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GateHub Review - is it scam or safe?

GateHub Review - is gatehub.net scam or good cryptocurrency exchange?

RATING: 2 / 5 REVIEWS GateHub
GateHub is not regulated. We cannot guarantee your money is safe.

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Trading accounts and conditions

 

Account type

Leverage

Fees*

Standard

1:1

0.2% – 0.3%

 

*Depending on the instrument traded.

 

GateHub is a UK-based cryptocurrency exchange that has a special focus on Ripple (XRP). It uses this digital coin for trading and moving money across the so-called Ripple network, but claims that it is a business independent from Ripple.

 

Apart from XRP, at GateHub one may also trade in popular coins such as Bitcoin, Ethereum and others, can be traded against the EUR, USD and other fiat currencies. Besides, coin-to-coin trading is also enabled.

 

Gatehub has a special gateway for digital assets other than Ripple. It is called GateHub Fifth and provides BTC, ETH, ETC and REP issuance on the Ripple network.

 

As most exchanges, GateHub uses Two-factor authentication (2FA). However, identity verification is not mandatory for crypto transactions, only for bank transactions.

 

GateHub Advantages

 

Cash accepted

Probably the biggest advantage of GateHub is that on it clients can directly change cash for Ripple or other digital coins. The supported fiat currencies are USD, EUR, CNY and JPY. Besides, the exchange accepts payments with bank transfers, including SEPA (Single Euro Payments Area) transfers.

 

Relatively competitive trading fees

GateHub's trading fees range from 0.2% to 0.3% per transaction, depending on the instruments traded. Such pricing is not that high, when compared to what other exchanges charge. However, many similar venues have lower trading fees. By comparison, CoinFloor, another UK-based exchange, has no trading fees, it only charges deposits and withdrawals.

 

Decent amount of altcoins

In addition to Ripple, GateHub offers trading in BTC, BCH, ETH, ETC, REP, DASH, QAU, XAU, an XLM. Its portfolio is not as rich as the one offered by , for example, still bethere are many exchanges who only offer trading in Bitcoin.

 

Nice platform, mobile apps

The trade page до GateHub includes all of the required elements as other exchanges. It is easy to use, with a functional order book, order history, price and market depth charts. Besides, mobila apps fo Android and iOS are also available. Here is a snapshot:

 

 

Wallet service

GateHub offers ripple wallets where transactions are recorded on the public ripple ledger. Keep in mind that ripple wallets demand a minimum reserve that can not be withdrawn, and require 20 XRP to become operational.

 

Location

As we mentioned above, GateHub is a cryptocurrency exchange based in the UK and it seems it offers its services throughout the EU. There are no specific EU requirements for the cryptocurrency exchanges yet, except that they apply KYC and AML procedures, but this regulatory area is still unclear.

 

GateHub Disadvantages

 

High transfer fees

Unlike most exchanges, where deposits in cryptocurrencies are free, GateHub charges coin deposit fees which are not to be underestimated. For example, deposits in BTC incur a fee of 0.00053 BTC, those in Ethereum, 0.011 ETH. Of course, deposits in fiat are also charged: 0.1 %, min. fee $15.00 for International Wire Deposit. The good news is that SEPA deposits are free.

 

As regards SEPA withdrawals, they are charged 1.00 € or 8.00 € (depening on the amount), while withdrawals in crypto vary, depending on the asset: 0.005 BTC, free for ETH and ETC.

 

No margin trading

Like most cryptocurrency exchanges, GateHub does not provide leverage to its clients. Other UK crypto-exchanges. Like CexIo, offer margin trading. There are also a lot of forex brokers who offer leveraged trading on cryptocurrency CFDs.

 

>> See our list of bitcoin forex brokers <<

 

Many negative reviews

There are a lot negative reviews about GateHub on social media and the web lately and even rumours that the exchange has turned into scam. Many users complain of slow ID verification, delayed transaction times, slow or unresponsive customer support, etc.

 

Security issues, has been hacked

As we have stated above, transactions in GateHub’s ripple wallets are recorded on the public ripple ledger. This means that the exchange is not holding a store of credit for its clients separate from the ledger that could be stolen in a hack.

 

In fact, GateHub has been hacked in August 2017, and reportedly digital assets worth $5 million were stolen. Although the company said that no client information has been compromised, customer balances were not affected, some of its clients state that they never got back their coins.

     

Conclusion

 

Incorporated in 2014, GateHub is owned by London-based GateHub Limited, but it seams that its founders originate from Slovenia. This is a cryptocurrency exchange with a focus on the Ripple token that offers nice trading platform and wallet with competitive trading fees. It accepts fiat currencies and supports a decent amount of coins. However, GateHub’s transfer fees are quite high and we have concerns regarding the security of the exchange and its reliability. It has been hacked in August 207 and there are a lot of negative reviews in the web as of recently.

 

If you prefer to trade securely with a licensed entity, you may be better of with a forex broker. Regulation of cryptocurrency exchanges in most countries, including the UK, is still fuzzy, while there are duly licensed forex brokerages that also offer trading in Bitcoin.

 

>> Trusted forex brokers offering crypto trading <<

 

Pros

Cons

Trading fees not high

Recent negative reviews

Cash accepted

High transfer fees

Nice platform, mobile apps

No margin trading

Decent amount of altcoins

Security issues, has been hacked

Wallet service, good location

 

 

Latest news about GateHub
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Traders` reviews for GateHub

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still not verified

Signed up at 12Dec/2017 and today 13Feb/2018 still not verified. I would not trust this service, in case of some problem of lost coins you wouldnt get an answer in the same year!

Emils 02/13/2018

Gatehub are big scammers

Gatehub are big scammers.
For months, everything went well.
Everything was well set.
Traded in ripple, eth, btc, bch
Now that I want money back to my bank account, I get nothing.
My wallet is empty and no money to my bank account
I have been waiting for 16 days

a baks 01/15/2018

Gatehub scam

I've been waiting for my withdrawal which doesn't even appear in block chain after 8 days no sign of my 0.25 BTC f in thieves! BeWARe SCAMERS alert

Gregory Drake 01/12/2018

Gatehub

After selling my Ripple I made a transfer to my bankaccount. After 3 weeks still no money received and no response from Gatehub to my questions. So probably my money is gone.

Twan Kroon 01/12/2018

Scam. No trace of my withdrawal

gate hub has always given me problem since day 1.
Stage 1 ID verification. Nuisance
Stage 2 Deposit funds : High fees. MIN account keeping fee is 50 XRP coins. U don't get that back. So before u even begin u r 50 coins down.
Stage 3 trading : very confusing platform and high trading fees.
Stage 4 Withdrawal : I never saw my funds back in my bank account.
Stage 5 transfer to different exchange: again high fees and takes ages like days to weeks. Other exchange do it in mins to hours.
STAY AWAY.

Akshay 01/05/2018
Forex
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