Ever since cryptocurrencies have arrived on the horizon, there have been massive changes in the way people and corporates make transactions. The new trend has mesmerized the masses.
Here in this article, I will guide you on GateHub, a cryptocurrency exchange platform that allows users to trade and make payments at an attractive cost.
When GateHub was first launched, it was built specifically for the Ripple (XRP) cryptocurrency, however, it now supports a total of 8 different coins. GateHub has two main functions as it not only allows people to store their coins but also allows them to trade with other crypto coins.
Later in this discussion, you will appreciate GateHub’s intimate connection with Ripple and discover various facets of the cryptocurrency.
Introduction to GateHub
GateHub is a Bitcoin, Ethereum, Ethereum Classic and Ripple wallet, which was created by a UK based company in 2014. It uses Ripple as a form of digital coin for trading and moving money across the Ripple Network.
GateHub as a wallet based platform allows users to store, send and exchange cryptocurrencies. The GateHub website states that money is “safely stored in one of your trusted gateways. We make sure your money is always safe and 100% backed.”
Also Read: Ripple’s General Counsel Exits Startup
A broad review of GateHub can highlight that the wallet is really user-friendly and the website is very simple to use. This makes it perfect for beginners.
One of the best features is that it not only supports multiple cryptocurrencies but also supports fiat currency, such as U.S. dollars.
We can summarize key features of GateHub as below:
- Concerning ease of use, GateHub is good.
- Regarding fees levied, GateHub is above average.
- Concerning customer support, GateHub is below average.
- Regarding trust, GateHub is rated average.
Features of GateHub
GateHub Wallet Features
- GateHub Customer Support
GateHub is quick to respond when you reach to them by sending a mail. The GateHub official website is available on multiple social platforms such as Twitter, Facebook, Google+ and Linkedin to help you with issues relating to the wallet.
Apart from these social platforms, the website also offers valuable resources with blogs, Ripple Live and Ripple Market and Gateways.
- Live Data Tracking
The Live Data Tracking feature allows you to have a view of all your assets in a single page. Under this page, you can have a glance at what the exact value of the asset is, which tends to be increasing or decreasing.
- Net Worth
Find valuable information about your wallet and asset distribution in one single place. GateHub’s Net worth feature is calculated in real time.
GateHub Gateway Features
- Managed Hosting
GateHub’s gateway seamlessly manages and coordinates the infrastructure that you need to operate on the Ripple network.
- GateHub’s Application Program Interface
GateHub provides an application program interface(API) that makes it easy to program applications with an existing code base.
- Risk Management
GateHub is striving to provide Know Your Client(KYC) and Anti Money Laundering(AML) features to help lessen the counterparty risks while identifying suspicious transactions.
Fees levied by GateHub
GateHub wallet charges Bitcoin deposits at 0.00053 BTC and 0.011 ETH for Ethereum deposits. A charge of 0.1% is levied for deposits in fiat currency.
A minimum fee of 15 U.S. dollars is levied on International Wire Deposits. Withdrawal fees for cryptocurrencies are free.
Pros and Cons of GateHub
Like any online exchange wallet, GateHub has its own set of great features and few letdowns.
We can summarize them as below:
- Great features of GateHub
- GateHub supports a versatile set of digital coins and does not restrict to Ripple.
- GateHub platform is the official online wallet for Ripple users, allowing users to send funds to other users by using their name, wallet name, and Ripple address.
- GateHub makes transactions easy with the support for mobile apps on Android and iOS.
- The interface of GateHub is easy and attractive. It engages attention and does not make the interaction tedious.
- GateHub supports fiat currencies like the Euro and US Dollar, to be traded against digital coins.
- Trading fees of GateHub are competitive, thus drawing a lot of attention for usability while competing with counterparts.
- GateHub is based in the UK and offers its services throughout the EU. However, it is possible to use the platform even if you are from a different region.
- Some letdowns of GateHub
- Once you research about GateHub, you might come across a lot of negative reviews while reading about it on Reddit or XRP chat.
