The GateHub wallet is a simple and secure way to store, buy, sell or send your digital currencies. It is available for desktop and mobile devices.
GateHub is a cryptocurrency wallet and exchange that has been providing its services since 2014. It offers multiple features such as the ability to trade, store, and send your coins.
When it comes to bitcoin trading, you’ll need to use an exchange. These exchanges function similarly to traditional stock exchanges, however they are mostly online and do not have a physical presence. Some exchanges exclusively deal in one currency, while others trade in a variety of currencies. To get started, they generally charge a modest fee and have a minimum deposit requirement. Our GateHub exchange and wallet review may be seen below.
What exactly is Gatehub?
Gatehub is one such crypto exchange that has recently attracted a lot of attention. This is a cryptocurrency exchange and wallet for Ripple users located in the United Kingdom (XRP). The exchange trades the digital currency over the Ripple network, but claims on its website that it has no affiliation with Ripple.
Enej Pungerar (CEO) and Sergij Foski (President) established Gatehub in 2014. (COO). If the names don’t seem British, that’s because they’re Slovenian, and Gatehub has a Slovenian branch as well.
What currencies does Gatehub accept?
Gatehub’s main goal is to make it easy for current Ripple users to move money in and out of the network. It also aids new users in their understanding of Ripple and how to utilize it. Despite the fact that Gatehub is primarily for Ripple, users may also trade in major cryptocurrencies like Bitcoin, Ethereum, and others, as well as trade against EUR, USD, and other fiat currencies. There’s also coin-to-coin trade.
Gatehub offers a dedicated digital asset gateway (excluding Ripple). It’s called GateHub Fifth, and it uses the Ripple network to provide services like as BTC, ETH, ETC, and REP issuance.
How to Make the Most of Gatehub
It’s simple to sign up with Gatehub as a new user.
Create a Ripple account with the UK’s #1 Ripple exchange. Keep Calm and Obtain Your XRP
The following are the main steps:
- Go to https://gatehub.net and click the “sign up” option.
- The next step is to create a password that is both unique and difficult to guess. You must also generate a recovery key in the event that you forget your password. Make sure you keep the recovery key somewhere secure. Then, by clicking the activation link given to you through email, you must validate your login details.
- After that, you must choose an account type (in most instances, Individual), and then verify your identification by giving your phone number, name, picture, profile, and documents.
- Use the one-time password given to confirm your phone number.
- After that, choose a GateHub name that will be used to receive money. In addition, you must fill up a profile and submit acceptable papers. According to Gatehub, all of the data is secure.
- Remember to turn on two-factor authentication for your account. This isn’t needed for cryptocurrency transactions, but it is for bank transactions.
Advantages of Gatehub
The TotalCrypto lab’s experts have been hard at work delving into the inner workings of Gatehub. We discovered that the exchange has seven distinct advantages over its competitors:
#1 Acceptance of cash
Users may immediately swap cash for XRP or other digital currencies, which is one of Gatehub’s greatest benefits. Gatehub accepts US dollars (USD), Euros (EUR), Chinese Yuan (CNY), and Japanese Yen as fiat currencies (JPY). Bank transactions, including SEPA (Single Euro Payments Area) transfers, are also accepted by Gatehub.
Gatehub makes it simple to convert bitcoin into real money, regardless of your location. Gatehub was readily accessible across the EU, despite being headquartered in the United Kingdom with a branch office in Slovenia. There may be a few adjustments after Brexit.
#2 Low trading commissions
Trading costs are a major issue for all cryptocurrency traders. The greater the costs, the more money you trade in. Even in this day and age of tax cuts, fees are still important! Although most exchanges impose fees of less than one percent of the trading volume, it may add up over time.
As a result, traders always choose a low-fee exchange. One such exchange with very cheap trading costs is Gatehub. Depending on the currency exchanged, Gatehub fees vary from 0.2 percent to 0.3 percent each transaction.
This is much less than the fees charged by many other exchanges. There are, on the other hand, exchanges with even smaller costs, and others, like Coinfloor, have none at all. Deposits and withdrawals are typically charged by exchanges that do not impose trading fees. Gatehub isn’t free, but it is reasonably priced.
#3 Several coins were backed.
Gatehub is primarily a Ripple exchange, but it also accepts a variety of other currencies known as altcoins. You may utilize the exchange even if you aren’t a Ripple user if you use any of the following coins: BTC, BCH, ETH, ETC, REP, DASH, QAU, XAU, and XLM. People now trade in a variety of cryptocurrencies thanks to the rise of numerous altcoins.
As a result, exchanges that only support one currency aren’t very useful. Gatehub is a flexible platform that allows you to exchange bitcoin. Although Gatehub’s portfolio isn’t as extensive as some of the other exchanges, it’s still sufficient for individuals who wish to trade several currencies.
Gatehub isn’t only for seasoned investors. It’s for anybody who wants to trade and transact cryptocurrency, whether they’re new to it or a seasoned veteran.
This is why the basic, easy-to-use website (even Michael Kelso from That 70s Show can figure it out!) is a huge assistance to people getting started with crypto trading; as an exchange, it includes all of the necessary components, including a functioning order book, order history, price, and market depth charts. Beginners can simply explore the site.
