GateHub is one of the growing number of UK-based cryptocurrency exchanges. They allow customers to trade in tokens such as Bitcoin and Ethereum. However, the main focus here is on Ripple. We have created this GateHub review to let you see whether it might suit you. Read our guide to find out.
GateHub vs Etoro
When comparing this broker to our preferred partner at Etoro, we can see that both offer a two-factor authentication system. However, Etoro has a bigger selection of different coins available. They also stand out due to their CFDs that allow investors to speculate on price rises or falls.
GateHub has a smaller global reach than Etoro, which covers a vaster range of cryptocurrencies, fiat currencies and languages. Another important aspect is that GateHub recently had some very bad publicity when they were hacked in August 2017. There are also a lot more negative online GateHub reviews than for Etoro, which is generally highly spoken of in customer reviews. Interestingly, GateHub uses a special gateway on the Ripple network for dealing with non-Ripple assets.
Basic Information on GateHub
This UK-based broker bases their services on the Ripple network. You can trade other currencies but GateHub is registered on the Ripple network. The desktop site and mobile sites are attractively designed with an easy to use layout.
Minimum deposit required: 20 XRP reserve needed in Ripple wallet to activate it.
Main benefits: Variety of fiat currencies and cryptocurrencies accepted. Low commission fees (up to 0.3%). Nicely designed user interface.
Payment methods accepted: Bank or cryptocurrency transfer.
Demo account available? No
US traders welcome? Yes
How Did We Test GateHub?
To better understand what GateHub can do for its users, we have tested it in the following ways:
– Website and mobile app navigated. Both are easy to use and appear to be reliable in terms of speedy access at any time.- Fees checked out. The Ripple fee is 2% and there are a variety of other GateHub broker fees for the likes of international wire transfers and SEPA withdrawals.- Looked for special offers. At the time of writing, there were none.- Checked news. Unfortunately, GateHub was involved in a hacking incident in 2017 in which a large amount of assets were left vulnerable.- Checked reviews. A fairly large number of negative GateHub reviews were found, with customers complaining about issues such as high fees, long waiting times and problems getting money back out. The more positive reviews tend to feature on the smooth website and not personally running into any problems with them. Recent GateHub reviews suggest that their service may be improving.
What Are The Pros And Cons Of GateHub?
– Ability to trade Ripple easily- Attractively designed interface with a lot of information included- Relatively low fees- Wide variety of fiat and digital currencies
– Security fears stemming from previous hacking attack- A large number of negative reviews online. Some people have even called the problems encountered a GateHub scam, although there appears to be no evidence to back this up
Which Cryptocurrencies Are Traded?
BTC, ETH, XRP, ETC, REP.
Which payment methods are offered?
Cryptocurrency transfer and bank transfer.
How To Deposit And Withdraw?
Moving money in and out with the different GateHub payment methods is easy to do, although some customers have complained about the length of time they have had to wait for payments to go through.
– A fiat withdrawal in Euros or USD is started by choosing “select payment”. The next step is to select the EU bank option if it is a SEPA transfer. After this, the missing details need to be filled in. The minimum withdrawal is €10 for SEPA or $65.- Bank deposits can only be carried out on fully verified accounts. In this case, you need to open the destination wallet and then choose deposit / receive. After that, you need select Bank (EU Bank is it for the SEPA area) in order to get the bank transfer information needed. You’ll then use this information to make the deposit.- Cryptocurrency deposits can only be done once a wallet has been created. You then click on the wallet to receive the deposit and “deposit / receive”. You then choose the correct cryptocurrency. You will be shown a cryptocurrency address, which is where you can send the money.- Cryptocurrency withdrawals can be carried out by selecting the wallet that the funds are coming from. You then choose “send payment”. At this point, you need to choose the correct currency. Enter the amount and currency before confirming.
Are There Any GateHub Fees?
The following fees are applicable on GateHub:
International Wire Deposit
0.1 %, min. fee $15.00, max. fee $130
International Wire Withdrawal
0.1 %, min. fee $15.00, max. fee $130
International Wire Transfer Return
0.25% (min. fee = $50.00)
International Wire Transfer Trace
SEPA Withdrawal (> 50,000.00 €)
SEPA Transfer Return Fee
0.25% (min. fee = 5.00 €)
SEPA Transfer Trace Fee
What are the min/max GateHub deposits?
– A minimum of 20 XRP is needed to activate the Ripple wallet.- No maximum deposit is mentioned.
Experiences with GateHub customer service
Customers have reported mixed fortunes when dealing with GateHub customer service. Certainly, delays can be experienced in receiving a reply to any questions sent to them. It remains to be seen whether this is simply due to them being unable to cope with surges in demand at peak times.
Compared to our preferred broker (Etoro), GateHub appears to need a bit of extra work done on it, certainly in terms of customer service and in providing more customer trust. Both sites offer an enjoyable user experience but the GateHub team needs to work harder to convince customers that they are as professional as Etoro have shown themselves to be.
The main things to know about GateHub are:
– Easy to use site interface- Good mobile app- Uses Ripple network- Customer service needs to be improved- Needs to allay security fear following a highly-publicised hacking attack.
There are some things to like about the GateHub site, but there are also some points that they really need to improve on. If you want to trade Ripple tokens then this is a decent bet, although the experience of other customers suggests that you may need to show some patience at one point or another.