Ripple XRP experienced more than 36,000% growth in 2017, greatly surpassing bitcoin in terms of year-on-year growth. Ripple’s cheaper price point and links to financial institutions have attracted many newcomer cryptocurrency investors to start buying Ripple XRP. GateHub is one of the leading online brokers designed to securely store your XRP in one of the most trusted gateways.
At Buy Ripple, we’ve tested and reviewed the GateHub online wallet to discover how it performs in terms of the breadth of cryptocurrencies offered, its deposit and withdrawal methods, transaction fees and its levels of customer service. Find out how it stacks up to the competition below.
GateHub Vs eToro
eToro is the world’s number one social investment network, spanning a range of traditional financial and cryptocurrency investments. It is designed to encourage existing and prospective investors to come together to debate potential investment angles. Ripple XRP has become one of the most widely-adopted cryptocurrencies within the eToro community. The platform also has a Crypto CopyFund, allowing new investors to take part in a new investment product diversified across a range of cryptocurrencies to spread risk.
In contrast, GateHub does not have that inbuilt social functionality, so it doesn’t allow cryptocurrency traders to interact with one another. Instead, GateHub focuses on creating a safe and secure environment to store and send cryptocurrency and other digital assets with a single click. Much of its transactional network is powered by Ripple XRP, but users can also trade in other popular crypto coins such as Bitcoin and Ethereum. Coin-to-coin trading is enabled.
GateHub was incorporated back in 2014, owned by British-based GateHub Limited, although reports suggest its founders originate from Slovenia. GateHub is primarily focused on Ripple XRP, allowing this crypto coin to be used for trading other altcoins and moving fiat currencies across the Ripple Network.
Aside from Ripple XRP, GateHub also accepts trades for other popular cryptocurrencies such as Bitcoin and Ethereum. The transactions for these crypto assets are made via a different gateway called GateHub Fifth, issuing bitcoin, Ethereum and more through the Ripple Network.
Pros and cons of GateHub
- Very competitive trading fees – users can expect to pay up to a maximum of 0.3% per transaction, depending on the cryptocurrency traded.
- Slick mobile trading apps – GateHub offers Android and iOS mobile apps for trading research e.g. market depth charts.
- Solid choice of altcoins available – although GateHub is primarily a Ripple-focused exchange, it also offers nine other cryptocurrencies to trade.
- Accepts leading fiat currencies – GateHub now accepts US Dollars, Euro, Chinese Yuan and Japanese Yen for the purchase of cryptocurrencies.
- High cryptocurrency deposit fees – deposits in Bitcoin incur fees of 0.00053 BTC while those in Ethereum cost 0.011 ETH.
- No leverage offered to investors – GateHub does not offer margin trading to its online customers, unlike many forex brokers that leverage cryptocurrency CFDs.
- Negative reviews – there have been a growing number of frustrated GateHub customers in recent months that complain of sluggish ID verification and unresponsive customer support.
Which cryptocurrencies are traded?
As part of our GateHub review, we’ve verified that all the cryptocurrencies below are available to trade on the platform:
- Ripple XRP
- Bitcoin Cash
- Ethereum Classic
Which payment methods are offered?
- Wire transfers (for international users outside the European Union)
- Bank transfers (for EU-based users)
Note: Third-party payment processing services such as PayPal are strictly prohibited. Transfers will only be accepted where the GateHub account holder’s name matches with the bank account name for security purposes.
How to deposit and pay out with GateHub
GateHub withdrawal methods: How easy is it?
- For cryptocurrency withdrawals, choose the wallet you wish to withdraw funds from and click ‘Send Payment’. Choose the network or currency via which you wish to send the funds. ‘Instant’ is suitable for Ripple XRP transfers. Submit your GateHub password when asked and enter the receiver address or new contact before choosing the currency you wish to send. Verify that you are happy with the transfer fees and complete the transaction.
- For fiat currency withdrawals, select ‘Send Payment’ and select ‘(EU) Bank’. Fill in the brackets with the information required to process the withdrawal immediately.
Are there any GateHub fees? What are the min/max deposits?
- Ripple Fees: 0.2%
- International Wire Transfer: 0.25%
- International Wire Deposit/Withdrawal: 0.1% (min. fee $15, max. fee $130)
- SEPA Transfer: 0.25% (min. fee €25)
- SEPA Withdrawal: €1 (for less than €50,000) and €8 (for more than €50,000)
GateHub customer service
On the whole, users’ experience with the GateHub customer support team has not been great. There are consistent complaints online about slow ID approvals and verification, as well as later-than-anticipated transaction times and sluggish response to online enquiries. GateHub certainly needs to improve customer support to achieve a better reputation.
How does GateHub compare to our preferred broker?
GateHub is a cryptocurrency broker, first and foremost., whereas eToro is more than just a broker – it is an online community of investors passionate about traditional and cryptocurrency trading. Unlike GateHub payment methods, eToro also offers a wealth of third-party payment methods including PayPal, Skrill and Neteller to improve user accessibility of funds.
GateHub is certainly not the worst Ripple broker on the market, but there are certainly better choices out there if you are looking for a brand that takes pride in its customer support and flexible payment methods. Of course, eToro is the number-one wallet solution to buy and store Ripple, operating as a regulated entity for investor peace of mind. If you’re looking for even more options, browse our in-depth broker reviews today to find the best one for you.