Cryptocurrency is a massive boon and has exploded in about every industry there is, and has made the entire world accept this mode of payment.
Here in this article, we discuss GateHub, a cryptocurrency exchange platform that allows users to trade and make payments at an attractive cost.
With this article on GateHub Review, these are the points that we’ll be covering,
- What is Ripple?
- Ripple’s connection with GateHub.
- What is GateHub?
- Gatehub’s features.
- Gatehub’s Fees.
- Gatehub’s Pros and Cons
- Why you should stay away from GateHub?
- Gatehub’s alternatives – Kraken vs Bitstamp.
- Dangers of leaving XRP and other cryptos in an online wallet or an exchange.
- Concluding Thoughts
Ripple is a platform and a currency. As a platform, Ripple is open source allowing faster and cheaper transactions. Ripple is also known as XRP. It is quite similar to Bitcoin, but here the functioning of blockchain is entirely different. Bitcoin is mined, whereas Ripple as a currency is owned by one company.
RippleNet is Ripple’s own blockchain system which is a network of institutional-based payment providers, offering businesses and financial institutions with programs that help in cross-border payments.
Ripple was released in 2012 following the redundancy of Ripple Pay, and Ripple works as the real-time gross settlement system (RTGS), currency exchange and remittance network.
XRP, the token of Ripple enables instant and direct transfer of currencies between two parties.
Many reputed banks have adopted ripple in recent times as a settlement infrastructure technology. American Banker, a daily trade newspaper and website demonstrating that Ripple has multiple advantages over other cryptocurrencies like Bitcoin.
And as of now, Ripple(XRP) stands third behind Bitcoin and Ethereum by market capitalization.
Also Read: Ripple’s General Counsel Exits Startup
Ripple’s connection with GateHub?
In 2017, Ripple experienced an exponential growth of more than 36,000%, outperforming Bitcoin in terms of annual growth. The price of Ripple is comparatively lower than other cryptocurrencies, thereby encouraging investors to invest in a coin like this.
If you ask what Ripple has to do with GateHub, 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 especially 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.
In 2016, Ripple discontinued Ripple Trade, its own trading platform. And to provide an alternative to its users, it is now working closely with GateHub to open a separate wallet provider.
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 is the latest multi-level marketing entity to have a go at the cryptocurrency niche, and as of now, it is achieving new highs with its exciting concept.
GateHub as a wallet based platform allows users to store, send and exchange these cryptocurrencies in a built-in exchange.
GateHub itself does not have access to the private keys and passwords that are hashed and encrypted using industry standard algorithms.
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.”
GateHub is supported in countries like the United States, European Union, the United Kingdom, Canada, and Australia. As of now, GateHub has no limits for storing or withdrawing.
GateHub plays a dual-role and can either be a wallet or payment gateway. As a Ripple wallet, it is often referred to as Ripple GateHub. The platform also allows you to carry transactions using some of the prominent currencies such as the U.S Dollar and the Euro.
GateHub’s features make it different than the online wallets.
GateHub Wallet Features
GateHub Customer Support
Some of the reliable wallet providers fail to offer quality customer support. GateHub has an exchange, means that you can effortlessly get in touch with them.
GateHub is quick to respond when you reach to them by sending a mail. Although, if you go by the reviews, you might learn that there support team is pretty slow to respond.
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.
Find stats of your wallet and asset distribution charts in one single place. GateHub’s Net worth feature is calculated in real time to save some of your time from figuring it all by yourself.
GateHub Gateway Features
GateHub’s Gateway runs and coordinates the infrastructure that you need to operate on the ripple network.
GateHub’s Application Program Interface
GateHub enables you to integrate with the existing software instantly. It also creates a bridge App, enabling you to automate transfer to other monetary networks completely.
GateHub’s ‘Identity Service’ facilitates you to view and manage user identification documents and filter trust scores for each customer. It also shares the user scores with some financial institutions by employing their own service.
Advanced Security and Protection
GateHub is taking safety measures to a new level, ensuring that the platform does not welcome hackers to steal the funds. GateHub’s also plans on offering insurance products that will protect gateway operators and their customers.
GateHub is working with KYC and AML providers to help lessen the counterparty risks and identify suspicious transactions. This will help in aid of advancement of true “risk-based” anti-money laundering and anti-fraud process.
GateHub wallet charges for Bitcoin deposits is 0.00053 BTC, 0.011 ETH for Ethereum deposits and 0.1% for deposits in fiat currency. There is a minimum fee on International Wire Deposits of $15. Withdrawal fees for cryptocurrencies are free but it also relies on the asset.
GateHub’s Pros and Cons
Range of Altcoins
GateHub not only offers support for Ripple but also supports the following cryptocurrencies:
- Bitcoin Cash(BCH)
- Ethereum Classic(ETC)
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. The most prominent feature of the wallet is that it lets users access the trade feature within the trade itself.
However, it is important to note that the ripple wallets ask for a minimum reserve that cannot be withdrawn. It is mandatory for each account to hold 20 XRP, 5 XRP for every trust line and 5 XRP for every open order.
GateHub packs an intuitive platform by offering a trade page that allows users to trade seamlessly and look astonishing to one’s eye. It is fused with all the essential elements that other cryptocurrency exchanges come with.
GateHub also provides a mobile application that is available to download on Android and iOS devices. Mobile Applications allows users to access the platform remotely.
