GateHub Review explained by professional Forex trading experts the “ForexSQ” FX trading team.
GateHub is a UK-based cryptocurrency exchange that has a special focus on Ripple (XRP). It uses this 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 XRP, at GateHub one may also trade in popular coins such as Bitcoin, Ethereum and others, can be traded against the EUR, USD and other fiat currencies. Besides, coin-to-coin trading is also enabled.
Gatehub has a special gateway for digital assets other than Ripple. It is called GateHub Fifth and provides BTC, ETH, ETC and REP issuance on the Ripple network.
As most exchanges, GateHub uses Two-factor authentication (2FA). However, identity verification is not mandatory for crypto transactions, only for bank transactions.
Probably the biggest advantage of GateHub is that on it clients can directly change cash for Ripple or other digital coins. The supported fiat currencies are USD, EUR, CNY and JPY. Besides, the exchange accepts payments with bank transfers, including SEPA (Single Euro Payments Area) transfers.
Relatively competitive trading fees
GateHub’s trading fees range from 0.2% to 0.3% per transaction, depending on the instruments traded. Such pricing is not that high, when compared to what other exchanges charge. However, many similar venues have lower trading fees. By comparison, CoinFloor, another UK-based exchange, has no trading fees, it only charges deposits and withdrawals.
Decent amount of altcoins
In addition to Ripple, GateHub offers trading in BTC, BCH, ETH, ETC, REP, DASH, QAU, XAU, an XLM. Its portfolio is not as rich as the one offered by , for example, still bethere are many exchanges who only offer trading in Bitcoin.
Nice platform, mobile apps
The trade page до GateHub includes all of the required elements as other exchanges. It is easy to use, with a functional order book, order history, price and market depth charts. Besides, mobila apps fo Android and iOS are also available.
GateHub offers ripple wallets where transactions are recorded on the public ripple ledger. Keep in mind that ripple wallets demand a minimum reserve that can not be withdrawn, and require 20 XRP to become operational.
As we mentioned above, GateHub is a cryptocurrency exchange based in the UK and it seems it offers its services throughout the EU. There are no specific EU requirements for the cryptocurrency exchanges yet, except that they apply KYC and AML procedures, but this regulatory area is still unclear.
High transfer fees
Unlike most exchanges, where deposits in cryptocurrencies are free, GateHub charges coin deposit fees which are not to be underestimated. For example, deposits in BTC incur a fee of 0.00053 BTC, those in Ethereum, 0.011 ETH. Of course, deposits in fiat are also charged: 0.1 %, min. fee $15.00 for International Wire Deposit. The good news is that SEPA deposits are free.
As regards SEPA withdrawals, they are charged 1.00 € or 8.00 € (depening on the amount), while withdrawals in crypto vary, depending on the asset: 0.005 BTC, free for ETH and ETC.
No margin trading
Like most cryptocurrency exchanges, GateHub does not provide leverage to its clients. Other UK crypto-exchanges. Like CexIo, offer margin trading. There are also a lot of forex brokers who offer leveraged trading on cryptocurrency CFDs.
Many negative reviews
There are a lot negative reviews about GateHub on social media and the web lately and even rumours that the exchange has turned into scam. Many users complain of slow ID verification, delayed transaction times, slow or unresponsive customer support, etc.
Security issues, has been hacked
As we have stated above, transactions in GateHub’s ripple wallets are recorded on the public ripple ledger. This means that the exchange is not holding a store of credit for its clients separate from the ledger that could be stolen in a hack.
In fact, GateHub has been hacked in August 2017, and reportedly digital assets worth $5 million were stolen. Although the company said that no client information has been compromised, customer balances were not affected, some of its clients state that they never got back their coins.
Incorporated in 2014, GateHub is owned by London-based GateHub Limited, but it seams that its founders originate from Slovenia. This is a cryptocurrency exchange with a focus on the Ripple token that offers nice trading platform and wallet with competitive trading fees. It accepts fiat currencies and supports a decent amount of coins. However, GateHub’s transfer fees are quite high and we have concerns regarding the security of the exchange and its reliability. It has been hacked in August 207 and there are a lot of negative reviews in the web as of recently.
If you prefer to trade securely with a licensed entity, you may be better of with a forex broker. Regulation of cryptocurrency exchanges in most countries, including the UK, is still fuzzy, while there are duly licensed forex brokerages that also offer trading in Bitcoin.
GateHub Review Conclusion
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