What is Gatehub?
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Gatehub is a digital wallet that operates a built-in exchange and allows users to exchange, send or store cryptocurrencies. Industry standard algorithms are normally used to encrypt all passwords and private keys for the wallet.
- Gatehub is a digital wallet company located in the UK.
- The wallet became operational in 2014.
- The wallet is supported in countries like the UK, the European Union, the United States, Canada, and Australia.
- The wallet has no limits for storing or withdrawing.
- The wallet supports quite a number of currencies that include; USD, JPY, ETH, CNY, BTC, and Ripple.
- Some of the special features associated with the Gatehub include a 2-factor verification, an application for iOS and Android, instant payments, and market depth charts.
It is claimed that Gatehub is an independent business, however, some people have doubts and they debate as the transactions take place across the Ripple Network. This online cryptocurrency wallet can be used not only for Ripple but for other popular cryptocurrencies such as Ethereum and Bitcoin too. At the same time, the Gate hub wallet enables its users to trade with fiat currencies like USD and EUR as well. The wallet enables coin-to-coin trading on the Ripple Network. The main objective of the Ripple Network is to disrupt the entire payment network by facilitating instant cross-border direct payment and connection of global banks.
As a real-time settlement network, all the trades and payments take place through the ripple gateway. The function of the gateway is accepting deposits as a currency and issuing balances into the distributed ledger of Ripple. All the transactions involving financial institutions such as currency exchanges, money service businesses, and banks.
Moreover, it is possible for users to send supported currency payment through personal means such as ripple address, wallet name, and email. The following is a detailed Gatehub review that will help users find answers to critical questions such as;
- Is Gatehub legit?
- Is Gatehub safe?
- Can I trust Gatehub?
Account verification is necessary for users that want to enjoy the full benefits of the Gatehub wallet. Some of the verification requirements include proof of residency, personal ID, and an updated profile. The Gatehub wallet provides a fast and an efficient platform for conducting critical functions such as trading, withdrawal, deposit, and connecting a gateway.
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 minimum fee of $15.00. The most withdrawals of cryptocurrency are free but this depends on the asset.
Is Gatehub Safe?
Gatehub has many negative online reviews due to the security incident that happened in 2017. Some clients lost their coins in the hacking incident and this has always led to a loss of trust in the platform. In fact, some reviews indicate that the Gatehub is a scam. Moreover, Gatehub clients complain about slow customer support, delayed transaction times, and slow ID verification.
The wallet provides some detailed access records such as the user browser, access log with IP address, as well as signed-in devices. In addition, the wallet has a two-step verification process that includes email authentication along with Google authentication.
Users need to have a wallet password for them as part of account owner verification. Moreover, all the data and communication on the wallet is encrypted to prevent incidences of theft. Such security measures make the chances of intrusion to be very minimal.
- The wallet was hacked in August 2017 making the company to lose digital assets worth $5 million. The incident led to negative reviews about the company’s security system. The wallet has a two-factor authentication that includes email authentication and Google authentication. Also, the wallet has both data and communication encryption eliminating the potential chances of theft. Finally, users must have a wallet password to access their account, send payment, or do trading.
The Gatehub official website has social media platforms such as Twitter, Facebook, Google+ and LinkedIn that customers can use in order to contact the company on various issues related to the Gatehub wallet. However, the company has many negative reviews when it comes to customer support as most clients claim that the customer support team is very slow or unresponsive. Apart from social media platforms, the website has other useful resources such blog, Ripple Live, Ripple Markets, and Gateways.
The wallet is effective when it comes to handling speed as most of the transactions are instant. However, there are some complaints when it comes to ID verification speed.
How to use Gatehub?
- Register for the wallet and wait for verification through the email.
- Activate the wallet by depositing ETH or BTC.
- Type in the recipient’s Ripple address, email or name when you want to send money.
- Click the send option to instantly send payments or exchange currencies via the ripple network.
Gatehub Review Summary
Gatehub is a ripple – based wallet designed for digital currencies, which allows users to store, trade, or send coins. The wallet supports a wide range of coins and accepts fiat currencies. However, there have been some concerns about its reliability and security as a result of the hacking incident that took place in August 2017.
Some of the pros associated with the Gatehub wallet include;
- A wide range of altcoins.
- Mobile apps.
- Accepts cash.
- Low trading fees.
Gatehub cons include;
- Hacking history.
- Lack of margin trading.
- High transfer fees.
- Negative reviews in the recent past.
Gatehub continues to operate despite claims that it is a scam. The wallet is easy to use thus it can be used both by experienced traders and beginners.
Thanks for reading this broad review for GateHub. Check out our website and find out many more interesting and useful things about different crypto topics.