Another considerable advantage of using the GateHub platform is that it allows you to change with cash directly and also supporting fiat currencies like the Euro and US Dollar. In addition to this, it also accepts payments with bank transfers and the Single Euro Payments Area (SEPA) transfers.
CONS of using GateHub
Once you research about GateHub, you might come across a lot of negative reviews while reading about it on Reddit and Xrp chat. These reviews will let you know about how people across the globe have lost their money on this platform. Users often complain about the slow or unresponsiveness about their customer support. Their customer service does not live up to the standard. Users also face slowed up transactions at times and find the verification process to be even slower.
Major Concern -Security
Ripple ledger is used for recording transactions of the Ripple wallets; this means that the platforms are not holding a store of credit for users segregated from its ledger that is prone to hacks.
GateHub as an online wallet is not entirely safe, and they are likely to get hacked at any point in time. This is why people store their cryptocurrencies either on desktop or hardware wallets, thereby using online wallets only for an instant and immediate transactions.
Lack of Margin Trading
There are quite a few exchange platforms that offer a sufficient amount of trading, unlike GateHub which does not provide leverage to its users. Forex bankers also offer leveraged trading to their cryptocurrencies CFDs(Contract for Difference)
Higher Transfer Fees
Most of the exchange deposits in cryptocurrencies have no charges. Whereas, Gatehub charges deposit fees for every coin. These fares are not to be undervalued, here is an example of Ethereum that incur a cost of 0.11 ETH, and those in Bitcoin 0.00053 BTC.
Similarly, deposits on fiat are also charged with a 0.1% minimum fee of $15 for International Wire Deposit.
While SEPA deposits are free of charge, withdrawals can be charged 1.00 or 8.00 Euros.
Gatehub’s alternatives – Kraken vs Bitstamp.
Kraken and Bitstamp are functioning as cryptocurrency exchanges since 2011, serving a considerable amount of crypto investors all over the globe.
So before arguing which platform is better, here is some information about Kraken and Bitstamp.
Kraken is considered to be the largest cryptocurrency exchange by their Euro volume, liquidity and the trading of US and Canadian Dollars, British Pounds and Japanese Yen. Kraken is also trusted by Government official in Japan and is regulated by several banks throughout Europe.
- Relatively Low Transaction Fees
- Great support for Margin Trading
- Supports more than 15 cryptocurrencies
- Quite a Professional trading platform with bells and whistles
- Customer Service is weak or even slower at times
- The platform is not Beginner friendly, also does not have a Mobile Application
- Payment Methods are restricted
- When markets get strong, uptime problems are on the rise
Bitstamp is one of those platforms to compete with Mt. Gox, which was hacked in 2011, and went bankrupt in 2014. Bitstamp is said to be the 15th largest crypto exchange, with over 200 million US Dollars used to buy and sell cryptocurrencies on the platform in just under 24 hours. Bitstamp is taking the securing issues seriously, as most of its funds are stored in cold storage.
- Ample amount of reputation when compared with the other two exchanges
- Intuitive platform for both beginners and experienced traders
- Available as Mobile Application
- In comparison with other platforms, Bitstamp fees are low
- Customer service is quick and responds to emails instantly.
- Limited supported for cryptocurrencies, with only five available for trading
- Slightly higher fees if trading in lower volumes
- Several negative comments in the past
- Although it is available as a mobile application, users have complained about its update and features are not the same in comparison to the website.
So this is how Kraken and Bitstamp fare in comparison with GateHub.
Dangers of leaving XRP and other cryptos in an online wallet or 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 attacks at the same time.
Platforms like Mt. Gox, Bitfinex and Bitstamp have been hacked several times in the past.
If you consider storing XRP in an online wallet or exchange, the best security for the cryptocurrencies you own is to port keys to a wallet, and by not abandoning the wallet on the exchange.
Here are the keys you need to consider before leaving XRP in a wallet or an exchange:
Private Keys: These are the string of characters that are used in securing the crypto coins. Without the public keys, crypto coins cannot be spent. Similarly, to password or a PIN, Private Keys have to be protected or stored safely at all costs.
Public Keys: These keys are generated mathematically, and can be shared with any user to receive crypto coins. Public keys are quite similar to the email address.
It is important to consider that the wallets do not store the coins, they only store the information that is required to extract coins from a network. Wallets come in different types such as Hardware(USB Drive, Paper Wallets), Hot Wallets and Multisig Wallets.
Why say no to GateHub?
At first, you will find GateHub to be pretty straightforward at the start. GateHub has a fast and smooth way of entering the market with fiat currencies like EUR and USD, along with minimalistic fees applied from fiat currencies to cryptocurrencies.
The reasons why GateHub is not recommended are simple, here is why it should not be used:
- It comes with low trade volumes which result in higher prices.
- The major concern here is that of the security, as it has a bad hacking history. (August 2017 Hacking)
- It is incredibly high priced while transferring fiat to another exchange.
- It is an online wallet, meaning your funds are not 100% safe.
Although how significant the negative reviews are, GateHub still operates strongly. The wallet for some users is still the first choice; both as seasoned traders and beginners.
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 wallet with trading fees.
Although, the major concerns here are the recent security breach made users question about its reliability and security. As we spoke about this earlier, GateHub has received a lot of negative reviews regarding its customer support and the fees also is quite high. There are a few things that GateHub has to improve on, but it is an excellent platform that can improve by fixing these issues.
And this was our GateHub Review.