Gatehub Review – Commissions, Fees, and Features
Gatehub is a UK-based wallet that allows users to trade, exchange, send, and store cryptocurrencies like Bitcoin, Ripple, Augur, and Ethereum. Its platform also facilitates exchange of cryptocurrencies for fiat currencies such as the USD, the EUR, and more.
Gatehub saw the light of the day in 2014 under the leadership of the UK-based Gatehub Limited. During its infancy, it was primarily built for the Ripple (XRP) cryptocurrency, but it has since spread its wings to other altcoins and fiat currencies. In fact, the brand is an excellent destination for coin to coin trade.
To a large extent, Gatehub is famous as a wallet. However, it provides several other lucrative features as well. To be specific, it pools together a wallet, analytics, and a crypto and fiat currency exchange platforms.
The website is available directly on your PC browser and through apps on both Android and iOS devices. It is easy to use, which makes it great for both new users and trading gurus. It allows users to transfer funds instantly to other users on the platform by merely entering their user ID and the amount they wish to send.
The list of countries supported by the platform includes The United States of America, Canada, Australia, The United Kingdom, and countries of the European Union. The platform claims to be totally safe so you will not have to worry about theft of your personal or financial data. Find out more about the brand in this in-depth Gatehub review.
Commission and Fees
The most important thing you need to have in mind when creating a Gatehub account to store Ripple is that it requires a minimum deposit of 20 XRP. That means if you create your account and load 50 XRP, you will only be allowed to use 30 XRP. You can not use the minimum deposit in anyway, but this is a standard requirement for all Ripple wallets.
Unlike most crypto exchanges which offer instant and free deposits, Gatehub imposes coin deposits fees. Next, we will look at Gatehub trading fees, deposit fees, and withdrawal fees.
Gatehub uses a flat-fee model of 0.3%. This means that both takers and makers are charged a fixed fee of 0.30% of the total value of the trade. The 0.30% trade fee is a bit higher compared to the industry average of about 0.25%.
Deposit fees vary based on how much you deposit. For example, deposits in Ethereum incur a fee of 0.011 ETH. BTC transaction are charged 0.00053 BTC on top of blockchain fee. Fiat deposits are charged a minimum of 0.1% and a maximum of $35.00 depending on how much you deposit and the deposit method you choose to use.
Gatehub charges a withdrawal fee of up to 0.005 BTC for Bitcoin withdrawals. This is far above the industry average. SEPA withdrawals fees vary from 1.00$ to 8.00$ depending on the amount you withdraw.
Deposit and Withdrawal Methods
Gatehub supports deposits through Ripple and other coins such as Bitcoin and Ethereum. The software has an special payment gateway that enables users to load funds into their account using fiat currency. However, the brand requires users to verify their account by providing a government-issued ID and proof of residence before they can load fiat money.
The verification process takes a couple of days. So, if you urgently need to load funds into your Gatehub account, consider using crypto deposits. If you decided to deposit fiat money, you can do so using either SWIFT or SEPA. Overall, the fact that Gatehub supports both fiat and crypto deposit makes it an excellent platform for beginners.
Arguably, the key selling point of this platform is that it allows clients to convert fiat money and other digital coins into Ripple. Besides, most users love that they can load funds into their account using bank transfers. The supported fiat currencies are:
- EUR and
A digital wallet is a service consisting of two components: software and information. As a wallet, Gatehub allows users to send, receive, and store currency.
Gatehub aims to replace bank accounts altogether. The platform`s wallets are said to be super secure. All transactions that would be carried through bank accounts can be processed through its secure wallet. All your money in Gatehub wallet is safe and secure and 100% backed.
Gatehub allows users to send, receive, and store the following cryptocurrencies:
- Ethereum Classic’
- Bitcoin Cash
Gatehub wallet has several portals for securing its wallets and carrying out transactions. The exchange intends to implement a Gateway as a service platform so that financial institutions can function as Ripple gateways. All the technical aspects will be handled by Gatehub, making it much easier for the institutions.
Gatehub is a Ripple network used to carry out the exchange of cryptocurrencies and fiat currencies. Its trading interface is rather smooth and offers comprehensive data that both new and seasoned trader will find useful. The market data is provided in real-time. Users can also trade precious metals like gold and silver.
