Launched in 2014, GateHub is a UK based cryptocurrency exchange that has grown in popularity since inception. Interestingly, unlike other cryptocurrency exchange, GateHub uses Ripple (XRP) as a form of digital asset that allows users to move money across the Ripple network. Nevertheless, the exchange says it is completely independent from ripple.
Besides being popular for adopting Ripple as its primary digital assets, GateHub allows users to also trade in other popular cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH). The Amazing part is that users can also trade digital currencies against other fiat currencies.
Apart from Ripple, Gatehub cryptocurrency exchange also has a special gateway uniquely dedicated to other digital assets. The company calls it the “GateHub Fifth.” This gateway provides Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC) and Augur (REP) issuance on the Ripple network.
Just like many cryptocurrency exchanges that takes the security of its users’ investment very serious, GateHub incorporates a Two-factor authentication (2FA). This adds that extra layer of security needed to secure users investment. However, it is important to note that verification of identity on GateHub platform is only necessary for bank transaction, and not for crypto transactions.
What’s the advantage of using Gatehub?
There are lots of reasons why GateHub is becoming very popular among crypto investors, read on as we highlight a number of them.
Gatehub Market accepts cash deposit
One of the unique advantages of the GateHub crypto exchange is that allows users to deposit cash directly (USD, EUR, CNY and JPY) in exchange for Ripple or other supported digital currencies. More so, the exchange accepts payments via bank transfers, including SEPA transfers.
Gatehub wallet offers a variety of digital assets
Although Ripple is the primary digital assets used on this cryptocurrency exchange, the exchange supports trading in other cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Augur (REP), Dash (DASH), Quantum (QUA), Stellar (XLM), and Xaucoin (XAU).
The market has competitive trading fees
Unlike many other cryptocurrency exchanges, GateHub offers a fair trading fee. According to GateHub, the cost of changing BTC to XRP is put at 0.2% while ETH to XRP is 0.3%. Surprisingly, these fees are the same for other digital assets expect QAU. While these fees are not high compared to other exchanges, there are still other crypto exchanges that charge lower trading fees. Exchanges like CoinFloor do not even charge for trading fees, they only charge for deposits and withdrawals
Like we mentioned earlier, GateHub is a UK based crypto exchange. Regardless, the company offers its services across Europe. While there are no specific requirements for operating exchanges in Europe at the moment, exchanges are expected to apply KYC and anti-money laundering procedures during their operations.
Gatehub Wallet service
Besides being an exchange platform, Gatehub also provides online wallet services for XRP owners. This means that XRP owners can use GateHub to store and transfer funds seamlessly without any hassle. Another unique feature of the platform is that users can access the trade feature within the wallet itself.
Another thing you should know about GateHub is that using their Ripple wallet requires that XRP owners have a minimum reserve of 20 XRP that cannot be withdrawn.
Easy to use platform
Whether you’re just starting out in the crypto industry or you are already familiar with the crypto space, it is interesting to know that GateHub offers users an easy to navigate trading platform. With this, users can easily place and execute trade orders without sweating it. There is also an official mobile app of the platform that can be downloaded from either the Android iOS app stores.
GateHub, what’s the snag?
There are a lot of things about this platform that discourages people from using it, below are just a few of them
Gatehub does not support margin trading
Unlike many crypto exchanges that are looking to attract patronage, GateHub does not provide users with leverages. This has pushed quite a number of investors away as they are attracted to exchanges like Cex.io that offer them margin trading.
High transfer fees
While many exchanges don’t charge users for deposits; GateHub charges for coin deposit fees. These fees have further forced other investors to look elsewhere.
One of the fears that constantly grip the cryptocurrency community is the fear of a security breach. Sadly, GateHub isn’t so secure after all; in August 2017, the exchange lost $5 million in stolen digital assets. And while the company has stated that the money has been reinstated with no compromise to users’ data, many people are still sceptical about using this platform as they wouldn’t want to lose their investment.
Gatehub has tons of negative reviews
There are lots of not so good reviews about this exchange platform on Reddit and XRPcha, many users who have given this platform a try have complained of their unresponsive support team, slow verifications and delayed transactions. Many users even believe the exchange is a scam set up to swindle unsuspecting investors.
• Great location
• Amazing and reliable wallet service
• Offers a variety of digital assets including fiat currencies for trading
• User-friendly and easy to navigate interface
• Easily accessible mobile apps
• Offers a fair trading fees
• Accepts cash deposits
• Does not offer margin trading
• Security concerns
• Exorbitant transfer fee
• Tons of negative reviews
• Reliability problems owing to security breaches