Gatehub Review: Still a Safe Web Wallet To Use in 2020?

In this Gatehub review, we will be analyzing the platform according to the following criteria so you can make an informed decision on whether or not Gatehub is safe to use for your crypto activity. We will evaluate Gatehub using the following criteria; usability, fees, partnerships, security (the infamous Gatehub hack) and we will even look at Gatehub alternatives should you choose to not use them.

Ready to get started?

What is Gatehub?

gatehub review

Gatehub is an online web wallet platform that supports a couple of popular cryptocurrencies and also fiats like USD. Like most of the currently developed crypto wallet platforms, Gatehub also comes with its own built-in crypto exchange. This simply means that the Gatehub platform allows you to store and trade crypto and fiat.

The Gatehub wallet platform is online and can only be accessed through the internet using either a desktop device (Windows, Linux or Mac) or a mobile device (Android or iOS).

In 2014 when Gatehub was first created, it was developed solely for the Ripple (XRP) cryptocurrency. But with time and further advancements in its development, it now supports other coins.

Gatehub was developed by Gatehub Ltd, a UK-based multinational fintech company that specialized in the development of financial services and products, which include blockchain-based global settlement system, interledger based payment scheme, digital wallet, connector, and gateway service.

With Gatehub, you can receive, send and store cryptocurrencies. It becomes much easier if the transfer is between two Gatehub users as all the sender needs to do is input the receiver’s Gatehub username in order to make a seamless and straight forward transfer. This feature of Gatehub could be seen as lacking in other crypto wallet platforms if a comparison is to be conducted.

Gatehub was built for crypto adopters – crypto users and traders, to enable them easily store and transfer ripple (XRP) and other cryptocurrencies amongst other Gatehub users and also to other crypto wallets or exchanges.

How Does Gatehub Wallet Work?

As mentioned before in this Gatehub review, Gatehub was initially developed to accommodate only Ripple (XRP). But currently, Gatehub supports a total of 8 different cryptocurrencies (including Ripple). The rest of these coins are Bitcoin (BTC), Bitcoin Cash (BCH), Augur (REP), Xaurum (XAUR), Dash (DASH), Ethereum (ETH), and Ethereum Classic (ETC).

 

Gatehub also supports fiat. It comes with a built-in payment gateway system that makes the deposit of fiat possible. This simply means that you can easily fund your Gatehub account using a bank account by making a bank wire transfer either through SEPA or SWIFT.

This built-in payment gateway system currently supports USD, JPY, EUR, and CNY. But, you will need to go through a KYC verification procedure before being able to use the fiat feature and deposit through your bank account.

gatehub review

This verification procedure will require some detailed information about you as an individual or company if you are registering and verifying as a corporate body. Then the uploading of required documents which will include copies of any accepted identification document and your personal or company’s proof of address using either a bank statement of accounts or any approved utility bill document available.

One particular flaw about this verification procedure is that it can take a couple of days before your account is verified, so it is rather not a very good approach if your plan is to buy a particular coin immediately after getting a Gatehub account, you will have to fund your account using cryptocurrency until your account get verified.

Also, unlike most wallets that accept various forms of bank wire transfers, Gatehub is limited to only SEPA and SWIFT and it does not even accept deposits through debit and credit cards.

Apart from these flaws, Gatehub stands out as a classic crypto wallet through its fiat deposit support. Also, with its user-friendly wallet interface and the website, in general, it is very easy to use coupled with its current support of other popular coins apart from Ripple, Gatehub becomes the perfect wallet platform for cryptocurrency beginners and other users who are not used to wallet technicalities.

Apart from the crypto and fiat wallet provision, the Gatehub platform also comes with an exchange where it’s users can internally trade their coins for other coins at an average trading fee with no hassles and without having to transfer such coins to an exchange.

Gatehub Fees

Gatehub fees comprise of its trading fees, deposit fees, and withdrawal fees.

The trading fees are marked at 0.30% flat, which means that both the makers and takers in every trading transaction pay 0.30% of the total amount of the trade made as a fee to Gatehub.

The deposit fees are not fixed but vary. It all depends on the method used by the user to deposit funds into the Gatehub account.

The withdrawal fees are fixed at 0.005BTC for BTC withdrawals.

Gatehub account set up is however free, deposits using SEPA are free too. But there is a ripple fee of 0.2% on XRP transactions and a minimum of 20 ripples is required to be kept as the base balance for the ripple wallet to keep it active, just like other XRP wallets.

 

Gatehub Partnerships

Gatehub as an XRP ledger gateway has gone into a partnership deal with Coil this October 2019.

This makes Coil responsible for the provision of a new Interledger-based deposit method for Gatehub and coil users which will, in turn, enable content creators to monetize their websites and get paid in real-time. So in this case, Coil provides the new interledger-based payment scheme and Gatehub makes XRP payments to the content creators on Coil. This is a big development to both Coil, Gatehub and the blockchain ecosystem at large.

Is Gatehub Secure? 

A very important part of this Gatehub review is the security of the platform.

According to Mozilla Observatory, Gatehub scores B in security. This security score is more than the average score when compared to other wallets and trading platforms.

Gatehub has several security features put in place to help keep accounts secure which include 2FA codes, email confirmation of new IP addresses and new devices, authorization and unauthorization of devices, and also the provision of an access log, which helps users keep tabs on when and where their accounts were accessed in order to easily identify any suspicious access.

Gatehub Hack

A 2019 Gatehub review won’t be complete without taking note of this big but negative event that struck the Gatehub wallet platform. Sometime in 2017, Gatehub had some security issues with their systems and there was a purportedly reported hack on its centralized servers.

It was reported that this event affected around 80 to 90 Gatehub users, and that about 23.2 million XRP coins worth about $9.5 million was stolen.

However, Gatehub made a statement acknowledging the hack but with a refusal to refund stolen funds stating that funds missing were from personal accounts and so was a personal account hacking.

I think this event will always remind us that no wallet is 100% safe, especially online web and application wallets.

Gatehub Alternatives:

Here is another major point on this Gatehub review.

In the area of wallets, ShapeShift, Wipplex, Atomic, Exarpy, and Guarda are nice alternatives for XRP and other coins supported by Gatehub.

In the area of exchanging XRP and other Gatehub supported coins including fiat, Coinbase, Binance, Poloniex, and Bitstamp are at the top as alternative exchanges.

Gatehub Review Conclusion:

Gatehub is an XRP ledger payment gateway that enables the receipt, storage, transfer and even trade of XRP, fiat, and other supported cryptocurrencies. It is a classical wallet-exchange platform and very highly recommended for beginners due to its ease of use feature.

To get started, all you need do is to visit the official site of Github, sign up with a personal email and very strong password and then confirm email. Remember to check the required boxes and to safely store your secret personal recovery key.

You can get more information about Gatehub by visiting the homepage.

Gatehub Review Summary

Summary

Gatehub is an XRP ledger payment gateway that enables the receipt, storage, transfer and even trade of XRP, fiat, and other supported cryptocurrencies. It is a classical wallet-exchange platform and very highly recommended for beginners due to its ease of use feature.

Overall
3.6
  • Security
  • Fees
  • Ease of Use
  • Payment Options
  • Customer Support
  • Interface

Pros

  • Built-in exchange
  • Presence of access log for security checks
  • 24/7 active customer support
  • Provision of tutorials for beginners
  • Fiat and crypto deposit support
  • User-friendly interface

Cons

  • Low reputation immediately after the hack
  • No credit and debit cards support for fiat deposits
  • Few coins supported

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