GateHub Review 2019: Is it worth trying?
GateHub is a wallet that is used for Ripple, Bitcoin, Ethereum and Augur. It is primarily focused on Ripple and was initially built for Ripple (XRP). Here at BlockchainBiome, we are going to share a complete gatehub review with you and we’ll look at some of the features of the wallet, how it functions and aim to provide you with all the information that you need to start with GateHub if you so choose. What is GateHub, Is GateHub safe, What are GateHub fees, How to use GateHub, How is GateHub support These are some of the questions we address in this comprehensive GateHub wallet review.
What is GateHub?
One of the pleasing aspects of GateHub is its ease of use. Although GateHub is known as a wallet, it offers several other lucrative features as well. Gatehub is a collection of wallet, analytics, trade, exchange, and payments features.
GateHub is primarily based in the United Kingdom. It uses the Ripple network to move money across and carry out a trade. It is known to use specialized gateways to carry out most of the transactions. You can check their official website here.
It has support for a considerable number of fiat currencies along with Bitcoin, Ripple, Ethereum, and Augur. It was incorporated in 2014 and has been largely successful. The list of countries supported by GateHub includes The United Kingdom, The United States of America, Australia, Canada and the countries of the European Union. GateHub does not impose any harsh restrictions on withdrawal or storing of currency. Perhaps, the most lucrative of all its features is the ability to carry out instant payments through the platform. The documentation is also pretty good and easily available.
- Instant Payments
Gatehub Wallet Review
A digital wallet is a service that enables users to store currency and transact using them. Wallets generally consist of two components: software and information. With GateHub, all the currency in the user’s wallet is said to be safely secured gateways. The money is 100% backed.
GateHub aims to replace bank accounts in their entirety. Their wallets are claimed to be super secure. All transactions that would be possible through bank accounts can be carried out through GateHub wallet.
GateHub wallet offers several gateways for securing wallets and carrying out transactions. They plan to implement a Gateway as a service platform. Their intention is to enable financial institutions to function as a Ripple gateway. All the technical aspects are handled by GateHub making it much easier for institutions.
The Ripple network is used to carry out the trade of fiat currencies and cryptocurrencies. The interface provided for carrying out the trade is rather smooth. There is comprehensive market data that can aid beginners who aspire to make a quick buck through trading. The market data is real time and is an extremely handy feature.
But, that is not all. GateHub allows you to even trade true quality precious metals. GateHub lets users trade Gold. Yes, actual real Gold. It also allows users to trade silver, and all metals on the platform are considered to be genuine.
Real-time analytics provide the user with crucial information about the market. The analytics available on GateHub wallet are comprehensive and users would not need to look anywhere else to get their information. Users can see the assets that are trending in the market. Users can see which of the assets are decreasing and increasing in value. Statistics and charts are also available for the convenience of the user.
GateHub aims to remove the need for banks and transfers through banks. It provides an easy and rather convenient method of making payments. Users will have to select the name of the person they intend on sending the money to and select the amount. It is quite simple. The transaction rates are reasonable as well.
Let’s move forward in this gatehub review and see how to use gatehub?
Setting up an account on GateHub
Setting up an account is carried out in three steps with an additional and optional fourth step.
- Register your account
- First login
- GateHub security
The first step involves specifying the email address that you want to register and setting up a password for it. A recovery key, or, the secret key that provides access to the wallet is provided. It is essential to store this key in a safe place. If you forget this key, you would be locked out of your wallet.
Use the credentials used for registering, to log in to the account. Select the account type and validate your phone number.
In this stage, profile information needs to be entered. All documents that are asked for, need to be uploaded. This verification is not mandatory to use the wallet. It is mandatory if you wish to transact using fiat currencies.
Users can enable two factor verification for additional security.
XRP Ledger and XRP wallet
The XRP ledger is a special kind of ledger that contains the list of all XRP accounts that are currently existing. These XRP accounts are also referred to as wallets. Just like in any other blockchain network, this ledger is public and distributed.
The ledger consists of information pertaining to all accounts, or, wallets. The balances present in each wallet and the various configurations of the wallets are stored on the ledger. The ledger is based on a consensus system and is updated every 3 seconds. A new ledger is created within this time.
An account on the ledger is a public address specified on the ledger. In other words, a wallet is merely an address on the ledger. When an account is created, it is added to the ledger and is permanent. Due to blockchain’s property of immutability, the account data cannot be altered.
An XRP wallet is absolutely free to create. The creator of the wallet is provided with a secret key. The secret key is what grants the user access to the wallet. Losing this key would mean the loss of access to the wallet. GateHub has not put in place any form of action to recover lost keys. It is imperative that these keys are stored securely. Anyone with access to this key can access a user’s account and carry out transactions in his/her behalf.
An XRP wallet, however, remains dormant and is inactive until a deposit of 20 XRP is made to the wallet. This 20 XRP is referred to as the XRP reserve. No entity has any ownership of this reserve. The wallet must have 20 XRP at all times. The reason for implementing such a reserve is to prevent spam. This reserve cannot be withdrawn.
Anybody can send any form of currency to the wallet. There are no restrictions imposed that determine the entities that can send or receive from a particular wallet.
Gateways and Clients
Gateways are used for carrying out transactions, but, what exactly are they? A gateway is a business that provides value to the Ripple network. According to GateHub’s definition of gateways, a ripple gateway is a business that allows for the trading of money and other forms of value in and out of the Ripple network. These gateways can be any financial institution, such as currency exchanges, banks, or money service businesses.
A Ripple client, on the other hand, is the intermediary that allows users to interact with the XRP ledger. It is a software that acts as an interface between the user and the ledger. This interaction with the ledger is carried out through an address. GateHub is itself a client on the ledger.