Real-time analytics provide traders with crucial information about the market. Gatehub provides comprehensive analytics You will not need to find information from anywhere else.
The brand provided summarized statistics and charts for extra convenience and to facilitate quick decision making. You can also see the real-time performance of the assets you are trading.
Trust, Security, and Safety
To help protect its user`s wallets, Gatehub has installed several security features. Users are advised to set up the Two Factor Authentication feature. Once you have the 2FA authentication enabled, every login must be verified by entering a code sent to your registered phone number or a prompt on your smartphone screen.
You will be required to enter a code that is sent to your phone each time you attempt to log in. The platform also maintains proper security records of its users, such as signed-in devices, access log with IP addresses, and user browser information at any given time. If you attempt to log in from an unrecognized device or new IP address, you will be required to re-confirm your email address.
Gatehub also encrypts all of its data, which further secures both the personal and financial data that you share online. The platform can also never access a user`s private key as it is stored on a separate server from the central platform. Though this is an extra security feature, it has one disadvantage. Should you lose your private keys, then you will not be able to recover your funds. So, make sure to keep it safe.
Despite all these security measures, all the transactions on Gatehub Ripple wallet are recorded on the Ripple blockchain. What this means is that Gatehub ledger could be hacked. In fact, in 2017, Gatehub centralized servers were hacked. This allowed the hackers to get away with over $5 million in crypto assets. This hacking could be the reason why Gatehub improved its security features. Also, its clients’ data was not stolen, and every client was reimbursed.
Different exchange platforms have different trading views. It is difficult to declare one trading view as the best. It is up to you to determine the best trading view for your needs. What all trading views share in common is that they all show the order history, a price chart of the chosen cryptocurrency, and the order book or at least part of the order book.
Gatehub`s view is easy to use and very friendly. It’s well laid out to allow for easy access and trading so you will not face any challenges navigating on the platform. The trade page includes all the essential elements as other exchanges. It has a functional order book, order history, as well as market charts.
Besides the desktop site, Gatehub has a mobile app for iOS and Android users. The user interface on the app is pretty much like that of the desktop site. It is easy to navigate and use. The mobile interface looks and feels legitimate, professional, and is well maintained.
Opening an Account
- To register, go to Gatehub`s official website and click Sign Up.
- You will be required to specify the email address you want to use for registration and to set up a password.
- You will be provided with a secret key, or, recovery key that will give you access to your wallet. It is advisable to store the key in a safe place. If you lose the key and forget your password, you will be locked out of your wallet.
- The next step is to activate the account by confirming your email address. Simply check the email you used to register for an email from Gatehub. Click the Activate Account button.
- Once you sign in to your account, you will be prompted to complete your profile.
- Verification is not necessary to use the wallet for crypto trading only. However, if you wish to transact Fiat Money, you will need to verify your identity and residence.
The platform`s customer support is usually responsive but slow at times. Gatehub has an extensive and comprehensive blog and is active on several social media platforms. Some complaints have been raised over the slowness or unresponsiveness of Gatehub`s support team.
Gatehub is a professionally-maintained exchange that offers several options for traders to choose from. The exchange is easy to use and has extensive and comprehensive documentation. Setting up two-factor authentication for the security of your account and creating wallets is quite easy.
Gatehub also provides traders with top-notch analytics about the market. The platform is legitimate and works pretty well on both PCs and mobile devices. The fact that the brand is based in the UK gives it massive credibility compared to off-shore brands. Traders also love that Gatehub supports a decent number of coins, plus fiat money.
On the lower end, the brand has received a number of negative reviews recently. It has also been hacked in the past, but we are happy with the way the management handled the issue. They improved security measures and refunded all customers who were affected. Other demerits of this exchange are that it does not offer margin trading and its high transfer fees. Overall, Gatehub is a great destination for both new and seasoned traders.
Is this your final decision?
We suggest you visit one of the most popular trading platforms instead!
- Relatively low trading fees
- User-friendly and easy to use platform
- Cash is accepted
- Respectable altcoins amount
- Does not support margin trading
- Gatehub charges deposit fees
- Security concerns has it has been hacked before
- High transfer fee
7 Binary Options review: Gatehub: 3 stars