Gatehub Review ▷ What the wallet with integrated Exchange has to offer!
The trading of crypto-currencies usually has to be done via an exchange. These exchanges function in principle like normal exchanges, but are usually 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. Read now our GateHub Exchange and Wallet Review.
One crypto-exchange that has attracted much attention recently is Gatehub. Gatehub is a UK-based crypto currency exchange and wallet for users of the currency ripple (XRP). The exchange uses coin to trade over the Ripple network, but claims on its website that it has no connection to Ripple.
Gatehub was founded in 2014 and is managed by Enej Pungerčar (CEO) and Sergij Foski(COO).
What coins does Gatehub support?
Gatehub allows existing Ripple users to quickly transfer coins to and from the network. Gatehub also helps new users learn about Ripple and how to use it. Although Gatehub is primarily for Ripple, users can also trade popular coins such as 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 is called GateHub Fifth and provides services such as BTC, ETH, ETC and REP output on the Ripple network.
How to use Gatehub
As a new user the registration on Gatehub is easy.
Get an account with the #1 UK Based Exchange For Ripple.stay calm and get your XRP.
- Navigate to Gatehub's home page and then click the Sign Up button.
- Next, you will 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 safe. Next, you will need to confirm your credentials by clicking on the activation link that was sent to you by email.
- Next, you will need to select the type of account (in most cases individual) and confirm your identity by providing your phone number, name, photo, profile, and relevant documents.
- Now confirm your telephone number.
- Next, select a gate hub name to be used for receiving funds. You will also need to provide some profile information and upload valid documents.
- Do not forget to enable 2-factor authentication for your account. This is not mandatory for crypto transactions, but is required for banking transactions.
Advantages of Gatehub
Bitcoin-News.one examined the specifics of Gatehub and found that there are seven key advantages that the Exchange has over its competitors:
#1 FIAT acceptance
One of the biggest advantages of Gatehub is that users can directly exchange cash for XRP or other digital coins. The Fiat currencies supported by Gatehub are the US Dollar (USD), Euro (EUR), Chinese Yuan (CNY) and Japanese Yen (JPY). Gatehub also accepts payments via bank transfers, including SEPA (Single Euro Payments Area) transfers.
AlthoughGatehub is based in the UK with a branch in Slovenia, it is easily accessible throughout the EU. (However, after the brexite there may be some changes).
#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 amount traded, it can be expensive in the long run.
Therefore, traders always prefer a stock exchange with low fees. Fees for trading with Gatehub range from 0.2 percent to 0.3 percent per transaction, depending on the currency traded.
This is far less than the costs of many other exchanges. However, there are also some exchanges such as Coinfloor with 0% fees. However, exchanges without trading fees usually charge in and out. Although Gatehub is not free, it is definitely cheap.
#3 Multiple coins are supported
Gatehub is mainly an exchange for ripple, but also supports several other coins called Altcoins. The following coins can also be used: BTC, BCH, ETH, ETC, REP, DASH, QAU, XAUand XLM.
#4 Ease of use
Gatehub is not only for experienced traders. The user interface is optimally designed for both beginners and professionals.
Therefore, the easy to use platform is a great help for those who are doing crypto trading for the first time. 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 crypto currencies? Gatehub makes it easy with the mobile app for Android and iOS. The app is free to download and includes all the features of the desktop site. With Gatehub's mobile app you can trade, exchange, deposit and withdraw on the go.
#6 wallet service
Provides a GateHub Ripple Wallet where users can store their coins and record their transactions in the public Ripple Ledger. The GateHub wallet is similar to any other crypto currency wallet, but there is a minimum deposit amount as with all XRP wallets. The minimum deposit of 20 XRP cannot be withdrawn and is required for the account to function.
GateHubhas its headquarters in Great Britain and offers its services throughout the EU. However, it is also possible to use GateHub from other regions. You must first register on Gatehub and then create a ripple wallet. Then you need to buy XRP from the Exchange and send this currency directly to your wallet.
The most ambitious is to send at least 50 XRP. Since the crypto currency is not regulated, there are no specific EU regulations for exchanges, provided they use the KYC and AML procedures.
Disadvantages of GateHub
High transfer fees
Similar to trading fees, transfer fees are something that annoys users. There are exchanges where depositing coins, paying coins into the wallet or transferring them to another exchange is free of charge, but this is not the case with Gatehub.
Although the fees do not appear large, they add up with each deposit or transfer.
Bitcoin deposits have a fee of 0.00053 BTC, while Ethereum deposits have a fee of 0.011 ETH. Fiat currency deposits 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 crypto currency vary depending on the coin: 0.005 BTC for Bitcoin, while ETH and ETC are free.
No Margin Trading Option
Most crypto currency exchanges do not offer margin trading, nor does GateHub. Margin trading involves borrowing money from a broker to buy more shares than you can normally trade. Such leverage trading is not offered on all exchanges. However, some crypto exchanges such as CexIO offer margin trading.
Many negative reviews
AlthoughGatehub had already started to provide good customer satisfaction in 2014, there has recently 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 has disappeared and their coins have been stolen, while others claim that the security of the platform and customer service are poor.
Some customers have been unlucky enough to lose 20,100, 62,500, 440,000 and 800,000 XRP due to the poor security of GateHub. Many users also complain about delayed transaction times and slow ID verification.
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 there was ever a hacker attack, Gatehub never released anything about it or tried to increase security. Therefore, existing or past customers are warned to stay away from Gatehub at all costs.
Is Gatehub safe now?
Gatehub is good until something goes wrong. The worst thing is the lack of cooperation with customer service. If your money simply disappears from your account, you will be asked to report to the police without the platform's cooperation. In fact, you will be held responsible for your missing funds. They do not offer an investigation 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 exploited a bug in a deposit processing service and stole about $5 million, and that the amount was only a small fraction of GateHub's total, and the bulk of it is kept in secure cold storage.
The company added that customers' funds were safe and that no customer data was at risk. They also assured that customers' balances are not affected, while GateHub shareholders are only affected by the loss.
Esgab/gives an obvious error in the infrastructure that led to a loss. Eswas also discovered that Gatehub actually operates from Slovenia and only has a virtual office in London. They operate in the UK under the name GateHub Limited. However, their statutory financial statements are several months overdue. This is not a sign of a legitimate business.
Customers are advised to be extremely careful when using Gatehub. Always enable two-factor authentication and increase security to reduce such fraud. It is also recommended not to keep a lot of money in the wallet to minimize losses in case of a hack attack. Regardless of which platform you trade on, it is important to increase the security of your account.