub is based in the UK and offers its services across the EU. However, it is also possible to use gate hubs from other regions. You need to register on Gatehub first and then create a Ripple wallet. Then you need to buy XRP from the exchange and send that currency directly to your wallet.
It is best to send at least 50 XRPs. Since the cryptocurrency is not regulated, there are no specific EU regulations for exchanges as long as they use the KYC and AML procedures.
Disadvantages of GateHub
High transfer fees
Similar to trading fees, transfer fees are also something that annoys users. There are exchanges where depositing coins, withdrawing coins to the wallet, or transferring to another exchange is free, but this is not the case with Gatehub.
While the fees don't seem large, they eventually add up with every deposit or transfer.
Bitcoin deposits have a fee of 0,00053 BTC, while Ethereum deposits have a fee of 0,011 ETH. Deposits in fiat currency are also charged: there is a minimum fee of 0,1 percent and $ 15,00 for international wire deposits. SEPA deposits are free, but SEPA withdrawals are charged between € 1,00 and € 8,00. Withdrawals in cryptocurrency vary by coin: 0,005 BTC for Bitcoin, while ETH and ETC are free.
No margin trading option
Most cryptocurrency exchanges do not offer margin trading, and neither does GateHub. Margin trading is when you borrow money from a broker to buy more shares than you normally can. Such leverage trading is not offered on all exchanges. However, some crypto exchanges like CexIo offer margin trading.
Lots of negative reviews
Although Gatehub started with good customer satisfaction back in 2014, there has been a significant increase in negative reviews about the! Every user who has used Gatehub has had a negative experience. Some users claim that their account balance disappeared and their coins were stolen, while others claim that the platform's security and customer service are poor.
Some customers were unlucky enough to lose 20.100, 62.500, 440.000, and 800.000 XRPs due to GateHub's poor security. Many users also complain of delayed transaction times and slow ID verification.
Rumors of hackers
GateHub's transactions on Ripple wallets are recorded in the public Ripple Ledger. This means that there is no other separate credit store for customers. This ledger could easily be hacked.
Even if a hacker attack ever occurred, Gatehub never published anything about it or tried to improve security. Therefore, existing or past customers warn against staying away from Gatehub at all costs.
Is Gatehub safe now?
Gate hub is good until something goes wrong. The worst part is the lack of cooperation with customer service. If your money just disappears from your account, you will be asked to report to the police without the platform doing anything. In fact, you will be held responsible for your missing funds. They do not offer any research into what happened to the money.
In August 2017, Gatehub announced on their blog that they had discovered a hacker attack in which a criminal took advantage of a flaw in an auxiliary deposit processing service and stole around $ 5 million. The company also wrote that the amount was only a small fraction of the total from GateHub, and most of it is kept in secure “cold storage”.
The company added that customers' funds are secure and no customer data is at risk. They also affirmed that the customers' balances were not affected while GateHub shareholders were only affected by the loss.
There was / is an obvious flaw in the infrastructure that resulted in a loss. It was also found that Gatehub actually operates out of Slovenia and only has a virtual office in London. They operate under the name GateHub Limited in the UK. However, your statutory annual accounts are several months overdue. This is not a sign of a legitimate company.
Customers are advised to exercise extreme caution when using Gatehub. Always activate two-factor authentication and increase security to reduce such fraud. It is also recommended not to keep a lot of money in the wallet in order to minimize losses in the event of a hack attack. Regardless of which platform you are trading on, it is important to increase the security of your account.