Started in 2014, GateHub is a UK-based cryptocurrency exchange that uses Ripple (XRP) as a form of digital coin for trading and moving money across the so-called Ripple network but claims that it is a business independent from Ripple.
Apart from Ripple, at GateHub you may also trade in popular coins such as Bitcoin (BTC), Ethereum (ETH), and others against several other digital coins and fiat currencies.
Gatehub has a special gateway for digital assets other than Ripple, called GateHub Fifth. It currently provides Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), and Augur (REP) issuance on the Ripple network.
Like most exchanges, GateHub uses Two-factor authentication (2FA), which adds a second layer of security for its users. It’s important to note that identity verification is mandatory only for bank transactions, and not for crypto transactions.
UK-based cryptocurrency exchange established in 2014, focusing on Ripple (XRP) and supporting Bitcoin (BTC), Ethereum (ETH), among others. Operates within the EU, adhering to KYC and AML procedures. Known for its user-friendly interface, competitive trading fees, and direct cash-to-crypto exchanges. Offers trading platform and wallet, with mobile apps for Android and iOS.
📉 Criticisms
Faced with high transfer fees and negative user reviews on platforms like Reddit and xrpcha. Issues include slow or unresponsive customer support, delayed transactions, and losses of XRPs. Concerns over security and reliability, with rumors of hacking.
👥 User Base
Continues to operate with a significant user base, reporting 1.5 million users as of July 2023.
💰 Fees & Commissions
Competitive fees with a fixed fee of 0.3% on all buy and sell orders. No fees for dormant accounts or new wallet creation. Platform accessible through browsers; smartphone app in development. Offers live chat and email support, promising responses within 48 hours. Emphasizes security with 2-step authentication and AES encryption.
🔍 Conclusion
Offers features suitable for cryptocurrency trading and storage, especially for Ripple enthusiasts. However, potential users should be cautious of criticisms regarding security, reliability, and high transfer fees. Important to research and consider risks before engaging.
What you'll learn 👉
GateHub Advantages
They accept cash
The biggest advantage of GateHub is that it allows you to directly change cash (supported fiat currencies are USD, EUR, CNY, and JPY) for Ripple or other digital coins. Besides, the platform accepts payments with bank transfers, including SEPA transfers.
GateHub’s trading fees range from 0.2% to 0.3% per transaction (the cost of changing BTC to XRP is listed as 0.2%, ETH to XRP is 0.3%, same as Dash, ETC, REP, and all other coins with the exception of QAU). When compared to other crypto exchanges, these fees are not that high. However, many similar venues have lower trading fees, for example, CoinFloor, has no trading fees, and it only charges deposits and withdrawals.
Location
GateHub is a UK-based crypto exchange and it offers its exchange and wallet services throughout the EU. There are no specific EU requirements for the crypto exchanges yet, except that they applyKYC (know your customer) and AML (anti-money laundering) procedures, but this regulatory area is still unclear.
You hold your own key
Gatehub is giving you control over your key, you actually hold the keys to your wallet.
GateHubwalletreview
The GateHub platform is the “official” online wallet solution for XRP owners that lets users send funds to other people by using their name, wallet name, Ripple address, or email address. The project has been around for some time now and is clearly designed to cater to as many people as possible. Another interesting thing to mention is that it is also possible to access the trade feature within the wallet itself.
It’s important to note that ripple cryptocurrency wallets demand a minimum reserve that cannot be withdrawn, and it’s mandatory for each account to hold 20 XRP, 5 XRP for each trust line, and 5 XRP for every open order.
Great platform, mobile apps
The trade page on GateHub is easy to use and very attractive to the eye and includes all of the required elements as other crypto exchanges – a functional order book, order history, price, and market depth charts. Official mobile apps for Androidand iOS are also available, so users can access the platform remotely. Check a snapshot below:
GateHub Disadvantages
No margin trading
GateHub does not provide leverage to its users. On the other hand, there are some UK-based crypto exchanges, like Cex.io, that offer margin trading, and there are also a lot of forex brokers that offer leveraged trading on cryptocurrency CFDs.
High transfer fees
In most exchanges deposits in cryptocurrencies are free of charge. On the other hand, GateHub charges coin deposit fees. These fees are not to be underestimated, for example, deposits in Ethereum incur a fee of 0.011 ETH, and those in Bitcoin 0.00053 BTC.
Deposits in fiat are also charged (0.1 %, min. fee $15.00 for International Wire Deposit), while SEPA withdrawals are charged 1.00 € or 8.00 € (depending on the amount). Withdrawals in crypto vary, depending on the digital asset: free for ETH and ETC, and 0.005 BTC.
Transactions in GateHub’s ripple crypto wallets are recorded on the public ripple ledger, which means that the platform is not holding a store of credit for its users separate from the ledger that could be stolen in a hack.
In fact, in August 2017, GateHub has been hacked, which resulted in a capital loss of $5M. The company said that capital has been restored and that no client information has been compromised. However, some users said that they never got their coins back.
Negative reviews
There are many negative reviews about GateHub on Reddit and xrpcha, and people losing XRPs – some in thousands. Many users complain of slow or unresponsive customer support, delayed transaction times, slow ID verification, etc. There are even rumors that the exchange has turned into a scam.
Conclusion
GateHub is a UK-based crypto exchange, owned by London-based GateHub Limited. However, it seems that its founders originate fromSlovenia. This exchange has a special focus on Ripple (XRP) and accepts fiat currencies and supports a decent amount of coins. It offers a simple and nice trading platform and wallet with competitive trading fees.
However, GateHub’s transfer fees are quite high and there are a lot of negative reviews about GateHub on social media and the web lately. There are also concerns regarding the security of the platform and its reliability (the exchange has been hacked).
For those of you who prefer to trade securely with a licensed entity, a forex broker might be a better choice. Is GateHub legit? In most countries, including the UK, regulations of crypto exchanges are still fuzzy, while there are duly licensed forex brokerages that also offer to trade in Bitcoin.
Recent negative reviews on social media and the web
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Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.
