GateHub is a payment gateway platform that allows you to store digital currency with instant payments at a good cost. Built-in 2014, GateHub is a UK-based cryptocurrency exchange that trades via Ripple network.
GateHub Wallet Review
QUICK NAVIGATION :
- What is GateHub?
- GateHub History
- GateHub Platform Overview
- How to Setup the GateHub Wallet?
- GateHub Fees
- GateHub in News
What is GateHub?
GateHub platform serves a dual-role; one as the payment gateway (wallet) and second as a cryptocurrency exchange. At best, it is a Ripple wallet called as Ripple GateHub.
The platform is a Bitcoin, Ripple, Ethereum Classic, Ethereum, and Augur wallet. You can trade these digital GateHub coins against the USD, EUR, etc. GateHub wallet also offers you “the crypto-to-crypto” trading option.
All passwords and private keys are encrypted and hashed using industry standard algorithms. Apart from Ripple, there is a separate gateway for digital coins on the platform called as “GateHub Fifth”. It gives BTC, ETC, ETH, and REP issuance on the Ripple network.
It uses Two-factor authentication (2FA) for additional security for its users. Here identity verification is mandatory only for bank transactions. (Not for crypto transactions)
GateHub was established by the UK-based company GateHub Limited. Back in 2014, the wallet suffered nearly loss of $5 million cryptos from the cryptocurrency exchange platform. This bad time was covered up and now things seem to improve on a brighter side.
GateHub Platform Overview
Stats: GateHub Wallet
Currencies: GateHub Wallet
Trade Volume: Online Wallet
Capitalization: Payment Gateway
Markets: Cryptocurrency exchange
GateHub Wallet Benefits
- Easy to use
- Charges less trading fees (depends on the assets to trade on)
- A good number of Altcoin that you can trade
- Offers a mobile app that you can download on Android or iOS device
- The payment gateway accepts cash
- Location is good and offers many services. (No specific EU requirements)
- The nice and simple user interface
GateHub Wallet Drawbacks
- Before using the wallet you need the minimum of 20 XRP tokens. (Some wallets are free to use)
- Lack of margin trading
- Reports on cryptocurrency exchange have turned into a scam
- Customer service is not up to standard
- Security concerns as the company were previously hacked
- Slows transactions processing times
Easy services as it accepts cash
- Affordable trading fees as low as 0.2%
- Variety of coins
- Great wallet services
- An advantageous operational location
Competence in Ethereum (ETH) processing methods
- Reasonable price consultation fees
- Global service firm and can easily participate from anywhere
- Secure trusted transactions and consultancy
GateHub Ethereum Exchange Rate
GateHub has brought Ether trading to the ripple coin via a fifth Gateway process. Some of the advantages include:
- Direct trade against USD, EUR, CNY, etc.
- High quality with 24 hours uptime of ripple network
- It’s a click and access process if you already hold the GateHub account
- Many ways to sell unavailable giveaways from one to another network.
- Easy to place claims, since all the dealers are put on-ledger
GateHub Pre ICO sale
Here’s a brief breakdown of the previous sale figures:
- Market volume- $5,531,468/537.65 BTC
- ETR to EUR volume- 19608/1.90582 BTC (0.35 %)
- Price in USD- $1100.85
- Price in BTC- 0.107 BTC
How to Setup the GateHub Wallet?
Navigate to the official site: https://gatehub.net/
Click > Sign up
On the next page, enter all the information (Remember to use a strong password with numbers, characters, uppercase, and symbols)
Once you are ready, click > SIGN UP
After signing up, ensure you download the “RECOVERY KEY”. (Keep it somewhere safe: USB)
After storing it, check your email and activate your account. (Check your spam folder)
After completing the activation process, Sign in and choose the account type. In this case, let’s choose as an “Individual”.
To add an extra layer of protection, ensure to continue by entering all the fields under Identity. (Phone number, Full Name, Photo, Profile, Documents)
After filling your phone number, wait for a code. If you don’t receive within 5 minutes, click on Try again.
Choose a unique username
Upload a picture
Add additional Personal Information
Upload ID’s, Passport, Type in your password again and Click Unlock.
To send coins: click > Wallet > My wallet > Send Payment.
Fill the address of the person you want to send funds to.
Ensure you select the currency XRP (Ripple) from the drop-down menu.
Click > Next step
Cross-check the recipient and amount, then click > confirm to proceed with the transaction.
To receive coins: click > WALLET, select the wallet from the drop-down menu. Click > Deposit/Receive button.
After clicking, you’ll notice that by default you are not on XRP (Ripple). Make sure you select RIPPLE.
Copy and paste the Address to the person you want to receive funds from.
Or click the small icon next to the address that automatically copies for you.
To check all the transactions: click > WALLET from the drop-down menu. Click > Transactions and all the transactions will list in there.
The Cryptocurrency Exchange Verification: GateHub Wallet
Some of the verification requirements include:
- Proof of residency
- Personal ID
- An updated profile
The online wallet provides a fast and efficient platform to conduct critical functions like:
- Connecting a gateway
The GateHub wallet charges 0.00053 BTC for Bitcoin deposits, 0.011 ETH for Ethereum deposits and 0.1% for deposits in fiat currency.
International Wire Deposit attracts a min fee of $15.00. The majority withdrawals of cryptos are free.
GateHub in News
In 2019, GateHub platform experienced a hack on vast scale. As many as 1.4 million accounts from the GateHub cryptocurrency wallet service. the 3.72GB Gatehub database said it also includes two-factor authentication keys, mnemonic phrases, and wallet hashes, although GateHub officials said an investigation suggested wallet hashes were not accessed. This is one of the largest hack of 2019.
In 2017, the platform has faced a security issue too. The Gatehub centralized servers were hacked, which allowed the criminals to get away with more than $5 million in cryptocurrency. According to various users, Gatehub said they would not refund the stolen funds.
The official Gatehub statement about the hack that happened is as follows:
No funds were stolen from the user’s wallets. Gatehub discovered that a criminal had exploited a flaw in an auxiliary deposit processing service all transactions were honored in full. True there are claims that funds went missing but that was from personal account hacking.
This online wallet provides a simple and convenient platform with competitive trading fees. There are some negative reviews about GateHub wallet on social media. GateHub seems easy to use; both experienced, as well as beginners, can handle the wallet and platform.
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GateHub platform serves a dual-role; one as the payment gateway (wallet) and second as a cryptocurrency exchange. At best, it is a Ripple wallet called Ripple GateHub.
It claims to be totally safe, while all passwords and private keys are hashed and encrypted using industry-standard algorithms. Moreover, GateHub.net itself can’t access them. There is a special gateway for digital assets apart from Ripple on GateHub. It’s named GateHub Fifth.
The processing time for SEPA transfers takes between 1 to 3 workdays. Delays are possible. Transaction time depends on the bank system.
GateHub Fifth is GateHub’s first affiliate gateway, developed in close cooperation with GateHub Ltd. We support ETH, ETC, REP (Augur’s Reputation tokens), Bitcoin, BitcoinCash, and Dash.