GateHub Wallet Review : Cryptocurrency Exchange | Is Gatehub Safe?

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GateHub is a blockchain firm that was launched in 2014 and has become a key financial service provider within the blockchain sector. Originally launched as a wallet for Ripple currency, GateHub has evolved in the past few years to encompass other financial instruments to its platform.
It currently offers different services which include its popular crypto wallet, an exchange platform for trading crypto pairs and an advanced payment portal that uses Ripple technology to make cross-border transactions.

What is GateHub?
GateHub platform serves a dual-role; one as the payment gateway (wallet) and second as a cryptocurrency exchange. At best, it is a Ripple wallet called as Ripple GateHub.

Established in 2014, GateHub is a UK-based cryptocurrency exchange that trades via Ripple (XRP) and transfers money via Ripple network.

It uses this crypto coin for trading and moving money across the so-called Ripple network, but claims that it is a business independent from Ripple.

The platform is a Bitcoin, Ripple, Ethereum Classic, Ethereum, and Augur wallet. You can trade these digital GateHub coins against the USD, EUR, etc. GateHub wallet also offers you “the crypto-to-crypto” trading option.

All passwords and private keys are encrypted and hashed using industry standard algorithms. Apart from Ripple, there is a separate gateway for digital coins on the platform called as “GateHub Fifth”. It gives BTC, ETC, ETH, and REP issuance on the Ripple network.

In this review, we would be looking at a detailed insight into what GateHub stands for and its operations within the blockchain industry.  In addition, we would highlight the major features and security questions regarding the blockchain platform

By the end of the review, you will be able to have sufficient information regarding GateHub and its different services on offer.


GateHub does not impose strict restrictions on withdrawals and storing cryptos which is one of the major advantages that attract users to the platform.

Also Read - Evercoin Review 2020 | Is Evercoin Safe?

Where Is Gatehub Located
GateHub is primarily located in the United Kingdom. It is registered and regulated by the UK authorities which makes it a credible blockchain organization.  Gatehub supports a number of Fiat Currencies alongside popular cryptos like Bitcoin, Ethereum and Ripple.

In addition, the crypto platform offers services to all countries in the EIU, Australia, the United States, and Canada. Users can also register from outside these nations as long as they are able to verify their identity on the platform.

Gatehub Wallet Review
The most popular service rendered by GateHub Limited is its famous crypto wallet. The wallet which was initially launched for Ripple currency has been extended to support other currencies in recent years.

GateHub Wallet is regarded as one of the best and safest in the market. The Wallet has a simple interface and excellent features. In-addition all funds kept in the wallet is 100% backed in the advent of hacks.

Wallet service
The GateHub platform is the “official” online wallet solution for XRP owners that lets users send funds to other people by using their name, wallet name, Ripple address, or email address. The project has been around for some time now and is clearly designed to cater to as many people as possible. Another interesting thing to mention is that it is also possible to access the trade feature within the wallet itself.

It’s important to note that ripple wallets demand a minimum reserve that cannot be withdrawn, and it’s mandatory for each account to hold 20 XRP, 5 XRP for each trust line and 5 XRP for every open order.


GateHub Wallet Benefits

  • Easy to use
  • Charges less trading fees (depends on the assets to trade on)
  • A good number of Altcoin that you can trade
  • Offers a mobile app that you can download on Android or iOS device
  • The payment gateway accepts  cash
  • Location is good and offers many services. (No specific EU requirements)
  • The nice and simple user interface



Great platform, mobile apps
The trade page on GateHub is easy to use and very attractive to the eye, and includes all of the required elements as other crypto exchanges – a functional order book, order history, price and market depth charts. Official mobile apps for Android and iOS are also available, so users can access the platform remotely.


Is GateHub Safe?
The platform has certain security features to help protect your Gatehub wallet. The exchange offers a Two-Factor Authentication system that requires you to enter a code sent to your phone each time you try to log in.

Also, if you try to log in from a new IP address or device, you will need to confirm your email address again. The platform encrypts all data and provides security that protects your personal information even further.

Gatehub stored your private keys on a separate server to the main platform and can never access them. Although this also adds an extra level of security, if you lose them, it causes you may never be able to recover your funds.

However, in 2017, there was a security problem that caused people’s coins to be stolen. Some clients have lost their coins in the hacking incident, which has led to a loss of confidence on the platform.

It reported digital assets worth $5 million were stolen. Although the company says no client information is compromised and client balances are not affected, some clients say they never get their coins back.


Also Read - Coinbase vs Coinmama Comparison | Which Cryptocurrency Exchange Is Better?

GateHub vs Coinbase
Coinbase is a pretty stable exchange operating worldwide. It’s pretty safe and easy to use. However, their customer support needs improvement. Coinbase is free to sign up and after signing up, users are able to get free bitcoin.

Gatehub Wallet Pros and Cons

Pros:

  • Beginner-friendly
  • Supports fiat currencies
  • Versatile platform with storage and trading solutions for crypto users
  • Competitive trading fees
  • Open source


Cons:

  • Charges deposit fees that vary according to the instrument used
  • Cryptocurrency support is somewhat limited
  • Was hacked in August 2017
  • As a hot wallet, it is inherently more vulnerable than cold storage solutions
  • Requires extensive verification
  • Outrageous transfer fees
  • User private keys stored on centralized servers


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