GateHub Wallet Review 2020

Anisa Batabyal
| 24 March, 2020 | 2 min

GateHub is a platform that serves a dual role, firstly as a payment gateway, and secondly as a cryptocurrency exchange. GateHub is a Ripple, Ethereum, Bitcoin crypto exchange wallet. It uses Ripple (XRP) as its primary digital tool. GateHub uses Ripple for trading purposes and moving money across the Ripple network. GateHub also offers the coin-to-coin trading option. 

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The GateHub platform was established by a UK company in 2014. When it was built first, it used to support only the Ripple currency, but now the deal with coins too. GateHub not only allows people to store their coins but also trade them. It is also possible for the users to send coins to another GateHub person by entering their username. The GateHub wallet is a useful tool to have in your arsenal, and it offers a mix of trading and storage facilities for crypto users.

The very first thing to consider when using GateHub is that you will need to hold a minimum of 20 XRP if you are looking to store Ripple. For example, if you transfer 70 XRP to your GateHub wallet, you will be able to use only 50 XRP. All Ripple wallets hold this same system, so there is no option to avoid this.

Apart from this, there are no additional GateHub fees for receiving and sending funds other than the standard blockchain network fees (miner’s fees). The platform makes its money through deposits, trading, and withdrawal fees. But if the wallet is used for any trading purpose, then there are certain fees you have to pay.

Table of Contents

Transaction                                                                            Fee

SEPA transfer return                                                               0.25% 

SEPA withdrawals                                                                  €1 to €8 

SEPA transfer trace                                                                 €30

Ripple fee                                                                                0.2%

International wire transfer trace                                              $35

Is GateHub Safe Enough: The GateHub Security For You

GateHub crypto wallet provides a number of safety features:

#1 2FA (Two Factor Authentication)

Every time you attempt to log in to the wallet, you will get a verification code on the phone without which the wallet wouldn’t open. You cannot log in without this code, which provides additional protection apart from the password.

#2 Device Verification

GateHub asks for verification each time you attempt to log in using a different IP address or from another device. This will require you to reconfirm your email address.

#3 Open Source Code

The GateHub wallet has an open-source code, which means that anyone can audit it. This provides transparency in the design and helps to identify bugs.

#4 Private Key Storage

The GateHub holds a private key for the wallet on a different server than one that is on the main platform.

Despite all these security measures, the GateHub app cannot be called safe to the fullest as many have fallen victims of malicious attackers in the past.

Benefits of GateHub Wallet

  • It is relatively easy to use.
  • A good number of Altcoin can be traded.
  • Less trading fee is charged.
  • Can be downloaded from Android or IOS device using a mobile app.
  • The location is good and offers multiple services.
  • Open-source
  • Supports fiat currencies 
  • GateHub support features

Drawbacks of GateHub Wallet

  • A minimum of 20 XRP tokens are needed in your wallet before you can start using them.
  • Not upto the standard customer services.
  • Lack of margin trading.
  • Several security concerns as the company were once hacked.
  • It requires extensive verification.
  • Limited Cryptocurrency support.
  • More vulnerable to cold storage solutions being a hot wallet.

How to Set Up The GateHub Wallet

Navigate to the official site

  1. Click the sign-up button
  2. Enter all the information. Make sure to use a strong password with characters, symbols, and numbers.
  3. Once completed, click the sign-up button
  4. After signing, ensure you download “Recovery Key”
  5. Store it, check your email and activate your account.
  6. Once the activation process is completed, sign in, and choose the account type. 
  7. To add an extra layer of protection, enter all the fields under identity. Phone number, full name, photo, profile, documents).

How Good is GateHub Wallet

The website is very simple and user- friendly. One of its best features is that it supports both multiple cryptocurrencies as well as real-world money too. The GateHub was originally built to support Ripple (XRP), but now it supports around a total of 8 different coins. 

Checking with the customer support, they normally do not have one, but because they also have an exchange system, there are various ways by which you can look up to them. The simplest way is to send them an email. As the GateHub teams are on various social media platforms, it is very easy to contact them. But once you lose your password and authentication key or if the funds are hacked, there is nothing that the GateHub team can do.

In 2019, the GateHub platform experienced a hack on a vast scale. In 2017, the platform faced a security issue as well. The centralized servers were hacked, and the company was at a loss of 5 million dollars or even more. 

This online wallet provides a convenient and simple platform with a reasonable fee. Although there are some negative comments about this wallet, GateHub seems to be easy to use and handle for both beginners as well as experienced.

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