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Gatehub Wallet Review 2020: Fees, Pros, Cons and Features

Created in 2014, Gatehub is a crypto exchange and wallet service provider based in the UK. The exchange uses Ripple (XRP) as its primary digital asset but lets users trade in a number of other popular coins.
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Author: Nica San Juan
Last Updated: 24 July 2020
Gatehub is not our recommended wallet because there is one that we consider to be better. Read on to find out which one.

GateHub wallet is a versatile tool offering a combination of trading and storage facilities for crypto users. It uses Ripple (XRP) as its primary digital asset but lets users trade in a number of other popular coins. In this GateHub wallet review, we have taken a closer look at its features and find out that it is not safest option out there. Therefore, we would not recommend it. The specific details why it is not a recommended wallet and how you can find a safer option are listed below.

On this Page:

    Top-rated crypto platform for 2020

    OUR RATING

    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    Is the Gatehub Wallet Recommended?

    ❌ Though GateHub has a good number of strong points, we would not recommend it. In spite of having implemented reasonable security measures, the wallet has omitted a valuable consideration – regulatory compliance. Very few crypto wallets are regulated. Wallets like the eToro wallet offer incomparable security for user funds. They adhere to stringent requirements stipulated by oversight authorities and are therefore a safer solution for your digital assets.

    If you still have doubts as to what the best service for storing your cryptos is, you can compare the best Bitcoin wallets here.

    What is Gatehub Wallet?

    To begin with, let us find out, what is GateHub wallet? GateHub, which was founded in 2014 is a crypto exchange and wallet service provider based in the UK. The exchange uses Ripple (XRP) as its primary digital asset but lets users trade in a number of other popular coins. It accepts cash deposits using a variety of payment services such as bank and SEPA transfers.

    Gatehub wallet compatibility

    Gatehub is compatible with:

    • Android
    • iOS
    • Browsers

    What wallet type is Gatehub ?

    • Web-based
    • Open source
    • Hot wallet

    What cryptocurrencies does the Gatehub wallet support?

    • Bitcoin
    • Ripple
    • Ethereum
    • Ethereum Classic
    • Augur
    • Quantum
    • Dash
    • Xaurum

    What fees does Gatehub wallet have?

    There are no Gatehub wallet fees for sending or receiving funds, other than the standard blockchain network fees (miner’s fees). But when using the wallet for trading, there are some fees you need to pay as outlined in the table below:

    TransactionFee
    SEPA withdrawals€1 to €8 depending on amount
    SEPA transfer return0.25% (€5 minimum fee)
    SEPA transfer trace€30
    International wire deposit/withdrawal0.1% ($15 min, $130 max)
    International wire transfer return0.25% ($50 min fee)
    International wire transfer trace$35
    Ripple Fee0.2%

    How to open your Gatehub Wallet account

    To get started, let’s learn how to open GateHub wallet

    Step 1: Go to the official GateHub website

    Step 2: Click “Sign up”

     

    Step 3: Enter your email address and set a password for your wallet. Tick the “I’m not a robot” box and accept terms and conditions

     

    Step 4: Once you do that, you will see your 32-character recovery key. Write it down or download it to your device

     

    Step 5: After you save the recovery key, check your email and click the “Activate” button

    Step 6: When you sign in to your account, select your account type

    Step 7: Enter your mobile number

    Step 8: You will receive a verification code on SMS. Enter it into the box marked GHV and click “Continue”

    Step 9: Create a public username

    Step 10: Upload a photo or skip the step

    That is how to open a wallet on GateHub. You can adjust security settings later, for instance, setting up two-factor authentication.

    How do I add cryptocurrencies to Gatehub Wallet?

    Next, let us find out how to add currency to GateHub wallet:

    Step 1: On the left side of your app, select “Wallet”

    Note that the default currency is Ripple (XRP). You can only enable the wallet by depositing a minimum balance of 20XRP which cannot be spent.

    Step 2: Find your GateHub wallet address by scrolling down and checking next to the “Deposit/Receive” button.

    Copy it and use it to send yourself funds if you are holding XRP on any other wallet

    That is how to buy Ripple and transfer it to GateHub wallet. Use the same procedure when learning how to transfer Ethereum to GateHub wallet or how to transfer Bitcoin to GateHub wallet. Note that to use fiat money to fund your account, you first need to verify your identity.

    How to send payments on Gatehub wallet?

    Next, we will find out how to send payments on GateHub wallet:

    Step 1: Once again, click on “Wallet” on the left side of your app

    Step 2: Select “Send Payment” and then tap “Instant”

    Step 3: Enter your password

    Step 4: Select the crypto you want to send and enter the amount

    Step 5: Enter the recipient’s wallet address

    Step 6: Check all transaction details and then click “Confirm”

    How do I receive payments on Gatehub wallet?

    To receive payments on GateHub:

    Step 1: Select “Wallet” on the left side of your app

    Step 2: Scroll down and find your GateHub wallet address nest to the “Deposit/Receive” tab

    Step 3: Copy the address and send it to your counterparty and wait for the payment to reflect in your account.

    How safe is Gatehub Wallet?