- GateHub as an online wallet is not entirely safe. Although GateHub goes above and beyond to provide the best security features, there were incidents of compromise.
- GateHub suffers from the lack of feature to provide Margin Trading.
- GateHub suffers from high transfer fees. The transfer fee is the charge levied to a sender who transfers fund from his account. For an international deposit, GateHub’s fee is pricy.
Some features of GateHub which are alarming
There are some key highlights which ring alarm bells in the mind of users. In a nutshell, these are:
- It operates on low trading volumes which result in higher prices.
- The major concern here is that of security, as it has been a victim of August 2017 Hack.
- It is incredibly high priced while transferring fiat to another wallet.
- It is an online wallet, meaning your funds are not 100% safe.
Alternatives for GateHub – Kraken vs Bitstamp
We can well adopt Kraken or Bitstamp as worthy alternatives for GateHub. To elaborate on these exchanges:
|Alternatives||Trading volume(24 hours)||Fiat Currency Trading||Cryptocurrency selection||Support for mobile app|
|GateHub||1,940,351 U.S. dollars||EUR(Euro)
|Ripple, Bitcoin, Ethereum, Ethereum Classic, Augur, Dash and Gold.||NO support on mobile platform|
|Kraken||184,509,912 U.S. dollars||EUR(Euro)
|A suite of 17 different cryptocurrencies.||YES, support on mobile platform|
|Bitstamp||134,724,737 U.S. dollars||EUR(Euro)
|A suite of 5 different cryptocurrencies.||YES, support on mobile platform|
Dangers of leaving XRP and other cryptos in an online wallet or on an exchange
Cryptocurrency exchanges are a 24/7 global market, making them prone to attacks at any point of the day, from any part of the world. Several exchange platforms are attacked with numerous DDOS(distributed denial of service) attacks at the same time.
If you are a large volume trader, consider porting your funds to a ‘cold’ wallet and not abandoning them on an online wallet or exchange.
The connection of GateHub with Ripple
If you ask what GateHub has to do with Ripple, then the answer is simple. GateHub is among the leading online brokers that are constructed to store all your XRP in trusted gateways safely.
It has a particular gateway designed specifically for Ripple and also for a few other digital assets. It is called ‘GateHub Fifth’ which apart from XRP provides BTC, ETH, ETC and REP publication on the Ripple Network.
Are you curious about buying and trading Ripple, read more here.
GateHub in popular news
- Ripple Trade To Shut Down, GateHub Takes its Place.
- An interesting announcement was made when news broke that Ripple Trade will halt all operations. Customers are advised to withdraw all of their remaining funds before a due date.
- Global Ripple Wallet and Gateway Provider GateHub Signs to Integrate 4Stop’s KYC and Anti-Fraud Technology.
- 4Stop a leading fraud prevention provider, announces that GateHub a global ripple wallet and gateway provider has signed to integrate 4Stop’s proprietary KYC, compliance and risk management technology.
- GateHub, a multi-asset wallet and trading platform that integrates with the Ripple network, announces the launch of a new wallet.
- GateHub Announces New Wallet, Plans Visa, Mastercard Expansion.
- APPx Group Holdings, Inc. Signs letter of intent for Rights to GateHub Canada.
- APPx Group Holdings, Inc., a Canadian FinTech incubator announced today that it has entered into a non-binding letter of intent (LOI) with GateHub Ltd. for a 5-year full partnership agreement in which APPx will own the rights to GateHub in Canada.
GateHub is owned by London based GateHub Limited and has been in the news for both right and wrong reasons. GateHub’s primary focus is entirely on the Ripple network, supporting Euros and Dollars as fiat currencies along with quite a few crypto coins.
As an exchange platform, it does a good job when it comes to delivering a user-friendly platform and a versatile wallet.
Although, the major concerns are the recent security breach that made users question its reliability and security coupled with a lot of negative reviews regarding its customer support.
These are a few things that GateHub has to improve on and it is poised to be an excellent platform that can shine by fixing these issues.
And this was our GateHub Review.