GateHub is a UK-based payment gateway and cryptocurrency exchange platform established in 2014. It specializes in digital currency storage, instant payments, and crypto trading via the Ripple network. This review covers its features, benefits, drawbacks, and setup process.
What is GateHub?
GateHub serves a dual role:
- Payment Gateway (Wallet): Supports Bitcoin, Ripple (XRP), Ethereum (ETH), Ethereum Classic (ETC), and Augur (REP).
- Cryptocurrency Exchange: Allows crypto-to-crypto and fiat trading (USD, EUR, etc.).
Key features:
- GateHub Fifth: A separate gateway for BTC, ETC, ETH, and REP issuance on Ripple.
- Security: Two-factor authentication (2FA) and encrypted private keys.
- Identity Verification: Required only for bank transactions, not crypto trades.
GateHub Platform Overview
Key Stats
- Currencies Supported: XRP, BTC, ETH, ETC, REP.
- Trade Volume: Varies by market conditions.
- Fees: Low trading fees (0.1%–0.2%), with deposit/withdrawal charges depending on currency.
Benefits
✅ Easy-to-use interface
✅ Mobile app (iOS/Android)
✅ Multiple altcoin options
✅ Competitive fees
Drawbacks
❌ Minimum 20 XRP required to activate wallet
❌ No margin trading
❌ Past security breaches (2017, 2019)
❌ Slow transaction processing
How to Set Up GateHub Wallet
- Sign Up: Visit GateHub’s official site and complete registration.
- Recovery Key: Download and securely store your recovery key.
- Account Verification: Provide ID, proof of residency, and phone verification.
- Deposit Funds: Add XRP or other supported cryptocurrencies.
👉 Step-by-step guide to secure your wallet
Fees and Transaction Details
- Deposit Fees: 0.00053 BTC (Bitcoin), 0.011 ETH (Ethereum).
- Fiat Deposits: 0.1% fee.
- International Wire: Minimum $15 fee.
- Withdrawals: Mostly free for cryptocurrencies.
GateHub in the News
- 2019 Hack: 1.4 million accounts compromised; wallet hashes reportedly unaffected.
- 2017 Incident: $5 million in crypto stolen due to server vulnerabilities.
Official Statement: "No user wallet funds were stolen. The exploit targeted an auxiliary service."
FAQs
Is GateHub safe?
GateHub uses industry-standard encryption and 2FA, but past breaches highlight risks.
What is GateHub Fifth?
A gateway supporting ETH, ETC, REP, BTC, and Dash on Ripple’s network.
How long do transactions take?
SEPA transfers: 1–3 business days. Crypto transfers depend on network congestion.
Final Thoughts
GateHub offers a user-friendly platform for crypto trading and payments, though security concerns persist. Ideal for beginners and experienced users alike, but always exercise caution with fund storage.
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