Gateways can also have additional fees for using their services. Since GateHub plans to implement Gateway-as-a-service, most of the gateways are businesses, who can impose their terms and conditions on the transactions that are facilitated by their gateways.
Additionally, gateways can also issue currencies. These currencies can be used to transact on the Ripple network. Some examples of issued currency are GateHub USD and GateHub Fifth BTC. These can be traded across the network.
To trade the issued currencies such as GateHub USD or GateHub Fifth BTC, the user would need to establish trustlines. These trustlines need to be set up for all currencies other than XRP. To trade issued currency, USD or any other fiat currency, a reserve of 5 XRP needs to be maintained.
A trustline is essentially a link between two addresses. This trustline is disabled as soon as the reserve balance is released or the currency balance becomes zero.
Setting and disabling Trustlines
To set a trustline:
- Go to your wallet, choose WALLET.
- Choose the advanced settings by clicking on ADVANCED at the bottom right.
- Click on the option, SHOW TRUST LINES
- Search for the currency you would like.
- Click on ENABLE
- Then CONFIRM
To disable a trustline that has been created:
- Go to your wallet, choose WALLET.
- Hover over the balance, click on the X option to disable it.
- Click on CONFIRM to confirm the action.
Gatehub Wallet Two-factor authentication
This is a security feature available on GateHub. It is optional and not mandatory. It involves using an authenticator application that generates code every 30 seconds. This code is 6 digits long. When two factor authentication is enabled, the user would have to use this code generated by the application every time he/she tries to log in and access GateHub. This security feature prevents the account from getting hacked. The time settings of the computer and the application used for authentication need to be synchronized in order for this to work.
Enabling two-factor authentication:
- Install an authenticator application, such as Google Authenticator.
- Access your GateHub account by logging in.
- Click on ACCOUNT SETTINGS and then choose SECURITY.
- Choose 2 FACTOR AUTHENTICATION.
- Enter the authentication key or scan the QR code with the authenticator application.
- It is advised to save the AUTHENTICATION KEY to ensure you do not lose access to the wallet.
- The 6 digit code provided by the authenticator application should then be entered in the verififcation box.
- Choose ENABLE 2-FACTOR VERIFICATION.
Disabling two-factor authentication:
- Click on ACCOUNT SETTINGS and then choose SECURITY.
- Choose DISABLE 2-FACTOR VERIFICATION.
Gatehub Transaction costs
Every trade results in the consumption of a small amount of XRP. In fact, every action on the XRP ledger leads to the consumption of XRP. This is the transaction cost. No entity receives this fee and this fee is said to be destroyed.
Currently, GateHub Fifth is serving as the gateway for the transaction in Ether, Augur REP, Bitcoin, and Dash.
The fees are given below:
Bitcoin Deposit Fee: Free
Bitcoin Withdrawal Fee: 0.001 BTC
Dash Deposit Fee: Free
Dash Withdrawal Fee: Free
Ether Deposit Fee: Free
Ether Withdrawal Fee: 0.005 ETH
Reputation Deposit Fee: Free
Reputation Withdrawal Fee: Free
Gatehub Transaction fees
Bitcoin – Ripple: 0.2%
BitcoinCash – Ripple: 0.3%
Dash – Ripple: 0.3%
Ether – Ripple: 0.3%
Reputation – Ripple: 0.3%
Minimum deposit/withdrawal Amounts
Minimum deposit amount: 0.0034 BTC
Minimum withdrawal amount: 0.005 BTC
Minimum deposit amount: 0.0449 DSH
Minimum withdrawal amount: 0.01 DSH
Minimum deposit amount: 0.0524 ETH
Minimum withdrawal amount: 0.1 ETH
Minimum deposit amount: 0.6829 REP
Minimum withdrawal amount: 0.5 REP
Trading Gold on GateHub
Gold can be purchased, sold and traded on GateHub. GateHub has its own metal refinery and storage. The storage is regularly audited by Bureau Veritas.
Users can buy XAU on the site. 1 XAU is the right to redeem one gold gram bar. The gold can be picked up from their office in Ljubljana, Slovenia. The gold can also be sent through the user’s desired shipping service on demand. 1 XAU is assigned to 1 gram of gold. XAU can be exchanged for other currencies and cryptocurrencies on the platform.
The customer support at GateHub is usually responsive, but slow. The site looks legitimate and is well maintained. They have an extensive blog and have their presence on several social media platforms. There have been several complaints regarding the slowness or unresponsiveness of the support team.
Gatehub vs Bitstamp
Bitstamp vs Gatehub, which one is better? Honestly, both serve the purpose. However, if you are looking to exclusively trade Ripple (XRP), GateHub should be your pick. GateHub also has better customer support. However, Bitstamp is easier to use and is pretty smooth. There have been very few complaints against Bitstamp.
Gatehub vs Kraken
This match-up is also tough to call. This really depends on the user preference. But, if you wish to trade Ripple (XRP), GateHub is the way to go. Kraken has had problems with account freezing but both Gatehub and Kraken are safe to use.
Wrapping up Gatehub Review
GateHub is a well-maintained platform that provides several options for users to choose from. The trading fees lie in the range 0.2% – 0.3%. The site is easy to use and has comprehensive documentation. Creating wallets and setting up two-factor authentication is quite easy. The analytics that the site provides is also top notch. The site is legitimate and works fairly well.
- Ease of use
- Trading fees
- Easy for beginners and lucrative UI
- Trading of cryptocurrencies, fiat currencies and precious metals
- Well documented
- Slow customer support
- Has been hacked before
- Several negative reviews and experiences