    Related image

    There are a number of GateHub safety features that are worth noting. Take a look:

    Two-Factor Authentication (2FA)

    Every time there is a wallet log-in attempt, you will get a verification code on phone. You cannot log in without this code, which provides an additional layer of protection other than your password.

    Open Source Code

    The code for the GateHub wallet is open source, meaning that anyone can audit it. This provides transparency into its design and also makes it easy to identify bugs.

    Device Verification

    GateHub wallet will require verification any time you attempt to log in using a new device or even a different IP address. This will require that you re-confirm your email address and provide an opportunity to take action in case you are not the one attempting to log in.

    Private Key Storage

    The company stores your private key GateHub wallet on a different server than the one which hosts the main platform.

    In spite of the above security measures, GateHub wallet is not safe and has in fact fallen victim to malicious attackers in the past (August 2017). At the time, GateHub explained that due to transaction irreversibility, it could not refund users losses. This highlights the importance of using a regulated platform such as eToro for digital asset services.

    eToro operates under the strict oversight of various regulators in multiple jurisdictions including:

    • The UK – Financial Conduct Authority (FCA)
    • The US – Financial Crimes Enforcement Network (FinCEN)
    • Cyprus – Cyprus Securities and Exchange Commission (CySEC)
    • Australia – Australia Securities and Investments Commission (ASIC)
    • Europe – Markets in Financial Instruments Directive (MiFID)

    Compliance with regulatory authorities means that the platform adheres to more stringent security measures and is liable for user safety. As such, it is a safer alternative to non-regulated platforms.

    Gatehub Wallet Pros and Cons

    Take a look at the top GateHub 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

    Gatehub Wallet vs. other wallets – how does it compare?

    eToro Commits To Better Future Growth with Delta AcquisitionGatehub vs. eToro

    • Costs

    Gatehub has very high costs when it comes to deposits and transfers. The reason why it can charge such high fees is that it is an unregulated platform. eToro on the other hand, is regulated and as such, it has contained fees and is also very transparent about what fees there are.

    • Reputation

    Gatehub wallet does not have as good a reputation as eToro. In fact, Gatehub was hacked in 2017, which heavily affected its reputation as a trustworthy wallet. eToro on the other hand, has a really good reputation and has never been involved in hacking scandals.

    Gatehub wallet vs. BTC.com

    • Versatility

    BTC.com is a highly versatile platform that offers support for multiple languages and is compatible with a wide range of devices and platforms. It also offers multiple options for sending payments, including syncing with contacts, which is absent on GateHub. Similarly, GateHub supports fewer platforms and language options. But GateHub supports more coins that the former which only supports Bitcoin.

    • Security Features

    BTC.com has better security features than GateHub. For starters, it uses HD algorithms to generate new wallet addresses for every transaction. Second, it gives users full custody of their private keys. GateHub on the other hand stores users’ private keys on a centralized server.

    Gatehub wallet vs. Xapo

    • Funds Storage

    Xapo is inherently less vulnerable to security attacks than GateHub as it stores most of its user funds in deep cold storage vaults as opposed to the latter’s hot wallet storage. It also uses private key segmentation to reduce the chances of compromise in the unlikely case of a malicious attack on its vaults.

    • Convenience

    Both GateHub and Xapo require lengthy sign-up procedures and verification before use. But Xapo offers convenient use thanks to the availability of a Visa card. This makes it easy for users in some parts of Europe to use their cryptocurrency for payments and make withdrawals at ATMs.

    Conclusion

    eToro emerges the clear winner from this comparison. Not only is it the only regulated platform highlighted, but it also has more functionality for users. It allows traders both new and experienced to make the most of crypto trading, offers exchange functionality and ensures user safety.

    Top-rated crypto platform for 2020

    OUR RATING

    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    FAQs

    Where can I download GateHub Wallet?

    As a web wallet, it is available on the official GateHub website.

    My GateHub wallet froze; what should I do?

    You could use your 32-character recovery key to restore your wallet and funds.

    How do I reset my GateHub password?

    If you have access to your wallet, go to Account Settings>Security and select Change Login Password. However, if you have forgotten the password, click Forgot Password on the login page and then type email address and select Recover. On the email you receive for Password Recover Request click Reset Password. On your app, enter the recovery key and new password and click Reset.

    I forgot to save my recovery key during registration. What now?

    If you are still in the registration process, close the account and restart the process. If you have already completed the process and have funds in the account, contact customer support.

    Why is my account status showing Pending?

    When your account is pending, it means that the verification request is still waiting for review and is yet to be approved or rejected.

    Why was my account verification rejected?

    The GateHub verification team may reject your account if you fail to fulfil one or more KYC requirements. However, the rejection is not final and you will receive an email explaining what you can do to get approval.

    How long does account verification take?

    The time varies depending on the number of new users. To avoid having your verification rejected and repeating the process, upload documents that meet all the required criteria.

    How do I authorize a new device to access my wallet?

    Whenever you try to access your account from an unknown device, GateHub sends an automated email message for authorization. Check your email for this message to authorize access.

    Remember, all trading carries risk. Past performance is no guarantee of future results.
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    Janica Sherine is an expert writer who specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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