#5 Apps for mobile devices
Do you want to be able to trade bitcoin on the move or keep track of your holdings? The Gatehub mobile applications for Android and iOS make it simple. The app is available for download for free and has all of the same features as the desktop site. The Gatehub mobile app allows you to trade, swap, and make deposits and withdrawals while on the move.
Wallet service #6
Users may store their currencies and record transactions on the public ripple ledger using the GateHub Ripple wallet. The Gatehub wallet is similar to any other cryptocurrency wallet, however, like other XRP wallets, there is a minimum deposit amount. The minimum deposit of 20 XRP is non-refundable and is needed for the account to function.
GateHub is located in the United Kingdom and provides services throughout the European Union. However, you may utilize the site even if you are from another country. You must first register with Gatehub, then establish a Ripple wallet (do not ask Napoleon Dynamite to help you with this!). Then you must purchase XRP from any exchange website and transfer it straight to your wallet.
It is recommended that you contribute at least 50 XRP. Because bitcoin is unregulated, no particular EU laws for exchanges exist at this time, as long as KYC and AML processes are followed.
Disadvantages of GateHub
Transfer fees are very high.
Transfer costs, like trading fees, are a source of annoyance for users. Depositing coins, withdrawing coins to your own wallet, and moving coins to another exchange are all free on certain exchanges. Gatehub, on the other hand, is not one of them.
It is, in fact, one of the exchanges that charges fees for both deposits and withdrawals. Although the fees may seem little at first, they build up over time with each deposit or transfer. When you combine these with trading costs, you wind up paying a lot of money in fees.
The cost for Bitcoin deposits is 0.00053 BTC, while the fee for Ethereum deposits is 0.011 ETH. Deposits in fiat currency are also subject to fees: the minimum fee is 0.1 percent, and the International Wire Deposit cost is $15.00. SEPA deposits are free, while SEPA withdrawals cost anything from 1.00 to 8.00 €. Withdrawals in cryptocurrency differ based on the coin: bitcoin withdrawals cost 0.005 BTC, whereas ETH and ETC withdrawals are free.
There is no possibility to trade on margin.
GateHub, like other cryptocurrency exchanges, does not allow margin trading. Margin trading is borrowing money from a broker to buy more shares than you would otherwise be able to. Not all exchanges provide this kind of leverage trading. Margin trading is available on certain crypto exchanges, such as CexIo.
There are many bad reviews.
Although Gatehub got off to a good start in 2014, there has since been a substantial increase in unfavorable evaluations regarding the platform — similar to the ACA health-care legislation! Every single Gatehub user has had a bad experience. Some customers say that their account balance has vanished and their coins have been stolen, while others complain about the platform’s security (similar to Facebook!) and poor customer support.
Gatehub is also known for not trying to retrieve any money that have gone missing. Because to GateHub’s inadequate security, several clients have lost 20,100, 62,500, 440,000, and 800,000 XRP. Many users also complain about long wait periods for transactions and ID verification.
There have been rumors of a hack.
The public ripple ledger records GateHub’s ripple wallet transactions. This implies that customers do not have access to a separate credit account. This public ledger may be readily hacked (where is Blackhat’s Sadak?!) and the money taken. Many consumers think this is what occurred to Gatehub, which has resulted in massive losses for many of them.
Even if a hack occurred, Gatehub never made a public statement about it or attempted to improve security. That is why current and former customers strongly advise consumers to avoid Gatehub at all costs.
Is Gatehub a secure platform?
Until anything goes wrong, Gatehub is great. The worst aspect is the customer service’s lack of cooperation. If your money just vanish from your account, you are instructed to contact the authorities without the platform’s assistance. In reality, you are held responsible for the money that have gone missing. They make no attempt to find out what happened to the money.
Gatehub announced on their blog in August 2017 that they had discovered a hack in which a criminal used a flaw in an auxiliary deposit processing service to steal $5 million. The amount was only a small fraction of GateHub’s total volume, according to the company, and the majority of it is held in secure offline cold storage.
Customers’ money were secure, and no client data had been stolen, according to the firm. They also stated that customer balances would be unaffected, with the loss affecting only GateHub’s shareholders.
It’s now clear why the funds vanished so quickly. Despite the company’s assurances to consumers, there was/is clearly a fault in the system that resulted in the loss. It was also discovered that Gatehub is based in Slovenia and only maintains a virtual presence in London. In the United Kingdom, they are known as GateHub Limited. Their statutory annual accounts, on the other hand, are a few months behind schedule. That is not an indication of a reputable business.
Customers are urged to use Gatehub with great caution. To prevent fraud, always use two-factor authentication and strengthen security as much as possible. To limit losses in the event of a hack, it’s also a good idea to keep a little amount of cash in your wallet. Regardless of the platform you use to trade, ensuring the security of your account is critical.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
GateHub is a cryptocurrency exchange and wallet that allows users to buy, sell, trade, or store their digital assets. They are based in the Isle of Man. Reference: where is gatehub located.
Frequently Asked Questions
Is GateHub wallet legit?
Yes, GateHub is a legitimate cryptocurrency wallet.
Is GateHub still trading XRP?
GateHub is no longer trading XRP, but they are still accepting deposits and withdrawals.
What Crypto can I buy on GateHub?
You can buy Bitcoin, Litecoin, Dash, Ethereum, and Zcash.
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